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When Mr. Dimon says, "When I hear the constant vilification of corporate America, I personally don't understand it," he sounds like Greenspan when he said: "there is a flaw in the model -- that defines how the world works."
Both men are going merrily along without a clue about what the American people and their representatives in Congress are up in arms about.
Continue reading Mr. Dimon 'misspoke' when he used the term 'vilification'
The U.S. stock market drops 381 points and you ask why. News analysts say that investors were not satisfied with the details of the bank bailout plan.
Well, if you dig a little deeper you will find out the real reason for the stock market's sell off. As part of the bailout plan, the Obama administration plans to conduct a "stress test" across the nation's largest banks. This "stress test" is mandatory for about 20 of the country's largest banks. This is exactly what the banks have been avoiding, that is, to come clean about their losses. Now the whole world will be able to see the extent to which these guys were leveraged out and the kinds of outrageous risks they took.
Continue reading U.S. Treasury creates new 'stress test' for banks
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