More Changes Of Heart On The Credit Crisis
December 8, 2008 by Douglas A. McIntyre
Experts have been making predictions about when the credit crisis would end since several Wall St. CEOs said it was almost over this summer.
A number of economists say the downturn could go on through 2009. Others view the "credit crisis" as a economic entity different from the recession itself.
Today, researchers at Goldman Sachs (GS) said that the issues within the credit system were far from resolved.
According to the AP, these analysts believe that "Now, about 18 months into the current crisis, the industry’s reserves have doubled to 2 percent, and banks have taken half of the estimated $1.8 trillion in losses related to U.S. credit, the analysts said."
Another 18 months and everything will be fine.
Douglas A. McIntyre
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