In an interview with RTT News, Ken Tower, senior vice president of Quantitative Analysis Service says we "need to see a bailout plan" to stop the credit contraction from "spiraling deeper."
He says the "big drop" in the market on Monday has "pushed the balance over in favor of voting for the revised bill," but says it will not turn this market around. He predicts the bailout will cause a rally, but warns "then it is on to phase two of the unwinding of credit."
"It doesn't mean the trouble is over," says Tower.
To listen to the complete interview, visit:
http://www.rttnews.com/Audio2/2008/October/1/AMBUZZ-Tower-10.01.08-lbr.mp3
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