IE: Goodbody-Irish banks ‘could fall to March 17 levels'

From The Irish Examiner, 27th May 2008

Blue Horseshoe

Put me through to commissioner Gordon! I want this investigated immediately!

First Davy, now Goodbody - anyone reckon they’ve gone short Ireland Inc.?

Or is it just a day late and a dollar short in action…

That’s strange. We were told that the levels of March 17 were merely the result of evil rumour-mongering by London-based hedge funds and nuttin to do wi’ de fundametals. :unamused:

I think a lot of the institutional movement has occurred already. There’s still a second wave of panic to come.

The small-time guys/average punter with say a 50-100k equity portfolio has yet to panic. A lot of the managed portfolios have been crucified and when people realise that they aren’t coming back up, they’ll panic (I’d wager that most people with managed equity portfolios don’t have a clue what their money’s doing). When an authorative broker/bank manager comes out with mantra along the lines of “in it for the long term”, “stocks rise and fall”, “if you sell now you’ll miss the benefit of the upswing”, etc., it’s very hard to say otherwise when you’re Joe Punter devoid of any real knowledge and/or information. There’s still time to cut your losses and get out.