A network member points out that Don Coxe of BMO Financial Group, one of our favorite market analysts, has commented that we have now deleveraged everything that was doing well to help prop up the bank stocks (and I would add the US dollar) and the banks still can not raise capital:
[To view larger chart go here and choose 1-year range.]
It is a challenge to raise money for large US banks. How do you persuade an investor to sell something that is real, provides a useful product or service and has a future when it is low to buy something that depends on government subsidy and engineering debt bubbles when it is high?
