that s true. i think in the last two years, and i can never prove this, the debt ceiling crisis, the failure to do anything on simpson/bowles. i think if you travel around, and you should ask people yourselves, this huge regulatory push, i m not talking about in financial, just in general, the lack of fiscal certainty, tax certainty. i think those things have hurt the ability to grow. we ve been growing, but i think it would be faster if we had gotten some of those basic things right. you supported president obama. you re a democrat, still? i would call myself a barely democrat, at this point. and i didn t support anyone last time around. i m a new york fed board, i m not allowed to. but i a democrat, yes. so what happened? why barely a democrat now? i ve gotten disturbed at some of the democrats anti-business behavior, the sentiment, the attacks on work ethic and successful people. and i think it s very counterproductive. so it doesn t mean i don t have their values. i want j
chris matthews. and columnist for the washington post, jonathan capehart and kathleen parker. chris matthews, we could certainly say there s been palace intrigue. look at the cover of the new york yorker coming out with the pillars in a rainbow. i think this captures it, which is the disarray the president got out ahead of himself and forced the president to do something that they say he was going to do. the stunning thing, david, is they want us to know about the friction. all the staffers all leaking out how angry they are, people identified as top campaign aides, people in the vice president s office, people in the president s office, all this intrigue publicly being dished out to us. why do they want us to know they re angry at the vice president? that the vice president apologized to the president. if they re angry at him for being impulsive, why are they being impulsive? why are they acting out on their anger? just be professional and say, well, we ll move on. i don t g
first of all, there was one warning signal, if you look back from today, there were particular red flags. that particular red flag, we got very defensive and people started justifying everything we did. the better thing in life is to say, maybe you made a mistake. let s dig deep. the mistake had been brewing for a while. it wasn t just any one thing. the immediate question, the s.e.c. is looking into this, did the bank break any laws, did it violate any accounting rules or s.e.c. rules? so we ve had audit, legal, risk, compliance, some of our best people look into all of that. we know we were sloppy, we know we were stupid. we know there was bad judgment. we don t know if any of that s true yet. of course, with regulators should look at something like that. that s their job. we re totally open with regulators and they will come to their own conclusions. but we intend to fix it, learn from it, and be a better company when we re done. in the simplest way you can, what was what you
regulation. that washington doesn t understand it. you opposed the volcker rule, that says a bank should not be betting its own money to perhaps enrich itself. it should only be trying to minimize losses. that s all completely untrue. if anyone wants to check the documents i write every year in my chairman s letter, i write myself win get help. we have supported 70% or so of dodd/frank. we support higher capital and liquidity. that s to make up for mistakes and problems. it s a tough economy. we support an oversight committee. we supported some of the compensation, the new compensation rules, that we follow most of them. we support a lot of it. why wouldn t the new regulation that s being talked about, changing the way banks do business, changing the way banks can quote/unquote, hedge their bets, why wouldn t that have stopped something like this? well, specifically, hedging should make your bank less risky. in this particular case, we made a terrible mistake. our biggest exposur
morning across america while millions of people are out of work, our debt is going in the wrong direction, this president hasn t fulfilled his promises that will put our economy back on track. those are the issues that people care about. when i go across this country, people are filling their gas half full their tanks half full of gas. they can t afford the groceries. this president hasn t fulfilled his promises. and here we go again. down this path. we concede. we have a different view on marriage. that s an issue that, if people want to vote on it, they ll have a clear choice. but what really is going on in this country is we have a president who made a lot of promises. he s in love with the sound of his own voice, but he can t follow through on a promise. that s what we want to see for america. let me ask you another important economic question. you saw jamie dimon on the program earlier talk about regulation, talk about the mistake that was made earlier by this trading bet and