It’s Friday!
We all know what that means. In a few hours the FDIC will release the names of 1 or more banks that probably failed this weekend. The usual hoopla about customers will continue to be able to use their debit cards over the weekend, and that the bank(s) will be showing a new name come Monday.
This week was looking somewhat positive, then today the banking sector sank, and quickly. Once again a mad rush to sell the news. Citigroup shareholders have a legitimate concern with having their shares diluted, although it shows how few people really do have a one track mind. The move to other banks shows the point that the market still has a lot of fearful speculators, trying to guess the next one to tank.
We’ll be finding out over the next few hours which banks will be standing with flags half mast in the morning.
