The mortgage black hole is, I think, worse than anyone saw. Deeper, darker, scarier. [The banks] are now looking at new reserves and my sense . . . is they don't have a clear picture of how this will play out and confidence is low.
~Tony James, President, Blackstone Group (BX), "Blackstone chief talks of mortgage crisis 'black hole'," MSNBC, November 12, 2007
(Shares in the US private equity group fell on news that its revenues had fallen sharply below expectations in the third quarter.)