So J.P Morgan Chase got screwed on our money and will now look for a new bailout…
…Perhaps we should listen to Robert Reich:
Let’s hope Morgan’s losses don’t turn into another crisis of confidence and they don’t spread to the rest of the financial sector.
But let’s also stop hoping Wall Street will mend itself. What just happened at J.P. Morgan — along with its leader’s cavalier dismissal followed by lame reassurance — reveals how fragile and opaque the banking system continues to be, why Glass-Steagall must be resurrected, and why the Dallas Fed’s recent recommendation that Wall Street’s giant banks be broken up should be heeded.
This is the end of a great column which you can read HERE.
As to resurrecting Glass-Steagall, some don’t think it is possible, but we have to get back to regulations separating investment banks from the banks Americans save their money in. We had it like that for close to eighty years without the economic catastrophes we have now.
Posted on May 12, 2012, in Announcement, budget, Business, Congress, Corporations, Economics, election, ethics, Finance, government, history, Legal, News, Opinion, Politics, quote, Taxes, vote, Word from Bill and tagged Bank, Financial Services, Glass–Steagall Act, J. P. Morgan, Jamie Dimon, Robert reich, United States, Wall Street. Bookmark the permalink. Comments Off on So J.P Morgan Chase got screwed on our money and will now look for a new bailout….