Experts have been making predictions about when the credit crisis would end since several Wall St. CEOs said it was almost over this summer.
A number of economists say the downturn could go on through 2009. Others view the "credit crisis" as a economic entity different from the recession itself.
Today, researchers at Goldman Sachs (GS) said that the issues within the credit system were far from resolved.
According to the AP, these analysts believe that "Now, about 18 months into the current crisis, the industry’s reserves have doubled to 2 percent, and banks have taken half of the estimated $1.8 trillion in losses related to U.S. credit, the analysts said."
Another 18 months and everything will be fine.
Douglas A. McIntyre
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.