Rich Galen

Another actor on the stage this week has been JP Morgan Chase, which also warned about the dire consequences of missing the debt ceiling deadline of August 2.

JP Morgan Chase, bought the investment bank Bear Stearns for about $2 per share after the Federal Reserve (remember that Geithner was New York Fed Chairman) agreed to finance the deal to the tune of $300 billion during the Wall Street panic in the Spring of 2008.

By the way, JP Morgan reported its quarterly earnings this week and - what's this? - its profits rose 13 percent to $5.4 billion up from a paltry $4.8 billion a year ago.

That, in spite of the fact that JP Morgan's chairman, Jamie Dimon warned that the company has

"already incurred significant costs, charged-off substantial amounts, and established significant reserves for mortgage-related issues."

I wonder if he means the "mortgage-related issues" that Moody's and Standard & Poor's rated as high-quality, take-them-to-the, er bank, can't-go-wrong "mortgage-related issues."

Nevertheless, with those results JP Morgan's executives, managers, limo drivers, and corporate pilots will all get brand spanking new bonuses. Did I hear President Obama put them in the same list as oil companies and successful authors as organizations which should have their tax loopholes closed?

No? Maybe I was out sick that day.

I say we tax the hell out of anyone who has Timothy Geithner's personal cell phone number.

I don't think we need Moody's, Standard & Poor's and their masters on Wall Street telling us what is good for us.

We already know that they have been very, very bad for us.


Rich Galen

Rich Galen has been a press secretary to Dan Quayle and Newt Gingrich. Rich Galen currently works as a journalist and writes at Mullings.com.