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Good morning. On today’s breakfast menu: A banker says too big to fail is bad (but don’t make us smaller). There’s talk of a commercial real estate bailout. And a columnist explains why Obama “bombed on health care.”
Why Obama bombed on health care (Wall Street Journal) Opening line: “Someday this country will have a health-care debate that’s not abject in its idiocy.”
Today’s “bright” economic indicator (Reuters) Two huge diamond miners have changed their minds about shutting down mines because of “improvements” in the global diamond industry.
Commercial real estate seeks a bailout? (New York Observer). Oi!
Top economic officials in the Obama administration have begun to publicly suggest that further action will be needed for the commercial real estate industry.
We have a reason to be too big to fail (Bloomberg) This takes the cake:
It was surprising to hear JPMorgan Chase & Co. Chief Executive Jamie Dimon say, “It would be a very bad long-term policy error to have banks that are too big to fail.”
Dimon, after all, runs one of the biggest members of the too-big-to-fail club. Things became clearer when he quickly added, “By that I don’t mean make the banks smaller. We’re large because we have a reason to be large.”
He wasn’t espousing government action that would break up the largest banks or curtail what they do when alive, especially if they are minting profits…
Yet that’s one reason why efforts to overhaul financial regulation are taking so long to produce results.
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