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View Diary: Already In Deep Hot Water, JPMorgan Chase May Have Just Reached Its Boiling Point (Part I of II) (181 comments)

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  •  The banks owned Washington when Obama (3+ / 0-)
    Recommended by:
    divineorder, native, ozsea1

    was still in the Illinois State Senate, and they'll own it when he leaves. He is part of the problem, but the idea that he could simply decree changes seems to be a gross oversimplification.

    In theory, there is no difference between theory and practice; but in practice, there always is a difference. - Yogi Berra En théorie, il n'y a aucune différence entre théorie et pratique, mais en pratique, il y a toujours une différence. - Yogi Berra

    by blue aardvark on Thu May 24, 2012 at 06:45:11 AM PDT

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    •  It's Called Leadership (0+ / 0-)

      Something rarely seen by Obama during his term.

      Existence is no more than the precarious attainment of relevance in an intensely mobile flux of past, present, and future.~~~ Susan Sontag

      by frandor55 on Thu May 24, 2012 at 07:00:21 AM PDT

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      •  So say you (4+ / 0-)
        Recommended by:
        Samer, basquebob, ozsea1, melo

        Go in peace; I don't think arguing that point is going to enlighten anyone.

        In theory, there is no difference between theory and practice; but in practice, there always is a difference. - Yogi Berra En théorie, il n'y a aucune différence entre théorie et pratique, mais en pratique, il y a toujours une différence. - Yogi Berra

        by blue aardvark on Thu May 24, 2012 at 07:17:11 AM PDT

        [ Parent ]

    •  Obama's job is to uphold the law (4+ / 0-)
      Recommended by:
      shaharazade, 420 forever, niemann, ozsea1

      That's why he is cracking down on medical marijuana even though he said he wouldn't. It's the law. Unfortunately, his law courses must not have covered fraud because he has yet to prosecute anyone from a TBTF bank. snarc off
      In fact, Obama has prosecuted fewer financial crimes than W. The sad truth is that Obama made the decision not to prosecute financial crimes. He didn't prosecute the Repo 105 accounting fraud at Lehman. He didn't prosecute the money laundering WaMu did for the Mexican drug cartels. He hasn't prosecuted any of the frauds associated with robosigning and document forgery. He hasn't prosecuted the banking servicers (Wells, JPM, Citi, and BofA primarily) for setting up their computer systems to charge illegal fees and deliberately misapply payments received.  Jon Corzine of MF Global won't be charged with Sarbox-Oxley violations. In fact, I believe no major player at MF Global will be charged with anything for the theft of $1.6 billion or so of customer money.

    •  Not without options though is he? (4+ / 0-)

      He could fire Holder and get someone who would do the job.

    •  Could have picked a Stiglitz instead of a (1+ / 0-)
      Recommended by:
      melo

      Geithner; a Rubini instead of a Bernanke...

      His blunder was carrying over the people who have a proven and well-established track record of contributing to the previous failure -- Republicans and DINOs, all. (And not just in Economics, but in war-making and foreign policy)


      The Internet is just the tail of the Corporate Media dog.

      by Jim P on Thu May 24, 2012 at 11:06:50 AM PDT

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      •  Bernanke's academic publications (0+ / 0-)

        are not those of a DINO.

        Krugman opines that the system just swallowed him whole; which means it might also have engulfed Rubini.

        In theory, there is no difference between theory and practice; but in practice, there always is a difference. - Yogi Berra En théorie, il n'y a aucune différence entre théorie et pratique, mais en pratique, il y a toujours une différence. - Yogi Berra

        by blue aardvark on Thu May 24, 2012 at 11:25:25 AM PDT

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        •  Bernanke and Geithner had a track record (1+ / 0-)
          Recommended by:
          Ginny in CO

          of being: a) of the Wall Street is The Best Street mentality , b) wrong, wrong, wrong, wrong, and then, wrong.

          Who kept Paulson (in August 2008 "economy has never been better in my lifetime"); Geithner; and Bush appointee Bernanke on? Obama. Nobody made him pick those people.

          It was wrong, why pretend otherwise, why nitpick? Hopefully the President will realize, as the toothless banking reform brings all to the edge, that the acceptable and official experts are delusional incompetents, and he shouldn't use anyone like that anymore. That "business-is-usual" is a death sentence to the economy.


          The Internet is just the tail of the Corporate Media dog.

          by Jim P on Thu May 24, 2012 at 11:50:23 AM PDT

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          •  Do you remember the meeting (0+ / 0-)

            Obama had with Hilary in the summer of '08 at a senator's house in DC, alone? Nothing was ever disclosed about the discussion.

            I certainly don't consider Hilary a nobody, Obama had to play the game of being an insider. Now the question is whether he got sucked in or if he has learned enough in his first 4 years to finesse a serious, extensive revision of the financial system.

            If this blows up before November, does it really kill his re-election?

            It's still the Regulations stupid. All the missing ones, all the ones the GOP, with helpful cooperation of the DLC and captured Dems, got rid of and fight being instituted.

            I suspect that the problems can be mitigated significantly. We will just have to make Obama and the rest do it.

            Anyone want to bet? I'm sure the Republicans are playing for all they are worth...

            "People, even more than things, have to be restored, renewed, revived, reclaimed and redeemed; never throw out anyone. " Audrey Hepburn "A Beautiful Woman"

            by Ginny in CO on Fri May 25, 2012 at 12:50:43 AM PDT

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        •  His writings on the great depression are, to (0+ / 0-)

          some extent, revisionary in my opinion.

          Plus, where he mentions Minsky, he gets it wrong.

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