Friday, May 25, 2012

King Dimon and Congress

I just saw a headline which said "Dimon agrees to appear before Congress." The sub head says "he hasn't agreed to a date."
Well that's just fine. We learned long ago that Congress was owned by the big banks, so it isn't surprising he gets to pick and choose when he might drop by.
J.P. Morgan Chase, Dimon's bank, recently botched some really big bets (they prefer to call it hedging) which went bad. J.P. Morgan Chase, of course, doesn't really care very much since we, the taxpayers of the United States, will always come in to make them whole.
It's pretty clear that we didn't learn anything from 2008 and the financial crisis. The Republicans have been trying to fight off any new regulation of the banks. Dimon, however, really failed to oversee the bank's trading strategies and has made it more difficult for the GOP to hide the fact they're for the rich people.
The Democratic senator from New York, Chuck Schumer, wouldn't do anything to upset the banks under any conditions.
The common people in America may still not understand that they mean nothing to the congressmen, senators, and bankers who run America. Maybe we'll never get it.

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