Words like "too cozy" and "ridiculous" were among the adjectives applied to the testimony of Jamie Dimon before yesterday's Senate Banking Committee Hearing. It is one example of the frustration felt by those who wanted answers to hard questions.
Just recently, Washington announced the creation of a "dream team" of financial regulators, called the Systemic Risk Council. Great idea, but here's a question: Why was the current chairwoman of the SEC, Mary Schapiro, not included?
If the Volcker Rule is implemented as planned, that would have a major negative effect on the bond yields paid by the Muppets and other leading providers of children's entertainment. No one else will ever trade these bonds to any significant degree.
Paul Volcker deserves better. In the hands of Tim Geithner's Treasury, the Rule named for Volcker supposedly limiting speculative mischief by government-guaranteed banks is fast becoming a cumbersome parody of itself.
It's possible that this entire kerfuffle over the Volcker Rule is just hot air. But we won't really know the full costs, before we try it out and drive it awhile.
Now, when there are some very real and very serious anti-American actions being asked for, Dimon is strangely silent. Could it be because the current anti-American requests coincide with his claims against financial reform? Of course it is.
There he goes again. Wall Street is fighting tooth and nail to emasculate the Dodd-Frank Bill, focusing its artillery on the Volcker Rule, namely those sections calling for the elimination of proprietary trading by banking institutions.
Put simply, the Volcker Rule takes deposit-taking, loan-making banks out of the business of high-risk, conflict-ridden trading -- leaving that to the hedge funds, if they choose to do it.
The argument for the Volcker Rule is obvious -- we shouldn't allow risky bets that pay enormous bonuses to bankers if they work, but stick taxpayers with the bill if they fail.
It's time for Wall Street to pay reparations for the financial collapse it caused. It's time for a crash tax, a tiny sales tax on Wall Street transactions, the revenues from which would pay for Main Street restoration.
The Occupy Wall Street demonstrators are being characterized as to the left on the political spectrum. But there is nothing left-wing about wanting what was for many years seen as a very conservative approach to bank size and risk.
Let's face it: There will never be enough regulations and regulators to police all of the gray areas in a system this complicated. The best remedy is drastic simplification.
In an op-ed piece in the New York Times, Paul Volcker issued an eloquent warning against economic policymakers deliberately increasing the inflation rate.
"Men loving men, that is what golf is," proclaims actress Joanne Whalley in a Scottish brogue in Golf in the Kingdom, which premiered in New York City last Friday.