Quote of the Day

"Now normally, investors accept the unknowability of bank equity because they have some faith in the system. Does anyone have any confidence in the system now? Financial regulators have shown themselves to be incompetent and/or badly captured by banks. Earth to base: letting off bank management easy is bad for investors in the long run. Being an investor in an overly risky bank looks swell until it suddenly isn't."—Yves Smith, in a must-read piece about the tanking of Bank of America's stock, which is, as Henry Blodget bluntly writes here, "stoking fears that Bank of America will go bust, taking the whole economy down with it."

Gee, it's almost like the government should have DONE SOMETHING after the last panicky bailout, instead of letting the banks go right back to doing what they were doing before, without regulation or consequence.

What is it they say about those who refuse to learn from history...?