Not necessarily. I am mostly against all those technocrats (close to current big technocrats) that played with the world and created more misery than many wars, and now want to dig us even deeper in the hole we’re in.

Not only were they totally incapable of handling very simple risks, such as vanilla mortgages to homeowners in the USA, but now they have the galls of trying to manage the world’s systemic risks as well.

Wake up! The regulators are themselves the most dangerous source of systemic risk. Did you not hear the Joker in “The Dark Knight” speaking about the financial regulators?

The Joker said “You know they’re schemers. Schemers trying to control their worlds. I’m not a schemer. I try to show the schemers how pathetic their attempts to control things really are. So, when I say that … was nothing personal, you know that I’m telling the truth. It’s the schemers that put you where you are. I just did what I do best. I took your little plan and I turned it on itself. Look what I did to this city with a few…”… collateralized debt obligations.

When I think of a small group of arrogant technocrats in Basel thinking themselves capable of exorcizing risks out of banking, forever, by cooking up a formula of minimum capital requirements for banks based on some vaguely defined risks of default; and thereafter creating a risk information oligopoly by empowering the credit rating agencies, which was all doomed, sooner or later, to guide the world over a precipice of systemic risks, like what happened with the lousily awarded mortgages to the subprime sector, I cannot but feel like reaching out for the pitchforks to stop giving even more powers to these scheming technocrats.

2) The Fed. & the Treasury are using public funds to protect private interests (bank stock & bond holders). This is the crux of the current crimewave.

3) Obama = no change.

4) Thus, the current crimewave is being used to protect the criminal fraud cabals of pre-’08.

5) Like Spain’s attempt to bring the Bush criminals to justice, if we do not clean up our own mess, others will have to do it for us. We shall most likely be “somewhat uncomfortable” when this international economic “adjustment” really begins to happen.

6) Better to let the gamblers really go broke. Then those who committed crimes will be seen for who/what they are and can be prosecuted, not protected.

7) Any real assets can then be PAID FOR and re-deployed by folks who are not on trial or incarcerated. Of course, the stock & bond-holders of the bankrupt enterprises, after their “haircut”,will be totally bald, but the nation itself will be protected.

8) Enforce the Constitution of The U.S.

9) Change the “law” that “corporations are people” and have “1st Amendment rights to free speech” in the form of purchasing the politicians.

I did not call for a gold standard. I called for free market currency. Banksters and financiers can charge you interest for money because only one currency is legal tender. They are helped, of course, by regulations and which make it very hard to produce and market anything on your own on a small, local scale, and thus accumulate wealth without borrowing as you expand.

“Details were scarce and we believe that much of the positive news in the preliminary results had to do with merger accounting, revised accounting standards and mortgage default moratoriums, rather than underlying trends,” wrote Cannon, who downgraded the shares to “underperform” from “market perform.” “We expect earnings and capital to be under pressure due to continued economic weakness.”

Wells Fargo raised its provision for loan losses by $4.6 billion in the quarter, below Cannon’s estimate of $5.4 billion. FBR Capital Markets analyst Paul Miller wrote after the announcement last week that he expected a $6.25 billion increase. ”
Link:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aNsEBgrV8HA0&refer=home

Thanks you for the feedback. Can you show me the numbers that led you to your conclusion? Or at least point me to where to look?

At any rate, I am open minded about being wrong. However, I do need to see the numbers.

Thanks,
Ben