Search This Blog

Wednesday, June 13, 2012

JP Morgan Dog and Pony Show

If you had $130 in your pocket, and you lost $2 is it a big deal? My question is, why are there still congressional hearings on capital hill?

JP Morgan suffered a recent trading loss of $2 Billion. JP Morgan's share price today is around $34, with an outstanding number of 3.8 billion shares. So outstanding shares are worth a total of about $130 billion today. I know their company is worth more than just the oustanding shares, but based on only that figure, $2 billion is about a 1.5 % loss.

Does anyone remember the $800 billion dollar mistake called the Stimulus Bill? Who is being held accountable for that mess, and where are the congressional hearings? I want those responsible brought to justice for lying to the American people saying unemployment would be under 8% because stimulus will create "shovel-ready" jobs. Not only was the failure of Stimulus swept under the rug, apparently it was funny:
Look at the idiot laugh. It's just so funny that "shovel ready, was not as uh shovel ready as we expected." After $800 billion of taxpayers' money, which obviously you and I do not need, and is better served by letting political hacks spend it on pet projects like creating turtle crossings, basket weaving, and studying Alaskan grandparents, it's just so hilarious that it didn't work and the money was wasted.

Note that It is is not just the Democrats participating in this stunt, it's both sides of the aisle acting like they are teachers berating school children. At least when JP Morgan-Chase loses money, it is their own money. When congress wasted money on stimulus, it was taxpayer's money and 400 times more! Now as the wizards of smart, politicians want to waste time demonizing a private company because they made a financial mistake.

In the words of the great philosopher The Joker, "Why so serious?" Congress is just chock-full of financial wiz kids who are ever so qualified to mind other peoples' business. The Democrat run Senate hasn't passed a budget in 3 years, Obama's budget was voted down unanimously, the Federally run US Postal Service loses $1 Billion dollars a month, and our national debt is about $16 Trillion! There is not a reason in the world we should believe political hacks have the intelligence, the know how, or even the motivation to keep banks, or the entire financial industry for that matter, profitable!

Democrats say we need "more regulations" because JP Morgan lost money, when the Dodd-Frank Financial "Reform" Law--another failure, was supposed to prevent this from ever happening again. Am I the only one, or does anyone see a pattern here? 

Our economy is in shambles, the politicians who have wasted hundreds of billions of dollars are running the country in the ground, and instead of addressing the real problems that face our country, they want to waste more taxpayer dollars by holding this dog and pony show in front of tv cameras, by berating a private company who lost a small percentage of its own money. During the hearings, the Occutards are playing right into Democrat rhetoric yelling words like "greed." The whole thing is a joke--unnecessary, senseless, and a mammoth waste of time and money.

ABC: Stimulus Waste? The $3.4 Million Turtle Crossing
Daily Mail: 'There Was Good Intent': JP Morgan's Jamie Dimond APOLOGIZES while explaining 2B loss to Congress Amid Protesting Hecklers
CNN: Three Years Later, Some of the Stimulus' Odder Projects: Basket Weaving, Polka Training, Rats on Meth
Oklahoma's Own: OSU Prof Gets $1.1 Million in Stimulus to Study Alaskan Grandparents
Reuters: Postal Service Loses $3.2 Billion In Jan-March
Washington Times: Obama Budget Defeated 99-0 in Senate


  1. I'd say it is to puff themselves up to make themselves look important. I believe it has the opposite reaction with the majority of the population though.

  2. I wish there was a way to get people more informed. I agree that they want to look important. I also found out that many of them are stockholders in the company. Makes you wonder about their motivations, since a lot of them make money by insider trading with information they gain with their positions. There's a book about that called "Throw Them All Out" by Peter Schweizer.