Jamie Dimon Spars with Oregon Senator Jeff Merkley(Thank you Merkley:)

[lovuian]

http://observer.com/2012/06/jamie-dimon-spars-with-oregon-senator-jeff-merkley-at-senate-banking-committee-hearings/

Jamie Dimon Spars with Oregon Senator Jeff Merkley at Senate Banking Committee Hearings

Sen. Jeff Merkely provided the hearing’s best moment when he asked if JPMorgan would have failed if not for “massive federal bailouts,” by which the Oregon Democrat intended TARP money and indirect aid, including the Treasury’s bailout of AIG.

“JPMorgan took TARP because we were asked to,” Mr. Dimon said, his voice rising. “We were asked that if the nine banks take this TARP we can keep the system from going down. “We were not bailed out by AIG. We would have had a loss of about $1 billion if AIG had gone under.”

“Sir, this is not your hearing,” Senator Merkley interrupted. And: “I think a lot of experts would say that without federal aid, JPMorgan would have gone down, and that you would have been out of a job.”


Thank you Senator Merkley


and thank you New Jersey Senator Menendez

“When you reduce a hedge, or hedge a hedge, isn’t that gambling?” asked Sen. Robert Menendez, a New Jersey Democrat. “No,” said Mr. Dimon. “You said the hedge morphed. What did it morph into, Russian roulette?” Senator Menedez followed.


The Banking system needs MORE REGULATION AND MORE REGULATION

[coalition_unwilling]

1. Fuck regulation, we need to nationalize the banks before they

cause another global crash.

[Egalitarian Thug]

2. The whole system need to be reworked form the ground up.

"Don’t try and heal a broken system, create a new system that replaces it." - Buckminst­­er Fuller

This is the only solution, everything else is simply delaying the inevitable.

[lovuian]

3. if Republicans are part of the creation then Corruption

will continue

[Egalitarian Thug]

4. The system was designed by "the most evilest of men" so all of this was not only predictable,

but inevitable. I believe that at that time most of the designers of this obscenity were in the Democratic Party. These people have no allegiance to anything but their own interests and go back and forth between parties all the time. Where do you think the current positions of our party came from?

[leftyohiolib]

5. john keynes said it best

Capitalism is the extraordinary belief that the nastiest of men for the nastiest of motives will somehow work for the benefit of all. - John Maynard Keynes

[Egalitarian Thug]

6. That's just what I was (partially) quoting

"Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone."
Another

[Egalitarian Thug]

7. Well waddayaknow, I decided to check it out because of the discrepancy in wording

and it may be that he didn't say either or any or the versions. Just an FYI.

Much like the insanity quotation, it doesn't really matter who said it, it speaks a truth and it works.