Bill Fleckenstein on the Banks

A buddy of mine sent me this recent quote from Bill Fleckenstein’s daily column.

For those of you who don’t know, Bill has been one of the very smartest bears on record since before Ursa Major was a constellation. (His excellent and modestly priced commentary can be found here.)

It is notable that he is somewhat constructive on US banks. He writes:

As someone who has always hated financial companies because their financial statements are such a joke, I’m going to risk looking really stupid. I think the drama over US banks is overdone. Europe is a disaster, I get that, but we aren’t nearly as bad off. I think that lots of people who didn’t see 2008 coming are now sure they will see a replay. I’m not so sure. If the ECB starts to print finally, we will see an absolutely hellacious rally.

$XLF