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What’s bad for JP Morgan isn’t bad for America | Felix Salmon
I’d recommend that you at least glance at the Occupy the SEC letter about the Volcker Rule before attempting to digest Andrew Ross Sorkin’s column on the same subject today. I’m with Volcker here. And the fallacy in Sorkin’s thinking is easy to see: he’s essentially eliding big banks, on the one hand, with the broad economy, on the other. Yes, Sorkin is right that the Volcker Rule comes with “significant costs”. But there’s a difference between costs to a handful of banks, and costs to the economy.