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[ .SPX Loading... ( ) ] is on its way to the 1,417 level, about an 8 percent gain fromThursday's open. Trouble in Greece and elsewhere, Bove has long contended, will only strengthenAmerican banks, which will get the business that Europeaninstitutions lose. But developments this week have the Rochdale Securities vicepresident of equity research even more buoyant than usual. Specifically, he counts as positives former President Bill Clinton 's suggestion in a CNBC interview that tax cuts are needed tosustain growth; Wisconsin Gov. Scott Walker's victory in a recallchallenge; and Republican Mitt Romney's improved chances in theNovember presidential election. Also, he said global officials are moving closer to enactingstimulus measures, while the Federal Reserve's "Beige Book"economic forecast, stock market rally and decline in Spanish bondyields also suggest improving conditions. "Real change is required everywhere in the world and it will happennot just because politicians take some actions," Bove said. "Itwill happen because events will drive change. This may be a worldwhere everyone looks to governments to solve their problems, butprivate economies are not dead." As for the banks, Bove pointed to a variety of metrics, includinggrowing cash, assets and deposits and a decrease in bad loans, toshow that the industry is growing despite what he repeatedly hasdescribed as an oppressive regulatory environment. "The big regional banks are doing better than the bulk of theindustry in terms of profit growth. The biggest banks are nottaking share, the big regionals are," he said. "The smallest banksare being driven out of business by the government." Bove, in fact, says the U.S. will thrive in spite of itself and itsmany policy missteps. "The United States may be in a 1969 to 1982 economy at present; itmay be doing everything it can to pull down a very successfulsystem," he said. "But once the European economies are stabilized,animal spirits will re-emerge in this country and the fundsnecessary for growth will pour out from every corner.". I am an expert from architectural-scalemodel.com, while we provides the quality product, such as Architectural Scale Model Materials , Custom Scale Model Cars Manufacturer, Miniature Model Trees,and more.
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