JPMorgan CEO: What's the Big Deal? Financial Crises Happen Every 5 Or 10 Years

more at cspan.org, January 13, 2010

Category:

News & Politics

Tags:

• fresh clips
• cspan
• jp morgan
• dimond
• financial
• crisis
• big deal
• ceo
• years

[marniespeaks]

Take every dime away from him and say

What's the Big Deal? Revolutions happen ever 70 to 100 years

[bushputz]

"Daddy, what's a financial crisis?"

"It's something that happens to other people, so we can have 10 houses and 20 cars..."

[Tekneek74]

Hah. So, he is saying that we shouldn't be surprised because there isn't enough regulation of the industry? I know he didn't mean to say that, but that is what he said.

[slmskrpk]

Ya, no surprise for people making ~20 mil in total compensation.

[RadicalSolutions]

CEO James Dimon - Karl Marx couldn't have said it better.

The system is inherently sick. And it's NOT "news" - it hasn't been since the 19th century.

[ugboy1]

These men are my heroes! Make as much money as you can don't worry about how it may affect others because in the end its a fight for survival and only the fittest will survive. As for the weak, you can blame God for putting you in that position in the first place, better luck next time!

[freesk8]

Look up "Ricardo's Theory of Comparative Advantage."

It is an economic theory, which means it is as well accepted as Darwin's Theory.

It shows that both nations are richer when they specialize and trade with each other. Free trade displaces workers, but they eventually wind up in more productive and better paying jobs than they lost.

Somalia's warlords are like little, local rulers. They military dictators. They ARE the govt, and they are bad at it.

[freesk8]

I totally agree with your third sentence, but your fourth sentence contradicts it.

What does the individual "owe" to the group, and why?

I accept no such debt, and reject the use of force to enforce payment.

I think that cooperating in society is in one's own self interest, but that is the main thing that binds the individual to the group.

To me, socialism is state force.

Capitalism is the free market, which means voluntary trade and no force.

Corps that steal aren't capitalistic.

[killerbandit]

Free trade is wreaking havoc on the American middle class and it is no more complicated than the fact that the American worker no gets to compete for jobs w/ people who will work and can live off of a few dollars a day.

Somalia is in ruins because they have no governmental infrastructure.

[questforfire69]

Few tribes were voluntary in the sense that outside of them an individual would surely perish in the wild. Modern capitalism is not very voluntary either.

Violence is evil, whether used to kill the capitalists or to protect their profits.

Proper socialism is a recognition of what the individual owes to the group, and helps to moderate the excesses of capitalism, so that we can have a more stable world.

If the masses are afraid of socialism, they deserve to be stolen from by the capitalists.

[freesk8]

Capitalism has two, key elements:

1) The defense of individual property rights

2) Free trade, both internally and for export

Haiti and Somalia have neither. This is why their poor are so badly off.

They aren't free market havens.

According to their Index of Economic Freedom, the freest markets in the world are in Hong Kong, Singapore, Australia, NZ, Ireland, Canada, Switz., Denmark, the UK and the US.

Sweden is 26th and Norway is the 28th freest economy of the 185 nations. Haiti is 147th.

[killerbandit]

Again, your understanding of socialism seems to be slightly skewed to this new idea of socialism that Fox News likes to lie about.

If you don't believe me, then you must think that places like Sweden and Norway are the worst of the worst. You should go to a free market havens like Haiti or Somalia.