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Let The Fun Begin - Credit Crisis Is Far From Over; Will Go Into 2009.
At least according to this article over at Market Watch:
“Our view is that the credit crisis will extend well into 2009 and perhaps beyond, and although the complexion will change, the net effect will be the same: three years of multibillion-dollar revenue reversals,” the Oppenheimer analysts wrote in a note, led by Meredith Whitney…Oppenheimer warns of billions of dollars of additional asset write-downs and loan-loss reserves as a result of underwriting excesses.”
So if you were expecting a turn around this year, you could be in for a wild ride and bigger losses. In reality though, no one truly knows the if’s and the when’s of our economic problems - we could start a rebound next month or we could slide incredibly deep into a depression…so much so that you might need to learn how to be a survivalist in order to make it through. Hold on to your hats, looks like it might just be getting interesting…
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4 Comments so far
Hooray! More time to buy stocks on sale!
That’s true, nobody knows the direction of the economy. But, their are plenty of negative indicators. The spike in commondities is an indicator that we have not seen since the 70’s stagflation era. It is this indicator that has me more concern about the coming double-digit inflation. This indicator has convenced me that we are headed into a long recession and prompted me to change me investment strategies.
Inflation will change the entire economy along with the current financial advice. As George Soros said, we are in ‘A Period Of Wealth Destruction’ in his book “The New Paradigm for Financial Markets”, in which maintaining wealth will be very difficult.
I’m keeping my eye on businesses of all sizes. When we start seeing an ongoing pattern of layoffs, closures or downsizing, then we should be very, very worried.
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