Banks may have seen the worst of the financial crisis, but the economy will slog through more difficult times. That was the assessment that Pimco Manager Bill Gross gave to Reuters.

Gross is concerned, however, that banks are not yet readily loaning money, and housing prices continue to fall. “We have probably seen the worst of the credit crisis from the standpoint of the banking balance sheets, to the extent that they’ve already received a lot of capital and are going to get some more,” Gross said.

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