Jim Hightower is one of my favorite people. His ability to skewer the rich and the powerful with wit and homespun humor is one of the things that makes it so and he’s never disappointed me yet. But every now and then Jim and I disagree… never in substance but once in a great while we’ll disagree in the details. Like when he attributes large portions of the mess we’re in to the stupidity of the big banks and their squirming little congressional lap dogs. While I don’t pretend to be anywhere near Mr. Hightower’s level as far as any talent for punditry goes, I would like to offer for your consideration and his, my own little opinion of the “stupidity” of the big banks… namely that stupidly at those levels does not exist.
There is nothing stupid about making “mistakes” that net you billions of stolen bucks and then… when you finally get caught packing your pockets at the public’s expense… turning right around and getting MORE billions from that very same public in the form of bailouts approved and granted by the very same people charged withy seeing that your scams never happened in the first place. Any entity… I don’t care who or what,,, that can rob you flipping blind and then have the sheriff rob you yet again on their behalf is a lot of things, most of them about as low and vile as you can get. But the one thing they aren’t is stupid. Stupid don’t get you another billion for every one you can steal. Jamie Dimon does not MAKE mistakes… Jamie Dimon makes money for himself. LOTS of money. Stupid people don’t make the kind of money Jamie Dimon makes. Stupid people keep right on SUPPLYING the money Jamie Dimon makes.
But that’s the only point of disagreement I have with Mr. Hightower in regard to the DUplicity of Mr. Dimon and his company and the COMplicity of of the egg suckers who were supposed to be guarding the hen house, not helping to carry off the eggs. As Jim says at his place this morning:
Not to worry, says one of Wall Street’s biggest bankers, for we know what we’re doing. No need for fussy regulators to get in our way.
What they’ve been doing is turning their bank’s investment division into a betting parlour, shoving billions of borrowed dollars into high-tech, speculative trades based on fantasy projections. It worked… at first. But then the bets went bad. And the investment division’s staggering losses now endanger the whole bank. Which, of course, is deemed “too big to fail,” so we taxpayers are on the hook.
If this sounds like the same deja voodoo of the still-reverberating 2007 Wall Street collapse – it is. Only, it’s 2012, and this high priest of high-finance hokum is Jamie Dimon, CEO of JPMorgan Chase, the nation’s biggest financial conglomerate. He and his bank had been hailed as the epitome of Wall Street responsibility after the 2007 crash, because JPMorgan did not fail. Back then. Indeed, with the elegant and erudite Dimon at the helm, this powerhouse was favored with government subsidies and allowed to get even bigger.
So Dimon and his high-tech gamblers were able to shoo-off government regulators and plunge deeper into financial voodoo, resulting in a loss of at least $3 billion. Yet, the ever-charming Dimon, who is Washington’s favorite Wall Streeter, even has a seat on the federal regulatory body overseeing the giant banks. How cozy! He’s also been a leading lobbyist against sensible reforms in Congress to rein-in mega-bank excesses, including the essential need to unhitch us common customers (and taxpayers) from Wall Street’s gambling scams.
At the risk of belaboring a point, again I would contend that there’s is nothing stupid about Mr. Dimon. As Jim says, “Which, of course, is deemed “too big to fail,” so we taxpayers are on the hook.”.
Jamie Dimon… who is STILL getting to play his damned games with OUR money may be a lowdown, vile, eggsucking sonofabitch, but he ain’t stupid, Jim. The ones that keep right on voting for the every bit as reprehensible little cockroaches who enable him to DO this are the stupid ones, and I guess that would be US now, wouldn’t it?