You’re kidding me, right? That was my reaction to James McCusker’s Friday business column, “Shareholders best judge of JPMorgan’s risk, loss.”
Evidently, Mr. McCusker believes that “Hey! Two billion isn’t really that much money considering how big JPMorgan is, and hey, that’s the way banks roll these days. And there’s not much anybody can do. And hey! The banks will police themselves and in the end the shareholders will always have the last say.” After the fact, of course.
Unbelievable! After all this country has gone through, this is the advice we get from an “economist, educator and consultant.” Nonsense!
We can simply reinstitute Glass-Steagall and all the other rules and regulations that seemed to work just fine all of McCusker’s life, up until 1999 when they were rolled back. Laws separating the banks from the gambling houses.
If The Herald wants to inform its readers about serious economic issues, and how our country can deal with them, I suggest you run more articles from Paul Krugman and fewer from James McCusker.