The Financial Crisis Is Over?

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.

Sources:

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.

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Thursday, December 2nd, 2010 Bailouts, Banking, Federal Reserve, Housing, Recovery

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Christopher E. Hill, Editor
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