Banker of the Day
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon was the only U.S. banking chief who showed up. He made a concession to the mood of this year’s event by accepting some blame for the collapse that has led to more than $1 trillion of writedowns. He deflected the rest at regulators.
“God knows, some really stupid things were done by American banks and by American investment banks,” Dimon said. “To policy makers, I say: ‘Where were they?’”
I know! I know!
The regulators were either:
1. Gone, because the Conservative movement you guys funded and believed in drowned their agency in a bathtub, or
2. Getting ready to walk through the revolving door and make the big bucks with you.
In other case, no regulation got done.
Jamie, Jamie, Jamie. Can't you understand? You're a fully paid of member the ruling class.* That's why you're at Davos! And, as Arthur Silber is fond of remarking, "It's called the ruling class because it rules. Of course, that doesn't mean you're intelligent, or competent, or even capable of surviving when the environment changes. But it does mean that you own the policy, and you own the economy. All the way.
Why don't we make the banks into regulated public utilities, so people can pay for credit the way they pay for the light bill?
NOTE * See David Broder.