First, as Stephen King and Janet Henry, of the HSBC bank, point out, companies are no longer tied to the economic conditions and policies of the countries in which they are listed.
Analysts at Nomura, a bank, point out that although cheaper smartphones command lower margins than dearer ones, they are at least more profitable than basic "builder's phones".
Analysts at Morgan Stanley, an investment bank, point to an improvement in the creditworthiness of buyers which is causing lenders to loosen their purse strings.
Analysts at Macquarie, an investment bank, point out that five of the countries that have seen their currencies fall the most (Argentina, Brazil, India, Russia and Turkey) comprise 12% of the global economy.
That way we can be sure that the banks' point of view is expressed, rather than taking a chance on testimony that Sifma might craft".
Both Scottish banks point to NatWest's low return on capital, and say that superior management, as well as synergies from merging, would yield much better results.
As executives at Morgan Stanley and other banks point out, this is actually a sign that the financial industry is returning to health.
The more the government and central bank point out that the gold import situation is serious, the more investors believe that economic conditions are worsening and that nothing much can be done to control the slide.
Even worse, from the banks' point of view, the Basel committee last month put out a paper discussing changing the way some assets — including credit-default swaps — are counted.
From the banks' point of view, such incentives have always been more than worthwhile.
