Pepe And The Cat.

Have you been following this LIBOR thing on banks? It's the group of banks, all from England and Europe who seem to set interest rates for pretty much the whole world. Okay, they don't set the rates directly. What they do is report the rate they expect to pay for money in the future. That information is what sets the interest rates for credit cards, car loans, mortgages and pretty much any business. So they've been playing with that information they include in their reports. That makes interest rates go up or down. Now it's one thing if one bank does it, but it's quite another if a number of them, do it. Especially if they're conspiring to do it. Of course they'd never admit to doing anything wrong. It's sort of like a skunk. In fact it's exactly like a skunk. Viewed from afar, a skunk is rather cute. It's not until you get up close that you gain an understanding of their reputation. By that I mean the reputation bankers have of requiring much from you and demanding that you expect little from him. It's why Pepe LePew was always trying to cozy up to the poor black cat and why the poor black cat kept trying to run from Pepe. He may have been a smooth talker, but something just didn't smell right. But it's not just those European banks with that telltale odor, we've got plenty here on Wall Street. Now, I agree that we absolutely needed the bailout for the too big to fail banks. But that's when we needed to begin to dismantle those too big to fail banks. We still haven't done that. We still need to do that.