Word: bankes
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Dates: during 2000-2009
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Here's a scary fact to add to today's gloomy stock-market headlines: bank stocks might actually be providing a boost to the market, even as it tumbles to new lows. By at least one measure, financial firms are making the bad earnings caused by the economy look a bit rosier...
...more attractive - or at least less ugly - to investors. The S&P 500 has a price/earnings ratio based on trailing 12-month earnings of about 15. That compares with a 10-year average P/E of 21. So the market's current valuation looks cheap. But some financial stocks like Bank of America and Wells Fargo have P/Es of 7 and 5, respectively. Take those out, and the market looks more expensive...
...President Barack Obama doing? I have to give [the Obama Administration] credit. In about six weeks, they have done three major things: the $800 billion stimulus package, a mortgage program that is much more than the previous Administration did and a bank plan that, however flawed, at least has the benefit of not having another bailout of the banks. The glass is half full. But for each one, there are some flaws ... the bank plan wants to pretend that the government is half pregnant with the banks. The debate is between partial and full nationalization, not between nationalization...
...Respite of sorts came to the region last week when a $31 billion package was announced by the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB) and the World Bank. But World Bank President Robert Zoellick says East European banks need $140 billion of fresh capital, much of which may have to come from Western Europe...
...come up with an effective answer? Its fudged response so far is partly down to a lack of institutional architecture: the European Central Bank, for example, has far fewer resources than the U.S. Federal Reserve, while the European Commission can only work with the budget provided by E.U. member states. At the same time, leaders like Sarkozy, Merkel and Brown have been too busy putting out fires at home to provide strong leadership out of the crisis...