by Calculated Risk on 4/28/2008 03:45:00 PM

From Reuters: Morgan Stanley see big bank woes just beginning

"More capital hikes and dividend cuts (are) coming as our credit deteriorates and forward earnings decline," [Morgan Stanley] analysts led by Betsy Graseck wrote in a report. "We think we are only in the third inning of the credit cycle and expect this credit cycle will be worse than (the slump in) 1990-91."

The Milken conference panel participants didn't address the timing of the credit crisis directly - although the general view was the crisis was overblown and it's just a matter of "confidence". I was disappointed that the panel didn't spend more time on forecasting when real estate would bottom (the title of the session was: Real Estate: Where Is the Bottom?