meta99

I'd Rather Hang Myself - Cramer's Mad Money (9/16/08)

You're out of your mind picking Wachovia. Their exposure to the housing market is so huge, that alone should take them down. The Golden West purchase was the biggest bonehead play of the century, I still can't believe the board went along with it. I know, I know the mortgages are supposedly high credit quality; thats a joke too. The mortgage default rate has now spread even to the prime sector, and ITS JUST STARTING to get bad.The brokerage sector is also under attack; they've purchased Prudential Securities and AG Edward, and who knows how many regional banks. The mortgage default rate has now spread even to the prime sector, and ITS JUST STARTING to get bad there. Their greed led to overleveraging; now its time to pay the piper. Wachovia will go bust before the end of this year.