some reason it gets a little better. if you are an investor don t get caught up in the feeding friend . this looks really bad. there is nothing in the horizon to make it look better for banks, because dodd-frank is onerous when it comes to making money. [ talking over each other ] monday morning quarterbacking, fanny and freddie, isn t it ironic the government is cracking didn t on the banks who they encouraged neil: it is not them, but i see your point. you are saying that s mighty rich. it just there s an irony there. we ll leave it at that. i m not a big defender of the banks. i m been writing about how corrupt they are for years. neil: you think bank of america is still too big to fail? they have a trillion dollars of deposit. federal government makes up 250,000 of every deposit. that s what fdic insurance
it is hard to find good stuff. i will say, if you are buying stocks, remember, the downside, it sells worse to the downside that s a time to buy or hold on to your stocks. don t get caught in the feeding frenzy immediately. bank stocks are in big trouble now because of the economy. they are all consumer-related. neil: do you think there s a spill over to what happens this fall? banks start to take it on the chin, losing capital on paper, certainly. that sets them up for a beating up? akin to 2008, that s what folks worry about. if you look at it this way not only is the profit outlook dimming the regulatory outlook is insane on top of dodd frank you have every state attorney general looking to squeeze billions of settlements out of those mortgage backed securities they sold. there s a lot of bad stuff with banks now. every time it looks bleak, for
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indication zero new jobs is another indication this is what is wrong with this administration. now we are seeing it in these numbers. high heart goes out to the 14 million people, people counted in that 9.1% unemployment rate. because it is easy for them to give up, because there s nothing on the board. the president is going to give this highly publicized speech. but, we ve already seen a preview of what he s going to say in the remarks of nancy pelosi. neil: if you were in the same position herman, we have an idea what the president might say. we just heard from ed henry, they are saying don t expect the world, that sort of thing. if you were in that position you would be dramatically cutting taxes right? i would be drama particularly cutting taxes. i ve already mentioned on your show my nine, nine, nine plan. i would throw out the current tax code. it is costing americans 430
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