Will the subprime lending meltdown and credit crunch send us into a financial free fall? Fortune asked the sharpest minds in business to share their reactions to the downturn, and their insights on the road ahead.
- Warren Buffett
- Many institutions are marking to model rather than marking to market. The recent meltdown in much of the debt market, moreover, has transformed this process into marking to myth.
- Wilbur Ross
- Henry M. Paulson
- John Mack
- Bill Miller
- These things flow through the system, and they're part of the system. They're normal. They happen usually every three to five years.
- But these events represent opportunities. When markets get locked up like this, it's virtually always the case that you'll have opportunities if you have liquidity.
- Instead of worrying how bad it's going to get, I think people should be thinking about where the opportunities might be.
- The NYSE financial index is probably the best barometer of what's to come. So far it's telling you it's not over. It's still falling.
- But just as financials lead on the downside, they will lead on the upside.
- Robert Shiller
- Jim Rogers
- Market corrections are coming.
- Jim Chanos
- We don't know how bad this gets. The problem is we don't know how bad the hole is.
- The areas of excess are going to get pulverized, and any overreactions will be areas for people to look for bargains ultimately.
- But I don't think we're anywhere close to that yet.
- Stephen S. Roach
- Amy Brinkley
- Laura Tyson
- Jeremy Grantham
- Ben Stein
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