Mortgage writedowns, CDOs, Credit crisis, crisis of confidence
etc are just the repercussions of the breakdown in the underlying
fundamental issue: The downturn of the U.S. housing markets.
Once the U.S. housing markets completely "bottoms-out",
foreclosures will start reducing, then and only then can the
markets start to discuss about restoring consumer and credit
confidence etc.
My most optimistic estimate: 3-6 mths after the U.S.
presidential elections.
My 2cts deposited in view of the recession.
