The banking industry is a great way to get a good gauge for how the economy is doing. CEO of Bank of America, Brian Moynihan, said today, “Through the trillions of dollars of consumer transactions we process and from the steady confidence and activity of our small business and commercial clients, we see a healthy consumer and business climate driving a solid economy.” This came as Bank of America tripled its quarterly profit to a record of $7.3 billion. After hearing from the major banks loan growth remains strong and the underlying fundamentals continue to remain steady. I continue to feel confident about this economy and I believe that there are some great bargains in the banking industry.
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