Just like Goldman Sachs! I suppose if you lose $6 billion in a quarter, you need an excuse. So look at this gem Morgan Stanley came up with regarding the state of the housing market:
"The property derivatives market seems to be suggesting that we are in a very different environment, on the heels of market events that could force a housing recession like none ever imagined or experienced."
Just plain idiotic. I wonder if "ever imagined or experienced" included the Great Depression!
And this passes for research!