Robert Reich -- Jamie Dimon’s Bizarre Idea About Why The Recovery Has Stalled

[Donnachaidh]

http://robertreich.org/

According to JPMorgan Chase CEO Jamie Dimon, the recovery has stalled because of strict banking regulation.

I’m not making this up.

At a financial conference today, Dimon told Fed chief Ben Bernanke there’s no longer any reason to crack down on Wall Street. “Most of the bad actors are gone,” he said. “ff-balance-sheet businesses are virtually obliterated, … money market funds are far more transparent” and “most very exotic derivatives are gone.”

Dimon said he worried that financial reform legislation is “holding us back at this point” from a stronger economy.

More at the link --

[xchrom]

1. Some one bring me my guillotine. Nt

[FiveGoodMen]

2. Exactly.

[MattSh]

6. Comment of the Day! nt

[hifiguy]

8. +1

There are still far too many banksters around who are in need of a shave from the National Razor. What a jackass Dimon is.

[Loki]

3. Jamie, do you remember what happened to Dick Fuld?

Well, it can happen to you.

[truebrit71]

4. Double fuck Jamie Dimon...

...he's a vicious piece of shit that cares only about money...fuck him and the horse he rode in on..

[indepat]

9. I've taken a dislike for Jamie too

:patriot:

[hfojvt]

5. actually I had heard from a banker, I think, that regulators actually were

being strict with banks about their lending. As I understand it, the local banks have lots of money to lend, but nowhere to lend it. The water department has millions of dollars in capital which are in $500,000 CDs. When they come due, none of the local banks really want to take that money because they have no place to lend it. I just had an IRA CD come due and the bank where I had it was paying .3% on a 1 year CD!!! :wtf: .3% on a CD??? Well, they don't pay anything because they can't make anything, because they have nowhere to lend it. I probably did them a favor when I closed the account and took the money to my credit union, but the compliance officer spoke at Kiwanis and told a couple of bankers than the Credit Union had lots of money to lend and no place to lend it, and both of those bankers, from other local banks, told the same story.

Part of that is doubtless due to a lack of activity on the part of investors and consumers, but some may also come from hyper-vigilant regulators who are paranoid about risk.

[unblock]

10. regulators are indeed being more strict, though only relative to being asleep for a long time.

moreover, most banks have voluntarily tightened up anyway. they actually don't want to lend, they're more into risk avoidance these days while they work down their bad debts and shore up their positions.

banks blame the regulators for the same reason that all businesses blame the regulators. because they resent the oversight and someday they might be able to take advantage of lax oversight.

[deacon]

7. It's the GOP. They framed the elections around spending, got the house with it, and now are using it

to slash instead of investing money to create jobs. It's all politics.

[bvar22]

11. Oh, THATS it...Too Much "Regulation".

:rofl:


"By their works you will know them."