The Dow Jones slipped under 10,000 at the end of the day Wednesday largely because analyst Dick Bove changed his call on Wells Fargo from “neutral” to “sell.” Bove said the quality of the company’s third quarter earnings was, “pretty poor.” “If you take a close look at the earnings, what you can see is that the improvement is due to a hedging profit…
October 22nd, 2009 | Dan Denning | 4 comments | ContinuedAll Posts Tagged With: "Bank of America"
Investment Banks Making Money Thanks to US Government Bailouts
Meanwhile, the Bank of America is a real bank. With real mom and pop customers. And the poor moms and the poor pops are going bust. They can’t pay their bills.
October 20th, 2009 | Bill Bonner | 0 comments | Continued
IMF Report Concludes Aussie Banks are “Very Sound”…
The Guv also said he would not be too timid about raising interest rates. He believes the threat [of global financial calamity] has passed and that the bigger threat may well be inflation. That kind of tough talk sent the Aussie dollar right up to over 92 cents against the greenback. If it weren’t late fall, now might be the perfect time to take a trip to America and see how cheap things really are.
October 16th, 2009 | Dan Denning | 13 comments | Continued
At a Time When We Are Drowning in Debt, We Are Also Out of Money
When a debtor is out of money, he has no ability to repay. And when a creditor has borrowers who are out of money, the creditor has no income. No earnings. No power to make better loans.
September 17th, 2009 | Bill Jenkins | 3 comments | Continued
Seems Everyone is Speculating on the Banks
“Public assistance enables the world’s largest 15 financial firms to return to the capitalization they had in September 2008,” the article continues. The largest of the largest, HSBC, is now judged to be worth $186 billion, according to the stock market.
September 2nd, 2009 | Bill Bonner | 2 comments | Continued
Ben Bernanke Averts a Second Great Depression
According to the popular version, Ben Bernanke, our flawed hero, has averted a Second Great Depression. When the crisis came in ‘07-’08, he calmly took out the text he had written himself: “Dummies’ Guide to Avoiding a Japan-style Deflation”…or something like that.
August 31st, 2009 | Bill Bonner | 1 comment | Continued
Economy Free to Recover?
Happy days are here again. It’s like someone turned back the clock to 2007. You’re a crank and a nutjob if you think there are serious problems in the financial system. Don’t you know this is the recovery you moron!
A report on U.S. payrolls showed that the American economy shed around 491,000 jobs last month. This was less than expected by forecasters and the least amount of jobs lost in the U.S.
May 7th, 2009 | Dan Denning | 34 comments | Continued
The Geithner Plan
Investors appeared to absolutely love the U.S. Treasury Secretary’s plan to subsidise private sector purchases of toxic bank assets. The Dow closed up nearly 500 points, or 6.8%. The S&P closed up seven percent. The move gave stocks in New York their best two-week gain since 1938, according to Bloomberg.
March 24th, 2009 | Dan Denning | 8 comments | Continued
Hoarders and Destroyers
Just when you thought it was all baked into the cake…whammo! Another pie to the face. Get ready for more pies. In fact, you could take your pick of pies this morning. The most painful pie was yesterday’s 4.3% decline on the All Ords. It was the worst day of the year for Australian stocks. Unemployment called in at 4.5% and said it would be ticking higher this year too. Given last night’s news stream from East and West, it does not look like a happy Friday…
January 16th, 2009 | Dan Denning | 4 comments | Continued
Credit Markets Threaten Retail Banking, Bank Runs Next?
The share market is not the most important story today. That may be tough for you to believe. After all, the 777 point figure decline on the Dow is the most visible symptom of what’s killing the market. But in terms of percentages, Monday’s 6.9% decline in the U.S. doesn’t even rate as one of the top ten worst one day percentage declines in history. Maybe that will come later this week. It might come in emerging markets. The big story, though, is in the credit markets…
September 30th, 2008 | Dan Denning | 14 comments | Continued