Taibbi: JPM Chase Is Not The Only Bank In Trouble – Credibility Trap – Pigmen Agonistes

If you want to take the unadjusted temperature of the ongoing financial crisis, you don’t go to the financial talking heads and spokesmodels at CNBC or Bloomberg TV, but rather to the sportswriter at Rolling Stone magazine. 

I particularly liked this piece because it is a nice vignette of the credibility trap in action.

I am not optimistic. The powers that be have far too much of their own skin in the game to engage in meaningful reform.  Both parties are in the tank for the monied interests. It will not be easy, but change will come.

And Taibbi does not even touch on the developing gold bullion scandal, which will shake the Western central banks to their foundations when their perfidious collusion with the bullion banks to steal the wealth of nations is finally revealed.

Enjoy.

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