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The GOP Myth of the "Unregulated" Bank Industry

Discussion in 'Political Issues' started by Alizard, May 13, 2012.

  1. Alizard

    Alizard

    1,282
    2
    Apr 5, 2012
    I guess you really do get the government you deserve. Just keep believing how wonderful everything is going to be when the government finally just deregulates the banking industry.... I wonder how many trillions will have to burn up before somebody finally implements oversight.


    http://www.cbsnews.com/8301-505125_162-57432174/jpmorgan-chase-acknowledges-$2-billion-trading-loss/

    JPMorgan Chase acknowledges $2 billion trading loss

    JPMorgan Chase (JPM), the largest bank in the United States, said Thursday that it lost $2 billion in the past six weeks in a trading portfolio designed to hedge against risks the company takes with its own money.

    The trading loss is an embarrassment for a bank that came through the 2008 financial crisis in much better health than its peers. It kept clear of risky investments that hurt many other banks.
    "The portfolio has proved to be riskier, more volatile and less effective as an economic hedge than we thought," CEO Jamie Dimon told reporters. "There were many errors, sloppiness and bad judgment."

    "The scary part of this is people thought that Chase was the best-run bank, maybe, on Wall Street," said Mason.
    The loss came in a portfolio of the complex financial instruments known as derivatives, and in a division of JPMorgan designed to help control its exposure to risk in the financial markets and invest excess money in its corporate treasury.



    WHY DID THIS HAPPEN AGAIN, SO SOON AFTER THE WORST ECONOMIC COLLAPSE IN 70 YEARS?

    http://www.nytimes.com/2011/09/21/b...n-gop-campaign-trail.html?_r=1&pagewanted=all

    Dodd-Frank Act a Favorite Target for Republicans Laying Blame

    WASHINGTON — On the stump, words like “Obamacare” roll off the tongue. “Swap execution facility,” not so much.

    That has not stopped Republican presidential candidates from using the Dodd-Frank Act, the sprawling regulatory effort to address the causes of the financial crisis, as their newest anti-Obama target for what ails the economy.///

    Rick Perry, the governor of Texas, has also called for the repeal of Dodd-Frank. “We have to end it right now,” he said, on the same weekend in the same state as Mr. Romney. Newt Gingrich said it is “a devastatingly bad bill” that is “killing small banks, killing small business, killing the housing industry.” Representative Michele Bachmann regularly reminds voters that she introduced the first Dodd-Frank repeal bill this year.


    WHY WE STILL HAVE NO REGULATION:

    http://cebviews.com/2011/01/19/political-capital-dodd-frank-update/

    It has been six months since the Dodd-Frank Wall Street Reform and Consumer Protection Act became law. While progress has certainly been made on some aspects of the Wall Street overhaul (i.e. movement on the Volcker Rule), regulators continue to work through a painstakingly slow (and increasingly slowing) process to move financial reform from a set of general parameters to specific rules that will affect businesses across a wide swath of industries.////

    With Republicans making enormous gains in the midterm elections, the implementation of the Wall Street overhaul is sure to slow to a snail’s pace as Republicans follow through on their campaign promises to decelerate implementation of the Dodd-Frank Act.
     
    Last edited: May 13, 2012
  2. Alizard

    Alizard

    1,282
    2
    Apr 5, 2012
    And as for the political impact.... it will be interesting to see if Romney can hold a straight face while he panders to the neocons screaming about how the government should not be regulating derivatives trading....


    http://news.yahoo.com/jpmorgan-chase-loss-could-change-presidential-campaign-181200829.html
     


  3. barbedwiresmile

    barbedwiresmile Unreconstructed

    10,033
    42
    Feb 3, 2008
    Dixie
    It should come as little surprise that a statist can look at a very real problem and draw an entirely wrong conclusion. In a free market, JPM would have gone out of business in 2008. JPM has been a ward of the state since TARP, kept on life support thanks to ZIRP and rounds of QE. Dimon, Bush, and Obama are big buddies. Yet the answer is,......wait for it... More state. Of course...

    ETA: you are just the latest leftist troll to come down the pike. Or a reincarnation of a previous statist. We have enough rightist statists around here to prop up big government. And at least they mean well (bless their hearts).
     
    Last edited: May 13, 2012
  4. Alizard

    Alizard

    1,282
    2
    Apr 5, 2012
    WOW! I can't believe I found this article on a FOX news site........

     
  5. JBnTX

    JBnTX Bible Thumper

    20,010
    4,148
    Aug 28, 2008
    Texas

    Is this now a Ron Paul, anarchist, GOP bashing, Mitt Romney hating forum where no opposing viewpoint is welcome?

    Where those with opposing political viewpoints are called trolls, progressives, liberals, neocons, ignorant and stupid?
     
  6. certifiedfunds

    certifiedfunds Tewwowist

    52,388
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    Apr 23, 2008
    Houston
    Well speak of the devil
     
  7. certifiedfunds

    certifiedfunds Tewwowist

    52,388
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    Apr 23, 2008
    Houston
    Yup. Join date this month. Its election time. Sniveling little neo-marxists come out of the woodwork.
     
  8. Berto

    Berto woo woo

    24,272
    2,263
    Sep 15, 2003
    WA
    No jobs = more college kiddies on the internet.
     
  9. certifiedfunds

    certifiedfunds Tewwowist

    52,388
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    Apr 23, 2008
    Houston
    But I thought Obama promised them jobs? What happened?

    He blew like, what a couple trillion dollars to get them jobs. Shovel ready ones. You mean to tell me they didn't get the jobs?

    I think their kids and grandkids are gonna be pissed that they have to pay all that money back with interest after their grandpappy didn't even get a shovel-ready job. I know I would be.
     
    Last edited: May 13, 2012
  10. Berto

    Berto woo woo

    24,272
    2,263
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    WA
    Evil conservatives won't hire them, too many disorderly/illegal tresspass convictions from Occupy squatting.
     
  11. certifiedfunds

    certifiedfunds Tewwowist

    52,388
    4,755
    Apr 23, 2008
    Houston
    Those occupiers still crapping in the parks?
     
  12. certifiedfunds

    certifiedfunds Tewwowist

    52,388
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    Apr 23, 2008
    Houston
    Q: How many occupiers does it take to change a light bulb?









    A: Yeah right. Like an occupier would accept a light bulb changing job from a capitalist.
     
  13. Berto

    Berto woo woo

    24,272
    2,263
    Sep 15, 2003
    WA
    and internet forums.:supergrin: