Bank Of America - Downgraded

The downgrades will have to continue though, surely?

There's so much previously AAA rated crap out there that should have always been junk?
 
auspm said:
The downgrades will have to continue though, surely?

There's so much previously AAA rated crap out there that should have always been junk?
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Tip of the iceberg me thinks, it will get to the point where no-one will lend to no-one
 
I've been short them for months now its been a great ride thanks to there stupid management team. Socgen is another on the shorts list there management are just as bad.

It's starting to look like Aus banks are overpriced as well now so i'll be looking at NAB & ANZ & Macquarie bank which are also run by bozo's.
 
hiho said:
Ouch said:
Why pick on Bank of America only when Citigroup and Wells Fargo were also downgraded?
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dunno, read the blog maybe
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Sorry, just being picky about your post title which only mentions BoA while the article mentions all 3. Feel free to ignore I was just trying to be a smartass.
 
Ouch said:
Why pick on Bank of America only when Citigroup and Wells Fargo were also downgraded?
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Bank of America is more universally known than the other two, hence it has more subliminal impact quoting Bank of America than the others as an American icon.

As a side note, Bank of America is 51% owned by the jesuits in trusteeship for the vatican, and has been since the 1930's.
 
stinkypete said:
what will this do ti PMs?
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good question most money seems to be flowing to the USD atm, in the short term there may be a squeeze in the USD but long term its kufced
 
systematic said:
projack said:
jpanggy said:
fun times ahead.
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The real fun begins when 3 month Libor will be trading wide of the 30 year.
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can you say more about this - how you see it
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This was a bit of sarcasm on the current trend, but when banks do not trust each other like in 2008 interbank lending Libor rates goes up.
On the same time the Fed said that they would allocate $400 Billion toward a program to purchase long term Treasuries to push rates even lower when 30 years 2.99% already.

Libor rates
44_libor.jpg
 
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