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Why financial stocks will dive this week on the Freddie / Fannie bailout news

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Logically, a serious selloff in financials is what we should get. Here's why: * Preferred is basically worthless, as is common. You get an 80% position (effectively) by the government, and no dividends on either, the premium for preferred stock disappears for all intents and purposes, and the common may as well be delisted. Since both Presidential candidates have said that these firms will not be allowed to exist in present form, buying or owning either is idiotic. If there's no stampede to the door on these shares at the bell Monday, I officially crown the Equity Markets "Dunce Of The Universe." * Any institution that holds preferred just got it in both holes. Common has been basically worthless for a while, but preferred has been holding up much better, only losing ...

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