(What they aren't saying is this ..
Posting on 08.13.09:
At some point back prior to the squints relaxing mark-to-market Meredith Whitney commented to the effect, 'Why would banks want to repeal mark-to-market? They want to get all the upside when assets appreciate.' A formal proposal from the FASB board on the matter isn't expected until late 2009 or early next year.Implementation of any proposed rule probably won't hit until the end of 2010, perhaps 2011.Banksters will fight it tooth and nail and relent only if appreciating assets allow them to 'write-up'. Since the Federales are controlling about half the means of production, this 'truth in advertising' will ironically become a strong plank in their reflation plan.
In sum, socializing the downside and piratizing the upside. D'ahr. -AM)
BOSTON (MarketWatch) -- Morgan Stanley analysts in a research note Tuesday advised investors to go long on bank stocks as the economy shows signs of recovery, but to avoid those with heavy commercial real estate exposure.
Looking at the overall U.S. banking industry, the Morgan Stanley analysts said they are growing "more confident" that the banks they cover can return to "normalized earnings" within two to three years.
"We expect most to do so by 2012," they said
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