Bank of America’s Bernstein Says Sell Bank Stocks After Rally - and then is fired

Bernstein speaks up and tells it like it is - and then is fired. Management doesn't like the truth being told...

Bank of America’s Bernstein Says Sell Bank Stocks After Rally - Bloomberg.com:

"March 23 (Bloomberg) -- Investors should sell bank stocks after they rallied 12 percent today because the Treasury Department’s plan to buy toxic assets won’t stop profits from dropping, Bank of America Corp.’s Richard Bernstein said.

Removing devalued loans and securities from banks’ balance sheets is a short-term solution that will delay the problem’s ultimate solution, which is bank takeovers, Bernstein said. The government won’t be able to inflate the prices banks receive for selling bad assets indefinitely, he added.

“The history of bubbles shows quite well that financial sector consolidation is inevitable,” Bernstein, Bank of America’s chief investment strategist, wrote in a research note. “Financial stocks will be attractive when the government tries to speed up that inevitable process. However, to the contrary, the government continues to attempt to stymie that inevitable consolidation.”"

Come on government - get on with it - quit trying to save the system!!!