Grace Potter with Daryl Hall:
Richard got married to a figure skater/ And he bought her a dishwasher/ And a coffee percolator.
This song reminds me of one of my exes, another Big Mistake. Glad they’re all in the past! Joni Mitchell:
Nikki Jean (I really like her “Pennies in A Jar” album):
Oh my God. She’s so fucking stupid, I can’t even get mad at her. She’s nuts:
If you’re wondering why you should care if some idiot trader (who apparently has been making $100 million a year at Chase, a company that has been the recipient of at least $390 billion in emergency Fed loans) loses $2 billion for Jamie Dimon, here’s why: because J.P. Morgan Chase is a federally-insured depository institution that has been and will continue to be the recipient of massive amounts of public assistance. If the bank fails, someone will reach into your pocket to pay for the cleanup. So when they gamble like drunken sailors, it’s everyone’s problem.
Activity like this is exactly what the Volcker rule, which effectively banned risky proprietary trading by federally insured institutions, was designed to prevent. It will be argued that this trade was a technically a hedge, and therefore exempt from the Volcker rule. Not only does that explanation sound fishy to me (as Salmon notes, for Iksil’s trade to be a hedge, this would mean Chase had an equally giant and insane short bet on against corporate debt, which seems unlikely), but it’s sort of immaterial anyway: whether or not this bet technically violated the Volcker rule, it definitely violated the spirit of the law. Hedge or no hedge, we don’t want big, federally-insured, too-big-to-fail banks making giant nuclear-powered derivatives bets.
MoveOn.org lives inside a liberal bubble where no one acknowledges how little leadership and passion the president has shown on most progressive issues, especially the ongoing disaster of unemployment in this country. More here.