Wall Street is giving vast sums to Mitt Romney, who has promised to repeal recent financial reforms

  • tokugawa

    Posts: 945

    May 14, 2012 7:05 AM GMT
    New York Times
    Op-Ed Columnist
    Why We Regulate
    Published: May 13, 2012

    One of the characters in the classic 1939 film “Stagecoach” is a banker named Gatewood who lectures his captive audience on the evils of big government, especially bank regulation — “As if we bankers don’t know how to run our own banks!” he exclaims. As the film progresses, we learn that Gatewood is in fact skipping town with a satchel full of embezzled cash.

    As far as we know, Jamie Dimon, the chairman and C.E.O. of JPMorgan Chase, isn’t planning anything similar. He has, however, been fond of giving Gatewood-like speeches about how he and his colleagues know what they’re doing, and don’t need the government looking over their shoulders. So there’s a large heap of poetic justice — and a major policy lesson — in JPMorgan’s shock announcement that it somehow managed to lose $2 billion in a failed bit of financial wheeling-dealing.

    full story (requires free registration): http://www.nytimes.com/2012/05/14/opinion/krugman-why-we-regulate.html?_r=1&hp
  • GQjock

    Posts: 11649

    May 14, 2012 11:18 AM GMT
    Wait Wait ... But don't we need LESS regulation?

    .... and don't we have to have MORE money given to these people so they can play Las Vegas style Craps with it ?

    Now I'm confused ....icon_rolleyes.gif

    Republicans ... Splain Please

    I cannot WAIT to hear this one

  • Posted by a hidden member.
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    May 14, 2012 6:18 PM GMT
    Somehow the major banks are the largest contributors to the Obama campaign, he did bail them out, re-appointed Bernanke who is propping them up as much as possible etc. Seriously, there is little if any difference between Romney and Obama as far as Wall Street is concerned.