Saturday, March 14, 2009

"Since February 2008, the Bank Composite [Index's] market cap has tumbled from $508 billion to $111 billion on Friday. Washington's kleptocrats have contributed heavily to the obliteration of about eight times more wealth in the Bank Composite than Bernie Madoff's $50bn heist. Washington's power grab is killing widows and orphans. It is wiping out the endowments of schools and charities. I was on a panel discussion before the investment committee of a Catholic Archdiocese last week. The bishop and the priests were very unhappy, especially with the banks in their portfolio. Yet, the 'populist' potentates in DC are convinced they are doing the Lord's work."

-- Wall Street economist Ed Yardeni, in his daily letter to clients

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