JP Morgan's Jamie Dimon is very good at getting what he wants. And now he wants to run a bigger, more interconnected, and more global bank that -- if it were to fail -- would cause great chaos around the world.
Firms don't engage in price competition because they have a "gentlemen's agreement. If one of them starts undercutting the other they will drive down fees, and all of them see less money. The only way to end this is government action.
"Financial Reform" will be a boom for people in the payday loan business. There will be many new customers who need bank-like services. It's almost like Congress implemented a plan of "Reverse Robin Hood."
Our message is simple: Big Banks tanked our economy and took our money when they needed a bailout. Now they're thumbing their noses at our communities but making billions in profits. It's time they pay up.
When was the last time a Las Vegas casino was bailed out by the US taxpayer? That's why Wall Street is so concerned about the the public's hatred of Goldman spilling over to force lawmakers to consider some drastic reforms.
Obama's working from a flawed theory: "There is no dividing line between Main Street and Wall Street. We are all in this together as one nation." Really? The entire story of this crisis is about how we are not in this together.