is BofA done?

[smartinvestor30]

It's been done. All these banks were/are insolvent. But BofA has a printing press or access to it I should say.

a Few mins ago on CNBC the newscaster actually said something smart, he had an epiphany, he said" maybe we should have let the Bad Banks Fail, maybe we should have only helped the good banks, where are we now, free markets are you kidding me."

:biggrin::biggrin:

Looks like the mainstream news people are finally catching on too. He's only half right though, government should not interfere at all, of course we would still have a financial system, the Paulson bait & switch was the most amazing thing I have ever seen in my life. He should be teaching salesman at GM, Chrysler, and Ford dealerships, then maybe they could get those cars off the lot.

What Paulson did is a lot like a car salesman in your town telling you that you need to buy a car otherwise everyone is going to stop driving and cars will become useless. You guys better buy 700 cars else the whole car system is going to collapse. :embarassed:

[XOM]

BAC engaged in the art bottom fishing and they really sucked at it. Buying everything in sight and trying to be the biggest kid on the block at the worst possible time. They expand while the economy shrinks, but when Uncle Sam has got your back, no worries right?

[smartinvestor30]

BAC engaged in the art bottom fishing and they really sucked at it. Buying everything in sight and trying to be the biggest kid on the block at the worst possible time. They expand while the economy shrinks, but when Uncle Sam has got your back, no worries right?

We will follow them to the depths of hell with our tax money, who cares now, it's over.

You might see the DOW get back below 8000 today. I think eventually it will head much lower, breaking below 7000.

[freakscene]

which of course will result in more cries from the beltway for more Government, because they "just haven't done enough yet"

[smartinvestor30]

which of course will result in more cries from the beltway for more Government, because they "just haven't done enough yet"

Exactly if they had more people at the SEC or in Congress or had more government programs then we wouldn't be in this situation. And to keep all these people in line we need to form a Government Oversight Committee. Meaning that every congressman gets a buddy to look over his shoulder and keep him in line. But who will watch over him you ask? Well that's why i propose we setup a government oversight committee oversight committee

[XOM]

$138B woohoo! That should help get SKF back into buying range.

[freakscene]

Its like a bad dream that keeps on repeating

http://finance.yahoo.com/news/Bank-of-America-posts-4Q-loss-apf-14080975.html

After a marathon negotiating session, the Bush administration reached an agreement early Friday to provide Bank of America with an additional $20 billion worth of fresh capital to help it absorb losses at Merrill Lynch & Co, which the company acquired Jan. 1. The funds are in addition to $25 billion in TARP rescue funds Bank of America has already received.

Under terms of the latest agreement, the U.S. also agreed to protect BofA against further losses on $118 billion in capital markets exposure, mainly linked to Merrill Lynch. BofA will cover the first $10 billion in losses and the government will cover 90 percent of any subsequent losses.

Bank of America said the rescue package will help it operate as normally as possible.

Then share holders can expect more bad decisions that generate more government handouts ?

[Blood De]

un freaking believable