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
12,096 Visits in July
466,424 Visits from
Please Rate this Blog HERE
- General McInerney’s September 7 Mystery Book Revealed?
- Retired General And FOX News Analyst: ‘We May Even See On 9/11/14 MH370 Resurface Again’
- Former CIA Director: Islamic State Attack On U.S. ‘Will Come Probably Sooner Rather Than Later’
- Thoughts On Concealed-Carry Permits And Their Relation To ‘Falling’ Chicago Crime
- Reminder To Californians
- Quote For The Week
- Posting Resumes Next Week
- 2015 Old Farmer’s Almanac Predicts ‘Super-Cold’ Winter For Eastern Two-Thirds Of U.S.
- Signs Of The Time, Part 76
- Riot-Inspired Purchases During The Ferguson And 2011 England Unrest
- Editor on Islamic State Flag ‘Displayed’ Outside White House
- Nick Aragua on Islamic State Flag ‘Displayed’ Outside White House
- Editor on 82 Shot, 14 Killed In Chicago Over Long July 4 Weekend
- Derek @ MoneyAhoy.com on 82 Shot, 14 Killed In Chicago Over Long July 4 Weekend
- Editor on Dick Cheney Warns Of Massive Terrorist Attack On U.S. Before Decade Is Out
- tj & the bear on Dick Cheney Warns Of Massive Terrorist Attack On U.S. Before Decade Is Out
- Editor on U.S. Senator Michelle Obama (D-IL)?
- Bill Taylor on U.S. Senator Michelle Obama (D-IL)?
- Not Prepared: 17 Signs That Most Americans Will Be Wiped Out By The Coming Economic Collapse | All Self-Sustained on The Percentage Of Adult Americans That Own Investment Gold Is…
- Editor on Deadly MERS Virus Lands In Chicago, Discovered In Indiana