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Income Investing with Bonds, Stocks and Money Markets by Jason Brady

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6BANKS: A CASE STUDY

 

Banks and bankers are by nature blind. They have not seen what was coming. A sound banker, alas! is not one who foresees danger and avoids it, but one who, when he is ruined, is ruined in a conventional and orthodox way, along with his fellows, so that no one can really blame him.

—John Maynard Keynes, “The Consequences tothe Banks of the Collapse of Money Values,” 1931.

 

Banks have gone from the darlings of the investment universe to the goats. Of course, this is frequently the road that darlings travel: We build up our idols in order to tear them down. But financial institutions generally, and large, international banks in particular, are currently being vilified for any number of reasons. Looking at a bank’s business ...

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