Market Talk

- Good ol’ Thomas Brown is at it again. Yes, the same Thomas Brown who called the bottom in bank stocks in July 2008. Now he’s saying Nouriel Roubini and Meredith Whitney are too bearish on the banking sector.

- GDP’s 1Q revised down to 3.0% represents only a “minor disappointment” amid current economic recovery, Ryan Avent writes at The Economist’s Free Exchange blog. “America’s recovery remains young and fragile. Still, many developed nations would be happy to have a nine-month performance like the one the American economy has managed since returning to growth.”

- BofA and Citi incorrectly hid from investors billions of dollars of their debt, similar to what Lehman did to obscure its level of risk, WSJ reports, citing company documents.

-WSJ’s Matt Phillips wonders if Libor fears are overdone.

- FT’s Alphaville relays a century-long look at the US equity market, via Deutsche Bank. Blog wonders whether we’re currently mired in a cyclical bull market within a longer, structural bear market?”

- “I believe the government response to the recession has created budgetary stress sufficient to bring about the crisis much sooner. Our generation — not our grandchildren’s — will have to deal with the consequences,” David Einhorn says in his NYT op-ed.

- Banks aren’t short of cash to spend on lobbying Washington to make sure serious financial reform never gets passed. But considering what’s at stake, the best hope for stronger reform is to make the upcoming House-Senate conference in June more transparent, writes Simon Johnson, former IMF chief economist.

- Palm’s mobile design guru, Matias Duarte — who led webOS development — is leaving the company and is headed to Google (GOOG), Digital Daily blogger John Paczkowski reports, noting Duarte’s departure is a “significant loss” for Palm and H-P.

- Blogosphere has been abuzz about rumors that Microsoft (MSFT) CEO Steve Ballmer would appear on stage at Apple’s Worldwide Developer Conference. But Microsoft quickly squashes those rumors. “Steve Ballmer not speaking at Apple Dev Conf. Nor appearing on Dancing with the Stars. Not riding in the Belmont. Just FYI,” Microsoft says via Twitter.

- Obama says he’s “angry and frustrated” over the spill in the gulf.

Does the American Banking Association really need John Boehner to tell it how to lobby Congress?

“Don’t let those little punk staffers take advantage of you and stand up for yourselves,” Boehner, the Ohio Representative who’s also a big shot in the GOP, told an “enthusiastic crowd” at the American Bankers Association “government-relations summit.”

I’ll bet they were enthusiastic!

I’m sorry, but that is an outrageous thing for a sitting Congressman to tell a group that already spends millions in Washington to make sure that it’s not “taken advantage” of “little punk staffers.” And why’s Boehner bashing staffers? Doesn’t he have staffers?

The ABA spent $3.2 million in the 2008 election cycle (with 57% going to Republicans) and has spent $1.3 million so far this cycle, according to opensecrets.org. Do they need cheerleading from a Congressman? Do they need a sitting Congressman giving them a roadmap for defeating a bill?

(Admittedly, they’ve given only $5,000 to Boehner this cycle, but then, he’s not on the banking committee. And besides, given his comments, it’s obvious they don’t need to ply him with anything.)

This is why the people aren’t going to get the kind of reform they need. This is why the banks are getting away with all manner of anti-social, nefarious behavior.  Boehner predicted getting any bill through the process and to the President’s desk could take another year. That’s a year for outfits like the ABA to do their dirty work and gut the thing before it even has a chance.

We been had, people, and we’re still being had.