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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Haim R. Branisteanu who wrote (113222)	7/22/2010 11:15:20 PM
From: Hawkmoon	Read Replies (2) of 116555

Haim, I've been wondering about something and see some tertiary evidence that tends to support it, but I would like to have your view. We all know of the crap that our Wall Street investment banks perpetrated upon the financial system, and the overall economy. But back in 2003 when those 5 banks were permitted to leverage 40:1, it was my understanding that this was allowed because they were having difficulty (they claimed) in competing with European banks, some of which had gone to 50:1 and even 70:1 leverage. Some have also theorized that AIG was bailed out not so much to save American banks, but European banks, with the logic that if the European system failed, it would destroy the US financial system. And now we're suddenly discovering the plight of the European banks is, in many cases, even worse than that of the US banks. I think there is more than enough blame to go around on both sides of the Atlantic. But I think we're still waiting to see which side was the biggest culprit in this mess. Your opinion? Hawk

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