Wow - a great interview with Mike Mayo. It's surprising bank customers aren't screaming about the low interest rates on their savings like Bank of America's customers screamed about the $5.00 monthly fee for their debit card. Most of the 99% Americans work their entire adult lives, play by the rules 25-30 years. Then, when they reach the golden years of retirement, greedy banks hand out an appalling 1% interest on our savings - turn around - loan out our money at a higher interest rate - and keep the profits. UNFAIR. I'm buying Mr. Mayo's book.

OK so we have to get back to making real products... but then we still have to shop and shop because real products have to be BROUGHT by real shoppers.

Problem is obvious when you look at the hoopla over black friday. We are encouraged to shop and shop some more. We need to get back to making real product here, not just financal instruments.

Dosen't the National Debt Clock say that any individual without $~125K in assets is in fact overextended? jgarbuzz may comment.

Debt that is "greater than Greece, greater than Japan"
well as far as I know I would think that the preeminent super power of the world with a population of 300 million WOULD have a greater debt than a small, european country of 11 million (about the pop of NYC) and a client state of the US empire (Japan). Debt is not the problem of the moment, jobs and productivity and taxes (which should be increased ) are.

I agree with your positions but wonder where you get the strength and level of commitment to *care* so much about business rather than get into a new line of work. After working as a business journalist and then Fortune 500 executive, I was so disgusted I got out. However, I have fantasized about hanging in there as you have done.

The problem for the wise analyst has always boiled down to, precisely the people who ought to be listening to what I had to say couldn't care less, or worse.

To what extent is the whole mess due to the extension of consumer credit over the decades, in the form of UNSECURED loans through credit cards, or shaky collateral, or government "guarantees," etc. Traditional banking said, you only lend money to people who don't need it. That is, people with substantial collateral that you can seize if they don't repay. Did the banks overextend themselves, and if so, how far and how can it be rectified?