Go, Economy!

[dave is ok]

1. That was a week ago. The dollar amount lost has doubled or tripled since then.

2. Did you even read the article? It's not "investors" worried about JPM, it's foreclosed upon homeowners who bought a share so they could attend a meeting and grill him over dragging his feet on loan modifications.

[Yoshi]

I think you're the one who didn't read the article, since it is all about shareholders.

[Diff-chan]

You're only looking at half the equation though. How much would those rules have kept them from making on the other side?

State Farm or whoever could also potentially make a lot more money by taking premiums and putting it on the ponies. But what would happen when you file a claim and they "risked" it all away?

If the people at these banks want to do this shit they should start a hedge fund and use rich peoples' money to do it. Banks used to be kind of boring old safe businesses and I think that attitude served society well. They opened up in the early 1980's and they have slid from one disaster to another.

[Yoshi]

Then I'd drop State Farm like a bad habit. I already don't have anything but a credit card with Chase, and I don't carry a balance on it. They have none of my money to risk. If you don't like a company's policies, don't give them your money. It's not that there are no alternatives out there in this space.

[Diff-chan]

You know every policy of every company you do business with?

[Yoshi]

Obviously not, but I try to find out as much as I can. It's not real difficult to find out if the company at least passes your personal sniff test or not. For example, I don't know everything about Google, but when I was in the market for my current phone, they made me uneasy enough that I didn't think they needed access to all the data that would be on my phone, so I went elsewhere.

[Bojack]

Then I'd drop State Farm like a bad habit. I already don't have anything but a credit card with Chase, and I don't carry a balance on it. They have none of my money to risk. If you don't like a company's policies, don't give them your money. It's not that there are no alternatives out there in this space.

What if all major (or every single) players in an industry are up to the same or similar no good?

[Yoshi]

Then you hope that industry isn't a necessity, and you tell them all to fuck off. This is happening with cable TV. Thankfully, not everyone in the industry in question is similar. We've already discussed credit unions, which is where I do my banking.

[icarusfall]

I like how a few of y'all read that Elizabeth Warren quote and are now using the adjective "boring" to describe banking all of a sudden.

I agree, but it makes you look like you're surfing the tip of buzz-words.

[Diff-chan]

Then you hope that industry isn't a necessity, and you tell them all to fuck off. This is happening with cable TV. Thankfully, not everyone in the industry in question is similar. We've already discussed credit unions, which is where I do my banking.

As an example - Citi is my mortgage provider. I had no say in the matter. I went through a local company and they sold it to whomever. This is how things work.

If Citi went under someone else would do it, but the point is that the economy is a complex thing, and big corporations that do horrendous shit are involved in tons of stuff. The idea that "every dollar is a vote" is too simplistic and not satisfactory.

I like how a few of y'all read that Elizabeth Warren quote and are now using the adjective "boring" to describe banking all of a sudden.

eyeroll