Transparency

What transparency?.

Goldman Sachs says that leveraged losses have a long way to go. Commercial banks, investment banks, hedge funds and government outfits are less than halfway there.

The unwinding is inevitable. The only question is the speed and transparency by which it takes place.

And it looks like a long and murky road still lies ahead.

The market - as jittery as it is - won't truly rebound until it sees the unwinding in its rear-view mirror.