Some of it, however, is my belief that we are going to begin to see little to no competition among banks, courtesy of the incredible consolidation of large banks, coupled with the hobbled nature of small ones.

There's a reason why this nation had held the line on no bank being bigger than 10% of the retail banking market: the community banks were so powerful in Washington, that they knew that if banks were able to get that kind of national critical mass, the locals couldn't compete.

Wells Fargo (WFC - commentary - Trade Now) and Bank of America (BAC - commentary - Trade Now) each now have more than 20% of the retail market. That means they can blanket the country in advertising, dominate big markets and, yes, charge more than they would be able to otherwise. You are going to see what happens when the incredibly competitive market of banking services becomes a benign oligopoly and all of the fees associated with banking can start creeping higher.

I point this out because so many people believe there is no normalized earnings power. I think that will prove to be the biggest canard of the bears. The sources of earnings for banks will switch to streams that are regular and predictable and less dependent on interest rates than ever before.

That's why I think BAC and WFC are so attractive. People just don't get that the lack of competition will produce tremendous leverage and huge fees. That's what makes these companies so exciting once their balance sheets are cleaned up, and that could be done tomorrow if these companies would just stop being so prideful and issue the darned equity already.

At the time of publication, Cramer was long WFC and BAC.

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