Wells Fargo Posts $3 Billion in Profits

In its first quarterly report for 2009, Wells Fargo and Company announced that it expects a net profit of $3 billion during this period, a $1 billion increase over the same period of time last year.

On this news, bank stocks all shot up and the Dow raced above 8000 to settle at 8083 for the day.

Now, none of these banks whose stock price got a boost have actually posted their earnings reports yet. Just Wells Fargo.

And this is the company that told the Obama Administration that it wasn’t going to need its TARP distribution of $25 billion, but had to take it anyway.

So my guess is that this was just another blip and some or all of these gains will evaporate next week (the NYSE is closed on Good Friday) as more banks come out with their quarterlies.

Still and all, during these times of one depressing bit of economic news after another (pun intended), this briefly brightened my day, and maybe really ticked off our Nay-saying Republican friends across the aisle whose entire national political game plan is invested in the failure of our economy.

And that brightens my day, too.