Skeptik

Yield Spreads, Financials and Gold

Your analysis was just in time... bull's eye... congrats! Look at what's happening today:
S&P cuts investment bank ratings including Merrill, Lehman and Morgan Stanley
- JPM and BAC outlook revised to negative; Citigroup rating affirmed
- S&P cites potential for more write offs and prospect for continued investment banking weakness
- MER and LEH counterparty credit cut to A from A+, MS counterparty credit cut to A+ from AA-