NP - Jamie Dimon and the Gambling Away of All of Us

[Iris Sirius]

"CIO's traders did not have the requisite understanding of the risks they
took."

I can't tell if Dimon said that or that's a blog paraphrase.  Good stuff
though.  Because the more understanding you have of a risk, the less risky
it becomes.  Risk is defined by level of understanding.  It seems clear
that Dimon is expecting, on show here anyway before the Head Honchos, the
Chums of Chase, expecting us to believe anyway, that his CIOs normally have
perfect understanding of the risk before they take risk.  Every system has
its anomalous monads, by which Dimon means moments of non-omniscience, it
happens every once in a long while, and he's sorry that it happened.  Even
if you regulate more, you can never escape the occasional evil anomalous
monad.  So why bother regulating.  It limits freedom, and does not kill the
evil monads.  Fascists regulate.  That's the definition of fascism.
 Regulation equals fascism.  Are we, or are we not, fascists?


Read more:
http://www.esquire.com/blogs/politics/jamie-dimon-congress-testimony-9678137#ixzz1xhybChFL


On Wed, Jun 13, 2012 at 3:20 PM, David Morris <fqmorris at gmail.com> wrote:

>
> http://www.esquire.com/blogs/politics/jamie-dimon-congress-testimony-9678137
>
> It is considered declasse in our higher politics to mention this, but
> there actually is a class war underway in America, and it doesn't need
> politicians to stoke it. It happens in millions of little battles
> every day, over mortgages, and college loans, and retirement, and the
> simple, granite-like impassibility of the country's elites in the face
> of what's happening to the great mass of people in this country. Now,
> it's possible that our firmly purchased political system may be able
> to continue to divert the energies of that war in the directions most
> amenable to maintaining the status quo. (Blame the black people, the
> regulators, the drum circles, public school teachers, the Community
> Reinvestment Act, Van Jones!) But, sooner or later, someone's going to
> be desperate enough — or bold enough — to grab that energy and ride it
> to glory, and we all better goddamn hope that person has a good heart,
> because those kind of things can go awfully badly wrong. What the Wall
> Street casino is playing with is not house money. It belongs to all of
> us. They are gambling not merely with currency, but with the stability
> of the political system. Someone is going to pay.
>
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