Pulling Points from the most recent Mauldin

Is That Recovery We See?
http://www.frontlinethoughts.com/article.asp?id=mwo041009

these quotes are pulled directly from the letter above
-Bloomberg reports that profits at S&P 500 companies probably fell 38% on average in the first quarter. The stretch of quarterly declines is the longest since at least the Great Depression, data compiled by S&P and Bloomberg show.
– Banks are projected to account for all of the rebound in the final quarter. Without financial companies, the gain turns into a 5% decline, the data show.
– A Realty Trac survey found that only 30% of foreclosures were listed for sale in real estate listings like the MLS (Multiple Listing Service). Add in homes that people would like to sell but simply can’t find buyers for, and must either hold or rent, and the unsold inventory numbers that are public are likely far below actual available homes.
-Finally, banks may not want to flood the market with foreclosures, driving prices down even more. They are simply managing their assets so as to recover the most capital they can.
-When we last visited the S&P web site a few weeks ago, the P/E ratio for the quarter ending September 30 was around 181. I must confess that when I looked at it today, as jaded as I am, I was shocked. You can see the numbers for yourself at http://www2.standardandpoors.com/spf/xls/index/SP500EPSEST.XLS?GXHC_gx_session_id_=5350992f205e73e4&.

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