Henry Blodget writes: Right now, Congress is doing what Congress does best: Asking tough questions in televised hearings so that America thinks Congress might actually be doing something. Of course, Congress doesn't actually do anything. And no televised hearing symbolizes this better than today's televised Congressional grilling of JP Morgan CEO Jamie Dimon.
Dimon was chosen by Congress to get beaten up on TV because:
He's a banker--and America has strong feelings about bankers right now
His company just made a dumb trade and lost a lot of money
This gives Congress the excuse Congress needs to summon Dimon and ask a lot of tough-sounding questions that make Congress look busy and attentive on TV. Later, when Congress is finished generating sound bites, Dimon will go back to his day job, and Congress will go back to... doing nothing....