How often have Americans heard politicians screaming at banks for not providing credit? How often have those same politicians and bank regulators informed us that they are working to have banks inject money into the economy to support Main Street?
Regrettably, America deals with this pandering and posturing from our political leaders and regulators all too [...]

Banks are increasingly healthy, right? Our nation’s accounting rules promote real transparency and integrity in our financial reporting, right? Housing is bottoming, right? No, no, and no!
Why so pessimistic, you may ask? I am not pessimistic at all. I am merely searching for the truth in the midst of the smoke and mirrors on Wall [...]

According to testimony yesterday from Treasury official Herb Allison, who is currently charged with overseeing the management of the TARP, there are no financial firms now guaranteed as ‘too big to fail.’
What rock did Herb just crawl out from?
The Wall Street Journal addresses Herb’s ridiculous comment in writing, Treasury Official: ‘No Too Big to Fail [...]

The initial Bank Stress Tests run by Treasury Secretary Geithner were largely a sham. I questioned as much last April in writing, “Bank Stress Tests: Major Sham?”:
As with any test, the results are only meaningful if the process and proctor have unquestioned integrity. The proctors for the Bank Stress Test are none other than Treasury [...]

Here is what Americans in 1933 heard from their populist President:
FDR’s Fireside Chat on the Banking System
Only a foolish optimist can deny the dark realities of the moment…
Practices of the unscrupulous money changers stand indicted in the court of public opinion, rejected by the hearts and minds of men…
This nation is asking for action, and [...]

How is it that some people are able to aggressively promote the virtues of truth, transparency, and integrity within our financial system while others would seem to talk a good game but do not truly walk the walk? The key, in my mind, is that the former are not beholden to a constituency focused on [...]

AP reported today that President Obama once again told people they shouldn’t waste their hard earned dough in Vegas. Writer Oskar Garcia details the shock of several lawmakers as Obama carelessly singled out Vegas yet again. (Be sure to check out the video below the fold.) Their economy is based on tourism [...]

Jon Stewart had Harvard Professor, Elizabeth Warren on recently to discuss TARP and Wall Street. It was an interesting interview, to be sure (h/t to Pat), and provided a historical perspective:

The Daily Show With Jon Stewart
Mon – Thurs 11p / 10c

Like a voter scorned. Many of us are reaping the sweet rewards of, “I Told You So” with many of our Obot friends, family, and acquaintances. We did, we tried, we hoped, we cried, and nothing would sway them from the One True Messiah of Obama. Well, those days seem to be [...]

One of the worst things about the 2008 election – aside from the obvious of Hillary Clinton being unceremoniously pushed aside in favor of a disingenuous, inexperienced candidate with elastic policies – is that her supporters were likewise treated with horrid disrespect. We were told our concerns didn’t matter. We were told we [...]

There are two statements that turned out to be prescient in the run-up to the 2008 Presidential election:
“In the oval office, you can’t just vote present.”
[...]

Will Congress hit Wall Street banks with a one-time assessment in order to compensate Madoff investors? Why might that happen? Very simply because SIPC (Securities Investor Protection Corporation) was woefully underfunded given the fact that SIPC member-firms, including all the large Wall Street banks, paid a token $150 (yes, that is not a misprint, a [...]

In terms of favorability ratings, Congress has almost always occupied the lowest rung on the ladder. Not that Congress is improving much, but Wall Street executives are currently viewed with the greatest disdain, as highlighted in a recent Bloomberg poll contained in the article, Bankers Lose to Congressmen Among Americans Furious Over Pay. This [...]

You’re a mean one, Mr. Grinch…!!
Are British bankers headed to the pub early today to drown their sorrows? Little doubt, as the Chancellor of the Exchequer Alistair Darling (British equivalent to Treasury Secretary Tim Geithner) announced that year-end bonus pools for British banks will be hit with a one-time, top line tax of 50%!! Ouch!!
Bloomberg [...]

Postponing losses in hopes that one can trade out of them is a game very rarely won. In similar fashion, not acknowledging losses in hopes that the situation improves and the loss is mitigated is also a recipe for disaster. All one needs to do is look eastward to Japan to realize that. Ultimately, a [...]