/// Bob (Janjuah) Is Back… And He Is Pissed, Hattip ZeroHedge ///
~~~ “… Let’s see, but the one thing that I’d say to Bernanke and King – the modern day Volckers (it would be unfair to expect, but great, if the real deal himself stood up and did it again, but I fear he is too old, so Ben and Merv are all we’ve got, along with buddies like Axel at the ECB) – is that even though he was knighted for his services to short-termism and bubblelicious ponzification, Greenspans legacy – measured objectively, not in terms of cash USDs receieved for public speaking etc where he has been very successful – IS in the sewer. When it comes to legacies, the REAL ECONOMY/MAIN ST./the PS is what counts, and the lesson of history is crystal clear on this. Volcker Won, Greenspan Lost. Simple as A, B, C!
Longer term it is CLEAR we need a lot more smart regulation, not just re the size of banks or banker comp., but of the whole FS. We must never allow the gross misallocations of capital of the last 2 decades to happen again. Wall St. must SERVE/SERVICE Main St., and NOT the other way round. This is the other clear lesson from the failures of the last 20 years.
Chief Markets Strategist
RBS Global Banking & Markets
135 Bishopsgate, London EC2M 3UR