Tenac--

Obama Derangement Syndrome is heartbreaking, I know.

But the good news is that ODS is treatable.

And I'm not voting for him either. As far as I'm concerned, he's just another slimeball politician carrying water for the 1%, such as that big gaggle of banksters who just gambled away $3 billion.

This "fail whale" brought to us by JPMorgan/Chase is probably going to force Obama to do the right thing and implement the Volcker rule.

That's the rule that says if you're a commercial bank, you make money by taking deposits and making loans, and you're not allowed to gamble the depositors' money away.

He'll probably also throw Dimon to the wolves, which should give him a poll bump similar to the one he got by choreographing his gay marriage position.

news.firedoglake.com/2012/05/17/as-fail-...

The operative word here is "force." It's the only way this president and the last one would ever do anything just, such as implement the Volcker rule.

I'll tell you, life under the Obushma administration makes a person cynical.

May 17, 2012 -- 11:59AM, catboxer wrote:

May 15, 2012 -- 11:14PM, aarroottoonn wrote:

Dimon never said he didn't know how they lost the money. That was an opinion of the author of your article. Terrible loss, Dimon himself said it was stupid, but perspective is in order:

And to be fair, the losses (so far) aren't terribly large. Two billion dollars is a lot of money to most businesses. For JPMorgan, it's about five weeks of earnings. The company has $184 billion of shareholder equity. The division responsible for the losses manages $350 billion of assets, so the loss adds up to all of 0.57%

www.fool.com/investing/general/2012/05/1...

OK here's what the man said:

First of all, there was one warning signal. If you look back from today, there were other red flags. That particular red flag...you know, we made a mistake. We got very defensive, and people started justifying everything we did. You know, the benefit in life is to say, 'Maybe you made a mistake, let's dig deep.' And the mistake had been brewing for a while, so it wasn't just any one thing.

The old "mistakes were made" towel-mouthed mumble.

So you're saying the loss (we're up to $3 billion) wasn't significant? Any loss is significant when gamblers take TARP money then go back to the same casino where their reckless habits brought all of us to grief.

People are expected to give up social security and medicare so these guys can gamble?

The way the banksters are going, they seem determined to die in a ditch. If they want to avoid that fate, there's two things they can do: 1) Stop gambling, and 2) pay us back, and keep their paws off our money (i.e., social security and medicare).

5 weeks of earnings is not significant in the whole scheme of things. It certainly is a lot of money.

I have no idea what SS and Medicare have to do with this at all. Are you attempting to say that anyone forwent their checks or healthcare because we had to bail out Chase? If so, well, your wrong.

To your last: 1) less risk taking would be a good thing, I agree, 2) in large part they have, where is your complaint that the govt says we will lose 60 billion on GM/Chrysler (vs 16 billion on the banks) or unstated losses with Fannie/Freddie. 3) they aren't taking that money from you or anyone else, so rest easy.