Wednesday, May 16, 2012

Disturbing yet Unsurprising

Banks back Romney.
When the head of JPMorgan Chase met with shareholders to answer for a trading loss of more than $2 billion Tuesday, it was against an evolving political backdrop: Donors from big banks are betting on Mitt Romney to defeat President Obama and repeal new restraints on risky, large-scale investments.

"There’s no doubt that there’s been a big diminution of support for the president," said William M. Daley, Obama’s former chief of staff and a former top JPMorgan Chase executive. "People in the financial services sector are saying, 'The president has been too tough on us, both in policy and on rhetoric.'"
Romney promises banks unfettered operation as they buy labor, dress it up, sell it, pocket the profits, and leave taxpayers with the heaviest financial burdens. Romney knows all about "making money."

The graphic below suggests the difference between Romney and Obama. The former's backers seek to accumulate and consolidate. The latter's seek to innovate and improve.

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