I’d Bet a Dimon It

Oh Jamie, Jamie, Jamie. Me thinks thou dost protest too much.

JP Morgan Chase CEO Jamie Dimon was actually able to say with a straight face that the reason the economy has stalled is too much banking regulation. Somebody pass the man a fire extinguisher; his pants are surely ablaze. Fed officials “dispute” it. Heck, when Jim Cramer says you’ve gone too far, that’s a big hint.

We already — still — have a problem where banks think the rules don’t apply to them. That’s even more true at the “too big to fail” institutions. The Feds can’t make banks follow the law. The states don’t even have authority to make them follow the law. And yet Jamie thinks he has too many regulations?

Just ignore those pesky regulations, Jamie. Keep ignoring the law. And especially, ignore those angry consumers who are tired of getting screwed.

 

In closing: on health care; Jesus wouldn’t approve of Ayn Rand; national debt; local news; spam; band-aids on a bullet wound; I hope it never happens to his wife; the elements; food prices going up; wage “growth“; Hooverites; fossil sea turtle; and the continuing saga of Whitney Elementary.

Stop Lying about the Economy


Judge Judy had a little saying which I’m sure wasn’t original: “Don’t pee on my leg and tell me it’s raining.” Well, by my way of thinking, The Experts who compile and release data have been peeing on our heads and telling us what a good thing golden rain is!

When Wal-Mart’s CEO says their shoppers are running out of money, things are bad. Seriously. Wal-Mart, for pity sake.

Unemployment is a serious problem. In fact, there’s one job for every 4 unemployed job seekers. That means that even if by some miracle we were able to fill every job vacancy with someone currently unemployed, we still couldn’t get unemployment down below 7%. And more people file for unemployment every week. Nevertheless, instead of doing anything that might create desperately needed jobs, Congress is hell-bent on slashing the deficit created by the Bush tax cuts. Never mind that creating jobs would be creating employees who earn an income and pay income tax.

Over a quarter of renters are paying more than half their income on housing — a number that should alarm anyone with a passing familiarity with the rental industry. This is despite the fact that “multi-generational housing” — double-speak for “I had to move in with the kids/parents” — is “hot.”

So now GDP growth has “slowed.” I still contend that if inflation were calculated fairly, we wouldn’t have had much in the way of “growth” in a decade. How can we have “growth” when so many people are jobless, underemployed, not even looking for work anymore, losing their homes, losing their savings, losing their retirement plans, not even having enough money to shop at Wal-Mart anymore? I bet it has a lot to do with companies like Exxon, Pepsi, and Microsoft having great earnings. These are large, multi-national businesses that earn money — and have workers — in many countries. Offshoring jobs is only part of the story. Remember, earnings season is just starting, so expect a lot more of these happy-Wall-Street stories.

I would be remiss if I didn’t mention the trade deficit. Granted, that’s already figured into GDP, so you can’t blame it for manipulating GDP, only causing a decline. That $45 thousand million dollars represents money that used to be in America, that is now in other nations, raising their standard of living. In one month! And do not forget that this number is as high as it is because here in America, we no longer make many things more durable than a latte.

So sure, the economy is great if you are a large corporation, or wealthy. To the rest of us, that golden rain is just someone else’s pee.

In closing: taking personal responsibility to it’s illogical extreme; better apply for that passport now; amen, CSM; on nutrition; Ezra comes >< this close to blaming the media for the Birthers; how come if ObamaCare is so bad, Republicans want to dismantle Medicare in favor of something just like it?; being poor is hazardous to your lifespan; you never know when you might spot something new; let me save you some time; more on student loans; and yeah, that will help.

Canibal Shorties

Pesky Government Regulations: Saved lives.

A question of scale: Nope, not toys. It does make you wonder how big a quake caused this.

Tell me why we do this every Spring and Fall again: Not even cows like Daylight Savings Time.

They say they want to save money, then they prevent us from doing it: comparative effectiveness review and Medicare.

Doin It Live!: Public database for safety complaints.

Seriously?: Apparently I live in a dangerous Spring Break destination. Sorry, I’m not feeling it. Oh, I should probably say something about the Sahara closing down in a couple of months, but I’ll let Steve do it.

I love seeing a genuine economist say this: “Ayn Rand Is Full of Crap.” He has to point out that she wrote fiction.

That’s a real diet buster: It’s easier than you might think to eat a 2000 calorie meal at In-N-Out.

We’re off to a great start: 31 Most Ridiculous Quotes of 2011 So Far.

A New Political Party?: The People‘s Party.

Granny’s gonna live longer anyway: on the demographics of the employed and unemployed.

So Be It?: We may have added 222,000 private sector jobs last month, but massive government budget cutting may delete 710,000 old jobs. Can we afford that kind of budget cutting?

Wasn’t Universal Failure the Goal?: 82% of public schools may eventually be “failing,” even ones that by every other measure perform well. That’s what happens when “better” is your only goal.

A Nobel Winning Economist Isn’t Good Enough: for the Federal Reserve.

Flashbang: Potentially deadly against cops, deadly against suspects, deadly against the innocent.

She’s baaaaaack!: Sharron Angle.

Confused: If terraists can allegedly turn the oxygen masks in a plane into a weapon, why can’t terraists do it from their seats?

Only in Vegas: Ladies and gentlemen, the Chip Monk.