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Was It a Sucker's Rally?
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Andy Kessler says this is sucker's rally that took Citi from $1 share to $4 a share, and helped financial stocks. He says its not only ajobless recovery but also a recovery wothout profits. He gives four reasons. Armageddon is off the table but the problems remain of toxic assets and undercapitalized banks no matter what the stress test are saying (more negotiated Ok's than tests), zero yields with interest on savings at 0.2%, Bernanke's printing press with the Fed going all out to get money to the economy fast announcement of inention to purchase $300 billion of longterm bonds, and $750 billion of mortgage backed securities. He says he is not disagreeing with the Fed's policies considering the crisis, but he says he knows a sucker's rally when he sees one.
Voices of caution about the economic recovery in the U.S. as underlying problems remain.
04/20/2008
Underlying problems in foreclosure rates, job losses, and toxic assets at banks remain unresolved, even as the stimulus spending plans and the Fed's putting money into the economy fast have helped restore some degree of confidence.
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