by Calculated Risk on 8/30/2007 08:45:00 PM

From Reuters: Moody's president sees unprecedented illiquidity (hat tip Viv)

The credit market is experiencing an unprecedented loss of confidence due to the lack of transparency over where exposures lie rather than underlying credit quality problems, Moody's Investors Service President Brian Clarkson said on Thursday.

"I've been in the marketplace for 20 years ... what we're experiencing is an extreme lack of confidence and lack of liquidity. I have never seen this before," Clarkson told Reuters in an interview. "A lot of it has to do with transparency: it's not clear who owns what."

As an aside, watch for layoffs on Wall Street next week:

"Everyone in New York is expecting to hear about more job cuts in September. There'll be a wave of them."