CHINA ANNOUNCES LONG OVERDUE BANK REFORMS

MANUFACTURING IS DOWN FOR THE FIFTH STRAIGHT MONTHS. COSTS ARE UP. UNEMPLOYMENT IS UP. AND REAL ESTATE IS WAY WAY DOWN AS THE BUBBLE BURSTS.

THE ESS IS HITTING THE EFF IN CHINA.

SO THEY HAVE TO DO SOMETHING. HENCE THIS:

Premier Wen Jiabao, China's top economic official, says its state-owned banks are monopolies that must be broken up, acknowledging mounting economic and political pressure to reform an industry whose vast profits are fueling public anger. 

Wen's comments Tuesday suggest Beijing sees a growing political danger from its failure to carry out long-promised reforms of state banks, which pay minimal interest on deposits and made tens of billions of dollars in profit last year. Public resentment has risen as China's rapid economic growth slows and fears of job losses rise.

IS IT ENOUGH, OR TOO LITTLE TOO LATE?

THE LATTER.