« Item #5: Chrissy Matthews: Oil Companies Are Completely Unregulated | Main | Good News Everyone »

May 21, 2010

Coincidence?

Posted by Gregory of Yardale at May 21, 2010 6:17 AM

May 20 - US Senate passes historic Wall Street overhaul

May 21 - JPMorgan Chase Closing Frederick Office-600 Jobs Will Be Lost

Let's see if this is just a coincidence, or the start of a wave. Among other new shackles, Congress is trying to stop banks from making "risky" investments. But there is a reason banks take on "risky" investments. It's because higher risk investments are more profitable than low-risk investments. Under the new regulations, banks will be making less money, and they won't be able to keep on as many people.

And frankly, I trust people who are in business to make money to better be able to decide what risks are worth taking than Government bureaucrats; like the ones who decided that giving out mortgages to people who were financially irresponsible was good public policy. (Fannie and Freddy, by the way, are exempted from the "reform" bill.)

But, hey, as long as Chairman Zero can claim a win, who cares how many peons get laid off. Like the 2,500 people who lost their jobs when Student Loans were nationalized.

Remember, the Hindenburg crash was also "historic."

---

---