DAVID WEIDNER’S WRITING ON THE WALL
Ken Lewis as a modern-day Morgan
Countrywide deal a bargain, not a bailout – [MarketWatch]
Commentary: Has Bank of America’s CEO saved the credit markets?
“NEW YORK (MarketWatch) — Sentiment is growing that Bank of America Corp.’s Kenneth Lewis may have won a place in the pantheon of great Wall Street titans by using his financial clout to help the country avoid economic ruin.
“In some circles, Bank of America’s acquisition of a stake in Countrywide Financial Corp. is being seen as critical to the end of the Panic of 2007.”
uh-oh, wait a min., check that date… 2007. WTF?
Same writer, fastforward to the present… he’s a tad early to the big investment banking cocksucking party, doncha think?
DAVID WEIDNER’S WRITING ON THE WALL (what, again?)
Chicken Littles and the U.S. banks – [Marketwatch]
Commentary: Enough with the panic — the facts don’t support ‘crisis’ label
“NEW YORK (MarketWatch) — We’ve all heard the panic: Banks aren’t lending. They’re teetering on the edge of collapse. The government can’t afford to bail them out. You can’t trust what banks say about the quality of their assets.
“OK, there’s some truth in all of those statements. This certainly isn’t a golden age for U.S. banks. On Aug. 25, regulators shut down another bank, the ninth this year, Columbian Bank & Trust of Topeka, Kan. That failure will draw down another $60 million from the Federal Deposit Insurance Corp. fund to make depositors whole.
“Not good indeed. But are the Columbian Banks of the world really going to be the end of the U.S. banking system? Are we going to see massive failures? Will the taxpayers be forced to bail out the system? Is it time to put our money in the mattress?”
Trying to judge where the future will lead, based on historical events but before all the evidence is in, is a fool’s game, son, and anyone who follows such shallow reasoning is foolish too. Or you have quite another agenda.
“The whole problem with the world is that fools and fanatics are always so certain of themselves, yet wiser people so full of doubts.” – Bertrand Russell