Global bank bleeding continues. http://www.bloomberg.com/apps/news?pid=20601087&sid=aNLileS5sKNY&refer=home ANZ Bank Profit to Fall as Much as 25% on Bad Debt Provision By Garfield Reynolds July 28 (Bloomberg) -- Australia & New Zealand Banking Group Ltd., the nation's fourth-biggest by market value, said profit will fall as much as 25 percent in the year to Sept. 30, compared with the year-earlier period. Earnings will decline because of the need to set aside more money to cover for poorly performing loans, the Melbourne-based bank said today in a statement to the Australian stockk exchange.
Sector Snap: Banks tumble on fears of more losses Monday July 28, 3:04 pm ET Wall Street banks, brokerages drop on fears of more big write-downs as credit crisis roils on NEW YORK (AP) -- Wall Street banks and brokerages slid Monday on more signs that financial institutions will be forced to take more write-downs because of the housing market slowdown and credit crisis. Shares of financial companies had rebounded in recent weeks as investors were enticed back into the sector by lower stock prices. However, shares fell Monday following another jolt of concerns that banks and brokerages are still mired in mortgage-backed securities and other risky investments. Adding to investors' worries: First National Bank of Nevada and First Heritage Bank N.A. on Friday were seized by the Federal Deposit Insurance Corp., and then sold to Mutual of Omaha Bank. Though big banks have more capital to prevent such a failure, they aren't immune to further write-downs and losses. Global banks have written down $300 billion of bad investments since the credit crisis began last year. http://biz.yahoo.com/ap/080728/sector_snap_banks.html?.v=1
Opportunities of a lifetime to make serious money on the distant horizon. Not since the Great depression have we seen such wonderful opportunity to profit.
I can only assume that you are selling pretzels on a corner for a "wonderful opportunity to profit' as your statement related to any part of the market, whether it be stocks or futures, is completely vague.
Hey Mav I live in Cheyenne Wyoming, 30 miles or so out of it actually but I commute in. Cheyenne is the capital city and is very small (60 k maybe) But Cheyenne is the REAL windy city not Chicago ha ha. Do you live in Chi?
I agree with both you and BiLoSellHi! What is frustrating to normal market demand corrections are the political winds that affect (before the fact) and effect (after the diaster) the economic markets, and the consuming public. What has been raught against the American people by the Bush-II administration has really caused so much of these problems: 1) effective removal of the existing consumer protection and corporate regulations that provided a structural framework for the success we have all enjoyed previous to their taking control, 2) doping up the American public upon cheap and no documentation mortgage loans to fuel this so called "consumer lead economy", based upon no restraint credit lines, based upon mortgages that were fradulent, and intentionally sold abroad, 3) not enforcing the tax breaks given to companies to foster job growth, but allowed to remove their domestic US jobs abroad and still cash those tax breaks (millions of jobs, and don't be fooled into thinking this didn't matter significantly) 4) direct and indirect support for extreme prices in oil, diesel and fuel prices under the guise and notion that world demand caused and supports these artificially high prices 5) defiently refusing to do anything positive for the American people to provide relief by and from the whitehouse. for example, constant and conflicting direct purchases into the SPR to fuel the rise in oil prices initially and then restricting importation of refined fuel, gas and diesel, thus allowing other countries to absorb world supplies, whereas they had not previously 6) constant refusal to accept their own economists projections that this was more than just a hosing complex (actually a ghetto) of cards 7) refusal to hear the govenors of the 51 states complaining about their deficits and declining tax revenue base due to these failed policies. 8) usage of L. Kudlow on CNBC to constantly barrage world opinion that the US was doing just fine, as a commentator on CNBC, knowing that the facts and reports did not justify the statements 9) more, and more and more... Mission Accomplished! 4 more year more trillion dollar deficits and rotting infrastructure more bankruptcy filings all across the board 4 more years
The consumer is weakening further. Take a look at auto sales - it's crazy, both in volume and prices. Want a 307 hp club cab Nissan Titan? This is an example of what happens when you had an economic bubble built on speculative real estate, contractors that had jobs building everything from houses to hotels lose them, and gas prices rise to unsustainable levels: Question of the Day: How Low Will They Go? By Frank Williams July 28, 2008 Wow.Last week, I pointed out that there are a lot of brand new trucks sitting on U.S. dealer's lots gathering dust. I illustrated the fact with an ad from a Dodge dealer selling Ram Quad Cabs for 50 percent off manufacturer's suggested retail price (MSRP). As bad off as Dodge is with their 160-day supply of Dodge Ram full-size pickup trucks, they didn't hold a candle to Nissan's 489-day supply of Titans. An email from Cleek tells us that a Nissan dealer in Rock Hills, SC took matters into his own hands this past weekend. He's advertised 45 percent off MSRP sale of pickups, vans and SUVs. It looks like massively discounted truck clearance sales may be the wave of the immediate future. So far, the biggest discount we've see is 50 percent. How low do you think they'll have to go to clear inventory as the model year winds down and inventory piles up? How long before we see brand new pickups for under $10k? (God help light truck residuals.) Have you seen any dealers in your area offering huge discounts like these on trucks, vans and/or SUVs? Chrysler is not leasing vehicles anymore, and GM is cutting way back. Toyota is cutting vehicle sales forecasts dramatically. Don't even get me started on housing. It's down, down, down, with no end in site. Retailers are getting crushed. Homeowner equity is getting decimated. Now, 'recession proof' areas such as the Hamptons are way down in value YoY. Banks are scared to loan money. Foreclosures continue to skyrocket. It only gets worse from here.