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JPM Wishes the Adults Were in Charge of Financial Reform

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IN WALL ST VS CONGRESS, EVERYONE LOSES
Via FT Alphaville comes a note from JP Morgan economist James Glassman, in which he skewers Congress for its unabashed economic illiteracy displayed at the Goldman hearings last week. "Flip assertions about what is and is not socially valuable reflect a confusion about our market economy that is as fundamental as knowing that George Washington was the first president of the United States. Maybe it’s human nature to get self righteous about the mistakes others make when there are even worse problems in our own back yard that we should be tending to," he writes. "Sir, Goldman was no more culpable in the housing debacle than Congress. Because Washington is mostly focused on appeasing (or stoking) political outrage, the financial reform legislation in its present form seems likely to do little to fix the flaws and is heavily focused on changing things that had little to do with the housing debacle."
SOURCE:   FT Alphaville

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