Schlosstein: "We're in the 2nd or 3rd inning of bank losses..."

As in Ralph Schlosstein, co-founder of Blackrock, on CNBC. says bank losses in a deep recession have only just begun. Banks have eaten some sub-prime stuff, but there's much more to come from all sorts of other borrowers - CRE, credit cards, student loans, corporate loans, other housing etc etc.

Says systemic risk is still on the table. Geee, I wonder why all these banks keep fudging their earnings reports? It's becoming impossible to find any honest outside analyst who thinks the system is healthy. And more and more you're hearing from folks that there's worse still ahead of us.....