Saw a headline on CNBC today; the silliness of it, and the irony, clearly escaped the author and the editor: "Financials Turn Positive, Band of America Back Above $6".
Ahem. It's a sad day when the good news is that BofA is above $6. Imagine you're back some years ago, with a Crystal Ball that let you peer into the future and saw that headline.
On a more serious note, I'm hearing multiple reports of BofA cutting small business owners credit lines down to $1,000. These are supposedly from guys who have had good credit for years, and never missed a payment.
And similar to that, I see that Denninger has an interesting article today. Appparently GE Capital is cutting credit in a big way, in order to shore up reserves. Ended up shutting down a stell mill because of it.
Well, in case it's a good day for BofA, with their stock slightly above penny-stock status. Party on, folks.