Free Bernie Madoff and Bring Back Bear Stearns and Lehman Brothers
Today financial stocks closed just 4 percent below their 2007 bull market peak. This same index was down over 80 percent in march 2009:
Financial stocks are now 4% below the October 2007 bull market peak. They were down over 80% in March ’09. $XLF
— Charlie Bilello, CMT (@charliebilello) Dec. 5 at 02:45 PM
Nobody hates the banks and their executives more than me, but damn if the American spirit for taking risk and moving on is not something to marvel at.
Ok now back to bank hating…
Today JP Morgan performed the following financial analyst recommendation gymnastics:
They raise their price target on Caterpillar by $11, while maintaining their neutral rating on the stock and voicing a cautious outlook.
I am sure Goldman Sachs will be out soon with a report (spread on Facebook naturally) saying that the S&P would already be at 3,000 if we had not victimized Bernie Madoff and shut down Bear Stearns and Lehman Brothers.
Remember…it’s never wrong to punch a banker and hug an engineer.
Originally published at Howard Lindzon.