Negative Growth - Financials
Bespoken has a post on the negative growth of earnings that have been reported by the 20% of companies that have reported so far. Currently it is at -37% year over year.
Take out the financials and it isn't nearly so bad. But look at the consumer discretionary... -23%.
Another topic, Big Picture is reporting losses from banks that didn't show up on the balance sheet.
Seems to me this is the same path that Japan took, allow banks to keep their books cooked... These losses will eventually be reported, but this is likely to be a much longer period of constantly reporting losses because of this moving assets to different parts of the balance sheet and keeping them inflated.
Egads, look at the $42 billion in losses living on insurance balance sheets... I suspect when some of those insurance companies can't pay their losses some of that will transfer to the banks...
I am posting too quickly here. I did a post on gold hedging and cost increases. Caps tends to hide earlier posts if they are posted closely so I'm linking it here.