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You one of those guys who thinks the banks were innocent in the whole mortgage fiasco, and it was those dirty poors that borrowed money they couldn't repay that did this? Just let me know so I can add you to the ignore list along with the birthers.
Chase is a FDIC insured institution that has been and will continue to be the recipient of massive amounts of public assistance. If the bank fails, someone will reach into your pocket to pay for the cleanup. So when they made stupid bets, it's everyone's problem.
This is why we need the Volcker rule, which would ban risky trading by federally insured institutions. Either you're a bank, or you're an investment house, but you shouldn't be able to be both if you're federally insured.
A bailout for 2 billion dollars? Yikes, I think you are off by 2 orders of magnitude as to what really happened to the bank industry during bail outs. No the 2 billion was dumb of them, but seeing as their annual revenue is 90 billion per year... I think they will be ok
Only a Liberal Dem would think the banks caused this mess. Regarding the bailout money JPMorgan didn`t need but the government gave it to them anyway - very clever painting all the banks with the same brush - all guilty - while the socialists, Freddie and Fannie and the poor folk who ripped off the banks and are still living in their homes for free get subsidies and principle reductions - unbelievable.
Re. the Volker rule - If you take the banks out of the market, then who is going to play. What happens when this liquidity is removed. The market collapses.
Take my advice and let the banks keep playing the game. The game has to go on for as long as people are going to continue to take advantage of the situation and stop paying their mortgages and you are going to let them get away with it. Otherwise things could get ugly.
Only a Liberal Dem would think the banks caused this mess. Regarding the bailout money JPMorgan didn`t need but the government gave it to them anyway - very clever painting all the banks with the same brush - all guilty - while the socialists, Freddie and Fannie and the poor folk who ripped off the banks and are still living in their homes for free get subsidies and principle reductions - unbelievable.
Re. the Volker rule - If you take the banks out of the market, then who is going to play. What happens when this liquidity is removed. The market collapses.
Take my advice and let the banks keep playing the game. The game has to go on for as long as people are going to continue to take advantage of the situation and stop paying their mortgages and you are going to let them get away with it. Otherwise things could get ugly.
There were many reasons for the 2008 meltdown, but investment banks played an enourmous role, turning bad mortgages into what were supposedly AAA bonds and creating credit default swaps. Add in the banks that approved loans for those that could ill afford them and it was a disaster waiting to happen.
So here we are 4 years later with JP Morgan playing poker with credit default swaps, did we learn anything.
This is not investing, it's gambling and bad for the investment industry. A volatile market hurts everyone, the intention of the volker rule and Dodd-Frank was to control wild speculation.
Many of these instruments are so complicated that few understand, obviously Jamie Dimon didn't, he should step down from his position on the federal reserve.
Amazing how these stupid mother $(#$(& banks continue to do the same ***** that tanked the economy in the first place in 2008. Funny how they lobbied hard to prevent the Volcker rule from being put on the books, look what it has gotten them now. How more bank failures have to happen before we learn that we should have NEVER repealed the financial laws that were put on the books after the Great Depression begs in order to avoid the same thing from happening again?
The banks are even bigger than before the bailouts and if Romney has his way as POTUS, he would roll back the regulations even further.
Quote:
Romney's unwillingness to challenge the far right does not pertain solely to the social conservative right. It also goes for economic right wingers like Grover Norquist, who want to return America to the bad old days of more Bush-like tax cuts for the wealthy, and the deregulation of Wall Street that did such damage to the middle class and led to the Great Recession that cost 8 million jobs.
Only a Liberal Dem would think the banks caused this mess. Regarding the bailout money JPMorgan didn`t need but the government gave it to them anyway - very clever painting all the banks with the same brush - all guilty - while the socialists, Freddie and Fannie and the poor folk who ripped off the banks and are still living in their homes for free get subsidies and principle reductions - unbelievable.
Re. the Volker rule - If you take the banks out of the market, then who is going to play. What happens when this liquidity is removed. The market collapses.
Take my advice and let the banks keep playing the game. The game has to go on for as long as people are going to continue to take advantage of the situation and stop paying their mortgages and you are going to let them get away with it. Otherwise things could get ugly.
Thank you for complimenting liberal Democrats for being the only ones for having the perspective and analysis skills to recognize the cause of the meltdown. However, others were also able to see that cause too, as it was obvious.
While Jamie Dimon was giving speeches about how he and his colleagues know what they’re doing and don’t need government regulations, the traders at JPMorgan’s casino proved in real-life why they really do.
Banks should not be gambling with depositor's money that if lost must be covered by government insurance. We need to go back to the rules formed after the Depression -- banks prohibited from certain risky activities and the government will insure the risks allowed.
Amazing how these stupid mother $(#$(& banks continue to do the same ***** that tanked the economy in the first place in 2008. Funny how they lobbied hard to prevent the Volcker rule from being put on the books, look what it has gotten them now. How more bank failures have to happen before we learn that we should have NEVER repealed the financial laws that were put on the books after the Great Depression begs in order to avoid the same thing from happening again?
JP Morgan got a 12 billion dollar bailout, 2 billion is chump change.
They get to gamble with billions of dollars, if they lose Uncle Sam will write them a blank check, yet you call them stupid?????? How much did you get from Uncle Sam?
There are stupid people, but it's not the ones receiving billions of dollars, it's the ones flipping the bill for it.
Citigroup: $2.5 trillion ($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000) Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000) JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)
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