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Monday, August 17, 2009

Will "Normal" Return??

According to Karl Denninger at The Market Ticker, with support from many others, the answer is NO.

He had an excellent post on Sunday to explain his reasoning. It includes a one hour and thirty minute video by William Black, the former liquidation director who was in charge of investigating the S&L disaster.

Here's an excerpt - then get on over there sometime when you can pay attention for about as long as a bad movie - you'll be glad you did and will walk away with a much better understanding of why we're in the economic mess we are in today:

Sunday Lesson: Why "Normal" Will Never Return - The Market Ticker

Be warned - this is a long presentation, lasting more than an hour and a half. It is worth every minute of your time and is in fact essential to understanding both what happened and more importantly why the economy cannot recover on a durable basis.

Note that one single bank, IndyMac, lost more money than all of the S&Ls combined.

Folks, the key "take away" here is what is called "control fraud." In order for trust to be restored - that is, in order for markets to function normally, this fraud must be eradicated from the system so that normal levels of business trust can be restored.

It hasn't been.

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