We've gotten thru the fourth wave of the financial crisis, but most of the recession is still in front of us, as well as at least half of the losses, which must be realized on mortgages.
Bloomberg.com: Worldwide: "Roubini said total credit losses resulting from the meltdown of the subprime mortgage market will be ``closer to $3 trillion,'' up from his previous estimate of $1 trillion to $2 trillion. The International Monetary Fund estimated $1.4 trillion on Oct. 7. Financial firms have so far reported $637 billion in losses, according to data compiled by Bloomberg."
''The stock market is going to stop rallying soon enough when they see the economy is really tanking,'' Roubini added.