JP Morgan Chase CEO Jamie Dimon

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It’s time for JP Morgan Chase CEO Jamie Dimon to face the American people. On Thursday – the Senate Banking Committee called on Dimon to testify about his bank’s recent $3 billion gambling loss. Bloomberg news is reporting that Dimon will accept the invitation. Let’s hope the Senate doesn’t make a charade of this hearing – and actually puts Dimon on the spot after he’s proven that Wall Street clearly isn’t capable of policing itself.

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Thom Hartmann A...
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In March 2010 Andrew Haldane, Executive Director for Financial Stability at the Bank of England, estimated that the financial crisis that began in 2008 will ultimately cost the world economy between $60 trillion and $200 trillion in lost production

What made J.P. Morgan’s loss news is the recognition that the financial crisis hasn’t been resolved. And again, this crisis isn’t from without. It is endemic to the system we are being told we must save. As Mr. Haldane has it, even if the crisis had been resolved, we would still collectively be out more than $60 trillion anyway. And the only way toward those trillions is through increasing environmental catastrophe. By appearances, the current order is in the process of imploding of its own weight. And while dislocations create fear, they also create openings for other possible futures.

Ultimately the particulars of J.P. Morgan’s losses are so much noise. What they point to is an economic system designed to self-destruct. Add increasing environmental degradation in the face of global warming to structural financial fragility and what capitalism appears to have created is a full-blown suicide machine

The challenge for reformers and re-regulators is that the system is the problem. Companies pollute because they individually prosper while we collectively pay the costs. Banks take risks that are internally rational while they are systemically catastrophic. Environmental and financial crises cannot be solved with capitalism intact. In fact, when global warming and bank crises are considered, there is little evidence that capitalism ever produced any profits net of externalized costs. And the consolidation of wealth that capitalism produces undermines all attempts at remediation. Capitalism itself is a suicide machine. - Rob Urie

http://www.counterpunch.org/2012/05/18/the-true-costs-of-bank-crises/

Retired Monk - "Ideology is a disease"

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Karolina
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Jamie Demon is a con man and Congress his marks.

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captbebops
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