Tuesday, January 27, 2009
Bank Stocks Have Fallen Further and Faster than at Any Time in History, INCLUDING the Great Depression
Bank stocks have fallen even faster than during the Great Depression.
CNBC has the story:
Update: Business Week has an article entitled "Stock Decline Hits Depression Levels - Money invested 10 years ago in stocks have lost half their real value, matching the worst ten years of the Great Depression".According to Jeff Rubin of Birinyi Associates, bank stocks have fallen further and faster than at any time in history, including the Great Depression.
Rubin said on Tuesday, the day of their big sell off, bank stocks were down 78.51 percent from their February, 2007 high. At a parallel point in the 1930s (two years from their high), bank stocks were down 78.09 percent.
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Is it any wonder why the corporate big-wigs took the Federal TARP (bailout) money and gave each other bonuses? They all recognize that the Titanic is sinking and are getting into their financial life boats, while the rest of America is still in the ballroom listening to the orchestra of talking head media pundits playing their tune. Better get our life jackets on now before we wake up one morning and hear in the news that the stock market crashed and the currency is worthless. Godspeed.
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