Bank Losses Inspire More Gloom on Wall Street
Apr 14th, 2008 | By Contrarian Profits | Category: Featured, Financial News, Stock Market InvestingUS banks continue to rack-up losses amidst the credit crisis.
Wachovia, one of the largest banks in the US, reported a $.20 per share loss in the first quarter, versus forecasted gains of $.40 share… Quite a reverse of fortunes…
Andrew Snyder says, “You do not think the credit crisis is over just like that? A few weeks of ups and downs, some presses releases, and some rule changes and the economy is fixed. Get real. This mess is just getting started.
For proof, just take a look at one of the nation’s strongest bellwethers, General Electric. To say its earnings announcement this morning was disappointing is an understatement. It is a disaster. When a company with as much economic breadth as GE takes such a surprising hit, it becomes obvious this crisis is impacting more than a handful of banks with shoddy loan practices… The worst is yet to come.”
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