Can you believe this move in the bank stocks? I think it's totally related to the job creation we're beginning to see. I think we're all mesmerized by mortgage-morass stories, foreclosure stories, now FDIC-fee stories that we're missing the forest for the trees.
Think of it: this morning there was a big story about the shocking FDIC-fees for the big banks, "shocking." There was nothing shocking about it at all. We all know about that, it's been written about forever. Right next to the story though about the FDIC-fees was an article about how the big banks are making tens of millions of dollars trading each day. You know what? That's real money. They can pay the FDIC bill and a lot more.
The mortgage morass? Jobs cure the morass. I'm sick of hearing about weaker pricing and more foreclosures, they're totally in the cards of the banks, the reserves have been taken.
~Jim Cramer, CNBC's Mad Money with Jim Cramer, November 10th, 2010