Merril Lynch: Bankrupt
WaMu: Bankrupt
GoldMan Sacks: Bankrupt
Houses will go up: wrong
Dollar is a bargain: wrong
he was right on credit card debt; gold @ 1000$/ounce
And laughing with the prophete, hilarious. Even i knew US economy was fucked on the end of 2k7. Just look at housing statistics.
Those "analysts" are poised with 'growth'. Growth is not natural. Every year you start with 0 income and have to work a year to get earnings. If you are very good, earnings are bigger than a year ago. Those funny guys always flashing with neat terms such as P/E and FP/E ( (future)stock price/earnings). Those are worthless when financial income is negative. I remember analysts saying when Bear Sterns went to 1$ coming from 130$ a year earlier: "PE is ridiculously low, yuo can x10 your money in 1 year. Yeah 1$ is low when you have 10 billion earnings, but a bit high when your actual earning that year are -40billion.
The same as Nyrstar. IPO @ 20, and a dividend of 1 euro/year. The price went to 2 euro and some people were screaming "buy buy buy buy, 50% dividend"... Guess what, earnings sucked and they cancelled the dividend.
Those yuppie MBA analysts only function in a working market. It is not hard to predict good stocks in a bull market... Just scream something and give a reason. And if you are wrong you say "you can only be right 60% of the time". I guess thats not that hard in a rising market...
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