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Well, we didn’t have to wait long for the mortgage and CDO problems to slap the market back into reality from daydreaming of Chairman Bernanke and his beard.

Aug. 9 (Bloomberg) — BNP Paribas SA, France’s biggest bank, halted withdrawals from three investment funds because it couldn’t “fairly” value their holdings after concern over U.S. subprime mortgage losses roiled credit markets.

How ugly is the financials? I haven’t been in the game long, but when the largest foreign banks are hostage to the U.S. problems, it can’t be pretty. Remember this just a week ago?

Aug. 1 (Bloomberg) — Macquarie Bank Ltd., Australia’s largest securities firm, said investors in two of its high-yield funds may lose 25 percent of their money as a rout in the U.S. sub-prime market spreads.

Just because the financials rallied hard on this 2 day Summer Fling with the Fed, it is obvious nothing has changed from Macquarie to PNB Paribas…the credit market is still a mess and there will be several more dominoes to fall. The Mortgage Lender Implode-O-Meter and now, the all new Hedge Fund Implode-O-Meter should serve as better indicators of when the financials will be safe to buy, rather than just the price action in the financials stocks. Lets get a poll…where do you think each Implode-O-Meter will go to? Mortgage: 200+? Hedge Funds: 40+?  Fun to watch, NOOOSTY to be in…

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