May 09, 2007

BofA CEO: "We are close to a time when we'll look back and say we did some stupid things". Wells Fargo CEO: "this will blow up"

HousingPANIC to mortgage lenders and bank CEOs:


You did some really f*cking stupid things.



Bank of America Corp. Chief Executive Officer Ken Lewis said a so-called credit bubble is about to break after six years of historically low interest rates and relaxed lending criteria.


``We are close to a time when we'll look back and say we did some stupid things,'' Lewis said, speaking at a lunch at the Swiss-American Chamber of Commerce in Zurich. ``We need a little more sanity in a period in which everyone feels invincible and thinks this is different.''

Lewis isn't the only U.S. bank executive who expects that credit conditions will change. Wells Fargo & Co. Chief Executive Officer Richard Kovacevich said in December that ``I am not a forecaster of the future; I'm a historian. And history says this will blow up. It always has. And there will be some blood on the street.''

36 comments:

buyerwillepb said...

Why is that while the market was booming, everyone was sure "It's different this time."

But now that the market is crashing, "history says this will blow up. It always has."

The CEO should finish his statement with the truth...

"history says this will blow up. It always has. That's why I had to rake in as many fat commisions as possible before the market does crash."

Mort said...

Too damn little too damn late. Even now they won't come clean. To the B of A and WaMu presidents I say: "Tell us something we didn't already know, a-holz."

Anonymous said...

DOW up 60 again today.

How's that 5% CD doing for everyone?

Charles said...

Keith: Keep it clean

Keith: You did some really f*cking stupid things

Love the Blog but Keith, really...
Does leaving out one letter make the F word OK???

Any literate person knows the meaning of the word. You've used it in context. George Carlin would find your faux censorship laughable...

Anyway keep up the good work. Best bubble BLOG there is!

Hayley said...

I think the *** in curse words is just an indication that the blog is public versus private space (i.e., the typwritten equivalent of swearing under your breath.)

keith said...

f*cking:

1) Is used to drive home a big point

2) Shows that blogs are NOT the censored and constricted MSM

3) is definitely not the same in my book as spelling it out

4) is kinda funny, informal, disrespectful and irreverent, like HP

so bugger off, wanker

michael said...

"George Carlin would find your faux censorship laughable..."

if only carlin were still laughable. maybe he could take some pointers.

keith said...

Meanwhile, can you believe to major bank ceo's are using HP type language?

shocking

waiting for crash in seattle said...

"DOW up 60 again today!"
--12-year-old shoeshine boy, October 1929

Anonymous said...

And he thinks real estate will stop falling at the end of the quarter and won't spill over into prime. He told the truth for a few seconds and then it's back to the pollyanna nonsense.

Bank of America thinks they'll make money giving credit cards to illegal immigrants with phony documents so that tells you how much sense they have. Giving money to people with phony information worked out real well for New Century.

Anonymous said...

hey charles,

1 letter could be ANYTHING.

http://tinyurl.com/28jkpz

Anonymous said...

2) Shows that blogs are NOT the censored and constricted MSM

the way Ron Paul wants it!!!

Anonymous said...

"DOW up 60 again today.

How's that 5% CD doing for everyone?"

You are so totally right. I can’t believe I could be so blind. First thing tomorrow morning I’m going to go down to the bank and withdraw the $30,000 house down payment that I have saved up for the past several years and I’m going to go find me a nice honest broker at A.G. Edwards or Edward D. Jones and I’m going to do some investing for some real returns – what could possibly go wrong? Thanks Mr. Internet Savvy Investor Dude – you rock!

Mort said...

so bugger off, wanker

Dang, Keith, you're even starting to talk like them limies. You better come home right now, before you turn into full blown Euro-trash. Oops, too late.

Anonymous said...

You know Keith, if you're going to put up "f*cking", it would seem to me that you could post my porno queen and well hung gorilla analogy from several months ago.

Man, I'm just giving sh*t - this blog rocks!

Anonymous said...

""DOW up 60 again today!"
--12-year-old shoeshine boy, October 1929"

Silly child. He should have been flipping houses. By now his houses would be worth millions. At the ripe old age of 90, he could be living the sweet life.

Just like 12 wasn't too young to buy stocks, no job and no income isn't too inept to buy a McMansion in the Bay area. At least the kid has a job.

Anonymous said...

waiting for crash in seattle said...
"DOW up 60 again today!"
--12-year-old shoeshine boy, October 1929


In 1929 a 60 point move would have meant 30%. Learn some history and come back when you can make an intelligent contribution to the discussion.

Hayley said...

So these guys get to pull down several million dollars annually and then claim they were blinded by other people's advice?!?!

Does the buck stop anywhere anymore.

Oh yeah, it stops with the clerk I saw getting b****ed out (sorry Charles) this morning because she was 15 minutes late.

People depend on her you know...

Hayley said...

From Devil Take the Hindmost

"The theory of the rational bubble appears to be nothing more than an elaborate restatement of the "greater fool" investment strategy, whereby the speculator knowingly buys shares above their intrinsic value hoping that a "greater fool" will pay more for them later."

keith said...

Why do realtors try to spin there's no housing crash by saying the Dow is up 60?

That'd be like saying the Washington Nationals aren't having a bad season because the Phoenix Suns are looking good

One has nothing to do with the other

Anonymous said...

How much off balance sheet derivitave liabilities is BofA holding? $22 trillion?

Ken Lewis is way too late to talk about sanity or the lack of sanity in the banking world.

The Government should take receivership of BofA and cancel all these derivitave contracts. Theyre just side bets anyway with no equity what so ever.

Charles said...

is definitely not the same in my book as spelling it out

Me thinks your book is hypocritical. But as the saying goes opinions are like a$$%oles everybody's got one.

Again, love the BLOG. Though I'm not sure what qualifies me as a wanker :)

TM said...

"DOW up 60 again today.

How's that 5% CD doing for everyone?"

It's doing its job balancing out my riskier investments, so I can't complain. Since risk-pricing in the bond market is so FUBAR, I prefer CDs to bond funds.

So, like any sane investor, I can reap the rewards of investing in the stock market, yet still sleep at night knowing I also have my boring old CDs.

It's nice not being trapped in an "either/or" outlook. You should try it.

Anonymous said...

Thank God the banks finally get it, even if Congress and the Senate do not.

Next question: When are the politicians going to "get it" and just let the bubble burst already so we can go back to Americans buying houses they can REALLY afford?

I'm starting to think that nobody hates your average American more than the politicians. They just want people to BLEED over housing for generations to come.

Anonymous said...

"We did some stupid things"!


DUH DUH DUH DUH DUH DUH!

waiting for crash in seattle said...

"In 1929 a 60 point move would have meant 30%. Learn some history and come back when you can make an intelligent contribution to the discussion"...

I guess this Mensa boy has never heard of the tale of the shoeshine boy, or understands the concept of faceticious remarks. Besides, even with the handful of corps. on the NYSE in 1929, 30% is still too high.

Just a reminder -- this virtual site is a blog run virtually by an anonymous gentleman (or a woman) pictured as a toy dog from an era of ridiculousness... this is not a Congressional hearing. You can loosen your tie now Mr. Ramen eater.

And just remember the popular saying: Arguing on the internet is like running in the Special Olympics... Even if you win, you’re still retarded.

Anonymous said...

Did he fire the Fleet Bank Corp execs and board that got bonuses, options, and jobs when they sold fleet at half its value as it was rebounding from Argentine losses,Enron,World Com, Global Crossing,Sars,Mad Cow,y2k,9/11,and paying dividends since 1640.....

Anonymous said...

wake me up when its 2 dollars a share and 1600 dollars in dividends buys a mc'mansion on the farm, at the beach, or im the banker,,,,,,,,

Anonymous said...

shoulda had the one with the gold and oil wells

Hayley said...

Waiting In Seattle:

So just why is it that you're here, it being so retarded and all??? Seriously, you cite in grand linear fashion all the reasons why the blog and it's moderator are BS and then finish off with the pontificating retard analogy (have you been saving that one up for just the right moment or did you come up with it while waiting for your summons from Senator Dodd.)

Mort said...

Duuuuh, we were stupid, not greedy criminals, yeah, that's it, we were stupid. Duuuuuh... (drools on shirt)

Anonymous said...

keith said...
Why do realtors try to spin there's no housing crash by saying the Dow is up 60?


Kweefer, you are the one that made the correlation between the dow and the market. That post simply said Dow is up 60, how is that 5% cd of your doing" No mention of housing.

Dow and markets in general have been on a tear lately. You along with your followers claim all your money is in CDs. You proudly boast about the 5% returns in said CDs.

Whether or not there is a housing crash is irrelevant. You have been way off in your prediction of an equity meltdown. Be man enough to admit you were wrong.

Hayley said...

Why do the trolls always go after the puppet??? I'm starting to feel sorry for that thing.

rc said...

Arguing on the internet is like running in the Special Olympics... Even if you win, you’re still retarded.

now I need to clean my keyboard and monitor

rotflmao

Anonymous said...

keith, you should run a thread that (*'s) out all vowels.

bwhahahahah

Anonymous said...

"THE MONEY WAS TOO GOOD! I GOT STUPID!"
-- Jayne Cobb, when Mal was ready to blow him out of Serenity's airlock over Ariel