Morgan Stanley's CEO Likes Mortgages

The media sentiment on the credit crisis looks like it's starting to turn from a dour play by play to furtive attempts at calling a bottom. In an earlier article, I wrote that the "rescue" of Bear Stearns may have been the last shoe to drop, because it signaled the Fed's determination not to let the credit crisis worsen. Who knows. But after all this bad news a bottom would be nice to contemplate, wouldn't it?

Along those lines, Morgan Stanley's CEO John Mack was quoted by the Associated Press as saying he thinks the market may in fact be bottoming. According to the article, Mack said that Morgan Stanley is also seeing opportunities in the very same mortgage market that caused most of Wall Street's pain. "I don't know if this is the bottom or close to the bottom, but at some point it will be wise to invest there."

The AP's full story is here.