Thursday, Jan 14, 2010
What the big boys have to say
Financial Crisis Inquiry Commission (FCIC): Hearings & Testimony
Notably: -- 1) Blankfein (Goldman Sachs), "We believe this housing-led downturn has had at least four distinct parts."..."U.S. residential mortgage crisis."...."the broader credit markets"..."pressure on global equity markets and other assets"..."Current phase is the consumer credit cycle." -- 2) Dimon (JP Morgan), "The mortgage market meltdown occurred for a number of reasons, but new and poorly underwritten mortgage products were a significant contributor that proved costly for consumers, the entire financial system and our economy." -- 3) Zandi ( Moody’s Economy.com )The fallout from the financial crisis will likely weigh on the [U.S.] economy through the coming decade. GDP and employment will be lower and unemployment higher for years to come. The sources of growth will also shift.
1 Comment
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1. rumble said...
"-- 3) Zandi ( Moody’s Economy.com )The fallout from the financial crisis will likely weigh on the [U.S.] economy through the coming decade."
Agreement with the earlier post:
"Moneymarketing: UK economists warn of British ‘lost decade’"