"What you have missed is they have absolutely NO subprime exposure"
1. I have no idea if your statement is TRUE. I doubt it is...especially indirectly. But, lets assume it is:
2. 'Subprime' is the tip of the iceberg. Real estate is continuing to tank...despite 3 years of denials. Foreclosure are through the roof. The FED is in a panic mode to avoid the inevitable and massive correction by continuing to add liquidity to markets AWASH in liquidity with no where to put it (liquidity trap).
3. Consumer debt. That is the next 'crunch'. People up to their neck in debt with declining asset values across the board.
4. Dollar decline (see FED panic and inflation) record lows...and no hope for anything than a DCB.
5. Inflation...ignored by FED to their peril.
Look, obviously you are brainwashed -- so, just understand I'm short from August 2007 a variety of financials and added more yesterday including here. And, it is a NO BRAINER.