Countrywide Financial Is The New Enron

I posted earlier this week before the start of trading on Monday that I thought Countrywide Financial would declare bankruptcy by the end of the week. Well today their stock dropped another 13% to around $21. It was down to almost $19 during the day and rallied a little(it rallied from people covering their short sales). The fact of the matter is that Countrywide is the Enron of the financial world. It is the biggest maker of mortgages in the country today. Their problem was that they've given everyone with a pulse a mortgage in the last few years and now these people are starting to default on their mortgage. There is plenty of blame to go around and I will do a post mortem on the patient after the bankrupty is declared which should be any day now.

I almost forgot to mention what Wall Street bailout cheerleader extraordinaire Larry Kudlow recommended on his show this afternoon. He wants the Fed to start buying all these worthless sub-prime & Alt A f**ked up mortgages tomorrow morning to help bail out all his Wall Street buddies. Some Republican he is. That's socialism Larry and it better not happen. These idiots made their bed and they have to lay in the big pile of steaming crap right now that they created.