Thursday, October 25, 2007
What's up with Wall St?
Is it me, or are all the banks (except for Goldman) getting NAILED with the recent fallout in the CDO or asset-backed markets? Just read Merrill took a writedown of >$8 billion. This is mind boggling. And yet the Dow is hitting record highs. Fed will probably cut rates soon. Google is on fire, Facebook is valued at $15 billion and Apple keeps on its stratospheric pace. Bonds hurting, equities happy, housing looking shaky (except for NYC of course). I guess we'll see how it all shakes out (as B of A announces layoffs as well as Morgan Stanley).
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2 comments:
Predictable fallout from a hyper-consumptive, "ownership society."
This is one of the things that can happen when you shift from goods to capital as the primary market, no?
huh?
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