Hamish McRae: Turning point for the global banking system and the start of the long haul back
This is the turning point for the global banking system. To say that does not mean there will not be further disruption ahead. This is certainly not the turning point for global house prices or the world economy, for 2009 will be tougher than 2008 for both. But during times of financial pressure there is usually some great event, typically the rescue of a large financial institution, that signals that the financial system will gradually be restored to health. That is the precondition for economic recovery, though the path to that will be uncertain and long.