Touching upon the pristine work done by Moody’s last night, Dick Bove from Raffle Capital, said the banks were in great shape and that their exposure to oil, aside from a few haggard regional banks, was laughable.
As a point in fact, it is rumored that Dick almost choked on a pork chop last night, while laughing at how small these losses were for the banks, as a pork chop bone descended into his throat.
By laugh, I mean Bove looked stoned face into the camera, like a miserable Santa Claus, and slightly curved his lips, obviously bemused by the whole ordeal.
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Shit 2008 Redux?
This is wonderful news, I’m so glad there is nothing to worry about.
I’m just going to forget about the fact many of his ilk said the same thing about sub-prime lending in 2007.
That’s a relief, I was worried about the banks and the economy, but it now sounds like the damage is “contained.”
the 1yr chart of GPS will make you LOL