It’s official now, we do not need additional federal regulation of the banks because of the losses that JP Morgan Chase just reported.
I say it’s official because that renown putz, paul krugman said that we do.* When makes a pronouncement, bet your money on the opposite.
JP Morgan Chase, who is reported to have in excess of $40 Billion dollars of their own money, lost $2 Billion on a bad ‘bet’. So what!, It wasn’t the depositors money at risk. It in no way threatened the FDIC. This last downturn in the market, I lost several thousand dollars of my own money on bets I made in the market. Does he propose that he needs to regulate me?
Is to be that it’s against the law for anyone to lose their own money? The congress and presidency has proved they cannot handle their own and our finances so how can they even begin to think they know how to handle banking as krugman proposes….apparently they failed with their past effort with the Dobbs-Frank banking law.
Let the stockholders and board of directors in JP Morgan Chase, decide how to handle this loss.
* – As reported on the op-ed page of the Austin-American Statesman, May 22, 2012
(can’t believe they pay for his trash)