Bank Stocks are Starting to Look Extra Scary

I love a good banking crisis. I have a portion of my net worth in hard assets, diamonds, gold bars and collectibles. I am fully prepared for the coming collapse, with all of its grande trimmings.

I’ve pointed out here, numerous times, the extent of debt in the basic resource space. The distressed debt is somewhere between $700-$999 billion–pick and choose your spots.

I’ve pointed out the southwest banking sector and how they just want to die. But there’s a broader story here, a narrative that cannot be told with fundamentals yet. Just like in 2008, banks are hiding their bodies and lying about exposure. But the stock price action never lies.

Here are the worst performing bank stocks of 2016, worldwide.

But don’t worry, Dick “I called the 2008 crisis EXACTLY wrong” Bove is saying the banks are alright. The balance sheets are strong. Super strong!

For the day, PUK was down 9.5%, Standard Chartered -7.7%, SIVB -7.3%, PFG -7.3%, BCS -6.5% and CIT -7.2%.