Wall Street Welfare Queen

Discussion in 'Economy' started by georgephillip, Jul 2, 2011.

  1. georgephillip
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    georgephillip Gold Member Supporting Member

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    "In a well-covered exchange, Jamie Dimon, JPMorgan Chase's chief executive, challenged Ben S. Bernanke, the Federal Reserve chairman, about the costs and benefits of the Dodd-Frank rules.

    "More attention has been paid to the banker's audacity, but the response of the world's most powerful banking regulator was more troubling.

    "Mr. Bernanke scraped and bowed in apology without mentioning the staggering costs of the crisis the banks led us into...

    "The federal government, in ways explicit and implicit, profoundly subsidizes and shelters the banking industry.

    "True since the 1930s, it is much more so today.

    "And that makes Mr. Dimon no capitalist colossus astride the Isle of Manhattan, but one of the great welfare queens in America.

    We've yet to see a single banker charged with, much less convicted of, control fraud in the wake of the biggest transfer of private debt into public debt in history. The bankers' bailout has never ended, and parasites like Jamie Dimon never connect the dots between his 10-figure paycheck and US taxpayers' charity.

    In U.S. Monetary Policy, a Boon to Banks - ProPublica
     

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