Banks--- Betting on the recovery Message Board

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Non-Tech : Banks--- Betting on the recovery

WFC 83.43

-1.9%

Nov 17 3:59 PM EST

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To: tejek who wrote (204)	3/5/2009 3:04:31 PM
From: Road Walker	Read Replies (3) of 1428

I don't think we are.....its just been a long time we've been in such a bad recession. One of the traders on TSCM found this trading diary from 1974 in which the financial metrics of the day were listed. Things were at least as bad back then and in many cases, worse......AND people back then were talking about the next great depression. Sound familiar? The thing is the velocity of this and that it is still accelerating. It has the feel of a self feeding cycle to me... in the early innings. And I remember a lot of recessions but none that threatened bankruptcy for all the major banks and the entire domestic auto industry. None where we even thought about multi $Trillions in bailouts and stimulus. None where the entire world was imploding at the same time. Read this morning that 31% of the mortgages in the Tampa area are underwater... that's ugly man. Consumer debt is close to 100% of GDP for the first time since 1929 and asset values continue to slide, undermining the creditor and the creditees (is that a word?). Just don't like it....

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