According to Bloomberg News there is a lot of news from the banking sector today ... but some of it relates to the foreclosure fiasco.
There are many things wrong with the US banking system ... and the global banking system as well. The idea that making profit was the driver of rotten banking practices for a good number of years before the system imploded was bad enough.
Now getting the system back so that it works in a manner that has utility for society is also going wrong. The revelations that banks have computerized the "review" of their foreclosure files and is doing "robo-signing" of file reviews is disgusting.
Statistically, the system may be quite accurate ... but for the people who are having to resolve errors, quite accurate is not good enough. Banking ought to be a business where there is a high degree of "human contact" and not something that is devalued to a computer procedure.
As long as profit is the only metric of interest to decision makers and the economic elite, then society is in deep trouble. This must not be allowed to continue into the future ... the planet will not be able to stand it.
I continue to work to have The Burgess Method available as a system of value accounting so that there will be a rigorous system to complement money GAAP accounting.