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Late Wednesday the bank also reported its quarterly net income had plunged 90percentt on a large provision for anticipated credit losses.
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"From here, we would anticipate credit markets to trade neutral to weaker for European financials".
These structures performed no better than the U.S. system in allowing regulators to anticipate and forestall credit crises in their jurisdictions.
His record of calling big turns in markets is not perfect but his recent form is good: he anticipated the credit crunch and rode the post-2009 bull market.
But even the 10% figure is much higher than previously anticipated, and credit cards could follow mortgages as the next great calamity.
In principle, anticipated hiring credits (between enactment and implementation) can reduce hiring before the credit takes place, so that firms can capture the credit after it is implemented.
I don't anticipate big credit problems, but they will be worse than this year.
This paper presents evidence that accounting (or flow-of-funds) macroeconomic models helped anticipate the credit crisis and economic recession.
Friederich believes China's banks had been anticipating substantial credit tightening, so many of them front-loaded their loans by disbursing them at the start of the year before any caps could be implemented.
Providian warned its fourth-quarter results would be weakened by higher-than-anticipated credit losses and loan loss provision, and lower loan growth.
"To his credit, he anticipated this at the beginning of the year," McCloskey said.
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