2013-06-03wallstreetexaminer.com

``Contrary to popular belief, the Primary Dealers aren't exactly the smart money. In fact, if you look at the record, they look like the dumb money, little more than trend followers who get suckered like everyone else. They are, after all, the ones who caused the financial crisis.  Among their number are the very same banks that drove the credit bubble that led to the crash, the ones whom the Fed and US taxpayers were forced to rescue. So let's start by recognizing that they ain't so smart. Greedy, yes. Powerful, absolutely. But smart? Not so much.''



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