the too big to fail banks have put options on the us government. i agree with soros in this regard.
a few years ago, i bet on djsp, which was a foreclosure company in florida. basically the government stepped in and stopped the processing of all foreclosures, which was bad for djsp but great for the too big to fail banks. now we have a huge wave of homes that owners have walked away from, banks are going to start walking away from.. it’s just one of those things… i strongly encourage staying away from the banks. they are not as cheap as they look… but i also think home prices have a ways to fall… in america, and even more abroad. the dubai’s of the world: retarded. china: retarded. and china ties in canada, australia and brazil (export led to china) … i feel bad for the shipbuilders who are building up for china to outgrow and outspend the entire world into prosperity… china is spending on negative ROI projects.
i wouldnt buy into these banks just yet. i think we are going from stagflation to deflation…. and wont be getting back to inflation/stagflation until we start up the printing press again.
here’s a list of the too big to fail back from 2008 before the market imploded:
http://www.creditwritedowns.com/2008/07/too-big-to-fail.html
United States’ Largest Banks(in millions of U.S. dollars)RankName (city, state)Consolidatedassets1Citigroup (New York, N.Y.)$2,199,8482Bank of America Corp. (Charlotte, N.C.)1,743,4783J. P. Morgan Chase & Company (Columbus, Ohio)1,642,8624Wachovia Corp. (Charlotte, N.C.)808,5755Taunus Corp. (New York, N.Y.)750,3236Wells Fargo & Company (San Fransisco, Calif.)595,2217HSBC North America Inc. (Prospect Heights, Ill.)493,0108U.S. Bancorp (Minneapolis, Minn.)241,7819Bank of the New York Mellon Corp. (New York, N.Y.)205,15110Suntrust, Inc. (Atlanta, Ga.)178,98611Citizens Financial Group, Inc. (Providence, R.I.)161,75912National City Bank (Cleveland, Ohio)155,04613State Street Corp. (Boston, MA)154,47814Capital One Financial Corp. (McLean, Va.)150,60815Regions Financial Corp. (Birmingham, Ala.)144,25116PNC Financial Services Group, Inc. (Pittsburg, Pa.)140,02617BB&T Corp. (Winston-Salem, N.C.)$136,41718TD Bank North, INC. (Portland, Maine)118,17119Fifth Third Bankcorp (Cincinatti, Ohio)111,39620Keycorp (Cleveland, Ohio)101,59621Northern Trust Corp. (Chicago, Ill.)77,48022Bancwest Corp. (Honolulu, Hawaii)74,80823Harris Financial Corp. (Wilmington, Del.)69,17224Comerica Incorporated (Dallas, Tex.)67,16725M&T Bank Corp. (Buffalo, N.Y.)66,08526Marshall & Ilsley Corp. (Milwaukee, Wis.)63,43227BBVA USA Bancshares, Inc. (The Woodlands, Tex.)59,95328Unionbancal Corporation (San Fransisco, Calif.)57,93329Huntington Bancshares, Inc. (Columbus, Ohio)55,98530Zions Bancorporation (Salt Lake City, Utah)53,597
Read more: http://www.creditwritedowns.com/2008/07/too-big-to-fail.html#ixzz1MIUJDvyR