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Answer is, yes. In 1 year, Financial sector still will be worse than what it is today.
However, we do need to realize that all those banks will not close their doors tomorrow. Also, regardless how bad it is, people still need to live. You don't expect people will wake up today and line up to the banks to cash out their accounts, do you? Here are some of the reasons why it will not happen:
1. Most of American simply do not have enough money in the bank to make them worry. They have spent all they have and now instead of owning anything, they owe the banks. And therefore, it's the other way around. Banks are lining up to get cash from Most of the American.
2. Most of American do not read and watch financial news and they have no clue what is happening as long as they still have a house to live and a job to do. If you do a survey today, I bet 8 out 10 American have no clue what FNM and FRE do. They might think that's some kind of Burger companies.
3. For those American who have large amount of money and brain, they would not put 100k in a CD. Come on guys, you can go to Vanguard and Fidelity etc to put your large amount of money into TIP funds or ETF and get better return than the CD in a bank. By the way, you do realize Vanguard and Fidelity have much higher insurance, don't you?
4. For those American who have some amount of money but have no brain, yes, they are lining up now. The people you see from the TV yesterday lining up in front of the banks belong to this asset class.
Now, you might ask, what happens if even Vanguard and Fidelity are closing their doors. I guess by then the world is ending, so you don't need to worry. Even you carry a bunch of gold bar will not help you when the world ends, so why worry?
SKF is close to 200 at this point and I think we are reaching a point that, Financial has taken too much beaten lately. I will be a dare devil today and buy a small portion of UYG.
惨惨惨! 实在太惨了!
It's exactly at a time like this, we should see the light at the end of the tunnel.
However, we do need to realize that all those banks will not close their doors tomorrow. Also, regardless how bad it is, people still need to live. You don't expect people will wake up today and line up to the banks to cash out their accounts, do you? Here are some of the reasons why it will not happen:
1. Most of American simply do not have enough money in the bank to make them worry. They have spent all they have and now instead of owning anything, they owe the banks. And therefore, it's the other way around. Banks are lining up to get cash from Most of the American.
2. Most of American do not read and watch financial news and they have no clue what is happening as long as they still have a house to live and a job to do. If you do a survey today, I bet 8 out 10 American have no clue what FNM and FRE do. They might think that's some kind of Burger companies.
3. For those American who have large amount of money and brain, they would not put 100k in a CD. Come on guys, you can go to Vanguard and Fidelity etc to put your large amount of money into TIP funds or ETF and get better return than the CD in a bank. By the way, you do realize Vanguard and Fidelity have much higher insurance, don't you?
4. For those American who have some amount of money but have no brain, yes, they are lining up now. The people you see from the TV yesterday lining up in front of the banks belong to this asset class.
Now, you might ask, what happens if even Vanguard and Fidelity are closing their doors. I guess by then the world is ending, so you don't need to worry. Even you carry a bunch of gold bar will not help you when the world ends, so why worry?
SKF is close to 200 at this point and I think we are reaching a point that, Financial has taken too much beaten lately. I will be a dare devil today and buy a small portion of UYG.
惨惨惨! 实在太惨了!
It's exactly at a time like this, we should see the light at the end of the tunnel.
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