CS Monitor: “…the JP Morgan trading losses are self-contained to a trading department.” We reported all of the specifics yesterday in addition to MSNBC’s version which demanded more government control: “But the loss has already amplified calls for tighter regulation on risky banking, more than three years after a wave of losses from bad mortgage bets swamped the global financial system and brought about the worst recession since the 1930s.”
Cousin CNBC steps into the picture claiming last week’s worst trading week of this year was “pressured by news of JPMorgan’s trading loss.” CNBC: “CNBC, Dow Logs Worst Week of 2012; JPMorgan Skids: The Dow Jones Industrial Average slipped 34.44 points, or 0.27 percent, to close at 12,820.60. JPMorgan [JPM 36.96 -3.78 (-9.28%) ] saw its biggest selloff in almost 9 months… For the week, the Dow tumbled 1.67 percent, the S&P 500 fell 1.15 percent, and the Nasdaq dipped 0.76 percent.”
In the right column at the top paragraph was an Obama campaign ad, Dinner with Barack.
The long term goal behind OWS was to link Romney with the market, he was the lib selection prior to the primaries (and naturally the establishment republicans followed in line). Nonetheless we are here today and it’s not Romney who seeks to destroy either producers or the workforce.
Several weeks ago we asked what’s the difference if unemployment was 4.9%? Obama is doing just that, he’s making up numbers, it’s like cyber-sex. For all you know the other person could be your gender. Less people searching for jobs means there are not as many jobs available which means the ratios are lowered which equals lower unemployment. All of those Millions and Millions and Millions of people are sitting on the sidelines waiting for the economy to improve before they start looking again. When they do, unemployment soars!
What happens if the producers such as JP Morgan are over-regulated in the mean time?
France’s newly elected socialist Hollande has promised to ensure workers cannot be fired. What’s their incentive? If they do not feel like coming in why go? More importantly, why would a business hire? It will not be long before Hollande is lunching with Obama.
What hasn’t government taken over since 2009? What isn’t losing money? All of the massive unemployment and suddenly benefit extensions are expiring months before the elections. America is broke. Would you rather be working for a producer or feeding off Obama? What about your children?