And who is responsible for breaking the faith? In this country no one is responsible. American banking is governed by law; the law assumes that bankers cannot be trusted not to ruin themselves and their depositors. Therefore, we have more laws to mind banking practice than any other people—and more bank failures in spite of them. The federal and state governments employ thousands of examiners who go round and round, looking into the private books of the banks to see if they are solvent and law-keeping, and the law says that when they find one to be insolvent they must shut it up immediately. And still they fail.
A BUBBLE THAT BROKE THE WORLD By GARET GARRETT June 1 1932
How history repeats itself. Financials were extremely oversold.. due for a bounce.
Q. Is the bottom in? A. Have homes stopped falling in value?
