Well, this sort of truth telling (even if the bailout "is" necessary) puts BB&T (BBT) up at the top of the list of larger regional banks to buy for the "financials are back" sector rotation along with Wells and PNC Financial. Nice! Bank on bank hate is interesting to read ;) Obviously everyone is talking "their book" so you must read everyone's viewpoint with multiple grains of salt.

• A significant and immediate tax credit for financial institutions to purchase homes would be a more effective solution for the financial crisis than the proposed $700 billion federal bailout, said BB&T CEO John Allison. The federal government should also buy homes, and not securities backed by mortgages, he wrote in a Sept. 23 letter to the U.S. Congress. (I said this would be one of the end games last year)
• “This is a housing value crisis,” Allison wrote. “It does not make economic sense to purchase credit card loans, automobile loans, etc. The government should directly purchase housing assets, not real estate bonds.”
• In his letter, Allison questions how the government will pay the proper price for distressed real estate assets. Overpaying will harm taxpayers, while underpaying will hurt real estate markets (and banks). (this is a point we've made in the blog)

Now for the kicker

• He adds the primary beneficiaries of the proposed rescue are Goldman Sachs Group Inc. (NYSE:GS) and Morgan Stanley (NYSE:MS). The U.S.