Woke up DIZZY at 4AM - What's up with THE MARKETS?!!?
Sigh - seems like America hasn't yet learned to have faith in herself - running over a year now (Bear Stearns take over was a year ago).
OK - Look, just because I said "it looks like Nationalization is immanent" doesn't mean that you have to prove me right by taking the prices of the banks to zero! YIKES!
Citigroup fell below $1 for a bit, ended at $1.02!! JP Morgan/Chase fell 14% on news that the company's credit rating would be lowered (means borrowing will be more expensive) and Wells Fargo fell 17%!! Bank of America followed suit at down more than 11%!
What do "THEY" say (from the New York Times article)?
I GUESS!!
General Motors acknowledged that their survival was in doubt! I guess THEY don't expect any more money until after bankruptcy!
OH - but everyone's shopping at Wally World!! Wal Mart sales were up - the ONLY retail company, period! Of course, their stock was UP!
And from Bloomberg.com - The Chinese said that we don't need any more stimulus an 8% growth rate is achievable with the stimulus already in place! OK - my analysis of the Chinese leaders - they have their head stuck in the sand. There is no way the economy will grow without America and Europe growing too - unless they help to stimulate their economy - that's my 2 cents!
With 20 million workers unemployed and looking for work, more companies slowing down all the time and Chinese families saving more ... well, no math is needed, the economy will slow down, whether the numbers show so or not.
OK - Look, just because I said "it looks like Nationalization is immanent" doesn't mean that you have to prove me right by taking the prices of the banks to zero! YIKES!
Citigroup fell below $1 for a bit, ended at $1.02!! JP Morgan/Chase fell 14% on news that the company's credit rating would be lowered (means borrowing will be more expensive) and Wells Fargo fell 17%!! Bank of America followed suit at down more than 11%!
What do "THEY" say (from the New York Times article)?
“It’s just a continuing self-destructive market where even the slightest good news is considered negative,” said Peter Cardillo, chief market economist at Avalon Partners. “No one is taking a backseat approach. Everyone is just selling.”
I GUESS!!
General Motors acknowledged that their survival was in doubt! I guess THEY don't expect any more money until after bankruptcy!
OH - but everyone's shopping at Wally World!! Wal Mart sales were up - the ONLY retail company, period! Of course, their stock was UP!
And from Bloomberg.com - The Chinese said that we don't need any more stimulus an 8% growth rate is achievable with the stimulus already in place! OK - my analysis of the Chinese leaders - they have their head stuck in the sand. There is no way the economy will grow without America and Europe growing too - unless they help to stimulate their economy - that's my 2 cents!
With 20 million workers unemployed and looking for work, more companies slowing down all the time and Chinese families saving more ... well, no math is needed, the economy will slow down, whether the numbers show so or not.
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