TOBIAS LEVKOVICH on problems in the equity market

Part 1, July 1: Tobias Levkovich, chief US equity strategist at Citi says the biggest problem facing the equity market is the credit crunch that started back in August of last year. It usually takes about nine months to start filtering its way through to the economy and the real economy, in other words, the industrial side of the economy, the stuff that needs to be financed and, unfortunately, we're just entering that period.