More solid confirmation that, Titanic will flounder...
In expanding the breadth of high-priced toilet paper hitting new 52-week lows here is one likely conclusion you can take to the bank: stocks have not reached bottom.
Today's big turnaround during the final hour of trading largely affecting badly broken bank and financial stocks reeks of panic. The "story" supposedly behind the monster, 45 point $SPX rally into close truly is losing credibility by the week.
Don't tell Shemp all that cash on TBTF balance sheets just so happens to exist among cash-strapped states these days not so willing to play "see no evil". So, technically speaking, Cramer is correct to claim 2011 is not a 2008 recession. What he misses, though, is plainly in sight: a new Pecora Commission and the extinguishing of all hope for a return of Adam Smith's Leveraged Ponzi Scheme. Hello cash burn.
As if that weren't enough, whoops, there goes Italy.
Who else thinks EU Finance Ministers can be made to implement the leveraged bailout Team Fraud demands were the calendar turned back to August 3rd?
Funny, it was a Standard & Poor's downgrade of U.S. Treasury debt in early-August that precipitated the unconstitutional JSC and its multi-trillion dollar swindle of U.S. taxpayers. Can there be any rest for the hopelessly bankrupt? I think not. Time to swindle Europe. Nothing like a panic to get 'er done.
(p.s. $BPNYA came in even more today!)
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