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.