Société Générale's Albert Edwards Comments on the Spanish Bank Bailout

Although we try to avoid going to the same source more than once per day, if someone has the scoopage...
From FT Alphaville:  
[Spanish bank bailout] Albert weighs in

On the back of the glorious victory in yesterday’s Thomson Reuters Extel survey, Societe Generale’s Albert Edwards has a note out on Spanish banks (his emphasis):

The Spanish banking sector is a victim of deflationary policies enacted at the behest of German economic orthodoxy. A bailout will solve nothing.

He compares Spain and the eurozone to Japan in the 1990s. In Japan the banks weren’t the problem, but merely a symptom of deflation and failure to stimulate. In fact, Japanese banks didn’t start to underperform the total market until around 1997:

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