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How bad are the Citi and Merrill “earnings” reports going to be this week?
How many bankers are going to be unemployed by the end of the week because of it?
Will it change what Uncle Bennie and the Fed’s do?
I’ll give you my thoughts on those matters tomorrow…..
CNBC analysts are predicting anyhere from 7000 to 15,000 just in this round of Citi layoffs, with more to come through the year. No prediction as to the total number.
Is our economy just going to get rid of banking altogether? Are we going to go back to trading furs, horses, blankets, and so on for goods? Are we going to go back to using precious metals as currency?
Obviously I am being a little facetious here, but where is this going to stop? This is not all about mortgages anymore.
I’m going to go home and watch Grapes of Wrath, It’s A Wonderful Life, or Cinderella Man and try to get inspired to come out of a depression!
As for the Fed, they will continue to be reactive versus proactive. No window cut coming until the 31st. I hope I am wrong. As I type this, the DOW is down 215 points for the day!
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