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View Diary: JPMorgan Chase in settlement talks with feds, may pay as much as $7 billion (18 comments)

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  •  Don't mean to sound flip, but, considering the (6+ / 0-)
    Recommended by:
    PhilK, a2nite, chmood, Tinfoil Hat, phonegery, Dburn

    Fed has been pouring $85 billion into the economy every month, $7 billion sounds like chicken feed.

    However, as I often assert, the quantity is unimportant. We are, after all, still making reference to figments of the imagination. Dollars aren't real unless they are spent for something useful. Dollars are nothing more than a certified IOU which attests to the fact that somebody owes sombody something.
    Taking away some of the certificates tells us that somebody is less trustworthy than we'd like and perhaps that somebody ought not to be trusted at all. Which is what all those people who aren't borrowing on their credit cards and depriving banks of their fees are effectively doing. Bankers have a trust problem. And now our agents of government are confirming that.
    The thing about symbols is that they have no real value, but their symbolic value is immeasurable. And, off in the distance lies the possibility that the trust relationship will be terminated entirely. Three hundred and twenty bank closures still haven't gotten the message across.

    The Federal Deposit Insurance Corp. or FDIC, announced Friday the shuttering of two banks, one each in Tennessee and Arizona, taking the count of total U.S. bank closures in 2013 to twenty, after 51 in 2012, 92 in 2011 and the 157 bank closures in 2010.

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