Another example of how stupid the street really is.
Why not buy a bank that doesnt need a bailout or cash influx, and has growth.
Is Buffett smart to buy into BAC at current prices of course. However the fact that everyone has been selling all banks to the point that Buffett can make so much money is the problem, and the fact that PBCT will underperform BAC now because Buffett bought it, is just plain stupid.
So I guess I will have to become a billionaire and then all stocks I buy will rise, just because I bought them, eventhough the fundamentals of other stocks may be stronger.
Why should BAC not be broken into two companies. How would that not be better for the country. They took millions from the tax payers, did not loan the money out and now are only cutting jobs to save money.
Breaking up the banks would cause them to hire more people and breaking up all the big banks would bring back competition. (more lending and less fees)