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Groupthink in Davos: The Financial Crisis Is Over

European economic affairs ministers debate "The Future of the Eurozone" during the World Economic Forum in Davos, Switzerland on Jan. 27, 2012
European economic affairs ministers debate "The Future of the Eurozone" during the World Economic Forum in Davos, Switzerland on Jan. 27, 2012Photograph by Vincenzo Pinto/AFP via Getty Images

The hive mind of Davos has concluded that the financial crisis is done, finished. The new worry: a bubble in the credit markets.

There is no official declaration, or even a formal survey. But the chatter at the World Economic Forum in Davos, Switzerland, is about the end of the financial crisis that began in 2008 and dragged on through last summer’s spike in Spanish and Italian government bond yields. “There’s a crystallization of thought that the financial crisis is over,” says Scott Minerd, managing partner and chief investment officer of Guggenheim Partners, a Santa Monica (Calif.) firm with about $160 billion under management.