John Ransom

No news is good news for Obama these days.

And I don’t mean the absence of news.

What I mean is that none of the news that is coming out about the world, the economy, the prospect of golf vacations, is good for Obama’s reelection chances.

It’s certainly nice for the rest of us that oil prices are coming down.

But it really screws up Obama and Secretary Chu’s plan to keep energy prices so high that European prices begin to look cheap.

Maybe now they’ll apologize for crucifying oil companies.

But I doubt it. 

Obama pal Jamie Dimon of JPMorgan took to the Hill yesterday, and, in what’s becoming a regular ritual by company executives, apologized to the rest of us for losing the company’s money.

But not for taking taxpayer money.

Obama and Tim Geithner can own that one.

“Democratic Senator Jeff Merkley also pointedly reminded Dimon that JPMorgan, now the nation's largest bank by assets,” says Reuters, “received Troubled Asset Relief Program assistance during the financial crisis, which provoked a testy response from Dimon.”

I think you were misinformed, said Dimon. I think that misinformation is leading to a lot of the problems we are having today. JPMorgan took TARP because it was asked to by the Secretary of the Treasury of the United States of America. 

Ouch! Forget Oprah and Dr Phil.

Congress can start using psychology couches for corporate testimony every time a company tied to Obama has a bad quarter or files for bankruptcy.

That way executives can confess, apologize, plead the Fifth and quicken the process of “healing,” while satisfying their government overlords.   

It’s amazing that Dimon still has a job. He can likely thank his administration connections for that. 

John Ransom

John Ransom’s writings on politics and finance have appeared in the Los Angeles Business Journal, the Colorado Statesman, Pajamas Media and Registered Rep Magazine amongst others. Until 9/11, Ransom worked primarily in finance as an investment executive for NYSE member firm Raymond James and Associates, JW Charles and as a new business development executive at Mutual Service Corporation. He lives in San Diego. You can follow him on twitter @bamransom.

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