On Tuesday's Special Report (5/15/12), the topic for the "All-Star" panel was JP Morgan Chase losing two billion dollars, and the head of JP Morgan apologizing to shareholders for making "risky bets." Panelist Steve Hayes said, "You hear from Washington immediately calls for tighter regulations. It's not even clear that this would've been prevented by the regulations had they been been fully implemented, at this point and yet you have these calls for tighter regulations. It's a typical Washington response to a problem that may not yet even need a solution."
Paul Krugman wrote an excellent column about why we need to regulate banks. Hayes should read it.
Video via Media Matters.
(3/28/20 Update: video is no longer available)
Do you like this post?
Lakeview Greg commented
2012-05-18 17:40:32 -0400
· Flag
These are the kind of people who look at the bank president character in “Stage Coach” as a role-model.
Thx4 Fish commented
2012-05-18 11:24:45 -0400
· Flag
It should be a Republican ideal that every business should be allowed to fail if it is run recklessly like so many of the banks have been. Yet because banks are the rich and powerful the Repubs don’t hold them to the same ‘free market’ standards they want for other companies.
Credit Unions are a better option for people who don’t want banks gambling with their money.
Credit Unions are a better option for people who don’t want banks gambling with their money.
NewsHounds
posted
about Fox Panelist Dismisses Calls For Tighter Regulation As “A Typical Washington Response”
on NewsHounds' Facebook page
2012-05-18 11:16:41 -0400
Fox News' demonization of the government (except when it's run by Republicans) never ends.
