http://money.cnn.com/2008/09/15/markets/markets_newyork2/?postversion=2008091509"The landscape has changed and a lot of the major players who were are no more, so of course people are panicked," said Stephen Leeb, president at Leeb Capital Management.
"But it's not the end of capitalism," he said. "This may usher in something worse than what we've seen in terms of the economy, but the companies left standing at the end of this will be OK."
Art Hogan, chief market strategist for Jefferies & Co., said the magnitude of the financial industry fallout is unprecedented, and could only be compared to the Great Depression of the 1930s or the railroad bankruptcies of the 1800s.
"We've never witnessed this before," said Hogan. "There's no road map for this."
He said that over the course of the week, investors will be closely watching AIG, Washington Mutual and other banks to see who will be the next to get "embraced by a white knight."
more at link above
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(1000+ posts)
Send PM |
Profile |
Ignore