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I got stopped out of most of my bank positions a couple of months ago, but certainly am enjoying the ride with Wells Fargo. I still think we have to work through the second ARM wave before we can look at this through the rear view mirror. Don't 1099 Me, Bro (not to be confused with the ACA) and the recasts will cause those who have been hanging on to finally free themselves from debt bondage.
There is part of me that says that nationwide banks make sense in this day and age (though I still tend to load up at the ATM before boarding a plane) and the consolidation was just a natural progression (resulting from unnatural circumstances). The other part of me cowers in fear from the Big Four. If banks are truly out of the woods, it means the bulk of the losses have been transferred to taxpayers and savers (via the FDIC, Fannie, Freddie, Fed).
I am a big believer that the economy goes when the bank goes.
From that perspective, it looks like the big banks are on the verge of breakout and is almost ready to put the financial crisis completely behind them. This pose well for the economy going forward.
Thoughts!