Up again today on: “on Countrywide Financing”? With automakers?
Wait, let’s get this straight. CFC, who just laid off 12,000 more people, whose stock is at an all time low, and is being sued by employees over 401k, is making a deal to offer financing to GM, whose sales have recently been better, but been tapering off for years, is barely holding onto #1, as we enter into a recession where Toyota is expected negative sales as a result, and stocks are up more than 1%?
Riddled with ignorance, and irrational optimism, this comment sums up how bliss it must be:
“It appears that this credit crunch may not be as bad as some people thought,” said Charles Norton, principal and portfolio manager at GNICapital, crediting the Countrywide news with lifting overall investor sentiment.
