Banks - I would agree if it was solely a deposit taking institution w/ out more diversified asset management or investment banking opportunities. Citigroup may get hit a little on the retail side, but a regional deposit taking institution is probably worse off.
You should realize where this guy is coming from. I'm not saying he is right or wrong, but he is ALWAYS negative. He has been negative since well before Y2K. He has been virtually 100% short since before Y2K. He has all kinds of publications about EOW scenrios - especially banks.
So, whether he makes sense or not, it isn't like he is some objective observer who just suddenly decided to get negative.
Aren't most of the banks hedged. Having seen this flattening coming, very few banks will be sitting with long term mortgages I would think, rather selling them off and keeping the fees. That's where the real income is.
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