Market Musings & Data Deciphering
Breakfast with Dave
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• The financials sagged 1.6% on Friday and have done squat now for 5½ weeks.
• Just as the economists are taking their housing numbers higher, in classic “sell the fact” mode, the S&P Homebuilding index just closed down 18% from the mid-September high. That almost classifies, dare we say, as a … bear market!
• Oh yes — this is surely a sign that the credit crunch is behind us. Regulators closed seven more regional banks last Friday, bringing the tally for the year to 106. There have been more bank failures this year than in the past 15 years combined,
and the only reason why the big boys never followed suit was
because the government guaranteed all their debt and then
allowed them to hide their losses by switching to mark-to-model accounting from mark-to-market.
Believe us when we tell you that even the most renowned experts could not tell you what is really sitting on the balance sheets of these large U.S. banks
— but there is limited downside risk because Uncle Sam has deemed them all to be ‘too big to fail’.
Those who were investors in American United Bank, well, we are sorry to have to tell you that
you were involved in an institution that was small enough to close down.
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