Wells Fargo's Mayo Calls Bank Valuations 'Ridiculous'

The video discusses the current state of bank stocks, highlighting that despite recent gains, some banks like US Bancorp and Bank of America are still undervalued. The speaker argues that these valuations are the lowest seen outside of a crisis or recession in over 30 years. They emphasize that the current economic environment does not indicate an impending recession or crisis, and banks have strong balance sheets. The video concludes by comparing current price-to-earnings ratios with historical data, suggesting that current valuations are unusually low.

What does the speaker suggest about the current economic conditions affecting bank valuations?

According to the speaker, what are the price to earnings ratios currently compared to historical averages?