at the end of the next few quarters(Mauldin)

Here is how I think the next few quarters are going to play out. Each new
downgrade triggers more losses at financial institutions. You don't write down a bond
insured by MBIA as AAA until there is actually a write-down. And then you do, and
announce it at the end of the quarter. Along with the rest of the losses caused by new
downgrades. We are going to see massive write-offs every quarter by the same financial
institutions that have already written off $100 billion. We are only in the beginning
innings.