I agree that short term the financial stocks should higher(helped by my blackstone of course :P). I don't know how long they will move up or at least be stable. I have a feeling they're going to be run up and dumped again early next year once the credit card default starts to get more news than subprime. Capital one giving warning that delinquencies will rise. Just like subprime, the early predictions are not anywhere near how bad it's going to be!
"Previously, the company forecasted $1.2 billion in charge-offs for the fourth quarter, and $4.9 billion for 2008. While the company maintained its fourth-quarter forecast, it now predicts that its losses for next year will be between $4.9 billion and the "mid $5 billions." The new estimates reflect the possibility that elevated rates of credit card delinquencies will persist and not improve during the fourth quarter, as Capital One had originally assumed, and that the housing sector will go through "substantial degredation," Schnall said."
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