So much for the “freedom, free market, less govt” party.
Robert Reich has this take on socialism...
Wall Street loves socialism for bankers, but not for ordinary people | Robert Reich
To state it another way, Dimon and other Wall Street CEOs helped trigger the 2008 financial crisis when the dangerous and irresponsible loans their banks were peddling – on which they made big money – finally went bust. But instead of letting the market punish the banks (which is what capitalism is supposed to do) the government bailed them out and eventually levied paltry fines which the banks treated as the cost of doing business.
If this isn’t socialism, what is it?
Yet it’s a particular form of socialism. Millions of homeowners who owed more on their homes than the homes became worth didn’t get bailed out. Millions of workers who lost their jobs or their savings, or both, didn’t get bailed out. No major banker went to jail.
Call it socialism for rich bankers.
If Dimon were serious about the problem of widening inequality, he’d use his lobbying prowess to help raise the federal minimum wage. He’d also try to make it easier for workers to unionize, and to raise taxes on the super-wealthy like himself.
But, of course, Dimon isn’t really concerned about widening inequality. He’s not really concerned about socialism, either.
Dimon’s real concern is that America may end the kind of socialism he and other denizens of the Street depend on – bailouts, regulatory loopholes, and tax breaks.
These have made Dimon and his comrades a fortune, but they’ve brought the rest of America stagnation, corruption, and often worse.