QUESTION: “When you comment on the banks, are you referring to FIDELITY INVESTMENTS?”
ANSWER: No. The banks you want to stay away from are the big money center banks in New York that engage in proprietary trading. Although they like to pretend they are smart, they are really trading with inside info. They constantly look for the risk-free trade and over the years, they have bribed everyone from the IMF to Russian politicians. Because they try to rig the game, they actually have no real risk skills. If you are bribing the IMF to keep the loans going to Russia, then why worry when interest rates go to 50% since you have the IMF saying I got you? This is why they always blow up. They seek the perfect rigged trade and that means they do not consider risk when they pay to keep government in their back pocket.
Stay far away from the proprietary trading banks. They are the ones that will blow up as always. This time, depositors will pay – no more bailouts.
