While mainstream America continues to struggle with the recessionary consequences of a meltdown caused by financial excess, large financial institutions are back to profitability and back to their old ways.
There was a pretty amazing moment Tuesday when a JPMorgan shareholder said to CEO Jamie Dimon: "As a person of faith, my God believes you shouldn't take advantage of people when they are down. Do you believe in the same God I believe in?"
Roger Lowenstein's piece "Wall Street: Not Guilty" is well worth reading, if only as a case study in the moral and logical blindness that's reached epidemic proportions among otherwise reasonable people in influential Washington and Wall Street circles.
Too Big to Fail banks will continue to endanger the economy because they know they'll be rescued again. The Rajaratnam conviction doesn't change the underlying reality: Too Big to Fail is still Too Big to Jail.
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.