RE: How JPMorgan Lost $17.5 Billion (Full Version)

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erieangel -> RE: How JPMorgan Lost $17.5 Billion (5/13/2012 4:47:27 AM)

It makes me sick that Dimon is still claiming further deregulation will work.




Politesub53 -> RE: How JPMorgan Lost $17.5 Billion (5/13/2012 9:59:54 AM)


quote:

ORIGINAL: erieangel

It makes me sick that Dimon is still claiming further deregulation will work.





He has to say that after his firm lost so much money, he may be trying to save face but he is looking stupid.



SternSkipper -> RE: How JPMorgan Lost $17.5 Billion (5/13/2012 10:04:16 AM)

quote:

quote:

ORIGINAL: erieangel

It makes me sick that Dimon is still claiming further deregulation will work.



He has to say that after his firm lost so much money, he may be trying to save face but he is looking stupid.



Or perhaps they've just got their eyes on a new game. And it's illicit enough to require a completely regulation free casino.

I can't say it enough times REINSTATE Glass-Steagall!



DesideriScuri -> RE: How JPMorgan Lost $17.5 Billion (5/13/2012 2:27:57 PM)

I have a better idea. How 'bout we let companies that make bad choices suffer the consequences? Nah. That's not a good idea.



Politesub53 -> RE: How JPMorgan Lost $17.5 Billion (5/13/2012 4:25:50 PM)


quote:

ORIGINAL: DesideriScuri

I have a better idea. How 'bout we let companies that make bad choices suffer the consequences? Nah. That's not a good idea.


I cant believe how many Republicans dont get what would have happened in the US without a bank bail out.

The idea that there wouldnt have been a massive crash, even compared to what took place, is ludicrous.



outhere69 -> RE: How JPMorgan Lost $17.5 Billion (5/13/2012 4:27:58 PM)


quote:

ORIGINAL: FullCircle

Healthy competition in the banking sector is the best way to get better interest rates.

What healthy competition? Remember all the consolidation that took place in the '90s? Worked just like airlines & phone companies.

Glass-Stegall should never have been dropped. Now we have a great example of why, in the current economy.

Oh yeah - regarding profits spent locally. Vacation homes throughout the country? Yachts built overseas (see Larry Ellison for example)? Luxury cars from overseas manufacturers? Real local.



LightShaper -> RE: How JPMorgan Lost $17.5 Billion (5/13/2012 4:29:16 PM)

I can't believe how many leftists don't get that the bad must fail. I don't get how many leftists cannot add numbers and use simple reasoning to figure out we are heading toward Greece. I cannot figure out how may leftists can't understand that we have more people on the take than are producing. What I can believe is November will be glorious when we get the vermin out of the White House. YAY for America! Hope and change... Good grief. How stupid can you be?



Politesub53 -> RE: How JPMorgan Lost $17.5 Billion (5/13/2012 4:30:55 PM)


quote:

ORIGINAL: LightShaper

I can't believe how many leftists don't get that the bad must fail. I don't get how many leftists cannot add numbers and use simple reasoning to figure out we are heading toward Greece. I cannot figure out how may leftists can't understand that we have more people on the take than are producing. What I can believe is November will be glorious when we get the vermin out of the White House. YAY for America! Hope and change... Good grief. How stupid can you be?


Another day another sock puppet.



Hillwilliam -> RE: How JPMorgan Lost $17.5 Billion (5/13/2012 4:33:44 PM)

quote:

ORIGINAL: LightShaper

I can't believe how many leftists don't get that the bad must fail. I don't get how many leftists cannot add numbers and use simple reasoning to figure out we are heading toward Greece. I cannot figure out how may leftists can't understand that we have more people on the take than are producing. What I can believe is November will be glorious when we get the vermin out of the White House. YAY for America! Hope and change... Good grief. How stupid can you be?

Are you saying Dubya was a leftist?

http://pewresearch.org/databank/dailynumber/?NumberID=1057

TARP was passed by Bush.

We got the vermin out of the WH 4 years ago. Unfortunately, it was replaced by someone who wasn't exactly magnificent.



TrekkieLP -> RE: How JPMorgan Lost $17.5 Billion (5/13/2012 4:50:06 PM)

quote:

ORIGINAL: DesideriScuri

I have a better idea. How 'bout we let companies that make bad choices suffer the consequences? Nah. That's not a good idea.


I could live with that.

IF you ALSO have a rule that corporations can't get bigger than a certain size. A size that's considerably smaller than we see today.

Maybe a ceiling of, say, $100M a year in gross revenues? $1B?

I confess, I'm not really sure how that might work. Are Detroit's "Big Three" too big?

Could Boeing survive if it were smaller?

How big is "too big to fail"?

Maybe, if there's some reason why a company has to be bigger, then there should be some counter. A "too big to fail tax". Additional government oversight.



Musicmystery -> RE: How JPMorgan Lost $17.5 Billion (5/13/2012 4:52:28 PM)

quote:

I don't get how many leftists cannot add numbers and use simple reasoning to figure out we are heading toward Greece.


Well, besides being a sock puppet coward, your math isn't any better than your understanding of finance.

U.S. assets total $188 trillion. We have a $15 trillion national debt. That's high, just under 8%, but hardly a crisis--your personal debt load is probably much higher, for example. We're also 1/5 of the global economy.

Greece owes $347 billion, almost 140% of GDP. With only $76 billion in financial assets, they're not in a good way. That would be comparable to the U.S. owing $858 trillion--57 times as much as we owe now.

We aren't Greece. Nowhere remotely close.




kalikshama -> RE: How JPMorgan Lost $17.5 Billion (5/13/2012 5:10:25 PM)

MM - Thanks for doing the math.



kalikshama -> RE: How JPMorgan Lost $17.5 Billion (5/13/2012 5:17:13 PM)

quote:

ORIGINAL: SternSkipper

Shame on you... especially using that Liberal rag forbes ... Oh wait!!!! Did I say F-O-R-B-E-S??? As in Steve Forbes... Fuck ... never mind.


Ya, I like to quote from Forbes :)

I was following a story today that was covered internationally. I had some inside knowledge and I found the places with the most complete coverage were the New York Times and the Daily Mail, which I've been told is not reputable. The Mail did have the most pictures and led with the sensational angle, which the Times toned down and buried near the end.



Politesub53 -> RE: How JPMorgan Lost $17.5 Billion (5/14/2012 3:38:54 AM)

The Daily Mail does have a reputation for being sensationalist, but it mostly gets its facts right.



DesideriScuri -> RE: How JPMorgan Lost $17.5 Billion (5/14/2012 6:21:56 AM)

quote:

ORIGINAL: Politesub53
quote:

ORIGINAL: DesideriScuri
I have a better idea. How 'bout we let companies that make bad choices suffer the consequences? Nah. That's not a good idea.

I cant believe how many Republicans dont get what would have happened in the US without a bank bail out.
The idea that there wouldnt have been a massive crash, even compared to what took place, is ludicrous.


When did I say there wouldn't have been a massive crash? The "soft landing" nonsense is destroying more lives as people don't have the means to simply ride this out. At least with a crash, there would have been a reset and we'd have been able to start digging ourselves out. I'm not even sure if we've hit bottom yet.

The mal-investments that created all the crap aren't gone. They're still in there festering. With a precipitous crash, all those investments would have been ejected from the system and we'd be on more solid ground, even if it wasn't as far along as we used to be. Government meddling - started by Bush - is what is causing this to be extended. Same stupid shit that happened during the Great Depression.



DesideriScuri -> RE: How JPMorgan Lost $17.5 Billion (5/14/2012 6:29:33 AM)

quote:

ORIGINAL: TrekkieLP
quote:

ORIGINAL: DesideriScuri
I have a better idea. How 'bout we let companies that make bad choices suffer the consequences? Nah. That's not a good idea.

I could live with that.
IF you ALSO have a rule that corporations can't get bigger than a certain size. A size that's considerably smaller than we see today.
Maybe a ceiling of, say, $100M a year in gross revenues? $1B?
I confess, I'm not really sure how that might work. Are Detroit's "Big Three" too big?
Could Boeing survive if it were smaller?
How big is "too big to fail"?
Maybe, if there's some reason why a company has to be bigger, then there should be some counter. A "too big to fail tax". Additional government oversight.


Of course you would want a cap on what's too big. You might want to not lump Ford in with Chrysler and GM, though. Ford didn't take a bailout. At one point in time, I thought Ford was going to fold, but they did the necessary work and took their lumps. Just as they were starting to regain solid financial ground, the recession hit. That they had gone through all the shit they went through prior allowed them to not require a bailout. Had GM and Chrysler taken the same tack Ford took, they may not have needed bailing out either.

The worst thing that happened with the bailouts and TARP (yes, started by Bush)? The "too big to fail" banks got bigger; using taxpayer money as a slush fund, no less. Don't forget that the failure to stop the financial shit hole wasn't because we didn't have the regulations in place. The Congressional Report points that out. The regulators were asleep at the switch. No, that's not right. They were using taxpayer money, on taxpayer time, to look up porn, instead of doing the jobs they were hired to do. And, add in that The Fed, which is tasked, in part, to stop this sort of shit, didn't have a clue. I would even go so far as to say they were complicit, going at least as far back as Bush 43.



SternSkipper -> RE: How JPMorgan Lost $17.5 Billion (5/14/2012 12:43:41 PM)

quote:

I have a better idea. How 'bout we let companies that make bad choices suffer the consequences? Nah. That's not a good idea.


The will still gamble... or didn't last friday register????
There is no implicit promise of a bail-out .... in fact, the government is letting. You are dealing in a philosophy here when in fact philosopies, EVEN when successful, take years to yield anything. Holders of JPMChace shares don't reflect your theory. They want the possibility of shit like this to be a thing of the past. Ask one you'll be surprised how unconcerned for deregulation they really are.
They're up to $20+ billion in cumulative lost vale today AND it turns out that it's likely there are losses in other big pockets and nobody's got the gonads to admit it. Today alone JPMChase has lost 1.8% of it's value.
Nah, I prefer to have the law on my side. The whole time that Glass-Steagall was in affect, NOTHING even CLOSE to this ever happened.
I mean, what's the justification for leaving these assholes ... THE ONES WHO REALLY CAUSED the large scale failures out here unabridged in their capacity? 'It's good for the economy'????? You MUST be kidding me.
Every time I hear somebody talk about 'just letting shit happen' in the major financial markets, it's merely a rewording of 'deregulate' (with an implied "Oh, well we'll just let em go down") ... which was the noise being made rolling up to the mortgage crisis. But when it loomed NOBODY who had as much as a 401k got in the way of the bail-outs (under Dubyah).
But then, when they realized the actual scope, Obama's continued need to support a rolling ball that would have completely de-railed the world economy, never mind just ours, it was a "look what he's doing to us". Again, give me a break saying leave the way they are and let em fail is the same song and dance as the failed practice of de-regulation. EVEN THE CAST IS THE SAME. Nah... we tried it, it didn't work, nobody had the guts to pull the trigger, .... NEXT.


[image]local://upfiles/18637/41BEE368DE7F4537B6149E481C03BAF3.jpg[/image]



Musicmystery -> RE: How JPMorgan Lost $17.5 Billion (5/14/2012 1:04:02 PM)

quote:

The "soft landing" nonsense is destroying more lives as people don't have the means to simply ride this out. At least with a crash, there would have been a reset and we'd have been able to start digging ourselves out.


However, your "reset" would have taken years. How exactly were people going to "have the means to simply ride this out" then?



Politesub53 -> RE: How JPMorgan Lost $17.5 Billion (5/14/2012 4:51:35 PM)


quote:

ORIGINAL: Musicmystery

quote:

The "soft landing" nonsense is destroying more lives as people don't have the means to simply ride this out. At least with a crash, there would have been a reset and we'd have been able to start digging ourselves out.


However, your "reset" would have taken years. How exactly were people going to "have the means to simply ride this out" then?


Im guessing he would have taken out a bank loan to tied him over.........Some irony right there huh !

[8D]



Yachtie -> RE: How JPMorgan Lost $17.5 Billion (5/14/2012 5:37:17 PM)

fr-

“JPMorgan is one of the best managed banks there is. Jamie Dimon, the head of it, is one of the smartest bankers we got and they still lost $2 billion and counting,” the president said. “We don’t know all the details. It’s going to be investigated, but this is why we passed Wall Street reform.”


http://abcnews.go.com/blogs/politics/2012/05/obama-jpmorgan-is-one-of-the-best-managed-banks/



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