Jamie Dimon, head of JP Morgan, personally telephoned individual lawmakers to urge them to vote for the repeal of Dodd Frank. This is getting really out of hand. Let us make this very clear. Besides the fact that these banks LACK the models to prevent them from blowing up every single time running to government with their hand out asking can they spare a trillion, the sheer fact that they can make heaps of money from trading means they are NOT lending. Spain converted itself from the richest nation in Europe to the poorest by doing precisely this short-term type planning.
Spain did not invest in developing its country. Spain squandered all
its money living high on the hog, as they say. The saying was a French
man knew how to unload ships rather than a Spaniard. The banks are
traders not lenders.They are trading with YOUR money.
Profits are their’s – losses are taxpayers. Allowing them to be
derivative junkies means they do not do what they are supposed to be
doing – lending money that expands jobs and builds the national economy.
The Republicans are simply counting their donations for political
campaigns. This will be the downfall of the Republican Party come 2016.
The banks will blow up AS ALWAYS, and the people will
get outraged because at G20 they said the depositor has to pay for the
next bailout – bail-ins. There is no disclosure mandated. There should
be a warning label on bank accounts – THIS BANK SPECULATES WITH YOUR MONEY. Hey – borrow this regulation from the FDA regulating food