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Great article. Watching these banks go up is funnier than any episode of Friends I never watched.
Mar 24 17:45 pm
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All Comments by drmalaka »Double Whammy: Bank Card Companies May Be Next [View article]
This market is like CNBC, it is looking for any reason to go up. Home sales are higher than forcasted, buy the home builders. Who cares if the prices were down significantly and related to foreclosures.
COF is one of the worst banks with their agressive lending. It will not be long that the same people who can not pay for their houses will not be able to cover their monthly minimum at 25% interest. Plus they have tightened credit standards, so they have fewer new customers, which is how they make money.
This is a great run by the banks and home builders, if you own them this is a great time to sell, if you don't it is a great time to short. There are tons of people out there that have been drowning in these companies and will be getting out now that they have seen a nice bump up.