Chris Whalen On QE3: "The Core Problem Is Fraud"

``Just as during the 1920s and 1930s it took years for our leaders to understand that securities fraud was the core issue menacing the US economy, today the same process of discovery and revelation grinds slowly forward.  Fear causes investors to withdraw from markets and save cash.  But because Chairman Bernanke and the Fed refuse to attack the source of the fraud -- namely Bank of America and the other zombie banks -- the US economy is destined for years of stagnation and eventual hyperinflation.''