The Parallels Between 0809 and Today

This feels very much like first half of 2008 for me and I'll tell you why. People were saying the same thing about Bear Stearns, and the stock market over the next two months into mid-May of 2008 rallied 15%. The BKX, the index that attracts the banking sector, rallied 20%. And when you think about where rates are right now at Fed Funds at 5% on Wednesday afternoon, to me this feeling very much like it has the potential for things to go off the rails.

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