Friday, May 11, 2012

JP Morgan reports $ 2 billion trading loss: Romney's Plan Repeal Dodd Frank

Hey America!  How stupid are you? Anyone who even considers voting Republican this fall will legally qualify as incompetent or insane in light of the fact that the supposed paragon of virtue Wall Street Bank JP Morgan Chase is up to their ears in debt, its stock in free fall and under S.E.C. investigation as a result of its belated and suspicious report that it lost over $2 Billion in credit default swaps in the last two months.  But how could this happen?  If you listen to Romney and the Republicans everything is the government's fault and regulation is unnecessary and harmful.    Let me make this as simple as possible for my lazy and financially unsophisticated friends:  JP Morgan Chase was trying to get in as much risky and financially unsound deals as possible before the Volker Rule, part of Dodd Frank kicks in later this summer.  Dodd Frank would prohibit, through regulation precisely this kind of lunatic speculation with the bank's assets.

So what would Romney and the Republicans do?  They would throw gas on the fire and repeal the safeguards the Democrats put in to stop these corrupt practices.  Think I exaggerate?  Here is the Republican plan taken verbatim from the Romney for President web site:

“Mitt’s Plan
Mitt Romney will treat regulatory costs like other costs: he will establish firm limits for them. A Romney administration will act swiftly to tear down the vast edifice of regulations the Obama administration has imposed on the economy. It will also seek to make structural changes to the federal bureaucracy that ensure economic growth remains front and center when regulatory decisions are made.
Eliminate Undue Economic Burdens
One of the greatest problems with the federal bureaucracy is that each incoming presidential administration leaves in place much of what its predecessor constructed. The result is layer upon layer of often unnecessary or inconsistent regulation. President Obama has compounded this problem with unprecedented federal power grabs over wide swaths of the economy. Obama-era laws and regulations must be rolled back, and pre-existing ones must be carefully scrutinized.
    Repeal Obamacare
    Repeal Dodd-Frank and replace with streamlined, modern regulatory framework”

So just how stupid are you America?

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