Is the crisis really over?

The document discusses the current state of the financial market post-credit crisis, highlighting improvements in commercial paper spreads and equity markets, but warns that this may be misleading as it could be a bear market rally. While US bank earnings showed surprising gains, liquidity remains trapped in the banking sector, hindered the broader economic recovery, with rising delinquencies in mortgage loans indicating ongoing issues. The long-term costs of the crisis are projected to be significantly underestimated, possibly resulting in a debt burden that could absorb a substantial portion of global savings.