JPM, BAC, GS: The U.S. Government Is Broke

The FDIC and Federal Reserve do not have the money to backstop the banking system, notes Dick Bove. He discusses how First Republic assets were sold to JPMorgan Chase (JPM) and JPM is to acquire all of First Republic deposits. He talks about how the U.S. government is broke and bank deposit costs are rising. He then goes over what investors should be tracking in the banking sector. He examines how banking fallout will impact the Fed. He compares big bank stocks which include Bank of America (BAC), Citigroup (C), JPMorgan Chase (JPM), Goldman Sachs (GS), and Wells Fargo (WFC). Tune in to find out more about the stock market today.