Less Dire Than You Think

If things were as dire as we hear, Santander (STD) shares would be much lower than $7.32, which is where they stand this morning. That's my takeaway from the tortured path that Spain's traveling for several years now, including last night's two-level downgrade at Standard & Poor's for Spanish debt -- from BBB+ to BBB.

Since the crisis began, all the so-called smart money in this market has been taking its cue from the bond market. But, perhaps because I am more stock-centric, I have found this to be a worthless exercise. If you are a bond analyst, the thinking always goes something like this: Things are really bad in the U.S. if the bonds are going down, and they get worse as the bonds get downgraded. To me that's like looking out the window and saying, "Wow, it's raining hard. So I guess it will keep raining because, well, it is raining!"...401 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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