Credit Suisse tanked after its largest investor said it couldn't provide more financial assistance. Banks in the U.S. and Europe were slammed on the news.
Though unrelated, the combination of banking crises in the U.S. and Europe could make money much harder to come by, according to Peter Boockvar of Bleakley Financial Group. Banks, Boockvar said on CNBC's "Squawk Box," are going to "focus more on firming up balance sheets" than on lending.could make a recession arrive sooner
. Indeed, yesterday, bond yields, oil and markets all fell. "What you're really seeing is a significant tightening of financial conditions. What the markets are saying is this increases risks of a recession," said Jim Caron, head of macro strategy for global fixed income at Morgan Stanley Investment Management. Echoing that view, Goldman Sachs on WednesdayThat scenario is not all that surprising.
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