The losses at major banks recently have tended to be accompanied by announcements that the bank was going to seek fresh capital. This is sort of reasonable--the banks desperately need to relever--and sort of not, because right after you've announced that you took a bath on gigantic overinvestments in mortgage bonds is not really the best time to ask people for more money to lose on the market's next fur-bearing trout farm. I certainly wouldn't be rushing to hand over my hard-earned savings.

Turns out investors feel the same way I do.




