Posted on 10/17/2010 5:56:28 PM PDT by Kartographer
U.S. banks will be in the limelight this week as several household names report earnings and investors worry a forced halt to foreclosure proceedings could hit the sector and end the recent rally.
Bank shares fell sharply on Friday on very high volume, continuing a slide from the previous day. Although recovering some of their losses, Bank of America (BAC.N) shares hit their lowest in more than a year, while the KBW bank index .BKX> fell 2.4 percent.
Shares of Bank of America, the nation's largest mortgage lender, fell 9 percent during the week. More than 595.9 million of its shares traded on Friday, the most since April 2009 and over four times the 50-day moving average.
Investors worry banks did not follow proper due diligence when foreclosing on homes whose owners were not making mortgage payments, which could result in costly litigation, fines and additional mortgage repurchases.
(Excerpt) Read more at news.yahoo.com ...
This is going to be the most spectacular fall of a Nation wince Rome. And we all have ringside seats.
...I’ll tell you what it’s really gonna test:
...the current price of gold and silver.
“Thousands who are paying on time may have mortgages which will remain clouded for the foreseeable future.”
...good point!...and how long before they revolt and say “Screw it...why should I pay on time and in full, when others are getting away with not paying?”
Gold and Silver is the ‘new’ real estate boom that we saw for the past few years. Everyone, just like RE, is jumping on the get-rich-quick bandwagon. However, it is going to be very tough dumping Gold and Silver when it does collapse. Think you have seen a big problem with RE? Wait until those holding Gold and Silver get bit...
“the folly that some how the stock market is connected to or reflects real economic and financial developments in this country is getting harder and harder to sustain”
I have been saying the same thing for quite some time.
As I always tell others, This is not your father’s stock market.
Tish,... just a mere scratch...nay...an nit's prick......
that arm you say....it's used and of little consequence....
“This is going to be the most spectacular fall of a Nation wince Rome. And we all have ringside seats.”
Fortunately for me, my seat is on the other side of the world.
I do, however, have to worry about my meager social security
income.
Markets upward trend for the last few months is because of what it knows about November 2nd...
Gold and Silver is the ‘new’ real estate boom that we saw for the past few years. Everyone, just like RE, is jumping on the get-rich-quick bandwagon.
Precious metals are driven by BOG BOYS: central banks, hedge funds, and whole national governments. Whether your shoe-shine boy or fellow freeper is giving you tips on how to buy Krugerrands isn’t the issue anymore.
My banker friends also tell me the new FinReg bill has left “air pockets” in their earnings....
Limitations on over-draft and credit card fees has restricted income faster than they’ve figure out how to get it back... maybe, a few people who buy stocks are aware of this ahead of time???
Last week I heard that the prices of metals and stocks is going up so fast and so inexplicably because the Federal Govt is buying up all these investments. When they stop this flow of money, the market will dive hard.
http://the-moneychanger.com/daily/DailyFile5.htm
...that while the price of the DOW has gone up in terms of dollars, it has gone **DOWN HUGELY** in terms in ounces of gold and silver.
This means the increase in dollars is just inflation. Any sensible person is most concerned in what they can *do* with their dollars .
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