Muck Out the JP Morgan Pigpen

Sometimes fate can be kind. When it is, one has to know how to seize the moment. Isn’t it just great how Jamie Dimon, the biggest mouth on Wall Street and CEO of powerful JP Morgan Chase bank, keeps on digging himself in deeper with his own lies? Dimon was cheerleader-in-chief for more relaxed regulation of speculative investment ventures. He couldn’t see why banks should not be allowed to make risky investments when the chance of big returns beckoned — provided all went well. He pointed to his excellent risk management record and to his super-smart financial advisers.

And now this! JP Morgan frittered it away, has no idea how it’s going to solve its problems without destabilizing the entire financial industry and even admits indirectly that it doesn’t really understand a great deal about these red-hot financial products.

Has there ever been a more appropriate time to close the casino down? If not, then it’s time to call on President Obama for help! It’s high time to allow only those practices that have been tested and given the seal of approval as approved by Paul Volcker in 2008, transparent enough so that everything they contain is clearly visible. It’s high time to get rid of those opaque markets and permit only those inter-bank practices that adhere to well-regulated market platforms.

It’s not as if we have to get rid of the exchanges in order to muck out the pigsty. President Obama: Even your possible objection that it’s election time and the banks are the biggest spenders is immaterial. The people are totally fed up with enduring a financial crisis for five years and enduring the lies of overpaid bankers and their equally overpaid lobbyists. They should not be asked to endure paying more to clean up this latest mess.

The greatest lie circulating nowadays is the one that says financial markets are efficient, possess superhuman knowledge and therefore would be damaged by increased regulation. The truth is the exact opposite: The more markets are regulated, they better they work and the more they benefit society instead of just a few privileged people.