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Bank of America stock nearing $5 danger zone
CNN Money ^ | 2011-11-29 | Maureen Farrell

Posted on 11/29/2011 4:49:30 PM PST by rabscuttle385

NEW YORK (CNNMoney) -- Another trading day and another low for Bank of America's stock.

Shares of Bank of America dropped more than 3% Tuesday, hitting a new 52-week low of $5.03 -- its lowest level since March 12, 2009.

After the close of trading Tuesday, Bank of America was one of 37 financial institutions downgraded by S&P.

Beyond the S&P downgrade, trading could become even more complicated in Bank of America's stock, if it falls below $5. Under that threshold, many broker-dealers will not allow investors to buy or short a stock on margin, according to a spokesperson for the New York Stock Exchange.

(Excerpt) Read more at money.cnn.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: 0; 0bamanomics; bailout; bankdowngrade; bankofamerica; biggovernment; boa; bushlegacy; countrywide; downgrade; economy; failure; fdic; fedzilla; financialcrisis; housing; illegals; kenlewis; mortgages; obama; sp; standardandpoors; tarp

1 posted on 11/29/2011 4:49:37 PM PST by rabscuttle385
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Couldn’t happen to a more deserving bunch.


2 posted on 11/29/2011 4:52:44 PM PST by JDW11235 (I think I got it now!)
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To: rabscuttle385

This is not good. Well, except for everyone who was wise enough to put aside some silver and gold for a rainy day...because, you know what? It’s starting to drizzle.


3 posted on 11/29/2011 4:54:57 PM PST by MeganC (No way in Hell am I voting for Mitt Romney. Not now, not ever. Deal with it.)
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To: JDW11235
Couldn’t happen to a more deserving bunch.

The fraudsters at Citibank are IMHO more deserving.

4 posted on 11/29/2011 4:57:28 PM PST by DryFly
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To: rabscuttle385

Highway to the Danger Zone
Ride into the Danger Zone


5 posted on 11/29/2011 5:01:04 PM PST by xp38
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To: rabscuttle385

That is a huge buying opportunity. With almost a Trillion dollars in deposits insured by the American taxpayer this bank actually is too big to fail.


6 posted on 11/29/2011 5:01:38 PM PST by csmusaret (The only borders Obama has closed is a bookstore.)
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To: MeganC
"Well, except for everyone who was wise enough to put aside some silver and gold for a rainy day"

I disagree. It will be several more years before Gold and Silver are the "currency of choice".

In a Debt Deflation, which we are certainly in today...slow and grinding...the surviving fiat currencies (backed by an intact sovereign able to pay it's bills by any means) become far more valuable as the total volume of "money" shrinks. In our system that shrinkage equates to a substantial reduction in borrowing.

Buy and hold cash. US Dollars, Australian, Canadian etc.

Gold and Silver will get hurt.

7 posted on 11/29/2011 5:01:54 PM PST by Mariner (War Criminal #18)
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To: JDW11235
“Couldn’t happen to a more deserving bunch.”

Most of their problems are due to their ill fated Countrywide aquistion from what I have understood. Which if I remember, the Feds strongly encouraged/cajoled them to do.

BofA did no subprime lending of their own; they were not very aggressive in the mortgage area. Not really very good at it; but they didn't take any risks either.

8 posted on 11/29/2011 5:06:53 PM PST by HereInTheHeartland (I love how the FR spellchecker doesn't recognize the word "Obama")
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To: rabscuttle385
AMR (American Airlines) closed at .26 cents (down 84%) after filing for bankruptcy protection today.
9 posted on 11/29/2011 5:07:40 PM PST by harpu ( "...it's better to be hated for who you are than loved for someone you're not!")
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To: rabscuttle385

Good. Too big to fail equals too big to exist.


10 posted on 11/29/2011 5:09:29 PM PST by freedomfiter2 (Brutal acts of commission and yawning acts of omission both strengthen the hand of the devil.)
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To: csmusaret
"With almost a Trillion dollars in deposits insured by the American taxpayer this bank actually is too big to fail."

The FDIC is broke or nearly so.

Where will the "insurance" for almost a trillion dollars come from?

11 posted on 11/29/2011 5:23:07 PM PST by SnuffaBolshevik (In a tornado, even turkeys can fly.)
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To: rabscuttle385

They can always do a reverse split.


12 posted on 11/29/2011 5:30:52 PM PST by I Drive Too Fast
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To: Mariner

I have been buying out the plant equipment from bankrupt competitors for five cents on the dollar.

Only problem is my parking lot is filling up so much we can barely get a forklift through.

I like to buy things that I directly control, not paper assets. Everything I bought can be used to make a profit.

We have been expanding and adding processes since I bought my current company six years ago.

Hope this helps one of my fellow Freepers.


13 posted on 11/29/2011 5:36:55 PM PST by darth
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To: csmusaret

I agree that it’s TBTF, but “bank fail” these days means it quietly gets taken over by another slightly less insolvent bank that will see its own stock slowly dribble away over time as well.


14 posted on 11/29/2011 5:40:19 PM PST by jiggyboy (Ten percent of poll respondents are either lying or insane)
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To: csmusaret

I think they might find several million of that trillion a few years after the collapse in some account somewhere in the East Antilles.
Meanwhile, Buy away, it’s probably not your money anyway.


15 posted on 11/29/2011 5:50:42 PM PST by nkycincinnatikid
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To: rabscuttle385
Not a problem. They can just do a reverse stock split. WindBag Buffett will be saddened however.
16 posted on 11/29/2011 5:58:30 PM PST by hinckley buzzard
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To: darth
"Hope this helps one of my fellow Freepers."

As do I.

In a Debt Deflation, debt is the WORST thing to hold...just as it is the best thing to hold in an inflation.

Right now cash is king and if you have to spend any of it, spend it on something CHEAP. Right now the means of production are very, very cheap due to the debt their former owners held.

It's also time to buy SOME real estate...cheap. If it's not cheap, don't touch it.

Still, I believe cash is the place to be. In the savings account AND under the mattress.

17 posted on 11/29/2011 6:29:58 PM PST by Mariner (War Criminal #18)
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To: SnuffaBolshevik

“Where will the “insurance” for almost a trillion dollars come from? “

If I understand the question, the answer is taxes on Lear jets.


18 posted on 11/29/2011 6:33:09 PM PST by EQAndyBuzz (To fix government, we need a rocket scientist. Oh, wait we have one!)
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To: nkycincinnatikid

Agree with me or disagree. I don’t care, but your smart assed remark was uncalled for and is probably a good indicator of your character.


19 posted on 11/29/2011 6:33:35 PM PST by csmusaret (The only borders Obama has closed is a bookstore.)
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To: rabscuttle385
What is the value of that LaLa stock, they sold to the fed to pay their tarp loan.
20 posted on 11/29/2011 6:52:29 PM PST by org.whodat (Just another heartless American, hated by "AMNESTY" Newt, Willard, Perry and his fellow supporters.)
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To: rabscuttle385

Just a little news for all of you folks, just when you think it’s finished, it will bounce up to about $8-9 per share and stay there long enough to ruin any retail investor who shorts it. Bookmark this post.


21 posted on 11/29/2011 8:36:07 PM PST by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
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To: rabscuttle385

Well, it’s not because I haven’t been paying my mortgage.


22 posted on 11/29/2011 8:55:41 PM PST by PLMerite (Shut the Beyotch Down! Burn, baby, burn!)
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To: JDW11235

Ditto that. As a subcontractor for them through another group of uber-cheap contractor crowd (long weird story), yay.


23 posted on 11/29/2011 10:28:32 PM PST by wally_bert (It's sheer elegance in its simplicity! - The Middleman)
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To: csmusaret

I would say that I am tending towards the disagree side of BUY, BUY, BUY, the government is the ultimate bagholder anyway investment philosophy.
But if I offended thee I am truly contrite.
My character is my skin.


24 posted on 11/30/2011 4:07:33 PM PST by nkycincinnatikid
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