Logical Dissonance

POTUS was recently quoted as saying that JP Morgan, the bank that recently lost more than $2 Billion on a bet, is "one of the best managed banks" in the world. JP Morgan's Dimon, one of the individuals responsible for the bet, is one of the brightest in the industry he goes on to claim. So why is this relevant?  First off, if you can lose $2 Billion on a bet, you probably shouldn't take the bet even if you're as big as JP Morgan and can handle the loss. Secondly, it demonstrates how far out of touch POTUS is with the rest of the nation. In making the statement, he was actually trying to make a point which is, if JP Morgan is one of the best run private banks, and they still lost money, then we should have more government regulation over those banks. Essentially, because, even though Dimon is one of the brightest, he isn't quite as smart as a federal bureaucrat. What specific regulation proposed by POTUS under additional "wall street reform" would have prevented this? None.  The purported Volcker Rule is so vague it is pointless.  Don't get the Duck wrong, we dislike poorly managed banks as much as the next guy but in this case, more government regulations really wouldn't have changed anything.   The best way to punish banks is for people to leave those banks.  Vote with your cash.

MORAL DECAY UPDATE:
 

NY Court of Appeals recently stated that merely viewing child pornography isn't a crime, in and of itself.  A New York professor "merely" viewed the images on his computer which is evidently not illegal.  So, the Professor would walk but for federal laws preventing exploitation of children.  What the heck is wrong with NEW YORK JUDGES?!  I praise Judges Graeffo and Pigot for dissenting against their moronic counter parts on the New York Court of Appeals.

{More After The Jump}

GOOGLE OVERTAKING THE WORLD UPDATE:

Political speech may no longer be welcome on Google Blogger.  A conservative blog was recently taken down by Google for no reason and with no explanation.  Google does not provide "live support" so basically trying to get this fixed is impossible.  TCD is reconsidering its options in blog platforms...

IRAN UPDATE:

Iran is still crazy.  Has been executing Israeli's found in the country purported to be spies.

PIRACY STILL EXISTS UPDATE:

The European Union recently bombed some pirates in Somali (or near there).  It's about time they started taking this piracy thing serious.

FINANCIAL CONTAGION UPDATE:

Greece is pretty much going to get kicked out of the European Union.