The Secret To Bank Earnings Revealed

Niels Jensen at Absolute Return Partners explains the bank rally.

Of course US banks made good money in Q1. The environment created for them is the equivalent of the US government reducing the cost of goods to zero for its embattled car manufacturers and then going on to buy – courtesy of the US tax payer – a couple of million cars that nobody really needs. Even Detroit would make money given those conditions!

Via John Mauldin.

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