The political class will continue to do what works for them, not what is best for the country. They'll get cover for their insanity from the likes of Paul Krugman but in the end their push for more and more government will capsize America (the tsunami will take care of Guam). Soon we will be sending borrowed money to Europe to prop up that mistake. Where will the money come from? The political class doesn't know what money is. Neither do they care.
While JP Morgan CEO Jamie Dimon has been credited for a confident and feisty performance today in front of Congress, he was careful to not criticize their efforts thus far to regulate the financial services industry. Given that JP Morgan has been on the receiving end of federal bailouts, this should not be surprising. Last week I showed no such reluctance when I testified in front of the Congressional House Subcommittee on Insurance, Housing and Community Opportunity. The fact that my firm is unlikely ever to receive a dime from government was undeniably liberating in that regard.
I was invited...
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