Friday, October 7, 2011
"If you live each day as if it was your last, someday you'll most certainly be right." Steve Jobs.
We seem to be living in a CYA world where everything has to be grim and black and dark. The banks are shot to pieces, bankers are satanic worshippers and the BBC is a national treasure that must be saved at all costs or we shall all die a painful death.
Take Dexia. Bigger than the banking systems of Greece and Ireland. A mirky bank full of old toxic crap (mostly real estate) that is being propped up by the French until they coerce the Germans into seeding the euro-TARP and then will swap it out. 30,000 jobs to save, it makes RBS look like a dull wealth manager.
National interests coming first and the sleeping tax payer indirectly pumps more money into the banking sector ("more capitalization" read "money for bonuses please").
Bankers really are the scum of the earth but boy are they the smartest scum ever.
The regulators and ignorant policy makers (Volker) are making it worse for the banks. Lower their ratings and guess what they will need more bail out. More bail out means more bonuses.
Let them die. Dexia is a disgrace. It has died once and saved and it is dying again.
Richard Harris' Fear Index (guardian)
Bankers to stay calm and carry on.