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WELLS FARGO DOWN 25% ....

...as the Great Depression of the 21st Century Begins...

...Stock is now trading at $9.15 after dipping under $9.00. Thus Wells Fargo joins GE as a penny stock.

I might add that I used to bank with Wells Fargo but when I tried to get a loan for a used car ( a piddly $4000.00) they turned me down. I went to B of A and they gave me money for 3 cars. I switched to B of A.

UPDATE: WFC is now $11.14 -- Did I call the bottom? Is Lazarus a Contrary Indicator? ( I dont think so -- I think its just a short covering bear rally and expect more to follow )

LET'S HOPE I'M WRONG ABOUT ALL THIS.

And .... If you're looking to buy some real estate in Fresno .... dont let my rant stop you. CALL ME - I can help.

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© Randy "Lazarus" McAtee

Posted by Randy "Lazarus" McAtee - Owner/Broker Lazarus Realty, Fresno California on 02/20/2009 01:05 PM

Comments (9)

fresno, real estate, homes, sales, reos, foreclosures, depression, recession, mls

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9 Comments on WELLS FARGO DOWN 25% ....

FEB

Randy -

I still can't get over the fact that GM and Ford are below $2/share. Can you?

DEAN & DEAN'S TEAM CHICAGO

I though a "penny stock" was one trading under $5.

UGH! The housing market may be down, but at least you can still live in it :)

Lenn - it all depends on who you talk to. Given the position of Wells Fargo and General Electric the break under $10.00 is a pretty big deal.

Looks like we're getting a rally off this bottom as I type. Will it hold? We'll see.

Randy - I hope you are wrong but am thinking you are probably aren't totally off course. I think the next six months will continue to tell the tale.

Jason -- I HOPE I'M WRONG TOO!

Dean --- GM would be a ZERO : BANKRUPT - except for tax payer bailout money. I dont even know how our money was invested or what if any return I will get on it. DO YOU?

Supposedly Wells Fargo didn't need the tarp money. Investors are scared to death of almost all banks right now. Until they can show a real balance sheet I wouldn't buy any financials.

Wells can be tough to deal with loan wise I bank there for convenience but thats about it.

BOA is tanking. Citi is tanking. The Banking disease is rampant.

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