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.

Tags: , ,

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

No comments yet.

Leave a comment



Survival And Prosperity
Christopher E. Hill, Editor
Est. 2010, Chicagoland, USA

Successor to Boom2Bust.com
"The Most Hated Blog On Wall Street" (Memorial Day 2007-2010)

Please Rate this Blog HERE

Limited Time Offers

Via Banner Ads Below (navigate to vendor home page if necessary); Updated 7/27/15:
ANY CHARACTER HERE
>BUDK 30% Off Sale ($29 min. order; code required)
ANY CHARACTER HERE
>Paladin Press Buy 2 PDF E-Books Get 1 Free Thru 7/30 (code required)
ANY CHARACTER HERE
>Airsoft Megastore Free Shipping On All Orders (no code required)
ANY CHARACTER HERE
>BulletSafe Bulletproof Baseball Cap $119 Pre-Order Price; Bulletproof Backpack Panel $99
ANY CHARACTER HERE
>CHIEF Supply CornerStone Polos Buy 2 Get 1 Free Thru 7/31 (no code required)
ANY CHARACTER HERE
>Food Insurance 25% Off All Campfire Meal Pouch Bundles; Free Bug-Out Bag With Select Long-Term Meal Plans
ANY CHARACTER HERE
>Nitro-Pak Free Family Water Storage Package With Ultimate-Pak Food Reserve ; Clearance Sale Up To 70% Off
ANY CHARACTER HERE
>Pyramyd Air Christmas In July Sale
ANY CHARACTER HERE
>Tractor Supply Co. Free UPS Ship To Store
ANY CHARACTER HERE
NEW! Advertising Disclosure HERE
ANY CHARACTER HERE
Free UPS ship to store on all Tractor Supply Company orders! Shop now! Tractor Supply Co. Review Coming Soon
ANY CHARACTER HERE
BullionVault BullionVault.com Reviewed HERE
ANY CHARACTER HERE
Nitro-Pak--The Emergency Preparedness Leader Nitro-Pak Reviewed HERE
ANY CHARACTER HERE
MyPatriotSupply.com Reviewed HERE
ANY CHARACTER HERE
Food Insurance Reviewed HERE
CHIEF Supply Reviewed HERE
ANY CHARACTER HERE
BulletSafe Reviewed HERE
ANY CHARACTER HERE
M48 Tactical Tomahawk BUDK Reviewed HERE
ANY CHARACTER HERE
PyramydAir.com Reviewed HERE
ANY CHARACTER HERE
Airsoft Megastore Reviewed HERE
ANY CHARACTER HERE
Survival Titles Save 20% Paladin Press Reviewed HERE
 

Categories

Archives

Prepper Website