And There is Blood Running in the Streets?

http://www.bloomberg.com/apps/news?pid=20601109&sid=aDDoERW5M.NA&refer=home

Amid the gloom, analysts estimate New York-based Goldman Sachs Group Inc., Merrill, Morgan Stanley, Lehman Brothers Holdings Inc. and Bear Stearns Cos. will earn a combined $28 billion this year, down 8.3 percent from the record $30.6 billion in 2006, according to a survey by Bloomberg. Analysts currently estimate the firms' net income will reach $32 billion in 2008.

and

``When you look to next year, you're back to earning money once these writedowns are taken,'' said Benjamin Wallace, who helps manage $750 million at Westborough, Massachusetts-based Grimes & Co. and owns Merrill and Morgan Stanley shares.

Quick point on this. This is one reasons why I don't think financials are a screaming buys. Analysts still have not realized that the gravy train for now is over. Just because writedowns evntually will cease doesn't mean huge profits are back as volumes will takes year if not a decade to recover.