I'm not sure what Bove's been on this weekend, but it looks like something good.
The Rochdale analyst, in a rage and megalomania-infused report released today, predicts a new huge market crash if politicos don't put their shit together, and soon.
On the Democratic side, there's a "Venezuelan Style Democracy."
Hugo Chavez maintains himself in power as Venezuela's President by following a simple path: He constantly attacks the moneyed classes charging them with creating that nation's problems. In so doing he keeps the population in a constant state of anger over the fact that it must be made to suffer due to the actions of the rich and what were once the powerful.
In the United States a similar style of Democracy is being crafted by its leaders: It is being argued that the moneyed classes of Wall Street have created the financial crisis through greed and fraud.
And on the Republican side, it's not much better:
The opposition is so intent on gaining political power as opposed to solving the nation's economic and financial problems, That no one can say for certain where this sector is going. It is hoped that this period of insanity will end without recreating the financial crisis and recession.
In an emotional conclusion, our friend Dick calls for some discipline and reason:
In sum, the market is appalled at the lack of understanding being demonstrated by the nation's two political parties. It is appalled at the rabble rousing based on half truths and deceitful statements. It is appalled by the willingness of placing party above the nation. Therefore, investors are voting. The election today is not at the poll booths, it is in the stock market. The decision is one of no confidence. The fear being expressed is that these politicos in their drive for personal power will destroy the financial system and drive the economy back into recession. We are on the edge of a politically driven stock market crash.
Time to apply for Geithner's or Bernanke's jobs Dick?
Dick Bove Report [PDF]