Some other pessimism porn:
- Alcoa at lowest since 1988
- GE at lowest since 1995
- Kraft all time lows since 2001 IPO
- Boeing at lowest level since 2003
- GM lowest since the first great depression
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Friday, February 20, 2009
Bank Of Countrywide Lynch and Citi in Full Panic Denial Mode
Both out with rose-colored releases to CNBC: Citi claiming its capital base is strong and it continues to streamline business (coach class tickets likely to be verboten as well soon), while BAC claiming there is no reason to nationalize a bank that is profitable, well-capitalized and has the coolest office furniture this side of Sir Stanford's corner office cum cricket field.
Some other pessimism porn:
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5 comments:
Both out with rose-colored releases to CNBC:
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I'm sure CNBC's Steve Lies-man gulped it down, puked it up than snarffed it up again. Yum! Krud!
I still like my observation that the combined total market caps of both GM and Ford are less than half of Avon Corporation, and Avon doesn't smell like ....
In regards to the GM depression low, the company passed that price at about 18/19 bucks when you throw in inflation
Using the inflation calculator ( http://www.westegg.com/inflation/) and a bit of rounding, we come up with the following......
What cost $1.52 (a recent GM low) in 1930 would cost $18.71 in 2007.
Also, if you were to buy exactly the same products in 2007 and 1930,
they would cost you $1.52 and $0.13 respectively.
I see a lot of posts like these lately. Clear signs of panic - which means we will have a reversal.
Time to go long BAC and C
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