Saturday, May 12, 2012
No bank fails this week but...
(Hey think I'll request this flick for the Saturday night B movie horror channel. Always was a sucker for old 50s scifi.)
One of the largest blunders in banking history when JP Morgan Chase placed its' bets and lost. And it's reported that they will lose yet again in the coming months. Three billion dollars is nothing to sneeze at. Hey Jamie you think maybe now is the time for some rules to be set down before you swamp the boat once again? Remember there'll be no bail outs this time around. You're on your own. Sorry but you can't have the last crust of bread from my plate just so you can gamble it away. The guy (to use an Ornery Bastard term) needs a good "bitch slap".
Derivatives should either be outlawed or at the very least have a requirement whereby the purchaser should own the asset that they are trying to cover. When someone tells you an investment is fool proof they come up with better fools.
Someone gave me a newspaper today. What's this words written on paper thing? Only see that when you get a bill in the mail. At any rate the back section was five pages of foreclosures. Five full pages! The economic storm isn't over by a long shot and there's your proof. The employment section was 1/4 page maybe two dozen jobs that nobody has the skills for. There was of course three positions to sell newspapers. Oh there's a job with a future. Then there's nursing assistant. Geez out of work much longer and I'll need one myself.
Now here's a thought. Rather than send our fine young men and women off to some far off land only to come back with a life long injury or worse in a box, we should just send our bankers. They'd have total destruction of a country's financial system in six months or less. And not a drop of blood spilled until after the poor suckers wised up to the plan. And come to think of it they wouldn't even need to set foot in the country. Everything could be done electronically. And you thought drones were deadly.