Jamie Dimon’s job is to maximize the wealth of his shareholders. If the government allows him to put the country at risk and to destroy free markets, so be it.
Presidential candidate Mitt Romney has the same approach. When Romney was in Detroit this year campaigning he said of the Chinese, “They are good competitors, and like all good competitors, will take every advantage they can get. As long as we allow it, they will continue doing so.”
“A lot of the proposals are built around things that the Federal Reserve and other regulators believe did not work as well as they could leading up to the financial crisis,” said Deborah P. Bailey, a director in Deloitte & Touche’s banking and securities group. Over all, she added, the proposals “are designed to make sure that banks are strong and won’t need government help going forward.” Fed Proposes New Capital Rules For Banks, New York Times, December 20, 2011, by Edward Wyatt
Many people saw the housing bubble coming during the last decade; however, no one in the banking industry foresaw the magnitude of the problem and the affect that it would have on the banking industry and the economy in general. until it was too late. This will happen again. After all, we are human. The crisis in the future will be a different one. It will come from a different industry and it will present different problems.