No Credit for Financials, Part 1

"“Are we there yet?” is about as common a phrase as one can imagine. We’ve either said it or heard our children ask it during a long car trip. Obviously, this piece isn’t about car trips, but about the secular economic and market cycle that we’re currently living through. Many say that we’ve hit bottom in equities, and that the worst of the credit crisis is behind us. Everyone’s entitled to their opinion