October 12, 2009
J. P. Morgan and the Midget

Marcy Kaptur is a 14-term Democratic member of Congress from Toledo. Here she is, talking to Bill Moyers:

Let me give you a reality from ground zero in Toledo, Ohio. Our foreclosures have gone up 94 percent. A few months ago, I met with our realtors. And I said, ‘What should I know?’ They said, ‘Well, first of all, you should know the worst companies that are doing this to us.’

I said, ‘Well, give me the top one.’ They said, ‘J.P. Morgan Chase.’ I went back to Washington that night. And one of my colleagues said, ‘You want to come to dinner?’ I said, ‘Well, what is it?’ He said, ‘Well, it’s a meeting with Jamie Dimon, the head of J.P. Morgan Chase.’ I said, ‘Wow, yes. I really do.’ So, I go to this meeting in a fancy hotel, fancy dinner, and everyone is complimenting him. I mean, it was just like a love fest.

They finally got to me, and my point to ask a question. I said, ‘Well, I don’t want to speak out of turn here, Mr. Dimon.’ I said, ‘But your company is the largest forecloser in my district. And our realtors just said to me this morning that your people don’t return phone calls.’ I said, ‘We can’t do work outs.’ And he looked at me, he said, ‘Do you know that I talk to your Governor all the time?’ He said, ‘Our company employs 10,000 people in Ohio.’

And I’m thinking, ‘What is that? A threat?’ And he said, ‘I speak to the Mayor of Columbus.’ I said, ‘Why don’t you come further north?’ I said, ‘Toledo, Cleveland, where the foreclosures are just skyrocketing.’ He said, ‘Well, we’ll have someone call you.’ And he gave me a card. And they never did. For two weeks, we tried to reach them. And finally, I was on a national news show. And I told this story. They called within ten minutes. And they said, ‘Oh, we’ll work with you. We’ll try to do some workouts in your area.’

We planned the first one after working with them for weeks and weeks and weeks. Their people never showed up. And it was a Friday. Our people had taken off work. They’d driven from all these locations to come. We kept calling J.P. Morgan Chase saying, ‘Where’s your person? Where’s your person?’ And they finally sent somebody down from Detroit by 3:00 in the afternoon…



Posted by Jerome Doolittle at October 12, 2009 10:43 AM
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So why does the bank want all these houses. Joe Bageant claims they sold us a bunch of useless screw boxes but the banks are taking them over and paying people to do upkeep on them, lawns mowed, etc. according to my wife who watches the Craiglist ads.

And just this morning Paul Krugman was complaining that the Fed seems intent on making interest rates higher which is a foolish thing to do in a recession according to Keynesian economic theory. I remember the inflation of the late 70's early 80's and housing prices shot up safter it was over although affording one was difficult due to the high interest rates. Are we going to screw the nations we owe debt to by inflating all heck out of the currency? It doesn't make sense in many ways because the interest on our debt will be so high we may end up just paying interest and not principal. So that's pointing me in another direction, but not as hard as these other signs. So is the place to be in hard assets now? All these things point me to that conclusion.

Where's the flaw in my analysis? Where is Moe Blues when we need him?

Posted by: Buck on October 12, 2009 11:54 AM

What I'd like to see is a picture of Dimon on Congresswoman Kaptur's knee, or President Obama's. Doesn't look like that's going to happen, though. Where is this Depression's Pecora Commission? Where's the outrage, as the Republicans used to holler about Clinton's utterly irrelevant blowjob from a stalker.

Posted by: Fast Eddie on October 13, 2009 10:18 AM
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