I have been saying this for years, but it is always nice to hear others admitting the truth about modern investment bankers: they are an accident waiting to happen. Reckless risk-taking on the tax payer tab must end. This is utter madness. We must break up the big banks, reinstate separation between banking and risk taking, and put the risk of failure back on the partners. These people are so hopelessly conflicted they don’t even understand the error of their ways. The way back to health is admit, repent, recover. The next couple of clips offer some good discussion. Here is the direct link.
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Today, during an interview on BNN, Dick Bove insisted tax payers must always be ready to bail out the banks. BTW, if you ever need to contact Mr. Bove, you’ll find him nestled comfortably inside Jamie Dimon’s back pocket.
You are not the only one saying it, but they are sooooo well connected (corrupting the decision makers) that it is hard for them to obtemperate. The more they screw up, the more likely they will need to, though! But, are they toooooo big to fail? They know they are, so … maybe they know they don’t need to listen to anyone,… and their shareholders probably agree, although 2 billions hurts, doesn’t it? Of course, if you have millions in your bank account, it does not matter! It is someone else’s money anyway! Right?
I addressed this problem ad nauseum in a comment to “One by one: understanding the tyranny of debt (at long last)”, if anyone cares to accept the challenge of wading through it. ;^)
Personally, I can’t stomach the half truths so common on main stream media (MSM), and I would certainly never rely on them for an insightful explanation of any banking, financial, or social news-worthy event. MSM is clearly all about entertainment (to keep up those ratings), creating problems instead of explaining causes (everybody loves a good fight), and protecting their own self interests, and those of their supporters (their entire community of advertisers.)
Shallow, prosaic explanations aimed at popular consumption with generous helpings of sensationalism substitute for real insight and unbiased explanations. But if you’re entertained, and don’t really want, or need, to understand the whole truth about what’s really going on in the world to any great extent, I suppose it doesn’t hurt. At least, not yet. ;^)
Oh, its gonna hurt…a lot. A real lot.
BTW: The gold market put in a very important bottom on Wednesday. Keep a careful eye on prices going forward. Be prepared to act.