|
Capital One won't go away, just their division that was giving away crap loans.
Right now there is a stampede to get out of financials when the reality is that most of them are still in a good place. Only a few companies were handing out loans to anyone with a heartbeat and are going to totally fold.
Biggest problem that is hitting us is that in the panic, no one is lending any money to anyone. So the economy is grinding to a stop. This will actually be the biggest problem in the next couple weeks.
In the long run, now is the time to buy the better financials that are only down because of the panic. Personally, I bought a bunch of one that was at $40 a share and is now in the pennies on the gamble that they survive the mess.
|