Guess I should close up shop. According to Rochdale Securities banking analyst Richard Bove, the financial crisis is over. From CNBC staff writer Jeff Cox this afternoon:
The Federal Reserve’s report this week on its $3.3 trillion bailout of the global banking system shows that the financial crisis is finally over, banking analyst Dick Bove said.
While the information on who borrowed from the US central bank contained surprises—such as the extent to which European banks had access to the money and that Goldman Sachs was “significantly weaker than anyone knew”—the overview is that the bailout helped save the system, said Bove, of Rochdale Securities.
“The biggest point that one should derive from this information, because what has been revealed now is ancient history, is that the only entity that needs this money any longer is the United States government,” he said in a research note to clients entitled “Financial Crisis Is Over.”
Last year, Bove also said that the U.S. housing crash is over. On October 21, 2009, He told CNBC’s “Squawk Box”:
I really believe that the industry has bottomed, that we’re not going to see further crashes in home prices or in home sales.
As much as I’d like to believe Mr. Bove regarding his assessments of housing and the financial system, I think I’ll continue writing a bit longer.
After all, Bove might be having another Wells Fargo moment.
Cox, Jeff. “Fed’s Bailout Report Shows Financial Crisis Is Over: Bove.” CNBC.com. 2 Dec. 2010. (http://www.cnbc.com/id/40473315/). 2 Dec. 2010.
“Housing Market Has Bottomed, Banking Analyst Bove Says.” CNBC.com. 21 Oct. 2009. CNBC.com. (http://www.cnbc.com/id/33411724/Housing_Market_Has_Bottomed_Banking_Analyst_Bove_Says). 2 Dec. 2010.
No comments yet.
Leave a comment
Christopher E. Hill, Editor
87,086 Unique Visitors in 2013
355,845 Unique Visitors from
Please Rate this Blog HERE
- Missing ABC7 I-Team Info About Illinois Concealed Carry Security Breach
- Quote For The Week
- Record Net Worth Result Of Fed Blowing Bubbles In Housing, Stocks?
- Chicago Police Superintendent Garry McCarthy On IL Concealed Carry Licenses: ‘Stand By And Watch What Happens’
- How Prepping Saved Many Alsatian Jews From the Nazis
- Moody’s Downgrades Chicago’s Credit Rating Again, Issues Negative Outlook
- HSBC: China, Not Investment Demand From West, Now Steering Gold Prices
- The Civic Federation Proposes Plan For Achieving Long-Term Fiscal Sustainability In Illinois
- Illinois Gun Owners To March, Lobby In State Capital Tomorrow
- Expert: Southern California Megaquake Possible, Economic Loss Could Exceed $200 Billion
- Editor on Can 4-Methylcyclohexane Methanol Be Filtered From Contaminated West Virginia Water?
- Fred H on Can 4-Methylcyclohexane Methanol Be Filtered From Contaminated West Virginia Water?
- Kurt A on Free Online Survival Training Summit Starts Monday
- My Info on Chicago Named A Top ‘Hellhole’ In America
- Editor on On TV: Doomsday Preppers ‘The Time of Reckoning’ Review
- Prep Mister on On TV: Doomsday Preppers ‘The Time of Reckoning’ Review
- james on JM Bullion Presale Of 2014 American Silver Eagles
- Rob Dawg on JM Bullion Presale Of 2014 American Silver Eagles
- Editor on Peter Schiff: ‘The Fundamentals For Gold Have Never Been Better Than They Are Now’
- Editor on Merry Christmas