Jim Kramer here to share with you a sample of my take on the market from today's CMBC

Investing Club warning meeting. Let's talk about that interview with Jamie Dime yesterday. He did say

the consumer still in great shape, but I love this line. Inflation is so insidious that it could

damage growth for 10 years. So he is someone

who is very serious about the Fed needs to do whatever is possible.

We mentioned Wells Fargo. Jamie and I talk because Charlie Sharp is a mutual friend. He runs

Wells Fargo. And this bank, he thinks is really turning around big.

Yep. And likes what Charlie's doing.

Now the interesting, so when the banks reported their fourth quarter earnings earlier in the year and they provided their 2023 guide,

the issue that everyone flagged with them was their net interest income guides were too low.

But with rates creeping up again, again, 10 year and nearing%. Perhaps those guys are going to look conservative. And maybe that is why on a day like today, with the wrestler market doing quite poorly, you have the Wells Fargo only down 20 cents. I'm so glad you brought this up because one of the things that I said, when are the banks, you know, Jamie's, the price service multiple is like 10, 11, when is that going to change and go up? He said, okay, when we can generate, when we can show people that we can generate a tremendous amount of net interest income and not have a concomitant increase in bad loans. He says, which we won't, by the way, and that has to do with underwriting standards. Now, a lot of people might say, oh, please give me a break. I say no. I mean, understanding standards are not necessarily yet being done by chatbots because we saw that both Upstart and PayPal have been hurt by that. You're the one has had a huge spike in bad loans, by the way. Yours, Carvana, not huge spike. But it doesn't matter. You don't need a huge spike in bad loans, by the way. Yours Carvada, not huge spike. But it doesn't matter.

You don't need a huge spike to hurt yourself.

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