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The Cabal is taking action.
I guess everything’s fine, then.
So, can they lower their exorbitant credit card rates then?
And isn’t this after we bailed them out? So how is that a “profit”?
Okay, so $400 million in bailouts and guarantees from the government, and God only knows how big of losses on their “off-balance-sheet” things, but…it’s a profit! I guess relativism really is the thing these days.
Oh, mass media. Such an amazing job of reporting you guys do.
@4,
Isn’t that $400 billion, or did I miss something?
Cash Flow vs. Write Downs
Cash flow won the first 2 months apparently.
That’s not including write-downs, I thought. It’s just that their business (this month) actually made a profit.
As much fun as it is to bitch about bank bailouts, let’s keep in mind that these big banks making *successful* use of that bailout money to return to stability is our best case scenario right now.
The other options are nationalization, which won’t happen without a fight, and failure, which will make the current mess a lot worse than it already is.
Recession: OVER!
fraud! i’m about 99.9% sure there is something wrong and they are cooking the books or something…
yeah, i think they’re lying. but hey, if it gets the dow up who cares, right?
DJIA 6500 will be the bottom. Do yourself a huge favor, buy an index fund now.
I’m still thinking it’s more like Dow 6000 for the literal bottom.
But, yes, the best thing anyone under the age of say 60 can do is start putting money from each paycheck into a 401(k) or 403(b) low-cost index fund. Total Stock or US Stock is ok, but in general S&P 500 is the best choice due to the nature of financial cycles at this point.
They just used CTRL F and changed all the “losses” in the report to “profits.”
PRESTO!
Capitalism is back, bitchez!
Clarification: Citigroup reported a profit.
so they can start paying back all that money we gave them right!?!?
with 28.99% interest also
Corrected clarification. They didn’t report a profit, their CEO asserted they were profitable in a leaked “internal” memo, as he struggles to avoid involuntary takeover. (Recall similar claims by WAMU execs at similar points in their ballistic trajectory.)
Doesn’t mean the claims are false, but they should be weighted with an eye to verifiability, history, motive, and jeopardy.