Matt Taibbi liveblogs Senate Hearing on JPM

[thriftyandboringinohio]

at this link

http://www.rollingstone.com/politics...isode-20130315

Much classic Taibbi commentary , if you like him you'll love this.

[GRG55]

Re: Matt Taibbi liveblogs Senate Hearing on JPM

Some choice words on the topic from Ritholtz:

By Barry Ritholtz - March 15th, 2013, 7:30AM

Is there a single doubt left in your mind?

Are you still a believer in Rufus T. Firefly Jamie Dimon as the world’s smartest banker?

Is there a scintilla of wonder left in your mind that the giant banks are legitimate?

Have you come around to understanding — finally — what some of us have long understood about banks?

Are you willing to accept the truth about these corporate behemoths — that they are a horrific combination of economically dangerous, criminally inept, led by pathologically lying CEOs?

Do you harbor any doubts that the giant banks are anything less than ruthlessly efficient criminal enterprises?

Can you — finally — admit that our bank-created financial crisis of 2008-09 has led us to where we are today?

Do you understand the only options presented as a result of that — either corporate bankruptcy and nationalization or a completely artificial Fed driven recovery? (The third option was a Japan-like multi decade recession). Do you realize that the feeble recovery, the slow, deleveraging-driven process of gradual economic healing was the result of how our policy makers chose?

Do you recognize that the world of banking is divided into two camps?

On one side, there are those who understand that the giant banks must be broken up. They are dismayed at the large banks under-capitalization, over-leverage and opacity. These folks have figured out that these banks are not only too big to fail, but are so large that they are too big to succeed, and that the best route is to let insolvent banks fail. They are unhappy that our finance sector is a trillion dollar black box. They know that the majority of giant banks’ profits come from bailouts, and subsidies. This group is dismayed at the corruption of our political system by financiers. They understands huge banks are anti-competitive, a blaspheme against capitalism. They are shocked about corruption of even the most fundamental measures of interest rates such as LIBOR. They are stunned that bankers have overturned a bedrock, fundamental principle of our society — the rule of law rule — with the threat of disrupting the world’s economy if prosecuted for their crimes.

On the other side lay the bank apologists, corrupted politicians, and crony capitalists. They advocate the Big Lie of the financial crisis. They choose to ignore the facts and data that disprove their narrative. They continue to push the lies that the bailouts were a good investment. (They weren’t). They work against the Bipartisan consensus that the giant banks should be broken up. They ignore the many former bank CEOs who call for the break up of “Too Big to Fail” banks. They mandated that GSEs were banned from Lobbying, but they made sure that the big banks retained their influence peddling and hold on Washington DC.

They no longer represent the voters of their districts, but instead are the elected representatives of Bankistan.

And unless we do something — and soon — they will vanquish America.

[don]

Re: Matt Taibbi liveblogs Senate Hearing on JPM

+1

[lektrode]

Re: Matt Taibbi liveblogs Senate Hearing on JPM

Some choice words on the topic from Ritholtz:

By - March 15th, 2013, 7:30AM
............
On the other side lay the bank apologists, corrupted politicians, and crony capitalists. They advocate the Big Lie of the financial crisis. They choose to ignore the facts and data that disprove their narrative. They continue to push the lies that the bailouts were a good investment. (They weren’t). They work against the Bipartisan consensus that the giant banks should be broken up. They ignore the many former bank CEOs who call for the break up of “Too Big to Fail” banks. They mandated that GSEs were banned from Lobbying, but they made sure that the big banks retained their influence peddling and hold on Washington DC.

They no longer represent the voters of their districts, but instead are the elected representatives of Bankistan.

And unless we do something — and soon — they will vanquish America.

OK barry - NAME SOME NAMES
personally, i'm getting more than disgusted by the propensity of some in the fin.media (not necessarily ritholtz) to only call out those who oppose their flavor of politix

and i dont care what side of the aisle they're on - far as i'm concerned NONE OF THEM represent We, The People anymore and the very fact that WE, or i should say, THEY DONT HAVE TERM LIMITS is the very reason for this - the only thing that truly motivates them is securing their own re-elections. (and they do this by pandering to ever-thinner slices of the electorate based upon whatevah that group's single issue of the moment is and what has developed - since the 1960's in particular - is TYRANNY OF THE MINORITIES, such as the banking interests, the public sector unions, the welfare-industrial complex, the .edu-industrial complex - and dont fergit the biggest 'special interest' group of them all - the 'social-issues' industrial complex - which have become even more powerful than the .mil-industrial complex)

the absolute proof of this is the FAILURE FOR THE PAST 5or6 YEARS TO EVEN PASS A BUDGET!!!!