Uncle Ben Says So….
by Tom on May 7, 2009
in Market Musings, banks
Oh, excuse me for being a bit cynical, but just because Uncle Ben says that he’s pleased doesn’t mean that the problems in the banking world are over…..
I think that Michael Hirsh says it quite well. We had an opportunity to prevent this from happening again by means of a fundamental shift in the way the banking industry is run. But alas, no such luck…..
Who was it that said, “Those who don’t understand history are condemned to repeat it?”
Wealth of Nations : No-Stress Tests
“All the banks are solvent,” Federal Reserve Chairman Ben Bernanke said today, declaring he was “very pleased with the results.”All of which means that whatever opportunity once might have existed for fundamental change in the financial system – with its giant institutions privately trading derivatives with each other globally –is probably slipping away. Oh, the reigning authorities won’t quite say that.
