Repo Rates Go Wild. US Banks and Federal Reserve Collude For Deregulation
Mr. Jamie Dimon at Chase Bank wants you to know that US Banks are overregulated. He and other corporate leaders refuse to provide their alleged liquidity in the overnight repo market unless they are freed from regulatory oversight. Mr. Dimon thinks the banks are overregulated.
Yes, that’s fine Mr. Dimon. You’re right.
You regulate the rate and we’ll provide the money. No problem.
You borrow the money at 0% and we’ll buy it back at some prime rate to be determined by you. No problem.
Mr Dimon, please continue to prop up the economy with unaccountable earnings and the fairy tale of eternal economic growth: Capitalism.
We’ll keep on working for neo-liberal finance. Completely Unaccountable.
You keep doing what you’re doing, playa. And make that money.