Many investors steer clear of the big banks -- the reasons range from opacity to morality. But are these investors making a mistake by swearing off giants like Bank of America and Citigroup?

In the following video from The Motley Fool's everything-financial show, Where the Money Is, analysts David Hanson and Matt Koppenheffer are joined by economics aficionado Morgan Housel to discuss the banking sector and its "investability."

Editor's note: Morgan refers to Merrill Lynch's 2012 4th quarter, he meant 2008.

David Hanson owns shares of JPMorgan Chase. Matt Koppenheffer owns shares of Bank of America, Citigroup, and JPMorgan Chase. Fool contributor Morgan Housel has no position in any stocks mentioned. The Motley Fool recommends Bank of America and Wells Fargo. The Motley Fool owns shares of Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.