Richard Bove, the outspoken banking analyst for Rochdale Securities put out this morning a wonderfully scathing analysis of the State of the Union Address given by President Obama last night. Here is a flavor of his remarks.
The most absurd statement made in the State of the Union message last night was that the United States has passed laws that make another financial crisis impossible. This delusional thinking is so contrary to the whole history of finance going back 1,000 years that it is almost impossible to believe that any person could make this statement let alone believe it. The writers of the Dodd Frank legislation do not believe it why would anyone else?