The impartial and well-informed Spectator of Bankers on Steroids

In all the troubling economic events of the last few years, the desire of many to make sense of how, why and what to do now has been absent.  Yes, there have been partisan and political ramblings on regulation and free-market-solves-everything preachers, but there hasn’t been a clear vision of understanding and remedy.  Until now.

The testimony of Michael Mayo, managing director and financial services analyst at Calyon Securities in front of the Financial Crisis Inquiry Commission is the first time I’ve read a clear, unbiased and persuasive summary of how, why and what to do now.  His testimony and powerpoint slides can be viewed here, courtesy of CNBC:

http://msnbcmedia.msn.com/i/CNBC/Sections/News_And_Analysis/_News/__EDIT%20Englewood%20Cliffs/Testimony.pdf

http://msnbcmedia.msn.com/i/CNBC/Sections/News_And_Analysis/_News/__EDIT%20Englewood%20Cliffs/TestimonyPresentation.pdf

Both documents should be required reading for anyone who wants to understand our current economic state of affairs and what should be done to correct the excess greed and risk-taking which plunged our economy into recession.  It remains to be seen how quick we will recover, but it is clear the political will to significantly change the “system” fades with each up-tick in the stock market.  Crisis, what crisis?

Thanks, Mr. Mayo for your analysis and let’s hope people in Washington are listening!

If not, the doom and gloom of Hollywood’s obsession with end-of-the-world movies will soon become documentaries.

Cheers,

MarketBOB

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s