The Chase Is On

I heard laughter on trading desks for the first time in three months. I heard people talk about something else other than their losses. And I am seeing massive buying in the banks, my favorite sign that the nightmare is indeed over. (See Helene Meisler's article this morning.)

We focused on Chase (CMB Quote) because that's where the most negativity is focused. You can call me a homeboy -- I have worked closely personally with Chase Capital Partners -- but I can't pick up a magazine or a newspaper or a cyberpaper that doesn't portray these guys as conflicted morons who bought at the top. (If they were so darned conflicted and so darned together, why the heck did they cut me no slack on my mortgage given my dealings with them personally and professionally? I had to go elsewhere to get the loan.) ...