Wow, I know the action today was options related, but man…they really have it in for this guy — can’t catch a break. The million dollar question is… how long will the media dog this company focusing in on credit losses and completely ignore the collective earning power of the bank that negates these losses. At the end of the day, Bank of America (BAC) is ”making” money and as the economy comes back, it will only get better….plus the earnings potential combined with Merrill and Countrywide will only juice earnings.
I know… what about TARP? what about double digit unemployment? I say the TARP will be repaid by latest mid 2010 or within a year. As for unemployment, it will hit 10%…but its a lagging number and will be the last thing that will improve. In otherwords, by the time unemployment goes back to say 7%, don’t expect the BAC bus to still be waiting for you at station 13.
Disclaimer: I am LONG Bank of America (BAC) stock as of the posting date of this article. This post is merely to present an idea and not to try to persuade you to buy/sell any security within. Please do your own Due Diligence BEFORE making any trades.
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