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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (22504)	1/31/2005 12:47:54 PM
From: mishedlo	Read Replies (1) \| Respond to of 116555

Citycorp was probably smart to get rid of that unit. It was growing hand over fist because of the refinance boom. That boom is over. Perhaps they should have sold it at the height of the boom. The business model was based on getting customers to refi, take cash out, sell them a bunch of bad financial advice (like LTBH crap) get them to deposit the money with Citi Services and collect fees. I must have gotten 30 calls over a two month period at the height of the boom from "travellers Financial advisors". They gave classes and training for people to "duplicate themselves" and become financial planners themselves. I actually went to a seminar for grins. During their presentation I told them their long term assumptions on stock returns at 9% annually was a crock. They told me I was not suitable for the program. Since no one has called me on this for over 6 months now, I would say the boom DIED. How many self employed "financial planners" are there out there now struggling to make a dime? That is another reason why these "Household Job Surveys" are full of crap. Mish