The big comeback should already be here, according to Wall Street pundits. It was due to arrive in the fourth quarter… a 50 percent increase in earnings led by – of all sectors – banks.

U.S. President Barack Obama yesterday (Wednesday) released a proposed housing program designed to prevent up to 9 million “at risk” Americans from losing their homes.

It wasn’t too long ago that a bad bank just meant one with long lines, rude tellers and high fees. But times are changing and the definition today is completely different.

The dismal U.S. unemployment numbers have gotten more airtime recently than Jerry Springer. And why not? The numbers are mind-numbing.

Dollar and yen slip as stocks gain, risk aversion eases…  Government aid for banks offset Citi, BoA results… U.S. net capital inflows fall sharply in November.

Financial journalists, most of whom spend more time writing about derivatives than carburetors, have been scathing about the possibility of an auto industry bailout, even though they’ve happily accepted multiple bailouts for the financial sector.

Apparently, there’s just no stopping stocks. They just keep on trucking higher as investors forget about the recent troubles in the financial sector and focus on Merrill Lynch’s note that ‘credit markets may be “past their worst”’.

As I said yesterday, George Soros – the billionaire investor – who “broke the Bank of England” got his “celebrity status” by betting against the British pound…and now he’s looking to do the same thing by shorting the British pound again.

Apparently, there’s just no stopping stocks. They just keep on trucking higher as investors forget about the recent troubles in the financial sector and focus on Merrill Lynch’s note that ‘credit markets may be “past their worst”’.

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