Dick Bove of Rochdale Securities spends most of his time analyzing banks and the Federal Reserve. And he says you can’t trust either of them.

"It's very difficult to trust the Federal Reserve because we really don't know what their core policies are," he tells Yahoo.

For example, what is the Fed’s policy toward Europe now? Bove asks.
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“My guess is that they're willing to provide a huge amount of money to the European Central Bank (ECB) to stabilize the condition of European banks,” he says.

Dick Bove (Rochdale file photo)

“Are they going to tell you that? No, they're not. Are they doing that now? Absolutely."

Bove says the Fed’s recent currency swap, coordinated with other central banks, is essentially a way for the Fed to lend money to the ECB, which can then lend that money to European banks.

As for commercial banks, "It is clear that the bankers will never be honest with us," Bove says. "They will never get up and say, we are in trouble, you gotta help us. Therefore, you can't trust what bankers say. I don’t think that will ever change."

If the Fed can be trusted in its latest policy statement, it’s leaving monetary policy unchanged for now.

“Any additional stimulus is greatly going to depend on what happens in Europe or any changes in the U.S. outlook,” John Silvia, chief economist at Wells Fargo Securities, tells Bloomberg.