“As business starts to go back to normal, you’re going to see very strong GDP…the bottomline is that [banks] are going to make a boxcar full of money.”
As a point of reference here's another great call he made in July of 2008.
"We have seen the most incredible, overwhelming amount of negative everything – it’s the end of the world," Bill Spiropoulos, CEO of CoreStates Capital Advisors, told CNBC. "This is the time for advisors and client alike to have ice in your veins, clear thought, high testosterone and put money to work now."
There's no shortage of group think, all is well, go long risk assets talk out there these days. Let's see how the next 60 days turn out Bill, as compared to your July 2008 call right before the failure of LEH when many said subprime was contained.
Not fair to beat up or shall I say call out Bill so here's an anonymous call in July 2008 -
Citibank reported a smaller-than-expected $2.5 billion loss for the second quarter, prompting at least one analyst to say "the worst may be over in the subprime mess."
Sounds quite familiar these days.
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