This piece in the Telegraph almost exactly one year ago today shows that Merrill Lynch predicted the global credit crunch and made their views public. However, their view was based on there being an end to the strong bull run in the markets brought about by central banks tightening monetary policy, and not as fallout from the subprime mortgage crisis precipitating the gumming up of the credit markets. Its interesting that despite their research deparment predicting a slowdown in the credit markets, they still revealed writedowns to the tune of $14.1bn last month.
Merrill Sounds Alarm on Global Liquidity
