Recently, Barack Obama has refrained from mentioning Dodd-Frank as one of his big accomplishments as President. That’s fortunate, because had Obama used that as a campaign claim this month, the huge loss taken by JP Morgan and one-time Obama ally Jamie Dimon would have done serious damage. As it is, Politico wonders whether Obama might have a big problem convincing voters that he’s done anything significant to address the underlying issues that created the 2008 financial-system collapse:
The giant $2 billion trading loss at JPMorgan Chase highlights a central problem in President Barack Obama’s case for a second term: Four years after the financial crisis nearly brought the nation to its knees, very little appears to have changed.
JP Morgan Chase & Co. announced a massive $2 trillion trading loss last week, which shook up the market and caused a top executive to resign. Responding to the development on The View, President Barack Obamaunderlined the need for regulation, adding that JP Morgan “is one of the best-managed banks there is.”
In the episode of The View airing Tuesday, Obama used the news about the bank to discuss with the hosts his views on the need for financial regulation and reform on Wall Street in general.
About CEO Jamie Dimon, Obama said he’s “one of the smartest bankers we’ve got” — and the losses at the nation’s largest bank show that “even if you’re smart you can make mistakes.” The lesson, Obama said, is that we need reform on Wall Street, that incidents like these underscore the need for regulatory measures like the Dodd-Frank Act.
“This is one of the best managed banks. You could have a bank that isn’t as strong, isn’t as profitable managing those same bets and we might have had to step in. That’s why Wall Street reform is so important.”
While the president hasn’t been alone in arguing in favor of regulation following JP Morgan’s loss, others haven’t kind quite as kind words for the Dimon.
JP Morgan And MF Global Prove That Democrat Regulations DON’T WORK. Democrats Create Disasters And Then Run By Demagoguing Those Disasters.
Democrats are saying that 2,320 pages of regulations wasn’t anywhere NEAR enough. They say they need total dictatorial control over the economy in order to adequately regulate it.
Notice that both Christopher Dodd and Barney Frank (as in, “the Dodd-Frank Act”) are both GONE now???
And yet the monster they created lives on.
Many rules are STILL BEING WRITTEN. That 2,320 pages will grow and grow and grow without end.
An article written a couple of days ago underscores this and a few other salient facts:
The Dodd-Frank Wall Street Reform and Consumer Protection Act, the most sweeping financial law enacted since the Great Depression, is supposed to protect investors and shield the economy from bubbles and speculation. Its promise is hard to judge; many detailed rules are still being drafted. What can be said with confidence is that Dodd-Frank has been a boon for lobbyists.
In that single sentence, we find: 1) Dodd-Frank was a complete lie and resulted in a complete fiasco; 2) the damn thing that is already a monster is growing into an even bigger monster all around us; and 3) Obama and Democrats LOVE lobbyists in spite of their sanctimonious self-righteous hypocritical denials.
Obama’s Biggest donors?JP Morgan #6
Top Contributors to Barack Obama | OpenSecrets
This table lists the top donors to this candidate in the 2008 election cycle. The organizations themselves did not donate , rather the money came from the organizations’ PACs, their individual members or employees or owners, and those individuals’ immediate families. Organization totals include subsidiaries and affiliates.
Because of contribution limits, organizations that bundle together many individual contributions are often among the top donors to presidential candidates. These contributions can come from the organization’s members or employees (and their families). The organization may support one candidate, or hedge its bets by supporting multiple candidates. Groups with national networks of donors – like EMILY’s List and Club for Growth – make for particularly big bundlers.
University of California $1,648,685 Goldman Sachs $1,013,091 Harvard University $878,164 Microsoft Corp $852,167 Google Inc $814,540 JPMorgan Chase & Co $808,799 Citigroup Inc $736,771 Time Warner $624,618 Sidley Austin LLP $600,298 Stanford University $595,716 National Amusements Inc $563,798 WilmerHale LLP $550,668 Columbia University $547,852 Skadden, Arps et al $543,539 UBS AG $532,674 IBM Corp $532,372 General Electric $529,855 US Government $513,308 Morgan Stanley $512,232 Latham & Watkins $503,295