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I read on Paul Kedrosky's blog that the entire financial sector is being cluster bombed in order to scare out rumors that a large financial company is filing for bankruptcy protection, with Countrywide stock down 28%. I had to make sure Countrywide still has FDIC protection this morning (imagine if any bank ever lost it; the run on the bank would be catastrophic! I should know more about the protocol for losing FDIC coverage...) Countrywide is even putting press release style messages above my account info, saying that their business is actually looking up, which of course erodes my confidence further.
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