by Calculated Risk on 3/12/2008 06:41:00 PM

From CNNMoney: Wachovia: housing downturn far from over

Speaking to analysts on a Deutsche Bank ... conference call, [chief risk officer] Don Truslow said, 'It feels like we have a ways to go.'

Using a baseball analogy, Truslow said he didn't know if the downturn was in the third, fourth or fifth inning. He added 'we're still before the seventh inning stretch.'

And if the economy gets worse, 'we could find ourselves right now in very early innings of the credit cycle,' Truslow said.