The bear growls

Are we headed for an epic bear market?The credit bubble is just starting to unwind, a credit-derivative insider says. And while U.S. borrowers are being blamed for the mess, they were really just pawns in a global game.

When asked if we were in the third inning on this, insider Satyajit Das, author of a 4,200 page book on credit derivatives, just laughed, saying we’re still listening to the national anthem, the game hasn’t even started yet.

The real problem is the credit crisis, and a bear market will make credit even harder to get. This will affect people as well as businesses as the economy slows down, factories close, and banks blow up.