Saturday, September 13, 2008

It feels like I am at the epicenter of the biggest financial crisis in history

Whitney: Worst is Yet to Come for Banking

Meredith Whitney, the Oppenheimer & Co. analyst who called Wall Street's mortgage market meltdown last fall, now says the worst is yet to come for the global financial industry. "What's ahead is much more severe than what we've seen so far," Whitney told Fortune magazine. She submits that banks are facing dramatically larger credit losses than they have reported so far and thinks the economy is about to sink into an "early 1980s-style recession," that will "devastate 10 percent of the population," which became financially overextended during the housing boom. "It feels like I am at the epicenter of the biggest financial crisis in history," she says. Sales of apartments in both Beijing and Shanghai are off over 50 percent

Posted by malct @ 03:42 PM (529 views)
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One thought on “It feels like I am at the epicenter of the biggest financial crisis in history

  • Tee hee, as somebody who is mildly dyslexic, I read that header as “It feels like I am at the sphincter of the biggest financial crisis in history”

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