He also made a different point -- and one that we found interesting at Fast Money. As Series Producer John Melloy first told you in his blog, Bernanke revealed what will be the first signs of recovery.
Bernanke said, "one sign would be that a large bank is successful in raising private equity. Right now, all the private money is sitting on the sidelines saying we don't know what these banks are worth. We don't know that they're stable' And they're not willing to put their money into the banks."
So who could be the first to raise private capital?
Jefferey Harte, managing director of equity at Sandler O'Neill speculates that it could be one of three banks. On Fast Money he says, "I think the key names to look at are Goldman Sachs , JP Morgan or Northern Trust. But don't expect anything to happen anytime soon. According to O'Neill it won’t happen until there’s a “reduction of government rhetoric.”
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Trader disclosure: On Mar. 16th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (GE), (GS), (MS), (SDS), (MOS); Macke Is Short (BRK.b); Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Terranova Owns (KCE), (JPM), (X), (POT), (WYNN), (XBI), (HESS), (INTC), (BRCM), (DELL), (JOYG), (FXC), (EOG); Terranova Owns (IBM) & (IBM) Calls; Terranova Owns (DIS) & (DIS) Calls; Terranova Owns (COP) Calls; Terranova Owns (AMGN) & (AMGN) Puts; Terranova Owns MACI Oil Futures; Karabell Owns (BHP), (CSCO), (FCX), (FXI), (GOOG), (GLD), (GE), (JPM)
Sandler O'Neill Has Received Compensation From (BAC)
(BAC) Is A Client Of Sandler O'Neill
Sandler O'Neill Has Received Compensation From (C)
Sandler O'Neill Has Provided Investment Banking Services to (C)
Sandler O'Neill Has Received Compensation From (GS)
Sandler O'Neill Has Received Compensation From (JPM)
(JPM) Is A Client Of Sandler O'Neill
Sandler O'Neill Has Received Compensation From (MS)