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The Air Comes Out of Financial Stocks

Morgan Housel
September 2, 2009

After a month of logging double-digit percentage gains day after day on no news, low-quality financial stocks succumbed to reality yesterday:


Tuesday's Decline



Fannie Mae (NYSE: FNM  )


Freddie Mac (NYSE: FRE  )


Hartford Financial (NYSE: HIG  )


Ambac Financial (NYSE: ABK  )


Citigroup (NYSE: C  )


Bank of America (NYSE: