Buying bank stocks…while holding nose….

Posted on Aug 27, 2009 by WHC Bassetti in Letters

We are afflicted if not assaulted by a sense of unreality.  The banking system is a cancer on the economy.  Buy Banks! Buy Banks!  Paulson is doing it and he's got enough money to defy reality.  (According to reports buying BAC and C.)  Well, who are we to say no.  Someone described the banks' present strategy as "deny and delay".  That is deny the rot on their balance sheets and delay hoping that they'll make enough profits to cure their problems, and that real estate prices will also improve.

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