Here's a quote from the link:
Dick Bove, bank analyst at Rochdale Securities, believes the growing acrimony between Washington and Wall Street could have devastating consequences. "If the President and Congress continue down the path that each has indicated...the equity markets will crash," he warns. "Moreover, the financial system will have to be rebuilt on a new base."
President's Obama's latest proposal to limit the size and trading activity at banks will cut off money supply, Bove frets, driving "the United States back into recession and...crash the market."
Obama is crafting an attitude towards banks and the rich that Venezuela President Hugo Chavez would recognize as his ownAlright, so he seems like he's surfing on the Obama-Chavez trend, but then unfortunately, he's got ALL WRONG. Here's what he says:
- Removing Bernanke is a mistake
- Liquidity is good, we need more
- Cutting the growth of money supply is bad and would crash the markets
- Trying to limit the size of the banks is bad for the economy
- Banks and credit are the lifeblood of the economy
Someone with such a long history of working in the markets, and still have so little understanding of the economy and the markets is quite impressive!