Amos Newcombe’s Weblog

2008 April 21 Monday

Is The Worst of the Credit Crunch Behind Us?

Filed under: markets, outlook — anewc2 @ 7:57

In a word, no. From The Big Picture:

One of the more common refrains we keep hearing is that the worst of the credit crisis is behind us. Not only that, but banks have written down so much bad debt, that there is an upside surprise ahead of us!

I’m not so sure about that. As to the first part, credit spreads, mortgage rates, and the actions of the Bank of England strongly imply we are still in the thick of it. As to the latter, I simply doubt management has been that forthcoming.

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