- The terrible ADP jobs number
- The sell-off in oil, or
- Meredith Whitney's prognostications on the bank's health.
Every time the market has gotten a bit of wind on it's back, Meredith Whitney has come out with more bad news on the banks, released with propitious timing. And the play has been to sell when she speaks. I think today was no different.
She's been very opportunistic with the timing of her delivery of bad news, and once again, today was not the exception.
All these boys in the banks from the eastern schools have been schooled by Meredith Whitney, just like Sheila Bair has schooled the boys from the eastern schools in the Bush Administration.
It didn't help that Obama's stimulus plan wasn't so stimulating, or that he saw trillion dollar deficits as far as the eye could see, or that corporations are slashing workers. Throw in lower oil prices and the rug was yanked out on the bulls once again.
I didn't think they could raid the financials again, but I would have expected that Treasury would of done a better job in at least pretending that were actually going to take down mortgage paper. Ben touts a 4.5% mortgage; the homebuilders are touting a 2.9% rate, and the foreign central banks want to do nothing but to hit bids!
Today Treasury met their match in Meredith, and FDIC head Sheila Bair, who Obama said would stay on in his administration.
These bankers probably thought they wouldn't hear the words "mortgage forbearance" again.
Now they will.