Tuesday, June 23, 2009


FT and BANZAI7 FINANCIAL NEWS NETWORK--Growing pessimism about the prospects for a global economic recovery sent stock and commodity prices tumbling on Monday while new data showed that leading US corporate executives were cashing out of their share holdings at a rapid pace.

The downbeat commentary reinforced the view that investors should be more worried about the impact of economic weakness on corporate profits than the possibility of higher inflation and interest rates helping Goldman Sachs execute savy trades on bailout largess.

“We have had a great run in equities, emerging market currencies, credit and other risky assets, now people are struggling to justify lofty valuations,” said Alan Ruskin, strategist at RBS Securities. He added: “The ‘green shoots’ argument for the economy was very tentative to start with. Its looking more and more like 'green shit' after all.”

Meanwhile Wall Street Investment Bankers celebrating a record first half were busy throwing out their pin stripes and gearing up in the latest fashion statement for swinging bailout slicksters. "Mommy, can I have more play dough?"

No comments:

Post a Comment