"President Barack Obama's top economic adviser said the signs of improvement displayed by the banks would not have been possible without government infusions, guarantees and other programs provided by the government.
"There is no financial institution that would be reporting the kind of positive results that we have seen in the last quarter but for the extraordinary public support provided by the government," said Lawrence Summers, the director of the White House's National Economic Council."
Banks are currently borrowing from the Fed at 0% and from their savings and CD depositors at 1% to 2%. They lend at higher rates for mortgage, auto, and personal loans. It's a good environment for short term profits. But their borrowing costs won't stay that low forever.
Eventually when the government spigot turns off, we may learn (the hard way), that they were the market. As unemployment increases they may learn that you still have to do business the old fashion way. http://online.wsj.com/article/SB124762005061042587.html#mod=todays_us_opinion