Resurgence of optimism that crisis is nearer the end than beginning

"I am encouraged. I am feeling better about the markets. In terms of the capital markets, I believe ...

"I am encouraged. I am feeling better about the markets. In terms of the capital markets, I believe we are closer to the end than the beginning [of the credit crisis]." So said US Treasury Secretary Hank Paulson in an interview to the Financial Times in early May. All the major equity indexes raced ahead in April, with financial stocks often to the fore. Along with the continued resilience of corporate earnings, there has been a palpable resurgence of optimism on the market that can be traced to the last-minute rescue and takeover of Bear Stearns in mid-March. As banks deal with their p...