Markets: Gloom not doom

At the end of 2007, most forecasters were far too optimistic. But they deserve some sympathy – it was hard to know just how rough the credit crunch would turn out to be. In hindsight, US economic activity was peaking just then, according to the National Bureau of Economic Research. A year later, after the near-collapse of the financial system and in the early stages of a recession, it is easy – and right – to be gloomy. At best, 2009 is going to tough for the economy – and probably for most fina...