Tuesday, November 27, 2007

It's getting hard to find a bank that doesn't disgust me

Due to the stupidity of mortgage lending, Citi is on the verge of death. It may lay off as many as 45,000 employees. And now comes news that a fund from Abu Dhabi will be buying up $7.5B worth of the company. Fantastic news. First we send the Arabs hundreds of billions of dollars a year in oil money. Now we sell them our banks in which to put that money. Maybe we'll sell GM and Ford to them as well, complete the oil circle of life for them.

Wall St will love it. Another head fake will take place today most likely. Just like the one 2 weeks ago, and the one on Friday. Once again, my advice is short on the pops. Unless you think $7.5B from Arabs will magically cure the TRILLIONS of bad debt sloshing around the world, in which case my advice is buy until you can't buy any more.

This makes the Bank of America illegal alien scheme seem minor by comparison.

And complete and utter silence about it from Dems and Reps. Why debate serious issues like these on the campaign trail when instead they could spend a year debating each other what they said and did 25 years ago.

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