Financials: A Picture Worth a Thousand Words
Who a few years ago would have thought Fannie Mae (FNM) and Freddie Mac (FRE) would lose 70+% and 80+% of their market value.
This chart comparing the S&P 500 (SPY), the S&P Financial Sector (XLF), the KBW Large Bank Index (KBE) with FRE and FNM is breathtaking.
FRE and FNM plunged again yesterday when the possibility of them having to raise $75 billion was floated — not that much left to give up.
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