In response to:

JP Morgan Shows Obama Bank Reform as Flawed

ericynot Wrote: May 15, 2012 8:36 AM
Marie, the government does produce things. Roads, bridges, hospitals, space shuttles, basic research, etc. But that is not their primary purpose. Government's main job is see that everything runs smoothly, that basic rights are protected, and that the public is kept safe from terrorists, tainted food, bad drugs, criminals, pollution, corporate misdeeds, and other unpleasant things. When the government fails to adequately and properly regulate, air become unbreathable, food kills people, and we have seismic events like the financial sector meltdown of 2008. Yes, the government needs to be streamlined, but those who seem to want it to disappear simply haven't the imagination to see what life would be like in its absence.

Barack Obama went on the business talk show The View to talk about how banks need more stringent regulations on trading activities in light of trading losses at JP Morgan.

Reports Reuters:

"JPMorgan is one of the best managed banks there is. Jamie Dimon, the head of it, is one of the smartest bankers we got and they still lost $2 billion and counting," Obama said on ABC's "The View," according to a transcript released by the network.

"We don't know all the details. It's going to be investigated, but this is why we passed Wall Street reform," Obama...

Related Tags: Obama Reform
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