Wall Street bankers, with help from key Republicans in the House and Senate, have begun a major campaign across the country to kill the regulations currently being developed to enforce Dodd-Frank Wall Street Reform.
Jamie Dimon sees "restrictions on debit card fees" as the final "nail in the coffin for big American banks." Which sounds worrying until you realize that this "nail" doesn't become dangerous until you actually have the wood for a coffin.
Think of the debit fee as an invisible, federal sales tax on everything you buy with a card -- except that you never got to vote on it and may not have even known it existed before it came up in the debate over bank reform.
This week we saw state troopers in Madison tearing peaceful protestors out of their own capitol after the state's Senate voted to deprive them of their Constitutional rights. Welcome to the United States 2.0.
Things like luxury hotels, helping Bernie Madoff cheat investors, cheating soldiers or accidentally throwing them out of their homes are probably contrary to what J.P. Morgan set out to do. Just ask Mr. Dimon.
The Chamber of Commerce doesn't represent "business." It represents a small number of massively influential businesses, most of whom are suffocating the startup and mid-sized companies that are the real engines of growth.
While the Wall Street economy is booming, the real economy is in a dead stall. Only 36,000 jobs were created in January 2011. A roundup of recent headlines shines a light on how big banks like JPMorgan Chase make their big bucks.