A new survey of business executives has found that most expect the current recession to hang on till 2011. About one-third of executives expect President Obama will exert a very active level of government regulatory and enforcement activity among business during the next four years. Deloitte says the financial services industry will be transformed under the Obama administration, looking nothing like what we’ve grown accustomed to. Additionally, while we will continue to see mergers and deals taking place, until the capital markets recover they will tend to be smaller, strategic and done with cash or equity. Capital availability is also impacting bankruptcy transactions and as a result, we are seeing a lot of companies liquidate rather than restructure. The recent Deloitte online survey also found that 45% of respondents expect it to take at least one year, if not two to three years, for liquidity in the credit markets to increase.