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  • Wall Street Breakfast: Must-Know News [View article]
    We're in danger of taking our eyes off of the financial ball: markets are ahead of themselves and noises are being made about withdrawal of financial rescue operations, yet we still have not seen the full extent of bad debt in many area: mortgages (residential and commercial), credit cards, autos and other loans not only sub-prime but more and more, prime loans too. The job situation - meaning lack of them - means that prime borrowers are now defaulting, making any recovery even less likely in the near or medium term.

    On top of all this debt, there's government debt to be paid off; and that comes from our tax dollars, and will be a drain on all of us for years to come.

    When will the government reign in its spending and stop creating useless jobs that only cost us more, and finally get to grips with the US's finances? I don't see any sign yet.
    Sep 14 09:35 am |Rating: +11 0 |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    Well, now we'll have a financials rally, which I have enjoyed today with a buy and sell of FAS, thank you; but longer term there is still a lot of bad news yet to come. So enjoy short term trading of financials, but don't own for investment just yet, unless you don't mind losing money. You bulls mark me down for this: I can take it. Losing money, I can't.
    May 08 12:51 pm |Rating: +3 -1 |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    RBS loss referred to above was $34 billion in one year (and in a small country like the UK)!!
    Feb 27 15:06 pm |Rating: +1 -2 |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    They all keep their jobs or they go and keep their pensions and bonuses: look at the UK which is ahead of us in dealing with their banks. They've nationalised them in all but name, let the ex-bosses make contrite declarations of sorry and allowed them to keep their titles (Sir this and Lord that), obscene bonuses and exhorbitant pensions. Sir Lord what's-his-name of RBS will get a pension of $930,000 every year for the rest of his life for overseeing his bank making more than a $10 billion loss in one year and making the British tax-payer buy 70% of the bank to keep it afloat. He has been asked not to take this pension in the light of what's happened, and has written to the Britsh prime minister to say that he will not forgo it: it's his to take. And he's taking retirement at the grant old age of 50!

    Our wonderful financial leaders are not any worse off themselves. And our political leaders just as accomodating as the British ones. Oh, sorry to bother you about wrecking the financial system, just wondered if you might like to apologize before you go live in the Hamptons.
    Feb 27 14:53 pm |Rating: +4 -2 |Link to Comment
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