Who holds the old maid?

If you are thinking of buying a Canadian bank stock, read John Mauldin's August 29 2008 letter first: Who holds the old maid? You might not: the U.S. bank credit crunch is yet to come. Mauldin's 2004 Bull's Eye Investing is a terrific book.

http://www.frontlinethoughts.com/printarticle.asp?id=mwo082908

It's all about spreads, Mauldin says. He has a lot of charts, including the Libor rate spread on page 4 which “still points toward continued financial stress”. “When will it be safe to get back into the water?” Mauldin asks. “Pay attention to credit spreads.