Posts Tagged free market economy
JP Morgan Apologizes for Saying What They Think, So You Don’t Think About What They Said
Posted by Lance Haley in Bailouts, Banking, Business and Money, Capitalism, Economics, Financial Crisis, Financial Terrorists, Government, How and Why We Get Screwed, Senate, Show Them the $$$, Wall Street, economy, financial industry on May 5th, 2010
YOU CAN’T UNRING THE BELL . . .
A top executive and economic analyst at mega-bank JP Morgan Chase trashed U.S. senators in a company memo to the bank’s clients - stating that they showed “an unnerving ignorance of fundamental principles of market economics” regarding the Goldman Sachs hearings, and said “it’s time for the grownups to step in” regarding financial reform.
Interesting . . .
These same banks showed an unnerving ignorance of fundamental principles of market economics when coming to the taxpayers for bailouts; which suggests that it’s time for the grownups to step in, and teach them a lesson about what happens when you demonstrate an unnerving ignorance of fundamental principles of market economics – you lose the privilege to have such a powerful influence over OUR economy.
The grownups need to make TBTF (Too Big To Fail) = TSTM (Too Small To Matter) – break up these childish Big Banks.
P.S. After a spokesperson for JP Morgan Chase issued an apology for the memorandum – stating that it “does not reflect the views of our firm” – you could here the collective chant from JP Morgan headquarters as they covered their ears . . . “THE BELLS, THE BELLS, THE BELLS.”