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I disagree. That so much support already has been thrown the way of financials possessing zero prospect of maintaining capital leverage to pre-crisis levels finds just about everything possibly positive (of having been saved from collapse) fairly baked in more or less as much as can be, everywhere.

The market climbs a wall of worry and this (worry) is revealed via shares increasingly offered up for sale as prices rise. Yet have we seen this in any sector, financials or otherwise? Nyet. What does this speak of, then? One thing: complacency. And what does complacency make for? Most likely pigs ready for slaughter.

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