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Until the banks are reigned in
there will be no recovery in the US

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Karl Denninger lays it out

The banking industry has scammed its way into an untenable situation.

No bank should ever be allowed to speculate with depositors money. And yet is the way banking works in the US. Not only that, but if banks lose their bets (something they do spectacular regularity), the Federal government backs them up with the wealth it essential steals from taxpayers.

This is not great system and it needs to change. Voluntarily ideally. But one way or the other it will change. It has to.

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