Daily Reading on the Financial Markets: 8/19/11

Rolling Stone’s Matt Tiabbi unleashes a wicked rant against the SEC, and can anyone disagree?

Reggie Middleton, who has a pretty good history of deep financial analysis and spotting problems, think European Banks pose a serious risk to U.S. Banks.

Chris Kimble notes that the Railroad Index may be hinting that the broader markets are headed lower.

From Calculated Risk, regional Fed manufacturing surveys don’t offer much good news.

From Zero Hedge’s conspiracy isle, Bruce Krasting says the WSJ is to blame for Thursday’s sell-off, and the story was planted by the Fed to help usher in QE3.

Macrostory says excessive leverage will destroy the system again, as it did in 2008.