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.