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or a personality disorder. You might recall that when Wall Street's unsound investment and business strategies caused massive financial chaos, the Street suckled the teats of America in the form of a massive bail-out. Why bring up the inconvenient truth that every self-inflicted wound by the nation's financial whiz kids has required rescue by the lowly taxpayer? Statements like this:

Those on Wall Street, however, are largely unsympathetic, insisting that possible errors in the foreclosure process are beside the point, that the process begins only when a borrower starts missing mortgage payments.

"If you didn't pay your mortgage, you shouldn't be in your house. Period. People are getting upset about something that's just procedural." said Walter Todd, portfolio manager at Greenwood Capital Associates.

Banks too big to fail; homeowners too small to care.

Responsibility begins and ends with the lowly American worker struggling with offshoring of jobs, downsizing of companies, and bloated executive pay to please the financial wizards on Wall Street.

Some said the issue is one of personal responsibility for one's own debts.

Sure, some homeowners have been evicted because of faulty paperwork.

The lack of review is why officials investigating the issue say that some homeowners may actually have been unfairly evicted from their homes.

Yes, banks have been slow to respond in a timely manner to requests for paperwork on loan modifications and foreclosure mistakes.

Thousands of people reported that despite efforts to seek loan modifications or other relief many financial institutions "routinely fail to respond in a timely manner, misplace requested documents, and send mixed signals" about what is required to avoid foreclosures, the lawmakers said.

What this country needs is more lectures on personal responsibility from the psychopaths that created "credit default swaps."

"We're not evicting people who deserve to stay in their house," Jamie Dimon, JPMorgan Chase chief executive, said on a conference call with analysts on the company's third-quarter earnings on Wednesday.

And more companies that used bailout money to buy other companies rather than lend money to small businesses or individuals.

For those who opposed the massive bailout, a report in the New York Times may be little surprise.  A reporter was able to get into a telephone conference call with JPMorgan Chase to hear executives discuss the $25 billion it received from Congress.  Just four days after the bailout, JPMorgan Chase’s chief executive, Jamie Dimon held the conference call during which an executive admitted that Chase has no intention to use the money to make new loans but instead will use it to try to take over other companies.

Speaking of bloated executive pay, let's start with Jamie Dimon.

"I believe our compensation policies have been and remain appropriate."

Check your pay stub. Did you get $17 million ($327,000 a week) for buying companies with other people's money and rejecting loans for all but the biggest borrowers?

JP Morgan has been roundly hailed as a winner from the credit crunch. Under Dimon's leadership, the bank remained profitable throughout the crisis and, with backing from the US government, it bought the remnants of two collapsing rivals — the Wall Street brokerage Bear Stearns and the Seattle-based high street bank Washington Mutual.

An outspoken figure, Dimon has been a staunch defender of his industry and has criticised aspects of the Obama administration's approach to Wall Street – he complained last month about a special government levy on banks, protesting that Wall Street was being required to pay for bailouts of car companies and insurance firms.

And what does Wall Street want for the billions and billions spent on bribes campaign contributions?

In a question about which two issues the Republicans should focus on after the elections, nearly two-thirds of respondents said extending President George W. Bush-era tax cuts should be a priority, while more than half said boosting economic growth should take top priority.

Reuters, Oct 12, article by Edward Krudy

Since most of the Wall Street piglets are in the upper income brackets, extending the Bush tax cuts for the rich is their number one priority. Boosting economic growth? I assume they mean expanding the profit margins of mutlinational corporations sitting on boatloads of cash rather than hire new workers in America where people might be able to afford to stay in their homes.

And just in case you have lost track of what we have had to shell out to bail out Wall Street, here is the tally. $4.72 Trillion in chump change.

Next time there is a financial crisis on Wall Street, the only responsible thing to do will be to confiscate their assets and throw them in the street.

Originally posted to DWG on Thu Oct 14, 2010 at 04:39 PM PDT.


Wall Street suffers from

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Comment Preferences

  •  I hope they choke. nt (3+ / 0-)
    Recommended by:
    sceptical observer, kurt, DWG

    Earth: Mostly harmless ~ The Hitchhiker's Guide to the Galaxy (revised entry)

    by yawnimawke on Thu Oct 14, 2010 at 04:55:38 PM PDT

    •  Me too (2+ / 0-)
      Recommended by:
      kurt, yawnimawke

      Their mistakes cost us nearly 5 trillion, but they do not care if homeowners get tossed or hard working people lose their jobs as long as the financial sector gets bailed out and the rich get tax cuts.

      •  it's hard for me to keep talking about (0+ / 0-)

        the damage they wrought and the "what are they whining about" attitude they seem to have when they talk about the middle class (us) that have consistently bailed them out (now and in s&l crisis). I mean, when does it ever end with these people. When does corporate welfare become bad and individual welfare become good? I just don't understand...

        Earth: Mostly harmless ~ The Hitchhiker's Guide to the Galaxy (revised entry)

        by yawnimawke on Thu Oct 14, 2010 at 06:50:24 PM PDT

        [ Parent ]

  •  Even the middle class has its breaking point (5+ / 0-)

    The words "a bridge too far" come to mind.

    Truth forever on the scaffold, wrong forever on the throne. - James Russell Lowell

    by Deep Harm on Thu Oct 14, 2010 at 05:03:13 PM PDT

  •  this number is very misleading (3+ / 0-)
    Recommended by:
    burrow owl, VClib, yawnimawke

    here is the tally. $4.72 Trillion in chump change.

    It includes Federal Reserve emergency loans and the Fed takes NO taxpayer funds.

    In fact, the Fed will pay the Us Treasury over $70 billion this year.

    The U.S. government's 2010 fiscal year closes on Thursday (fiscal years run from October to September). The books will close with the federal deficit at about $1.3 trillion. But without the Fed's earnings, which could approach $75 billion, the deficit picture would be noticeably worse.

    "The way to see by faith is to shut the eye of reason." - Thomas Paine

    by shrike on Thu Oct 14, 2010 at 05:10:26 PM PDT

    •  Very misleading? (0+ / 0-)

      The number includes all what the taxpayer has paid in since the crisis began in 2007, not just in 2010.

      Citing a small fraction for only the most recent is misleading.

      •  No, your SourceWatch document includes (2+ / 0-)
        Recommended by:
        burrow owl, VClib

        trillions in Fed support that has been discontinued.

        Bernanke vastly increased the size of the Fed's balance sheet, which now stands at

        $2.3 trillion

        vs. about $800 billion before the crisis began.

        (my previous link).

        TARP will repay at least $600 billion of the $700 billion initial cost.

        The taxpayer does NOT pay the Fed - the Fed pays the taxpayer.

        "The way to see by faith is to shut the eye of reason." - Thomas Paine

        by shrike on Thu Oct 14, 2010 at 05:31:40 PM PDT

        [ Parent ]

  •  So, if Walter Todd (0+ / 0-)

    was charged with a crime and the warrant used to search his office misspelled his name, he wouldn't bother to challenge it because, as he says, it's just procedural?

    "If you didn't pay your mortgage, you shouldn't be in your house. Period. People are getting upset about something that's just procedural." said Walter Todd, portfolio manager at Greenwood Capital Associates.

    "It depends on what the meaning of the word 'is' is."

    "The human eye is a wonderful device. With a little effort, it can fail to see even the most glaring injustice." Richard K. Morgan

    by sceptical observer on Thu Oct 14, 2010 at 05:30:10 PM PDT

  •  Odd that you chose Jamie Dimon (0+ / 0-)

    to attack on pay. He is one of the best CEOs in the country, and by far the most respected bank CEO. He has created enormous shareholder value and JP Morgan weathered the storm so well that the US government relied on it to take down other institutions. There are so, so many crappy CEOs who are obnoxiously overpaid; not so with Dimon IMO.

    I'm in the I-fucking-love-this-guy wing of the Democratic Party!

    by doc2 on Thu Oct 14, 2010 at 05:44:59 PM PDT

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