Merrill Lynch: Crisis is Far From Over
Merrill Lynch downgraded the shares of its biggest competitors...
Morgan Stanley, Goldman Sachs and Lehman Brothers, and said the credit crisis is "far from over."
Merrill Chief Investment Strategist Richard Bernstein said investors are "significantly underestimating" the extent of the credit crisis.
"Conditions have deteriorated significantly from July. The typical summer slowdown has been exacerbated by renewed fear over credit,
the direction of the economy, and home-price depreciation, along with the sudden about-face in the oil price and hedge-fund losses."
Stephen Wood, at Russell Investments: "You are going to see stresses continue for financial institutions.
You're beginning to see that macroeconomic slowdown ripple through."
Morgan Stanley, Goldman Sachs and Lehman Brothers, and said the credit crisis is "far from over."
Merrill Chief Investment Strategist Richard Bernstein said investors are "significantly underestimating" the extent of the credit crisis.
"Conditions have deteriorated significantly from July. The typical summer slowdown has been exacerbated by renewed fear over credit,
the direction of the economy, and home-price depreciation, along with the sudden about-face in the oil price and hedge-fund losses."
Stephen Wood, at Russell Investments: "You are going to see stresses continue for financial institutions.
You're beginning to see that macroeconomic slowdown ripple through."
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