Tuesday, November 11, 2008

Merrill CEO Thain recalls 1929!

The man who won praise as Wall Street's Mr. Fix-It , Merrill CEO John Thain, says that the current economic environment more closely resembles 1929, the year of the start of the Great Depression. He become CEO of the battled Wall Street firm Merrill Lynch in September 07 and was one of the very few who early on recognized the severity of the downturn. Now he predicts a long and severe recession unlike anything we have seen in recent past.

"Although things are starting to improve, this is going to be a long process, and this is not going to get better quickly," he added. "It is not like '87, it is not like '98, it is not like 2001."

source: Merrill CEO says economic environment recalls 1929
Reuters, Tuesday November 11

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