Too many banking regulations. This a few days AFTER the Chase fiasco. Some woman from Tennessee in the House was spouting the same crap earlier on CSPAN. Are you righties insane? I guess you guys REALLY want to lose the election.

(05-15-2012 02:03 PM)RobertN Wrote:  Too many banking regulations. This a few days AFTER the Chase fiasco. Some woman from Tennessee in the House was spouting the same crap earlier on CSPAN. Are you righties insane? I guess you guys REALLY want to lose the election.

Personally I'd get rid of all of the banking regulations that doesn't work, and work on stiffer regulations. F*cking JP Morgan gambled taxpayer money and put them self back into the hole. F*ck them.

The problem is the regulations (eg Voelker Rule) aren't even in place yet for a few more months. It's partly the Dems' fault for writing such a vague bill and leaving so much up to the regulators who take years to promulgate the rules, with of course a hat tip to Sen. Scott Brown who demanded some final loopholes and adjustments for the 60th vote. Thankfully this happened before the rules are finalized, because it's shut up everyone on Wall Street and the right who've been saying these guys all know what they're doing and we should just trust them. (Obviously not)

(05-15-2012 03:20 PM)Max Power Wrote:  because it's shut up everyone on Wall Street and the right who've been saying these guys all know what they're doing and we should just trust them. (Obviously not)

Since they don't know what they're doing, then why are we paying them to stay in business??? Why were they bailed out?

(05-15-2012 06:23 PM)RaiderATO Wrote:  

(05-15-2012 03:20 PM)Max Power Wrote:  because it's shut up everyone on Wall Street and the right who've been saying these guys all know what they're doing and we should just trust them. (Obviously not)

Since they don't know what they're doing, then why are we paying them to stay in business??? Why were they bailed out?

You talking about JP Morgan, GM or Solyndra?

It's time to break up the big banks. Because they have gotten even bigger than they were when they were "too big to fail." If one of them goes down, you know that we will end up bailing them out yet again.

Yet, to liberals, anytime something goes wrong, it is time for even more regulations.

The Dodd-Frank Bill was useless in that it totally ignored the 800 lb gorillas in the room.

Repealing Glass-Stegall was not the smartest move ever made. Investment banks should be separate from commercial banks.

Yo, Rob Obama: "JPMorgan is one of the best managed banks there is. Jamie Dimon, the head of it, is one of the smartest bankers we got."

And then there's always Corizine. Do I need to go there?

http://m.yahoo.com/w/legobpengine/news/b...lang=en-US

People seem to be talking about JP Morgan's losses a lot, but I am confused by the apparent anger. Given how popular Wall Street profits are these days, I would have thought that people would have given a Nelson Muntz 'Ha Ha!' and moved on with their lives, maybe sold some JPM from their retirement accounts. Why care whether they made $7 billion or a mere $5 billion? While I don't wish them ill, I'm really not offended if they bungle with their own money.

(05-15-2012 11:24 PM)rice09 Wrote:  People seem to be talking about JP Morgan's losses a lot, but I am confused by the apparent anger. Given how popular Wall Street profits are these days, I would have thought that people would have given a Nelson Muntz 'Ha Ha!' and moved on with their lives, maybe sold some JPM from their retirement accounts. Why care whether they made $7 billion or a mere $5 billion? While I don't wish them ill, I'm really not offended if they bungle with their own money.

Correction, less than 1% of their own money.

(05-15-2012 11:28 PM)smn1256 Wrote:  

(05-15-2012 11:24 PM)rice09 Wrote:  People seem to be talking about JP Morgan's losses a lot, but I am confused by the apparent anger. Given how popular Wall Street profits are these days, I would have thought that people would have given a Nelson Muntz 'Ha Ha!' and moved on with their lives, maybe sold some JPM from their retirement accounts. Why care whether they made $7 billion or a mere $5 billion? While I don't wish them ill, I'm really not offended if they bungle with their own money.

Correction, less than 1% of their own money.

Sorry, I should have made it clear: whether they make $7 billion or a mere $5 billion for the quarter. Obviously they have a lot more money than just the $7 billion.

(05-16-2012 01:21 AM)rice09 Wrote:  

(05-15-2012 11:28 PM)smn1256 Wrote:  

(05-15-2012 11:24 PM)rice09 Wrote:  People seem to be talking about JP Morgan's losses a lot, but I am confused by the apparent anger. Given how popular Wall Street profits are these days, I would have thought that people would have given a Nelson Muntz 'Ha Ha!' and moved on with their lives, maybe sold some JPM from their retirement accounts. Why care whether they made $7 billion or a mere $5 billion? While I don't wish them ill, I'm really not offended if they bungle with their own money.

Correction, less than 1% of their own money.

Sorry, I should have made it clear: whether they make $7 billion or a mere $5 billion for the quarter. Obviously they have a lot more money than just the $7 billion.

The primary issue is that they are now fdic insured, so the taxpayers are on the hook if they fail.

My personal issue is with Chase which s one of the most arrogant fu*ked up companies in America.

My mortgage was transferred to them and they charged me $1,700 for forced insurance even though I had paid the 230 premium to state farm. They would not accept faxes for me or State Farm that the insurance was paid.

Their Credit card area charged me a late fee when I had a $400 credit balance. I have no problem if Chase crashes and burns.

(05-16-2012 10:27 AM)dcCid Wrote:  

(05-16-2012 01:21 AM)rice09 Wrote:  

(05-15-2012 11:28 PM)smn1256 Wrote:  

(05-15-2012 11:24 PM)rice09 Wrote:  People seem to be talking about JP Morgan's losses a lot, but I am confused by the apparent anger. Given how popular Wall Street profits are these days, I would have thought that people would have given a Nelson Muntz 'Ha Ha!' and moved on with their lives, maybe sold some JPM from their retirement accounts. Why care whether they made $7 billion or a mere $5 billion? While I don't wish them ill, I'm really not offended if they bungle with their own money.

Correction, less than 1% of their own money.

Sorry, I should have made it clear: whether they make $7 billion or a mere $5 billion for the quarter. Obviously they have a lot more money than just the $7 billion.

The primary issue is that they are now fdic insured, so the taxpayers are on the hook if they fail.

My personal issue is with Chase which s one of the most arrogant fu*ked up companies in America.

My mortgage was transferred to them and they charged me $1,700 for forced insurance even though I had paid the 230 premium to state farm. They would not accept faxes for me or State Farm that the insurance was paid.

Their Credit card area charged me a late fee when I had a $400 credit balance. I have no problem if Chase crashes and burns.

Bingo. It's a depository institution, that has money from people of all walks of life, and it's gambling with that money in the derivatives market (and with a taxpayer backstop). We care a lot less if an investment bank goes down than JP Morgan Chase.

(05-16-2012 01:26 PM)Max Power Wrote:  

(05-16-2012 10:27 AM)dcCid Wrote:  

(05-16-2012 01:21 AM)rice09 Wrote:  

(05-15-2012 11:28 PM)smn1256 Wrote:  

(05-15-2012 11:24 PM)rice09 Wrote:  People seem to be talking about JP Morgan's losses a lot, but I am confused by the apparent anger. Given how popular Wall Street profits are these days, I would have thought that people would have given a Nelson Muntz 'Ha Ha!' and moved on with their lives, maybe sold some JPM from their retirement accounts. Why care whether they made $7 billion or a mere $5 billion? While I don't wish them ill, I'm really not offended if they bungle with their own money.

Correction, less than 1% of their own money.

Sorry, I should have made it clear: whether they make $7 billion or a mere $5 billion for the quarter. Obviously they have a lot more money than just the $7 billion.

The primary issue is that they are now fdic insured, so the taxpayers are on the hook if they fail.

My personal issue is with Chase which s one of the most arrogant fu*ked up companies in America.

My mortgage was transferred to them and they charged me $1,700 for forced insurance even though I had paid the 230 premium to state farm. They would not accept faxes for me or State Farm that the insurance was paid.

Their Credit card area charged me a late fee when I had a $400 credit balance. I have no problem if Chase crashes and burns.

Bingo. It's a depository institution, that has money from people of all walks of life, and it's gambling with that money in the derivatives market (and with a taxpayer backstop). We care a lot less if an investment bank goes down than JP Morgan Chase.

I see. Thank you for the explanation.