iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
23,473 Blog Posts

What Credit Crisis?

Banc of America just settled with MBI for a song, sending MBI up 40%. As such, BAC is ripping too. Hell, the whole entire god damned banking sector can’t find enough buyers. Warren Buffet said he’s been buying WFC every month this year. The regionals are all up big and anything related to housing is up 50%+.

Even Fannie and Freddie are back from the dead, sporting 5 symbol stock symbols up 100’s of percentile a lot in recent months.

All of the government rules and regulations to curb risk taking hasn’t got in the way of some good old fashioned stock market speculation. The speculation is: the banks are bullet proof. Their balance sheets are strong and housing is driving fees again.

They may not be sporting 3x p/s ratios any longer–but the industry is clearly in bull mode.

I don’t own any banks, regrettably. Like others, I was brainwashed to believe “the banks are too hard, might as well look elsewhere.” Sometimes the blackest of rocks yields the brightest diamond.

The good news, as a whole, is that the economy should benefit from this banking renaissance. Auto and homes loans should be abundant and American consumerism will rake the path to prosperity, one Michael Kors bag at a time.

All things considered, what’s good for BAC is good for us all.

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16 comments

  1. chivo

    hundreds of percentiles. lulz

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  2. FryGuy

    I had so much $BAC from $5. Shit! I made something like 15% on it. Fail.

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  3. Jakegint

    I let my broker talk me into buying some MBI at mid 8. Had forgotten all about it until he called me today to crow about it.

    __________

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  4. Jakegint

    WTF, get outta heah, Mr. Limm!

    _________

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    • The Fly

      lol.

      FSLR is going to $80

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      • Jakegint

        Really? Whose pumping that bogus state funded boondoggle bubble now?

        Germany again?

        _____

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        • The_Real_Hmmm

          You must be in a cloud. These guys are literally dropping fusion bombs on Wall Street. Look what Dow Jones reported today- “Net sales rose 52% to $755.2 billion, reflecting higher revenue from power-plant projects and increased sales volumes for third-party sales of solar panels.
          The solar company had projected earnings of 70 cents to 90 cents on sales of $650 million to $750 million.”

          They exceeded expectations by more than $754 billion!

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          • Fidel Cash Grow
            Fidel Cash Grow

            Indeud. Solar is the new hotness (no pun intended)

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    • rogue wave

      Mr. Wimm, busted.

      on the other hand, that song was a hoot. they can’t be accused of false advertising, the magnetic zero’s met expectation

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  5. Doug Kass

    The market has seen it’s highs for the year.

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  6. Jeff

    Jesuits

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  7. flyaway18

    Pretty salty language around here, lol. Long KBE. Still long AAPL, KKR, ELLI. VMW and FFIV on a tear too.

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