With Banks Jointly Tapping Discount Window, 'Clearly This is Now a Financial Crisis' - Odeon's Dick Bove

Odeon Capital bank analyst Dick Bove said news that the 8 biggest banks in the United States have jointly agreed to borrow money at the Federal Revere's discount window " changes the game" and shows "clearly this is now a financial crisis."

"This event changes the game. Up to this point, it has been argued that there was no financial crisis. The view was that serious disease and a minor economic recession were occurring. One can no longer make this claim. Clearly this is now a financial crisis. This move cannot be viewed as a positive for the banks, their clients, or the country, overall. The Fed is furiously printing money to stave off a major financial problem."

Bove said he hopes the moves from the Fed and banks works, but said it certainly is not a reason to buy a bank stock.

You May Also Be Interested In

• Boeing (BA) Cut To Baa3 From Baa2 By Moody's, Outlook Negative
• GE Aerospace (GE) PT Raised to $180 at BofA Securities
• AGBA Group Holding (AGBA) selling off into close, down over 17%