The largest bank in the US, JP Morgan Chase, recently lost $2 billion in six weeks. Is this a harbinger of the looming crisis?

YES! - Systemic Risk abounds. Nothing has been fixed since the crash of '08. The Zombie Banks are due to fail.
98%
NO! - This is just a single botched trade by a rogue London trader. There’s no real systemic risk here.
2%

3 comments

John Defalque
John Defalque's picture
According to the documentary

According to the documentary , "97% Owned", just 2.5% of our money is real.The other 97% is digital, much of it fictitious money based on the fantasy island of Manhattan economy, the ponzi, casino fraud economy.

arky12
arky12's picture
I watched an interview on

I watched an interview on CNBC yesterday that included former Governor of NY Spitzer.  Also included were other bankers, etc. who all seemed to agree that more regulation was needed and/or that banks should be either broken up or investment banking should again be separate from depositor money.  Also indicated that anything within banking that is covered by the FDIC should not be open to this type of investment gambling.  I have been somewhat encourage by Republican leaning news, bankings, etc. who now seem to favor more regulation, not less.  Maybe this is a wake up call that it's been business as usual and there is some concern that we'll experience a repeat of 2008.  I hope this sentiment gets through to the House and they push through tougher regulations.

telliottmbamsc
telliottmbamsc's picture
Who cares.  The 99% is down

Who cares. 

The 99% is down to their last remaining hope for a fair and just American Society coming from a massive involuntary, and unfortunately very disruptive, redistribution of wealth.  With any luck the power structure will also change in favor of the people.

 

Sadly, a “bad event” is probably something we’ll have to go through to get back to a democracy.  Right now we are languishing in velvet fascism that is increasingly outright blatant fascism and we are getting ever closer to falling flat on our faces.

 

It’s like the only medical advice 10’s of million of Americans can afford when their sick:  “barf, you might feel better!”    In this case the barf is the 1%, ALEC, lack of campaign finance, and the political economic structure in general we have fallen into.

 

Please register or login to post a comment.