The worst is behind us, unless massive bank failure is considered a bad thing

''I hear many bank CEOs saying they believe the worst is behind us. I am not a banking exec, and I am not on the street, but I definitely disagree. Bank of America has missed estimates by about 44%, and has increased credit loss reserves by 500% to over $6 billion dollars, net income drops 77% amid write-downs, and it is forecasting a best case scenario of minimal GDP growth for the balance of 2008. 2007 was the year these same execs were forecasting no recession and a pick up in the following year. This is the same company that says it will buy Countrywide, which has a severe credit and NPA problem - and has nearly as many assets in REOs and repossessions as it had in actual performing mortgages. Does this sound like the worst is behind us?''