An online survey of about 1,445 finance and technology professionals by Deloitte Financial Advisory Services found that 58.4 percent expect the recession to last for another two to three years.
Meanwhile, 45.1 percent say it will take at least one year for liquidity in the credit markets to increase, and 42.9 percent predict two to three years. The survey also found that 63.9 percent of the executives polled do not support the government's bailout of struggling industries beyond the financial and auto industries. In addition, 32.2 percent foresee a very active level of government regulatory and enforcement activity in the next five years.
"The new administration will take office at a critical time in our nation's history, likely enacting regulatory change which will lead to the biggest legal and regulatory enforcement swings we've seen since President Reagan succeeded President Carter," said Deloitte Financial Advisory Services CEO David Williams in a statement. He believes the financial services industry will be transformed under the Obama administration.
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