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Libor and the Next Recession

Tickers in this article: JPM C BAC GS

The downdraft, in other words, won't just be on the banks involved. It will be on anyone who needs to borrow money. To me that spells a global recession. How long it lasts is up to Paulson.

At the time of publication, the author was long PB.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.