OJO Zafado

Wachovia Still Does Not Understand Pay Option ARM Risk

WhaBitt stew! What else can these Bozo's at WB say? They have to keep convincing people to buy their subordinated +8% debt. Too bad for them the days of selling this paper at 8% are now history. Lehman last week just floated out a new issue of Cvts at 8.75%. FITB is raising $2 billion? Good luck to them getting less than 9%! The preferred shareholders want their dividends in full on every div date. Screw the common shareholders they are "Welch Rarebit". Where do these failing banks expect to get the money to pay their light bills? It's just more of the same 400K laid off in banking and financial services leading to another 400 k laid off . No banks loaning money at the true risk premium, trying to peddle 100% tax rate CDs at 3.5%, telling shareholders dividends are safe and going out of business over a Weekend. The Fed drools as the market rules. The Feds funds rate at 2% "should help these financials"! Help them borrow more money at +9% ? "Things will become more clear after the election." Ben the Dollar Slayer has let the Genie out of the bottle. It is now a clear choice for the future. Tax and Spend Democrats or Tax cutting massive spending to inflate the economy to prosperity Republicans. "Goin' to the candidate's debate?...Laugh about it, shout about it when you've got to choose. Every way you look at it you LOSE!"