"You know what the news is-- in a minute, you're going to hear the rest of the story"- Paul Harvey

You may not believe this, but I actually agree with John Paulson's recent call on Bank of America (BAC). I have told clients, if you could fast-forward 10 years, imagine a time when the banking problems are a thing of the past, and the financial train wreck is distant memory.

If Bank of America survives the recent debacle (which I think they will) , imagine where the stock price would be if the economy returns to normal, and the dividends are reinstated back to the 2007 levels of .64 cents a quarter, or $2.56 per year. Can anyone guess? My guess is $45-$55.

At the current price of $16.34, you would be holding a stock with a dividend yield of 15.66%. This being said, we must remember what Meredith Whitney said a few days ago too. As attractive as BAC may be, looking forward 10 years from now, you need to keep in mind that better buying opportunities make exist in the months ahead.

If you like to dollar cost average, I would buy a little BAC at current levels (or hold what I had), and buy more in the months ahead if the share price drops.

While I can't be certain of this , but I smell an amount of stock pumping happening on BAC shares right now. Bloomberg and CNBC have been reporting the Paulson news all day long. Bloomberg actually mentioned Warren Buffett's position In BAC while reporting the Paulson news. This is all well and good, but Bloomberg failed to mention that Buffett also sold a sizable amount of his BAC position a few short months ago.