Rafferty Capital Markets analyst Dick Bove fears the U.S. is at risk of losing its global position if it continues its current pace of rulemaking, penalties and fines against the likes of JPMorgan, Citigroup and Bank of America. "Banks are in the crosshairs," he writes in his new book, "Guardians of Prosperity: Why America Needs Big Banks." Nonetheless, Bove recommends investors buy shares in the banks. The veteran stock picker tries to reconcile this apparent contradiction in an interview with TheStreet senior writer Dan Freed.

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

More from Video

Jim Cramer: Will Apple or Amazon Become the World's First Trillion Dollar Stock?

Jim Cramer: Will Apple or Amazon Become the World's First Trillion Dollar Stock?

It's Dumb to Think Legalizing Weed Is Still a Political Issue

It's Dumb to Think Legalizing Weed Is Still a Political Issue

Video: How to Select Mutual Funds in Your 401(k)

Video: How to Select Mutual Funds in Your 401(k)

Racing Legend Mario Andretti Has Great Advice for Retirees

Racing Legend Mario Andretti Has Great Advice for Retirees

Arianna Huffington on Burnout, Tech-Life Balance and Why Amazon's CEO Agrees

Arianna Huffington on Burnout, Tech-Life Balance and Why Amazon's CEO Agrees