<Cost-cutting may also be a theme. J.P. Morgan and Bank of America together are eliminating 29,000 jobs. Meanwhile, Wachovia has yet to detail a planned $1 billion of cost cuts.>
Agree that this is very big and very bearish if it unfolds in a significant way, as it cuts right to the heart of Bully country, especially when combined with cutting off the nearly free loans from house as ATM.
money.cnn.com
Now we just need to hear some word (???)about "tightening lending standards" too, and we'll get an economic rout underway. Given the bloated stuffed nature of American finance, it's really all that's left for this economy, just a nation of loan purveyors. That in turn should feed into the purveyors of the undisciplined, wasteful credit induced consumer side: like WFMI, SBUX, COH, HOT, CCL, JWN, CZR, etc. |
