The BBC has a business weekend round table. It invites ‘experts’ in business or think tanks or in the groves of academe to review a review of what has happened in financial circles during the past week.
At times the banter is light; at others, it is ‘serious’.
This Sunday’s chat spoke of the debacle at JPMorgan’s loss of more than us$30 billion [and counting], a stunning figure that also includes the loss of share holder value, and marks with a big black blot on Jaime Dimon’s reputation as savvy, hands on manager of the world’s largest bank by assets.
All the ‘experts’ waxed sorry, but none was willing to point the finger at finance capitalism that allows unbridled risk taking and speculation. None, too, wanted to look back to ‘depression’ history and the need to regulate.
In fact, regulation is a dirty word.
Well, if the so called best in the world of business and finance are unwilling to reform the system, we’re in for more distortion and pretzel malformation in the world economy.
You got to wonder how wedded these ‘guys’ are to orthodoxy–although they would be the first to deny it–and like to play by rules that allow them to make bigger and bigger profits on other people’s money! and with impunity.
Perhaps, if a few like Dimon were put in gaol, the message for change in capitalism might get somewhere.
No one thinks outside the box or challenges the pillars of capitalist orthodoxy which is ruling us today.
It would be good, too, if the BBC would have a labour round table, the better for us to hear the other side of the story.