Panicked investors abandon private sector financials for public sector treasuries:
http://www.ft.com/cms/s/0/8058d308-84d3-11dd-b148-0000779fd18c.html
Treasuries have returns that are a tiny fraction of the earnings per share of the banks and returns on equity at the banks.
My gut-feel is that we really have touched bottom and this is the time to buy bank shares again!
For the story of HBOS and Lloyds TSB read:
http://business.scotsman.com/business/Bill-Jamieson39s-blog-How-HBOS.4502759.jp
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