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Recession is no longer the taboo word on Wall Street. It's being tossed around like confetti.
The new phrase that can't be uttered is "systemic risk," and with bond insurer Ambac (ABK Quote) losing its triple-A credit rating from Fitch Ratings on Friday, the real risk of a financial disaster will be widely whispered into the next week amid the possibility of more downgrades for the industry.
T.J. Marta, fixed income strategist with RBC Capital Markets, estimates that roughly $2.5 trillion in outstanding debt is backed by bond insurers like Ambac and MBIA(MBI Quote), and credit downgrades are a mortal threat to their business models. ...
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