Monday, August 4, 2008

CNBC ruminations this morning

Well, I did my best attempting to prepare viewers of the onslaught that was going to happen on CNBC Monday by politely "bashing" Meredith Whitney and Nouriel Roubini's stance of being bearish now this weekend. Those that sold the financials because of them, have already lost money.

I said to listen to them at your own financial peril.

Some did.

Meredith Whitney, looking rather glamorous, even told us that BAC, could go back to 18. Does anybody really consider this a serious analysis?

Roubini rehashed the same old story of $2 trillion in losses. Roubini, on his blog, said Merrill Lynch's sale of CDO's to Lone Star was "a joke."

However, John Thain, CEO of Merrill Lynch, will be on CNBC later today, and a SEC filing will be out detailing the sale.

I'm betting that the joke's on Nouriel!

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