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#OPINION from Peter Wallison: The Volcker rule would not have prevented JP Morgan Chase's $2 billion loss
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Francis Moran's profile photoBrian Fahrlander's profile photo
 
FYI: Mr. Wallison was the man who warned Fannie Mae & Freddie Mac that their mortgage schemes were dangerous for the health of both. He was serving on one of their boards at the time. But not for long after.
 
Yeah, the truth is that loss like this is natural. It needs to happen from time to time because it's part of the free enterprise system. If people aren't allowed to go bankrupt due to their own stupidity, no one will ever care if they're doing the right thing!

No congressional oversight...it's never worked before!
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