From an article in the Edmonton Sun

Realistically, it could take until the latter part of 2009 before the real estate/financial collapse that has hit the U.S. and parts of Europe with such ferocity finally bottoms.

Current estimates are that the global financial sector will have to write off between $1 to $1.2 trillion in bad loans before this crisis is finally behind us.

Since the problems started five quarters ago, the financial industry has shed about $600 billion in toxic waste from its balance sheets. This takes the industry about half way to the finish line.

It could easily be another five quarters before this mess is largely behind us and share prices start rising again in a meaningful way.