This clip is a good discussion of the present banking landscape in the midst of demographic and behavioral shifts that are dramatically truncating the profit prospects for their business model. Joshua Rosner, an analyst at Graham Fisher & Co., talks about the outlook for U.S. banks, financial regulation and the residential housing market, Neil Barofsky, former special inspector for the U.S. Treasury’s Troubled Asset Relief Program, joins in. Here is a direct link.
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Hello Danielle:
I enjoy your blog. You are one of the very few who I still respect for your honest view.
It takes a lot of patience to not allow yourself to budge to pressure. I follow Garth Turner’s blog also, even though I agree with his take on real estate, I cannot see myself being so optimistic on economy like he does . There is just too much stuff to work through, and only when we do, then I can become optimistic.
Do you share Garth’s view on the economy?
Banks may be GSE’s for a while, but as soon as interest rates rise, it’s TILT! GAME OVER! for the US government.
Truncated profit prospects are the reason so many financial industry and Wall Street fat cats (and the congressmen they bribe) are squealing and whining that Social Security is bankrupt. They NEED to privatize it so they can force workers to send them their money and keep the Wall Street Ponzi Scheme going a little longer. “Just one more Mediterranean mansion is all I want” the fat cats tell their congressman as they slip that check into his front pocket (along with the keys to a penthouse suite occupied by a real fine working girl).
This is just another step along the road to a government run centrally planned economy. The Democrat party has been taken over by communists and most elected Republicans (useful idiots) are in favour of significant government involvement in the economy. This is the death of a prosperous America and probably Canada also.