Voice of Reason

Pain in the Heartland: National City Bank

While this is a well written and balanced piece it seems like just another one too many watch out, watch out the sky is falling critque of the banking sector. I find more positive outlooks on transcripts of suicide prevention lines and that from the people calling in saying they are going to end it all.

It seems some think things by Labor Day will see bread lines and soup kitchens of the 1930's return, unemployment up to 40%, and 90% of the nation's banks boared up and the DOW hoving near 5000.

All the gloom and doom seems more like bears trying to shake out small investors so they can pounce.

Is Bank of Nova Scotia Interested in National City?

National City is in play for either an outright buy or major capital infussion before it's scheduled 4/22 quarter reporting. Rarely does such a large bank stumble as badly in so short a time as NCC has this past year. This stock has been beaten far below it's book value and could be a steal for a larger fish and Scotiabank could be that shark or white knight depending on how things unfold.

Also don't count out Key Corp, Wells Fargo or Fifth Third. In fact while it may be a dark horse J. P. Morgan in spite of being busy swallowing Bears, easily has enough reserves to take on NCC as a second helping. My rational for JPM being interested is last year's takeover of MAFB, a Chicago area bank with a lot of prime locations. Chase also has a lot of Chicago area shops, some even right next store to what now are NCC locations so they could realize huge cost cutting savings and big up lots of deposits.

Wall Street Breakfast: Must-Know News

There are way too many 'the sky is falling' worrywarts in the market right now that don't have a clue how the "game" is played.

Take GE for example. Awhile ago I was watching some bubble headed blond bimbo "analyst" on CNBC having a hissy fit on air over GE calling their creditability into question.

Earth to all analysits... When a company "misses" all that really means is YOU fools got YOUR estimates wrong. I still can't figure out why so many get their shorts all bunched up over pennies quater by quater. INVESTING not moronic trading short term trading... is best judged over multiple quarters or years even.

Oh, by the way I just doubled my positoin on GE. Thanks to be dummies for the bargain basment price. GE rarely takes such a big hit. LOL!

Wall Street Breakfast: Must-Know News

I guess you have no idea what Chapter 13 means and doesn't mean.