From financial blog The Big Picture
I just read a research report from Dick Bove of Rochdale Securities that made me actually laugh out loud. It has the most irony impaired title I have ever read — the bold, all caps, title Bove penned was:
WILL IGNORANCE, DECEIT, AND RAGE DESTROY THE FINANCIAL SYSTEM?
Someone should tell the boy its too late for “ignorance, deceit and rage,” as the financial sector has already destroyed the financial system . . .
Talk about unmitigated gall — a research analyst from Wall Street is upset over anger destroying the financial system. It would be funny if it wasn’t so god-damned pathetic . . .
Comments to the post are mostly filled with full-on populist rage, made all the more significant considering the site is “written by and for investment professionals, as well as anyone else interested in investing, markets, and the economy.” In other words, not a site one would generally associate with rabble-rousers.
Until now, that is.
From the comments:
If these idiots keep sticking their finger in Main Street’s eye (and other not so nice places), I’m quite sure their bubble will be the next one to pop and that one could be the ugliest of them all in the end.
I think everyone is being unfair. I don’t you realize it’s his personal financial system.
If you just think of the statement as being said by Homer Simpson it makes complete sense.
Ignorance, deceit, and rage are GENERATIONAL BUYS!
IGNORANCE, DECEIT, and RAGE. The RAGE should be reserved for the Management who allow Mark-to-Model for Debt Securities. The dead don’t heal. Japanese banking solutions should stay there until they get it. IGNORANCE is not noticing that the Management has engaged in DECEIT. Any bond broker can tell you that putting a ticket in the drawer gets you out the door. That’s where the current crop of FED Management should go. Kindly Uncle Ben, Turbo-Tax Timmy, and Larry Summers, the Harvard reject, need to be going now. Get the hook before the audience takes then physically off the stage.
Remember, many of the folks posting on The Big Picture (and Zero Hedge, Calculated Risk, Naked Capitalism, and similar blogs) are financial professionals and industry insiders, some of them very well-paid and in high places too. And they’re pissed.
The populist hurricane continues to gather force.