Fear-Mongering Ruled Today
I heard the rumors today, oh boy. Citigroup (C - commentary - Cramer's Take) having problems getting funding. AIG (AIG - commentary - Cramer's Take) trying to get funding. American Express (AXP - commentary - Cramer's Take) must raise capital. Chrysler in jeopardy. Government seizure of Freddie (FRE - commentary - Cramer's Take).
Yep, all over again.
It reminded me that many people simply will not return to this market until all of the above fail, and lets throw in Fannie (FNM - commentary - Cramer's Take) to boot.
I just don't think it is going to happen. I can see how people would believe that it might, though. I can see how there would be reasons to wait until all of the above happen. After all, the parade of horribles remains long and isn't getting shorter.
It is entirely possible that one or two of those might happen. I don't think that all will happen. But it is also entirely possible that we don't get another big collapse. Or that we get a government takeover of Fannie and Freddie that's creative and good.
Either way, I can see on a day like today, with the rumors flying, that there is no hope. But on Tuesday there was nothing but hope.
I bet the truth lies between and we muddle through here for awhile with Tuesdays and Thursdays being the norm for a bit until more of this nonsense works its way through the system.