…and 100% too late for Dumb Money to act (It’s official: U.S. in a recession since December 2007; CNNMoney.Com).
Keep in mind that this is the ‘official recession’ but the real current recession has started in early 2003. Of course Dumb Money, who even last week subscribed to the idiotic idea that a recession could be avoided altogether, was caught off guard as always by the National Bureau of Economic Research report (It’s official: US has been in a recession all year; AP).
Hey, don’t worry (caution: sarcasm) because the Septic Tank has another 100 rounds of ammunition left before he will shoot blanks (Bernanke: lower interest rates are ‘feasible’; AP).
Boo Huh…cry us a river (How Low Can Banks Go?; Forbes)!
Banks can go as low as $0 per share which would is fair value judged by the mismanagement teams which are allowed to ruin assets and replace them with liabilities.
Citigroup tries to trim down and boost its cash base in a lousy attempt to survive (Report: Citigroup to sell Japan trust banking unit; AP).
Citigroup expects to receive just over $400 Million but it will be nothing more than a small drop on a hot stone and evaporate quickly because the same ridiculous management team is still in place.
The core of the problem is never addressed and it will not even be addressed if Citigroup replaces its mismanagement team because chances are they will replace it with another mismanagement team.
The ignorance which is so deeply anchored in the system is a partially pathetic and partially hilarious.
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