In their current form, derivatives are basically government insurance for banks where taxpayers pay the claims. And politicians like Gregg and Nelson are fighting to keep the crooked $600 trillion derivatives market unreformed.
Wall Street is our secular religion. As with more traditional beliefs, faith trumps reason. That explains our willful blindness to the obvious scam, the fantastic story told to us by billionaire bankers.
Obama should threaten a veto if financial reform is impotent. Certainly the nation would feel that they regained a government responsive to them, and even if no bill is passed at this time, at least they have not been held as fools.
Now that the Dow is shooting past 11,000, Congress has the perfect excuse to pass a pathetic set of watered down financial reforms. Arguments between Democrats and Republicans are for political show. The bankers already have won.
The students at Syracuse University are absolutely right: Dimon's a poor role model. We should be proud that they don't want life guidance from someone who has made a career of plundering the economy in the pursuit of non-productive wealth.
Why exactly is Goldman permitted to be classified as a 'bank holding company,' enjoying all the benefits and access to government programs that such categorization entails without upholding its societal responsibility?