Well he's a fan of destroying businesses and sending their jobs to China but I'm not sure that counts.

didn't he just say he'd advocate the repeal of dodd frank? nice timing, mittens!

FlashHarry: didn't he just say he'd advocate the repeal of dodd frank? nice timing, mittens!

I'm sure he's fully supported it at one time in the past few months. So no harm no foul.

Romney's campaign has commented on the JP Morgan loss as an unfortunate risk of a free market economy. Why is neo-liberalism such a strange concept to most Democrats?

Lucky LaRue: Romney's campaign has commented on the JP Morgan loss as an unfortunate risk of a free market economy.

So was the crash of 2008. Because an unregulated free market economy naturally and inevitably encourages looters who will use the public fisc both to enrich themselves and to bear the losses resulting from their greed and stupidity. That is why an unregulated free market economy is a bad, bad idea.

Its the same reason we lock stores at night. If you don't, all your inventory and cash is gone by morning. Why we don't do the same with the treasury is a bit of a mystery.

Lucky LaRue: Romney's campaign has commented on the JP Morgan loss as an unfortunate risk of a free market economy. Why is neo-liberalism such a strange concept to most Democrats?

if you're a wholly independent venture capital firm GO FOR IT. if you're a federally insured (i.e. taxpayer insured) BANK (i.e. not YOUR money) however, you are not free to take those risks.

gilgigamesh: Lucky LaRue: Romney's campaign has commented on the JP Morgan loss as an unfortunate risk of a free market economy.

So was the crash of 2008. Because an unregulated free market economy naturally and inevitably encourages looters who will use the public fisc both to enrich themselves and to bear the losses resulting from their greed and stupidity. That is why an unregulated free market economy is a bad, bad idea.

Its the same reason we lock stores at night. If you don't, all your inventory and cash is gone by morning. Why we don't do the same with the treasury is a bit of a mystery.

Why do you hate america? ™

gilgigamesh: an unregulated free market economy is a bad, bad idea.

I don't think any rational capitalist would disagree with you. The debate is over the extent of those regulations. Our system works because everyone is invested in it, and we all have something to lose if society goes to hell in a hand-basket. If you give the capitalist free-rein, then you end up with something akin to feudalism, where the "Haves" have it all and the "Have nots" are little more than serfs with nothing to lose. This is how revolutions begin.

doublesecretprobation: Lucky LaRue: Romney's campaign has commented on the JP Morgan loss as an unfortunate risk of a free market economy. Why is neo-liberalism such a strange concept to most Democrats?

if you're a wholly independent venture capital firm GO FOR IT. if you're a federally insured (i.e. taxpayer insured) BANK (i.e. not YOUR money) however, you are not free to take those risks.

I am pretty sure the $2 billion that the rogue JP Morgan trader lost was company money. None of their customer's money was at risk..

Romney can't defend his actions with Bain capital...so yeah, he needs to avoid any discussion on investment banking as much as possible. plus, the GOP narrative is 'it's all Obama's fault'. kinda hard to pin this particular mess on Obama since it was all JP Morgan's fault. That said, I expect the GOP shills to make the attempt anyways. blahblahUNIONSblahblahACORNblahblahREGULATIONSblahblahTAXES!

Lucky LaRue: I am pretty sure the $2 billion that the rogue JP Morgan trader lost was company money. None of their customer's money was at risk..

their money IS their customer's money, that's what a BANK is.

doublesecretprobation: Lucky LaRue: I am pretty sure the $2 billion that the rogue JP Morgan trader lost was company money. None of their customer's money was at risk..

their money IS their customer's money, that's what a BANK is.

uh.. no, that isn't right. JP Morgan has a consumer banking arm, but most of their money comes from investing activity. A lot of money (not all) they use for investing is their own profits.

Romney is keeping quiet because no matter what he says, it'll alienate someone.

he criticizes JP Morgan and the teabaggers flip out over socialism or something. he defends them and moderates and independents have more reason to think he's a wall street puppet.

I don't envy the tightrope he has to walk.

Aarontology: Romney is keeping quiet because no matter what he says, it'll alienate someone.

he criticizes JP Morgan and the teabaggers flip out over socialism or something. he defends them and moderates and independents have more reason to think he's a wall street puppet.

I don't envy the tightrope he has to walk.

yeah, but he put himself there.

Lucky LaRue: uh.. no, that isn't right. JP Morgan has a consumer banking arm, but most of their money comes from investing activity. A lot of money (not all) they use for investing is their own profits.

and such risky behavior couldn't possibly cause problems across the whole business? the fact of the matter is this; if you want to be a federally insured bank, you need to play by stricter rules. tough shiat.

Weaver95: yeah, but he put himself there.

True. I didn't say I felt sorry for him.

It's what happens when businesspeople run for office. they're so used to the board room where they're surrounded by yes men, that when they have to deal with not being praised all the time, they don't know what to do.

it's why Trump threw all those tantrums in the few weeks he was running.

Debeo Summa Credo: They lost less than 1/3rd of their quarterly earnings

While at the same time losing five times what they said Dodd-Frank will cost them to comply. There goes that complaint.

I'm sure the greedy, dishonest bastards will be able to rationalize it into an argument in favor of less regulation of other greedy, dishonest bastards...

doublesecretprobation: Lucky LaRue: uh.. no, that isn't right. JP Morgan has a consumer banking arm, but most of their money comes from investing activity. A lot of money (not all) they use for investing is their own profits.

and such risky behavior couldn't possibly cause problems across the whole business? the fact of the matter is this; if you want to be a federally insured bank, you need to play by stricter rules. tough shiat.

heh.. you said "tough shiat" as if stricter rules were a foregone conclusion when, in fact, the rules are no tougher than they were in 2008 (and a hell of a lot less tougher than they've historically been). That there is a problem with banking regulation can't be disputed. However, when you look at the $5.4 billion profit JP Morgan posted in Q1 of this year, more stringent regulation is a hard argument to make successfully.

EyeballKid: The only thing Trump was running was a scam to promote "The Apprentice" by means of some rather gullible reporters.

That's true. But still. Remember how angry he'd get when questioned? People like him simply aren't used to it.

Debeo Summa Credo: Would Dodd frank have prevented this loss? Absolutely not.

It may not have, which is all the more reason we need more regulation. This incident supports that argument, which is why Romney won't touch it and the other side is all over it.

Banks are people, my friend, and if they need to charge you extra fees to keep their bonuses up, that's just the cost of doing business.

Dusk-You-n-Me: While at the same time losing five times what they said Dodd-Frank will cost them to comply. There goes that complaint.

no you see that is totally different because

Debeo Summa Credo: There is a need for regulation but only reasonable regulation.

Sure. I think it's reasonable that a company who people trust with their investments should not be able to lose $2,000,000,000 in an instant.

DeaH: FlashHarry: didn't he just say he'd advocate the repeal of dodd frank? nice timing, mittens!

Screw Dodd-Frank. It has no teeth. We need to reenact Glass-Steagall.

from time to time, I ask my more fanatical tea bagger/die hard GOP friends why they don't vote to reinstate Glass-Steagal. invariably, their answers devolve into one of two reponses: 1. grunts, whistles and screeching or 2. socialisms.

seriously. most rank and file voters either don't (or simply refuse to) learn about glass-steagal or they consider it to be socialism. this isn't an exaggeration either....and I find it completely incomprehensible.

Debeo Summa Credo: Much more complicated than that.

Absolutely it is. Which is why we need strict oversight and regulation.

skullkrusher: Weaver95: DeaH: FlashHarry: didn't he just say he'd advocate the repeal of dodd frank? nice timing, mittens!

Screw Dodd-Frank. It has no teeth. We need to reenact Glass-Steagall.

from time to time, I ask my more fanatical tea bagger/die hard GOP friends why they don't vote to reinstate Glass-Steagal. invariably, their answers devolve into one of two reponses: 1. grunts, whistles and screeching or 2. socialisms.

seriously. most rank and file voters either don't (or simply refuse to) learn about glass-steagal or they consider it to be socialism. this isn't an exaggeration either....and I find it completely incomprehensible.

there is no good reason to not reinstate. Banks should not be allowed to take risky bets on FDIC insured deposits. Quite simple.

...and yet, no GOP senator will even THINK about bring it back.

Debeo Summa Credo: They lost less than 1/3rd of their quarterly earnings and this is a scandal? Jesus f'n Christ.

You really need to change your handle to "Aporto Aquam Argentarii".

Debeo Summa Credo: theorellior: Debeo Summa Credo: They lost less than 1/3rd of their quarterly earnings and this is a scandal? Jesus f'n Christ.

You really need to change your handle to "Aporto Aquam Argentarii".

Clever. But seriously, this is a scandal?

JPM didn't want or need the bailout and they paid it back, at a profit to the taxpayer, as soon as treasury let them.

They are a private organization who lost 1/3rd of their quarterly profits in some bad trades. If you aren't a shareholder, why is this a scandal?

You see, to most people, $2 billion seems like a lot of money. The idea of losing that much in a few weeks is a difficult concept to grasp. A small fraction of that could get them out from under their life-long debts and pay for their kids to go to college. They could finally afford a vacation and even be able to retire at some point before they turn 80.

The idea that some douchebag throws around that much money without even bothering to check his math tends to be a tad frustrating for most people, especially considering that the same stupid decisions by the same reckless sociopaths on Wall Street is what caused their savings and retirement to dry up a few years ago. And by a tad frustrating, I mean they would cheer gleefully while Jamie Dimon is slowly tortured to death in the public square.