Fresh out of Rochdale, the disgruntled former Ladenburg employee and Bank of America cheerleader claims that a wholesale nationalization of all Lewis, Vikram et al. toxic assets would blow out US sovereign debt to $30 trillion, kill the dollar and maybe even lead to an accidental crossing of the streams. Courtesy of his bearded visageness and CNBC.For a little on Bove's phenomenal procognitive ability to call winners and losers, see below's clip in which Bove is adamant Lehman gets bought few days before it files for chapter.
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7 comments:
If you take a look at his record, it is hard to figure out why they allow him on TV.
Why is is that when every bozo complains about nationalization or bank guarantees, they totally neglect that there are still assets on the books of these financial companies. Seriously, do people really think that all the assets on BAC or C's balance sheets are worth $0? $30billion increase in national debt - not on a net basis.
And whom is he representing today? Himself? Bove & Co?
p.s. was there a video related? all i see is the pertinent ghostbusters picture
@ richard
I think what most people are worried about is not what is on the balance sheets but rather which assets (toxic pos) are off the balance sheet. The level 2 and level 3 assets (off balance sheet) dwarf the level 1 assets.
And we are just at the start of credit card defaults. Commercial real estate is just starting to roll over.
Tyler,you have let us down from your normally sound judgment on this one. You are wrong to say that Dick Bove was adamant that Lehman would be bought out instead of fail. He correctly and clearly said that there would be many other companies that would be interested in owning portions of Lehman. I would agree that he did not believe that Lehman would come under the bankruptcy code, but then not many people thought it would either. That is quite different from what you wrote. Regards
Curt
I love Dick, you love Dick, we all love Dick.
My point was not to claim Bove was right or wrong, but merely how impossible it is to call what the government will do regarding the bankruptcy of major firms (see how gov't has flip flopped in the N-word post). Anyone who claims they can predict what the government may or may not do is likely a fool.
If anyone thinks Bove isn't a complete bumbling nincompoop, just google his comments from last March. Here is just one example:
http://market-ticker.denninger.net/archives/77-Why-Dick-Bove-And-Market-Callers-Like-Him-Are-Wrong.html
Best quote (March 08): "This is a generational opportunity to buy (bank stocks) on the cheap."
- Dick Bove
What does someone have to do to lose credibility around here?
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