Sunday, May 10, 2009
And you thought it was all over
Money week: The bad news from banks is just beginning
maybe the Bank has a better grip on reality than the stock market. Because news from the banking sector suggests that the optimists are being a bit premature in hoping that this slump will end any time soon...
Posted by happy mondays @ 11:17 AM (688 views) Add Comment
4 Comments
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1. general congreve said...
NO! Really?
2. crunchy said...
One has to ask where the mysterious "Trillions" of bailout money has gone, in view of this untimely stockmarket rally.
The capital required to make further capital gains perhaps? Keeping the host alive? or an honest attemp at a solution to avoid a bloodbath downturn, or indeed the impetus for one?
Time will tell. It does beg the question of why markets can seem irrational at times.
My attempt at being balanced. lol
3. Longtermview said...
Mmm... So Money Week tells us the bad news is just beginning...
They could be right.
But you can't believe everything you read in Money Week.
I'm sure Money Week is a reputable publication.
I think there was a link on HPC a while ago to a Money Week article talking about the advantages of buying gold...
The article was written by one Dr. Steve Sjuggerud, who writes for an investment newsletter called Daily Wealth.
Daily Wealth is published by Stansberry Research.
The main man is Frank Porter Stansberry.
Here's a little bit of text from an SEC filing against Stansberry, Agora and others...
1. Defendants engaged in an ongoing scheme to defraud public investors by disseminating false information in several Internet newsletters published by Agora or its wholly owned subsidiaries such as Pirate. Through various publications, defendants claimed to have inside information about certain public companies. Defendants suggested that its readers could cash in on the inside information and make quick profits. The defendants offered to sell the inside information to newsletter subscribers for a fee of $1,000.
2. Numerous subscribers purchased the defendants "inside tips" and made investment decisions based on that information. The purported inside information was false and, as a result, the subscribers did not realize the profits the defendants promised.
3. The defendants, however, profited handsomely. On information and belief, Agora received in excess of $1 million from the sale of false information to its newsletter subscribers.
Caveat emptor etc....
4. Gruppenfuhrer said...
MTV, that is very interesting. I work in corporate communications and see this stuff every day. The case you refer to is at the extreme end of the spectrum, or perhaps the tip of the proverbial. I listen to no opinion other than that I can reach through empiricism. It's a good way to be.