Replies to post #52 on Capital One Financial Corp (COF)

[BMiles]

I think COF is currently in better condition than most but it is going to get real bad for them in a hurry. People charging Christmas because they have no money and no job thinking they will get a job soon. No job will come as thousands are being released from work weekly. New unemployment claims are about to get out of control. No job, no income, no money to pay credit card bills. COF's April earning announcements for Q1 2009 is going to send this stock and a few others like AXP, C, and BAC to near junk value or very close in my opinion.

US indexes seem to be holding up better than the rest right now but I don't think Americans really understand how bad it is about to become. Traders are currently trying to catch a falling knife right now, the knife has barely even started its fall in my opinion. So many Americans are so naive to what is going on and think this is only a temporary oversold condition. I am a glass half full kind of guy but I understand the severity of what is taking place and I really feel for everyone as we go forward.

Brad

[conix]

KeyCorp, Capital One to receive cash infusion: source
Sunday October 26, 5:15 am ET


WASHINGTON (Reuters) - KeyCorp (NYSE:KEY - News), Zions Bancorp (NasdaqGS:ZION - News) and Capital One Financial Corp (NYSE:COF - News) are some of the banks that will receive cash under the U.S. government's second round of capital infusions, a source familiar with the Treasury Department's thinking said on Sunday.



Four banks, including PNC Financial Services Group Inc (NYSE:PNC - News), have already announced they are participating in the second round of capital injections.

Under the government's $700 billion financial services rescue package, the Treasury Department will inject $250 billion of capital directly into banks in exchange for preferred shares and warrants.

Treasury is providing funds in a bid to revive the financial sector, which has suffered since lending dried up and many of the loans banks made have gone bad.

Treasury has already allotted $125 billion to nine of the nation's largest banks including Goldman Sachs (NYSE:GS - News).

About 20 regional U.S. banks are expected to receive cash under the Treasury Department's second round of the bank recapitalization program.

It was not clear how much KeyCorp, Zions and Capital One will receive. The banks are expected to make the announcement as early as Monday.