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All businesses should have the chance to be banks BIG! July 17, 2009
SER Street Smart
Sy Harding
All businesses should have the chance to be banks BIG! July 17, 2009.
The half-dozen banks that have become too large to fail has been good. They received $ Billions of taxpayer dollars and rescue loan guarantees were fed by hand to make advantage of the best pieces of less fortunate competitors were allowed to exchange part of the assets of toxic waste on their books with Treasury bonds Federal Reserve, and were able to recruit the best bankers, many of the newly unemployed and traders.
Lucky dogs. They were forced to return the loans as the main source of business, leaving the economy in transition to competition with the problem of credit available, rather than rescue use the capital to make accretive acquisitions, and trade market. Both Goldman and Morgan are in the program list of the top ten "trading" companies every week. Trading Program (large firms commercial financing for their own accounts), constitute about 40% of total trade on the NYSE.
Its shares have risen 100% or more than their minimum. And this week we have seen additional benefits as the 2nd quarter earnings that soared Wall Street forecasts.
Goldman Sachs surprised everyone on Monday, reporting a huge 2.7 billion profit in Q2. On Thursday, JP Morgan announced 2nd quarter earnings that were 36% more than last year.
But what about the additional insured by the FDIC 8000 commercial banks in the United States?
They should be so lucky.
They were failing at a rate of two per week during the last five months, a total of forty to this day, stuck in a swamp of doubtful loans and defaults on the rise, no place to turn. The FDIC has about 350 more on the problem of growing "list of banking supervision. More disturbing is that many banks have failed and are now on the FDIC list of bank not ", were not in their" watch list "before sudden failure.
And no wonder they have problems. Billions of dollars of wealth households has disappeared in the crisis of housing and two tough back to back, leading market shares, leaving a trail of strangulation mountain of debt questionable in the banking system and a crisis unlike any economy in 75 years.
If we adjust our vision to see around the towers of Goldman Sachs and JP Morgan, the landscape beyond, not a pretty picture, even in the financial sector.
The failure of CIT Group, the largest lender to small and medium enterprises virtually ignored in the optimistic about the benefits of impressive announced by Goldman Sachs and JP Morgan. But the potential consequences are enormous. CIT is the main lender of 300,000 retailers and 1,900 manufacturers, apparently fall into the category of being small enough to allow it to fail. And many are on the verge of panic, the providers were denied credit until they line up new lenders, a task difficult as they began to store their important back to school and seasons.
Friday was the rumor that a couple of lucky banks are "encouraged" to provide IS with a short-term financing. So maybe it will avoid bankruptcy. But This does not diminish the problem of agglomeration of defaults on loans that have created their problems, and poses similar problems in the banking sector.
Even Bank of America, one of the lucky ones too big to fail lucky dogs, reported this week that its earnings 2nd quarter fell 5.5% on continued credit problems. The bank said its writedowns from defaults on credit cards rose 28% to $ 2.06 billion.
Lucky Dog opened with Citigroup reported a profit of 4.28 billion dollars the 2nd quarter. But this is due to a gain of $ 6.7 million associated with the merger of their brokerage firm Smith Barney broker with Morgan Stanley, which was part of the rescue efforts. The company has not been adequately informed of the loss current operations, however, with the benefit that is both fusion is omitted, what is the standard reporting procedure.
Economic Barometer General Electric said that its revenues have dramatically dropped from 47% in its second quarter, the continuing problems in its overall financial divisions, including GE Capital (and a decrease in activity their lack of finance divisions). In recent months, GE has reduced its dividend for the first time in 60 years and has lost its AAA rating of the debt. But of course, a somehow the 47% lowest income beat Wall Street forecasts, and stocks have increased "good news".
And if in a few months bankruptcy, but the bond General – General Motors and Chrysler report impressive gains? Does the fact that they no longer firing dozens thousands of workers who have not been able to find new jobs, paying their employees less than others, and ending with debts to their suppliers through bankruptcy (which puts a lot of them out of business permanently) to be a sign that the economy is in good shape again, or simply that worked well for both companies lucky?
However, this type of analysis was established this week that Goldman Sachs and JP Morgan has made impressive gains in the 2nd quarter.
All banks should have the chance to be large banks. And all companies should be lucky enough to be General Motors and Chrysler.
Unfortunately for the economy of the 99.9% are not.
As economist Laura Tyson, said this week: "We are in a balance sheet recession. We have not had this kind of slowdown in the lives of most analysts. And because the models used by meteorologists are the same models that have missed the fact that we even have this recession. So, let a lot of uncertainty here.
Sure, the stock market does not like uncertainty, as evidenced most recently by the year past and in the first quarter of this year.
But if Wall Street can continue to deny the existence uncertainties, insisting instead that the benefits to a couple banks rescued indicates that the rest of the financial sector is out of danger, and even signs of the economy in general is out of danger so who knows what he can accomplish in the game until the stock market?
Sy Smith releases the title = "www.streetsmartreport.com"> www.StreetSmartReport.com financial website and a blog for free daily market title = "www.syhardingblog.com"> www.SyHardingblog.com.
About the Author
Sy Harding is CEO of Asset Management Research Corp., author of 1999’s Riding the Bear and 2007’s Beat the Market the Easy Way, editor of www.StreetSmartReport.com, and www.SyHardingblog.com.
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