As some of you may know, I'm a commercial real estate appraiser. So, I have several banker friends & clients. I was just on the phone with one this morning who was telling about this big Mortgage Banking conference he just got back from. He said attendance was about 1/3 of what it typically is and the mood was "like that of a funeral". He said it was very depressing and there was of course a lot of fear and uncertainty. Pretty much what I've been hearing from a lot of people lately.
Wall street might be cheerleading right now, but it sure doesn't look to me like that's the sentiment on the inside.
I think SKF is the lowest we're going to see it for at least a few days (until Bernanke pulls the next magic rabbit out of his hat and dazzles all those wallstreeters.)
The bloodbath starts today but it doesn't get really gory until tomorrow.
USDX is heading back down and POG back up. Looks like the correction was steeper than expected due to liquidation of some Bear Sterns' assets along with forced deleveraging by hedgefunds.
Deutsche Bank announced major write-offs and possible need for additional funding.
Bear Sterns buyout may be held up or even cancelled.
2 comments:
Uh, no!
As some of you may know, I'm a commercial real estate appraiser. So, I have several banker friends & clients. I was just on the phone with one this morning who was telling about this big Mortgage Banking conference he just got back from. He said attendance was about 1/3 of what it typically is and the mood was "like that of a funeral". He said it was very depressing and there was of course a lot of fear and uncertainty. Pretty much what I've been hearing from a lot of people lately.
Wall street might be cheerleading right now, but it sure doesn't look to me like that's the sentiment on the inside.
I think SKF is the lowest we're going to see it for at least a few days (until Bernanke pulls the next magic rabbit out of his hat and dazzles all those wallstreeters.)
The bloodbath starts today but it doesn't get really gory until tomorrow.
USDX is heading back down and POG back up. Looks like the correction was steeper than expected due to liquidation of some Bear Sterns' assets along with forced deleveraging by hedgefunds.
Deutsche Bank announced major write-offs and possible need for additional funding.
Bear Sterns buyout may be held up or even cancelled.
Likely lots of bad economic news coming out...
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