WTF Item Of The Month

Everyone's favorite idiot Dick Bove is at it again. Yes the same Dick Bove who had Lehman a buy days before they filed for bankruptcy. The same guy who pounded the table on BOFA, Wells, and Citigroup all the way down to low single digits. Granted he called the bottom, only after he murdered his clients on the way down. This guy is too much.

The title of the piece is:

WILL IGNORANCE, DECEIT, AND RAGE DESTROY THE FINANCIAL SYSTEM?

http://www.scribd.com/doc/25808980/dick-bove-report

I just finished reading this drivel from Bove.

I think he is a little too late here. Wall Street's ignorance, deceit, and outright fraud has already destroyed the financial system. Let’s be honest the stock market has been propped up by Treasury/Fed and every other government entity for the last year only to make sure there isn't outright revolution in our country. For this reason we should solute Obama for trying to save the free market system. The question to ask is to what cost? The stock market is completely disconnected from reality. Completely disconnected from the Real Economy which is in shambles. The Real Economy which is Housing, Employment, Credit, and Consumer Spending is still on life support. Someone forget to tell the SP 500. That index is 100% obsessed with the Financial Economy which has been raping and pillaging the Real Economy.

He has this 100% ass backwards as usual. If it wasn't for Washington DC, there would be no Wall Street, no markets, no capitalism, and most importantly no economy. Saving the financial system was a national defense issue. From a strict geo-political standpoint, it was in the best interests of America to do what they did to save the Financial System. I don't like or agree with the methods, but what needed to happen had to happen, and the banks knew that. That is the true moral hazard here. The banks knew they would be bailed out so they continued underwriting and securitizing Synthetic CDO’s and CDO Squares. Then they strong armed ratings agencies to slap on AAA on them knowing they were crap. They knew they held all of the cards. That is why they continue to fight any type of regulation and reform.

You can’t expect scorpions to act differently. Just ask the frog.

This is how the rich/wealthy/affluent roll.

For a guy like Dick Bove not to know this is downright criminal.

What world does this guy live in? Or better yet where in the world does this guy get his cojones from? The gall and testicular fortitude exhibited here is breathtaking.

This would be really funny if it wasn't so pathetic and predictable.