Posted on 04/20/2009 10:57:01 PM PDT by TigerLikesRooster
Blog Post on Bank Stress Tests Adds to Worries
Did a dire posting on an obscure blog about the Treasury’s bank stress tests contribute to Wall Street’s sell-off of financial stocks on Monday?
Hal Turner, a blogger as well as a former controversial conservative radio host, wrote on his Turner Radio Network Blog on Sunday night that he had obtained the results of the stress tests, which are set to be announced in the coming weeks, and he asserted that the results were troubling.
A Treasury Department spokesman, Andrew Williams, told CNBC on Monday that there was “no basis” for Mr. Turner’s report and that the Treasury had yet to receive the results of the test.
Stocks fell sharply on Monday after Bank of America reported $4.2 billion in earnings, as investors became concerned that much of the profits being reported by banks were coming from one-time gains or accounting adjustments. Some news reports said Mr. Turner’s blog post contributed to Wall Street’s nervousness.
(Excerpt) Read more at dealbook.blogs.nytimes.com ...
Ping!
Americans elected an Islamic Mugabe last November so i am wondering why anyone is suprised.
What is scary is it is almost impossible to find any ammo for sale. You can find some 9 mm but most other calibers are sold out.
Doubtful. Somebody posted “zerohedge”’s report on the Hal (not Ted) Turner “news” here earlier. (http://zerohedge.blogspot.com/2009/04/stress-test-results-leaked.html) Note the comments there — it was hooted down quickly and almost unanimously.
No the fact of the matter is that this was a bear-market rally LONG OVERDUE for some “profit-taking” (wink wink), and the announcement of yet another shell game to pretend the banks are solvent was the driver.
By the way, judging from his political 'rap sheet,' Hal Turner is exactly the guy Obama wants to go after. A kind of easy target and useful one at that, because he can be used to discredit right-wing.
On the other hand, this guy wants to be arrested and make further publicity.
So much secrecy and distortion of facts abound these days when it comes to the financial matters. Nobody really believes what authorities say. A kind of fertile ground for rumor-mongering to get publicity.
We’re in the calm before the storm. At least our side will be better prepared than the 0zombies.
The answer is "No!". Arthur Cashin said on Friday that there would be a sell-off this week. He knew that most professional NYSE traders were short, so it was no-brainer call.
IMHO the sell off was a direct result of O promising to ‘nationalize’ the bank stocks.
By converting preferred stock to common stock he diluted the value of the stock.
Investors do not see this as a good thing.
That lunatic Hal Turner.... Denninger reported on what Turner said. Turner is a New Jersey super right wing anti-Semite loon. He’s had a internet presence for years and also on the radio. I’m sure he is right on some things
Yes, I found out yesterday.
Yeah Hal Turner was kicking around news groups 10 and more years ago where I first got acquainted with him
He was working for the FBI - his job was to incite conservatives into "crossing the line" ... I wonder if he writes the racist stuff - or if the FBI has other people writing that... My feeling is they closed down "Flag" because it occured to them that all the hate stuff was being put out by liberal pretending to be conservatives.
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