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Dimon’s Déjà Vu Debacle
The New York Times ^ | 5/20/2012 | Paul Krugman

Posted on 05/21/2012 6:53:00 PM PDT by Beave Meister

Sometimes it’s hard to explain why we need strong financial regulation — especially in an era saturated with pro-business, pro-market propaganda. So we should always be grateful when someone makes the case for regulation more compelling and easier to understand. And this week, that means offering a special shout-out to two men: Jamie Dimon and Mitt Romney.

I’ll come back shortly to the troubles at JPMorgan Chase, the bank Mr. Dimon runs. First, however, let me talk about Mr. Romney, whose remarks about those troubles were so off-point that they constitute a teachable moment.

Here’s what the presumptive Republican presidential nominee said about JPMorgan’s $2 billion loss (which may actually have been $3 billion, or $5 billion, or more, but who’s counting?): “This was a loss to shareholders and owners of JPMorgan and that’s the way America works. Some people experienced a loss in this case because of a bad decision. By the way, there was someone who made a gain.”

(Excerpt) Read more at ...

TOPICS: Chit/Chat
KEYWORDS: 2012; chase; democrats; dimon; elections; jamiedimon; jimmydimon; jpmorgan; jpmorganchase; liberals; mittromney; nyt; paulkrugman; regulations; romney; romney2012
If JP Morgan loses their own money and that bothers you, then don't put your money with JP Morgan. And if they fail....someone else will fill the void.
1 posted on 05/21/2012 6:53:14 PM PDT by Beave Meister
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To: Beave Meister

has paul krugman ever had so much as a paper route?

2 posted on 05/21/2012 6:57:10 PM PDT by the invisib1e hand (they have no god but caesar)
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To: Beave Meister

The financial and banking sector are regulated up the ying yang. Problem number one.

Problem number two is the regulators don’t do their job anyway, or at best selectively regulate (eg., why isn’t Corzine behind bars, while Madoff is rotting in prison?).

Problem number three is the Fed. If interest rates were at market levels there would be no need to overdo it on the derivatives or other interbank trading.

Krugman has rocks in his head.

3 posted on 05/21/2012 7:25:37 PM PDT by MichaelCorleone (Forget the GOP and build the Constitution Party, because the status quo is no longer the way to go.)
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To: Beave Meister
JPMorgan’s $2 billion loss

If people like Krugman believe that JPMorgan's one-time loss of $2 billion is unacceptable, why would he propose that the federal government get involved?

The federal government operates their business at a daily loss of $2.5 billion. Everyday. Even weekends.

In the history of the world, there has never been an entity that has better made the case that it is uniquely unqualified to tell any other entity how to run a business than the United States federal government.

True, the NY Times could also make the case for their own organization on a percentage of income to loss basis, but they are going broke on a much smaller scale.

4 posted on 05/21/2012 7:34:10 PM PDT by dead (I've got my eye out for Mullah Omar.)
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To: MichaelCorleone


5 posted on 05/21/2012 7:48:22 PM PDT by Beave Meister (Die Hard Cubs Fan.....if it takes forever.)
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To: dead

....and Ping

6 posted on 05/21/2012 7:49:07 PM PDT by Beave Meister (Die Hard Cubs Fan.....if it takes forever.)
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