Yeah, in the face of cheap money with no lending standards of worth, the public scapegoated the banks, by taking their financing. The top-major banks all lowered their lending standards to allow many unqualified borrowers to get vast amounts of credit extended to them, and it is their fault.
This really just shows the detachment from people in positions of power, from actually reality and this thing called “cause and effect”. You basically give credit away for a signature and it might be prudent to assume people are going to take advantage of it.
Did the public scapegoat the banks when they made billions on billions in bonuses off of all the short-term performance goals that were part of their benefits and bonus package? Do bankers need a pat on the back as well for DOING THEIR JOB, it is like they forgot what banks are actually for and just use them as their own personal casino and then go threaten our government with the Great Depression 2.0 when their bets go bad. This will stop.
Did the public scapegoat you when they extended trillions in secret loans to all the commercial banks and accept your “toxic” paper in exchange for good paper? Is this how we scapegoated you? Lesser attitudes than these have started revolts, they better not start drinking their own Kool-aid or the forecast will be cloudy with a chance of lightning.
Common Dream - Amid calls for stricter regulations of the banking industry, JP Morgan CEO Jamie Dimon came under fire Wednesday after telling corporate and political leaders at the World Economic Forum that banks had been wrongly “scapegoated” as the cause of the global economic crisis, and resisted calls for increased regulation of the financial industry.
I watched this full press conference yesterday on Bloomberg TV along with the questions after Bernanke wrapped up his 15 minute speech. Mr. Dimon was the last question. He wanted to know if there has been any serious analysis on the effects of the new regulations on banks post-crisis. Being he is the head of one of the largest banks on the planet, he has his own reasons for asking this question. It was a totally biased question for a man in his position. I do agree that we don’t want to take draconian measures as a over-reaction to a crisis that was created by greed and lax rules with asleep regulators (not all of them).
Here is a link to the audio of the question: http://www.youtube.com/watch?v=-Gs3X1jQxVY
Bottom-line is that we have had many rules rolled over the last 25+ years that has helped build Wall Street into the machine it is today and to Mr. Dimon, you received assistance from the government like all other major banks so you should not be asking this question unless you have concrete evidence of some harm. It feels like a slap in the face when I heard that questions. It makes one think that maybe we didn’t learn anything and we are closer than we know to the next crisis because like I have said repeatedly, we will reap the precedence we have sown.
Bloomberg - JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon asked Federal Reserve Chairman Ben S. Bernanke whether regulators have gone too far by reining in the U.S. banking system and are slowing economic growth.