Banks report Q3 in 1 week - Democratic Underground

underpants

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Tue Oct-09-07 11:09 PM
Original message

Banks report Q3 in 1 week

Citigroup already downgraded their 2nd Quarter (Q2) earnings by 60%.

Washington Mutual, Wells Fargo, and Wachovia all release earnings from the 17th-19th.

They held way more of the subprime debt than anyone else who has reported earnings.

Tough to imagine that they can make up the losses by investing.

We'll see. Just a heads up-THIS will be the real result of the bad lending.

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Mike03

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Tue Oct-09-07 11:47 PM
Response to Original message

1. I'm holding my breath too

for this following week.

I don't understand the resilience of many financials right now, other than institutions with low exposure to sub prime, which I guess would include B of A and the private investment companies. I don't think Schwab has much exposure, so far as money market funds go.

It's a scary, unpredictable time for the market.

What are your predictions, if any?

Any sectors you like right now?

Where are you hiding, in the event of a major correction?

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underpants

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Wed Oct-10-07 05:14 PM
Response to Reply #1

3. Actually I just happened upon a couple stories about this on MSN Money

Of course there is no mention whatsoever about this anywhere else.

I don't invest I spend.

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kineneb

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Wed Oct-10-07 12:42 AM
Response to Original message

2. have to see how much more "pumping" the Fed will do

The financial companies are in a leaky rowboat; the Fed has been bailing like mad, but the boat is about to hit another big rock. October may be very "interesting".

Good thing the freezer is full and there are lots of canned goods in the pantry... that is our "investment"...

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Deja Q

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Wed Oct-10-07 05:27 PM
Response to Reply #2

4. What if the power is cut?

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kineneb

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Wed Oct-10-07 08:53 PM
Response to Reply #4

5. that is why the canned goods

the freezer is a normal one above the fridge. There would be hot food for as long as the propane tank holds out. After that... firewood.

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