During the heightof the recession, where fear and panic were the predominant modes of belief, I strongly believed that we would come out of the recession much as we have in the past.
Libor and other fear indicators are nowhere near as high as at the heightof that crisis, when Libor soared to more than 5%, but were wide enough to start to draw attention.
The biggest fear on Wall Street is that finance, which accounted for a staggering 40% of corporate profits at the heightof the credit bubble, faces decades of relative decline.