Need some help here. I can barely bring myself to become better informed about the Morgan-Chase $2 billion debacle. Briefly, so what? After all, the guy admitted errors were made by certain persons. I need some real-life examples of why this matters: Who suffers? Who will lose a job? Who will not "create" a job they otherwise would have created? If $2 billion is lost, are there any comparable gains; who made out just fine? Is it a problem for some very rich who will become a teensy bit less rich? Who might decide not to enroll in a community college because of this "loss?"
OK, you get the point (maybe.) I can delude myself into thinking that I understand some macro effects for "the economy," for regulation, for the oligarchy's grip on the nation; I get some moral and just implications. But this event begs for street-level unpacking. Otherwise, I have only a vague sense that this big loss will be distributed across lots of pensions, but the impact on any particular actual people is negligible. Otherwise, it's just an opera that will quickly end when the fat cat stops singing.