Tuesday, June 29, 2010

"The current banking structure and practices virtually ensure repeated financial crises. Take that from uberbanker Jamie Dimon, CEO of JPMorgan Chase. In his testimony before the Financial Crisis commission, Dimon said: 'It's not a surprise that we know we have crises every five or ten years. My daughter called me from school one day and said, "Dad, what's a financial crisis?" And without trying to be funny, I said, "It's the type of thing that happens every five to seven years." And she said: "Why is everyone so surprised?" So we shouldn't be surprised.'