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SallyGrowler

Are you cheering for unemployment?

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Normally I take Bove with a grain of salt as he has been recommending US banks consistently and usually at the absolute wrong time.

 

I'm not a fan of his, however when he issues this, ya gotta take heed.

 

The Government Gets Its Wish

 

The stated goal of the United States Congress, the President, the Governor of New York, bank regulators, and the media has been to see the United States Financial system shrink.

 

To have this happen hundreds of thousands of employees of the system must be fired.

 

This process is well underway.

 

Press reports suggest that 200,000 to 230,000 people have been fired in 2011.

 

My estimate is that at least another 150,000 will be fired in 2012.

 

One television reporter said to me they deserve this for creating the financial crisis. I am not sure this is either fair or accurate but I have written about this so many times that I will ignore this point at this time and focus on the sentiment that it simply does not matter what happens to people in the financial industry.

 

This view may be short-sighted since these people have families and when they are employed with high incomes they support local economies and governments.

:idea:

 

Attack on Finance

The various government agencies, Congress, the State of New York and just about everyone who can have created an environment that attempts to cripple the United States financial system.

 

To wit:

 

Macro Environment:

 

o The Federal Reserve has kept interest rates at historically low levels negatively impacting financial company margins.

 

o Additionally, the Federal Reserve has instituted the so-­‐

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"Attorney Generals around the country want at the banks for issues related to how they foreclosed on mortgages (not that the people foreclosed upon could make their mortgage payments; the argument is that the foreclosures could have been done more gracefully).

 

Attorney Generals in California, Massachusetts, and, of course, New York want the banks penalized more heavily than the majority feels is fair."

 

 

The CA AG and NV AG have formed a partnership to investigate various mortgage fraud/mortgage foreclosure shysterism.

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