Ugh.
“It’s going to take some time for these problems to work their way through the financial system,” said Matt DiFilippo, a Pittsburgh-based senior portfolio manager at Stewart Capital Advisors LLC, which has about $1 billion under management. “They might provide a cap on the market, particularly when you start to see an overflow into what most would believe are non-related sectors.”
Indeed.
That’s nothing. check out MER (Merrill Lynch) and see how much of it’s capitalization has been lost.
Ugh.
And I bet our leadership (yes, I work for Mother Merrill) will seek to improve its balance sheet by employee cuts, salary freezes, and other actions that mainly affect us support staff.
Yes, the financials have been very, very ugly indeed. The XLF has been leading on the way down. Best wishes to you in this tumultuous time.