If anyone, particularly anyone involved in running a bank is interested, JP Galbraith's book-The Great Crash-1929 is an excellent read. Can remember it on my shelves somewhere from my student days. From memory the banks have made all the same errors on the way up and are making all the same errors on the way down. It is hey who cause booms and busts, but cant seem to see what they are doing. Offering margin loans on stocks was a major undoing last time and it is again. It takes a lot of guts not to run with the herd. Even banks behave like sheep. Banks borrow short and lend long. Sooner or later, that will bring you undone.
CNP Price at posting:
7.1¢ Sentiment: None Disclosure: Not Held
