Worst Banking Crisis In 30 Years
Morgan Stanley writes that the current banking crisis is the worst in 30 years.
According to Bloomberg “Credit market turmoil poses the most severe crisis for banks in 30 years, surpassing Black Monday in 1987, the Asia currency crisis and the burst of the dot-com bubble, Morgan Stanley and Oliver Wyman said in a joint report.”
If the next two quarters are bad enough, stretch that comparison out to the Great Depression. Goldman Sachs does say total write-offs for the current period will hit $460 billion
Douglas A. McIntyre