I am pleased to announce that another 'pretty face' at CNBC has had the proverbial light go on! The Bank of America back-to-the-trough news seems to have been the tipping point for "The Brain" David Faber hence his rant this morning.
Like his colleague Mr. Dylan Ratigan, it seems Mr. Faber is finally coming to the realization that the banks are lying. That not only that are they liars but they are pathological liars as well or as former President Andrew Jackson put it "are a den of vipers and thieves". His disgust at the situation, in my opinion, for being lied to but also for being played the fool was on display for all to see.
You are witnessing the pollyannas falling one by one as they can no longer ignore the patently obvious. I just want to caution Mr. Faber to be very careful with his criticism of the banks, the Fed or Treasury, as challenging the consensus view can be extremely hazardous to one's career prospects. Just ask Michael Metz at Oppenheimer and Charlie Clough at Merrill.
Either way just as we did for Mr. Ratigan, 3 cheers are in order for Mr. Faber this morning. Congratulations David, now lets see if you can follow the clues.
Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".
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