ObamaFest

Wells Fargo posted a profit for the 1st quarter of '09.  The ObamaFest Team thinks Jim Cramer's ejaculatory praise is premature:

“This is a serious, serious game changer,” Cramer said.

The government’s stress test had been created to see which banks would most likely rebound if given federal help. Now that some banks are showing signs of strength, there is probably little need for Washington to inject more cash into struggling institutions.

Cramer predicted that Wells Fargo would earn between $2.30 and $2.35 a share in 2010, saying that the stock deserves an 11 or 12 price-to-earnings multiple. He thinks WFC will climb to $26.

"Cramer's analysis will go down," predicted the ObamaFest CFO,  "with Neville Chamberlain's claim of  'Peace for our time' after the British Prime Minister went to Munich and gave Hitler the Sudetenland.  Cramer learned absolutely nothing from his Daily Show beatdown!"

Our CFO points to the data compiled by Mr. Mortgage:

"NOTE – actual March foreclosures reported next week by the popular foreclosure services like RealtyTrac will show a sizable drop vs. Feb because foreclosures lag notices. Foreclosures in March are a result of NTS’s when many banks/servicers were on hold in Jan/Feb. But in March NTS’s surged — I will have a preliminary report out this week on the total statewide and national counts. BE CAREFUL - the popular reports released next week will also show a large increase in total foreclosure notices so total foreclosure activity may be relatively flat. Market reaction will be dependent upon how this is reported in the press.

The bottom line is that there is a massive wave of actual foreclosures that will hit beginning in April that can’t be stopped without a national moratorium — this wave is so big I would not put it past them trying it."

We aint seen nothing yet.