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)
Credit Unions are a better option for people who don’t want banks gambling with their money.