This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Why Is It Always About the Banks? --Today's Outrage

NEW YORK ( TheStreet) -- Why does it always have to be about the banks?

Today we see encouraging earnings reports from two American icons of industry -- Coca-Cola (KO - Get Report)and Harley-Davidson (HOG - Get Report) -- and all anyone wants to talk about are earnings reports from Goldman Sachs (GS - Get Report) and Bank of America (BAC - Get Report).

Yes, I know this is only the second quarterly loss in Goldman's history as a publicly traded stock and that one-off actions helped propel Bank of America to quarterly profit of more than $6 billion.

But can't we get over the banks long enough to find a little bit of economic optimism in the fact that people around the world are drinking more Coke products? Isn't it worth noting that Coca-Cola posted an increase in third-quarter earnings to $2.22 billion from $2.06 billion the year before?

Does it mean nothing that Harley-Davidson profit just about doubled and Americans buying hogs outpaced global demand, with a 5.6% gain in domestic sales vs a 5.1% increase in global sales.

Despite these glimmers of good news, the markets are dropping again today and the headlines are all about the banks. No wonder the Occupy Wall Street movement seems to have staying power. We are all obsessed with banks in this country.

It's sad that we can't seem to appreciate that U.S. companies making real products for real people are seeing real growth.

We've got a party going on among Coke-drinking, Harley-riding Americans and we're letting the banks bring everybody down.

--Written by Glenn Hall in New York. For more Outrage, check out the Today's Outrage blog or follow me on Twitter @GlennHall

Today's Outrage

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
SYM TRADE IT LAST %CHG
BAC $16.29 0.00%
GS $196.25 0.00%
HOG $56.53 0.00%
KO $40.66 0.00%
AAPL $125.01 0.00%

Markets

DOW 17,841.98 -86.22 -0.48%
S&P 500 2,080.15 -9.31 -0.45%
NASDAQ 4,919.6440 -19.6830 -0.40%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs