Saturday, January 17, 2009

Bank of America and Citibank are going WAMU???

Is that Citibank or Shittybank, I guess they are one in the same. I've had friends talk about buying bank stocks like Citibank, National City Bank, or Washington Mutual to name a few and I've been telling them for a while that these stocks will go to zero before they go up. George Soros wrote a paper a while back that talks about banking booms and busts. Given his insight, it will take 25 years for many of the surviving bank stocks to reach new highs. There's blood on the street but now is not the time to buy. I've attached a few video clips regarding BOA for your viewing enjoyment.

http://www.ritholtz.com/blog/2009/01/citis-returns-to-roots-bofa-gets-fed-handout/

http://www.ritholtz.com/blog/2009/01/bank-of-america-shocker/

http://www.youtube.com/watch?v=bCfS6Pj_qh4
http://www.youtube.com/watch?v=wUbeD9S0REs

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