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....
No comments:
Post a Comment