Jamie’s Cryin – Episode 3: Wherein Jamie Loses the Debit Swipe Battle & is Forced to Take Bernanke to Task for Raising Capital Requirements from the Floor of a Finance Summit
Update: I want to add that IMO Jamie is the best Bank CEO out there. He is brilliant. He is savvy, he is kewt, he is a capitalist, I dig it. I wanted him for Treasury Secretary and wrote about it in March of ’09. But the TBTF have refused to allow the consumer to deleverage from the crushing weight of their housing debt, and the TBTF helped create this problem.
They are the whiz kids in the room, Mom and Pop Homeowner need a HOLC, and the TBTF blocked it and continue to block it, assuring us a long, slow, slog through a Depression like forced deleveraging as the Fed continues to try to inflate its way out of this massive debt it used to prop the very same TBTF.
All unnecessary pain, if only the TBTF would take some of the responsibility they like to lecture about when they laughingly call principal writedowns moral harazrd after they made the Goddamned loans. (see Meredith Whitney ask Jamie about this on an earnings call in January 2010)
Lost juice Jamie? Have you Lost Hand? Did you think buying the POTUSship for Obama meant a free reign?
Did you think basing all our policies on what is best for a handful of TBTF bankstas was really a good way to GROW the American economy?
Oh woe is me. Cry me a river.
PragmaticCapitalism has it:
(…) his bank was saved from the brink of disaster in 2008. The US government took extraordinary measures to ensure that he did not go down as one of the greatest bank failures of all-time. In fact, the US government did him a huge favor by making his bank the linchpin in the US economy.
Of course, this was done by making Mr. Dimon’s already too big to fail bank too bigger to fail. But none of this is enough. Saving someone’s career and ensuring that their bank is now an instrumental portion of the US economy is not enough. And in a fit of rage Mr. Dimon went and rewarded himself with a monstrous $16MM pay package last year. After all, he deserved it. But this is not enough.
It’s not enough to pay yourself outrageous sums of money when your company should be in a hole in the ground. It’s not enough to have the government by the throat and know that the taxpayers can never let your company fail. It’s not enough to have been a key player in helping the US banking system become the gigantic leach on the world’s largest economy. It’s not enough that you help pull our best and brightest minds out of productive fields and into finance where they will do nothing but think of new ways to help separate the middle class from their savings. It’s not enough that you helped build a banking system that nearly crashed a $15 trillion economy.
No none of this is enough. And when we pass an incredibly weak regulatory bill that does nothing to actually fix what caused the crisis you go and complain that the government is doing too much….
Then today REALLY SUCKED for Jamie when he lost the Debit Card Swipe Fee battle to the retailers despite INSANE LOBBYING and Jon Tester- D-MT, Bob Corker R-TN last minute attempt to stave off the changes for a year.
This is a Fed set cap on swipe fees. Lowering avg fee charged to RETAILERS from .44 a swipe to .12 a swipe. TBTF are babied left and right, the retailers are going out of business left and right let the Fed baby someone else for a change Jamie. I’m sure Obama will give you another bailout any second now anyway.
…The fee cut could cost the card industry and banks billions of dollars, but nobody in the retail business is shedding any tears — it will save them money.
Bank stocks, up earlier in the day, flipped into the red on the news and ended down nearly 1%, making them among the worst performers in the market today….
Shout out to the brave souls who have stayed behind trying to stop the reactors from melting down~
Romney GETS IT on the economy. He GETS IT on American exceptionalism. And he loves America (always a plus in our POTUS, eh?)
Courtesy of Freedom’s Lighthouse, who notes:
More News and Video: http://freedomslighthouse.net
NOTE: This video opens with Ann Romney’s introduction, followed by Mitt Romney’s speech, which begins at the 2:40 mark of the video.
2/11/11 – Here is complete video of Gov. Mitt Romney’s speech at CPAC today in Washington. Romney was introduced by his wife, Ann, who said she would like to see her husband lead America “as President of the United States.”
In his speech, Romney repeatedly hammered President Obama for his failed economic policies, and declared that American jobs will not return through “new rhetoric” from Obama, but only when America has a “new President.” Romney also spoke at length about America being an “exceptional” nation that has been blessed by God, and will continue to be so if we adhere to the founding principles of our nation.
He outlined the ways America has sacrificed so much to bring liberty and hope to the rest of the world, and then said “I will not and never will apologize for the United States of America,” unlike President Obama.
Courtesy of CNBC ~ Airtime: Fri. Feb. 4 2011 – 10:00 AM ET
… David Faber and Gary Kaminsky takes a look at a surprising rise in average hourly wages and other economic topics, with David Stockman, former Reagan OMB director.
The only likeable person on Obama’s econ team calls it quits: Miser Bros. Summers & Geithner push out Christy Romer
Gee, now we will be forced to hear the abysmal jobs numbers spun without the cheerful manner that was part of Romer’s disposition.
Jesse’sCafeAmericain has the round-up on the departure:
Christina Romer is a fine economist, but she frankly does not have the skillset to deal with an accomplished Tidal Basin pond snakes like Larry Summers and his sidekick Tim Geithner.
She is said to have left at her own request. It is nice to see a principled resignation once in a while. Good for her. I hope that is the case. In addition to pushing for more stimulus, I had also heard that Romer was promoting Elizabeth Warren as the head of the new Financial Consumer Protection Agency, a move that is adamantly opposed by Timmy and Larry, the Rubin twins….
I mean Geithner’s profile is pretty easily identifiable..the BEST sign of the early hagiography attempts on Team O was that idiocy proclaiming GEITHNER one of the most beautiful people…
In unrelated news the Comment of the Day found on HotAir:
Excuse me, but is there any way I can get off of “As$clown Express” Airways created by the Grand As$clown himself, BHO?
-yobobbyb on August 5, 2010 at 3:04 PM
This Congress is killing the middle class.
…Whitney also said financial regulation reform and policy-making that is not friendly to the middle class will hurt growth.
“The populist incumbents argue that we’ve got to get money to redistribute wealth,” she said. “This squeezes the middle class further down the food chain. The unintended consequences of this are maddening.”..
Meanwhile back in DC our HUD secretary is either deluded or spinning like a top:
…”There is no question that today’s housing market is in significantly better shape than anyone predicted 18 months ago,” he told reporters, adding, “Seventeen months after President Obama took office our housing market is stabilizing.”
To support the claim, the HUD chief released a scorecard on the housing market that showed after 30 straight months of decline, home prices have leveled off and are expected to begin adjusting upward.
It also showed that since April 2009, 2.8 million homeowners have received restructured mortgages through Obama’s loan modification programs, and more than 2.5 million families used the First-Time Homebuyer Tax Credit to purchase a home. The credit was a part of the first stimulus bill Obama signed into law shortly after taking office….
BWAAAAHAA!!! ROTFLMAO!!!!! HAMP and the Tax Credit worked he says!! BWAAAAHAAFRAKKINHAAAA!~!!! ZOMG! Ahh man they really slay me.
We have a psychological-economic breakthrough in Europe!
Timmeh is coming home empty-handed, again. Euro Zone Finance Ministers took his charge card away. Krugman is beside himself, again.
Update: Politico has a headline piece up on what they call the Gates-Clinton Axis: