It appears that we have seen the worst of this credit crisis in the sense that we went over a waterfall but the river is still flowing south. The bulk of the economy’s credit problems are still to come, as charge-offs on trillions of dollars in loans remain to be recognized.
– Bob Rodriguez, First Pacific Advisors, “V-Shaped Recovery Outlook Is In Vain” (subscription required), June 3
Excellent piece by Bob Rodriguez, First Pacific Advisors, posted on Barron’s yesterday. Highly recommended. E-mail me for a link.