The news about Goldman Sachs is still very fresh and we do not know all the details but from 30,000 feet the notion that the worst financial crisis in 80 years could tidily wrap up in a year or two is ludicrous.
All the people who come on liking the recovering fundamentals of the domestic financial stocks; well I've never understood the logic. There will be more shoes of all kinds to drop for a while to come. Anyone looking at these for a trade can clearly do well but a fundamental investment seems like a bad bet.
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6 comments:
Vampire squid sushi.
Roger,
few days ago MikeC was wondering when the market take a pause. I mentioned that on this blog I had written a comment as to where the market was going - http://tinyurl.com/y2bardf
- However I did not know the reason. Back in early march I thought it would be the Greek story and the Euro. It seems that the Euro zone with the accords and treaties is not going to be shattered by Greece. But we know the answer where the correction is coming from - again from the subprime. Round 2 - the fraud. No one expected it. This sounds like the french revolution, saga. We might still go up more, but it looks like we might get that 20-30% correction. This time I did not expect it, today, and did not think it would have have come from - subprime fraud.
Best,
Jeff from Milan, Italy
Investment banks-fraud? Socialize the risks and privatize the profits. How could anyone be surprised by this? I actually won a bet that this would be revealed and will collect it tonight.
iF ONLY THIS WERE THE 1700'S...sIGH...WE COULD CHOP THE NUTS OFF OF ANYONE WORKING AT gs.
There should be criminal charges too.
I have to hand it to SEG when he sayed that there fraud activities in corp.america. It shows that the goverment is broken since "we the people" helped banks, inv.banks insurace with tarp when these have frauded their clients - main street.
Best,
Jeff from Milan, Italy
The government charges lots of people with lots of things and frequently fails to prove its case. I'll wait and see.
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