Jamie Dimon, CEO of JP Morgan threw a hissy fit at a U.S. Chamber of Commerce event today, complaining about the cost of financial reform. New regulations of derivatives markets 'would damage America'. SAY WHAT!! Haven't you done enough damage already.
"Corporate America is in very good shape. It's well-financed, it's well-funded," he said. "The consumer is spending ... housing is better than it was." Dodd-Frenk, the financial reform bill would create a "huge cost' and make things "even more complicated."
Everything is just great again in Jamie Dimon's world. Maybe housing in the $10 million plus market is doing just fine. New housing starts hit an all time low last month. Housing prices have dropped for seven consecutive months and the only reason foreclosure rates are down is because banks are being more careful about the paperwork.
And as for making things "even more complicated", isn't that what got us into this whole mess in the first place? All those credit default swaps were so sophisticated and complicated that they couldn't possibly fail.
What about the $4 trillion loss in homeowner equity, or the 30% losses in public worker pension funds aided and abetted by the politicians who loosened funding rules to let Wall Street get their grubby fingers on them?
The economy might be doing fine in corporate America that checked in with record profits for the last quarter but down on Main Street life isn't getting any easier.
In Dimon's world things are going great but he's pissed that he and his ilk might not be able to go back to the casino with the same reckless abandon because Wall Street may have someone looking over their shoulders, making sure he plays by rules not of his choosing. He's pissed that he may not be able to borrow taxpayer guaranteed funds from the Fed at less than 1% interest and use them to roll the dice again.
In his world, the 'Great Recession' never really happened and if it does happen again he's 'too big to fail' so he and his company will be okay. It's that very mindset that everything is just peachy again will guarantee it does happen again without adequate safeguards. He's no better than a newly sober drug addict after another relapse who thinks he can stay sober without any help.
Show a little humility, Mr. Dimon and Main Street America may not look at you with such a jaundiced eye.