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September 27, 2011

Demolished!

Demolished is the only word that correctly describes Martin Wolf”s analysis of banks’ bogus claims regarding capital and return on equity, including that the world will virtually end if they aren’t allowed a 15% return.  Truth is that the world, at least the financial part of the world, will end if we permit banks to leverage up and engage in the reckless risky activities they will do to get to 15% returns.  

Many others have made this point very well and often, including in particular Stanford Professor Anat Admati, but Martin’s is the most concise, pointed and complete evisceration of the argument.  

There is a wolf at the door and the banks aren’t going to like it.

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