For Immediate Release
Chicago, IL – December 9, 2009 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Ford (F), Toyota (TM), Citibank (C), Bank of America (BAC) and AIG (AIG).
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Here are highlights from Tuesday’s Analyst Blog:
Obama on Job Creation
“…[T]o prevent economic collapse, we were forced to extend assistance to some of the very banks and financial institutions whose actions had helped precipitate the turmoil. We also took steps to prevent the rapid dissolution of the American auto industry — which faced a crisis partly of its own making — to prevent the loss of hundreds of thousands of jobs during an already fragile, shaky time. These were not decisions that were popular or satisfying; these were decisions that were necessary.”
The speed of getting GM and Chrysler out of bankruptcy was stunning, and prevented a huge amount of collateral damage. Now it is left to be seen if they can effectively compete with the likes of Ford (F) and Toyota (TM). So far, Chrysler seems to be failing that test, and GM, while doing somewhat better, is not out of the woods.
The TARP program turned out to be a big success. Not only did we avoid the massive damage that would have occurred if Citibank (C) and Bank of America (BAC) had collapsed right on the heels of AIG (AIG), but the banks have repaid most of the funds with interest. The bank portion of the TARP actually looks like it will turn a profit, although losses at AIG and the auto makers will more than offset those gains.
Still, not all of the $700 billion was deployed and most has come back. I just wish we had gotten better terms on the deal. We taxpayers took a huge risk, but are getting pretty low returns.
To avoid moral hazard, any investments by the government should be on onerous terms. The government has no legitimate interest in protecting any individual shareholders’ (or bondholders’) investments. It does have a legitimate interest in seeing that big, systemically important financial institutions do not go belly-up, particularly in a disorderly way.
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