This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

Click on images to enlarge.

June 22 is the 173rd day of the year (174th in leap years) in the Gregorian calendar. There are 192 days remaining until the end of the year.

On this day in 1944, President Franklin D. Roosevelt signs into law the Servicemen’s Readjustment Act of 1944, commonly known as the G.I. Bill.

The G.I. Bill was an omnibus bill that provided college or vocational education for returning World War II veterans (commonly referred to as G.I.s) as well as one year of unemployment compensation. It also provided many different types of loans for returning veterans to buy homes and start businesses. Since the original act, the term has come to include other veteran benefit programs created to assist veterans of subsequent wars as well as peacetime service.

By the time the original G.I. Bill ended in July 1956, 7.8 million World War II veterans had participated in an education or training program and 2.4 million veterans had home loans backed by the Veterans’ Administration (VA). Today, the legacy of the original G.I. Bill lives on in the Montgomery G.I. Bill.

Harry W. Colmery, a World War I veteran and the former Republican National Committee chairman, wrote the first draft of the G.I. Bill. He reportedly jotted down his ideas on stationery and a napkin at the Mayflower Hotel in Washington, DC.[2] U.S. Senator Ernest McFarland was actively involved in the bill’s passage and is known, with Warren Atherton, as one of the “fathers of the G.I. Bill.” One might then term Edith Nourse Rogers, R-Mass., who helped write and who co-sponsored the legislation, as the “mother of the G.I. Bill”.[citation needed] Like Colmery, her contribution to writing and passing this legislation has been obscured by time.

The bill was introduced in the House on January 10, 1944, and in the Senate the following day. Both chambers approved their own versions of the bill.

The bill that President Roosevelt initially proposed was not as far reaching. The G.I. Bill was created to prevent a repetition of the Bonus March of 1932 and a relapse into the Great Depression after World War II ended.

An important provision of the G.I. Bill was low interest, zero down payment home loans for servicemen. This enabled millions of American families to move out of urban apartments and into suburban homes. Prior to the war the suburbs tended to be the homes of the wealthy and upper class.

Another provision was known as the 52-20 clause. This enabled all former servicemen to receive $20 once a week for 52 weeks a year while they were looking for work. Less than 20 percent of the money set aside for the 52-20 Club was distributed. Rather, most returning servicemen quickly found jobs or pursued higher education.

You knitting folks will be interested in this. My daughter, who is an avid knitter and belongs to the group in question, brought it to my attention

Knitters Outraged After U.S. Olympic Committee Squashes Knitting Olympics-and Disses Knitters

Knitters Outraged After U.S. Olympic Committee Squashes Knitting Olympics-and Disses Knitters

by Adrian Chen    

If you mess with the Olympics trademark, a cloud of legal hurt will descend on you faster than Tyson Gay in the Men’s 100 meters. Case in point: The U.S. Olympic Committee has sent a cease and desist letter to a knitting-based social network for hosting a knitting “olympics.” Now, knitters are in revolt.

2012 was to be the third year that the knitting social network Ravelry-yes, this exists and is surprisingly popular-hosted a “Ravelympics,” a knitting competition for users that includes events like an “afghan marathon,” and “scarf hockey.” Knitters were supposed to compete in their events while watching the actual Games on TV.

But that was before the U.S. Olympics Committee got wind of it and sent Ravelry a cease & desist, for making a mockery of the Games with their needlework. Here’s a passage from the letter, sent by the USOC’s general counsel and posted by Ravelry founder Casey Forbes to his blog (Ravelry account required):

   The athletes of Team USA have usually spent the better part of their entire lives training for the opportunity to compete at the Olympic Games and represent their country in a sport that means everything to them.  For many, the Olympics represent the pinnacle of their sporting career.  Over more than a century, the Olympic Games have brought athletes around the world together to compete at the Olympic Games and represent their country in a sport that means everything to them.

   […]

  We believe using the name “Ravelympics” for a competition that involves an afghan marathon, scarf hockey and sweater triathlon, among others, tends to denigrate the true nature of the Olympic Games.  In a sense, it is disrespectful to our country’s finest athletes and fails to recognize or appreciate their hard work.

She also sent this snark tinged response from “jen” at Magpie Knitter

How many Olympic athletes have you insulted?

Today, I learned that I have insulted the entire US Olympic team. In fact, not only have I done this once, I have done it twice – first in 2008 and again in 2010. I feel it is only right that I publicly admit to my shameful actions and share them here with you. The pictures below are graphic and may be upsetting to some, so please only look if you have a strong stomach. May not be safe for work.

Let me steel myself first…ok. Here it is: the evidence of my shameful lack of respect for the Olympic games and athletes everywhere.

Ravelympics Wristers

[..]

So again – my deepest and most humble and sincere apology. It is terribly unfortunate, of course, that the US Olympic Committee has managed to suck away a lot of the anticipation I had for the 2012 Olympics, but I accept that the error was mine in the first place. Yes, the Ravelympics had me watching the Olympics for the first time since I was a young child, but two wrongs – knitting and the Ravelympics – don’t make a right. The poor US athletes could probably sense that I was knitting while I watched and cheered, and who knows how many medals that knowledge may have cost them? Or dollars, since any time I spent knitting was time I wasn’t spending with one of the many corporate sponsors (whom we all know should have priority)? Now that I have been set straight, I am relieved to see that as many references to knitting and other fiber crafts as possible are being squashed to protect the purity of the Games.

It’s a shame about that red, white and blue cabled sweater I planned to design and knit during the Ravelympics in honor of our athletes, but at least now I won’t be disrespecting anyone with it.

If you think that’s bad, try the Londinium 2012 ( I use that term because it’s not copyrighted, yet, and I wouldn’t want to get in trouble here)

2012 Olympics – be careful what you say

Under the London Olympic Games and Paralympic Games Act 2006 it will be virtually impossible to associate your firm or its activities with that of the Olympics unless you are one of the very few official partner/sponsors. Even mention of the word ‘Olympics’ could see practitioners in breach of the Act.

[..]

The use of specific ‘Listed Expressions’ which are quantified as follows: any two of the words in list A below; or, any word in list A with one or more words in list B:

List A

Games

Two Thousand and Twelve

2012

Twenty-Twelve

List B

London

Medals

Sponsors

Summer

Gold

Silver

Bronze

I think these Olympic Committees are getting carried away with this and alienating supporters.

“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.

Thanks to ek hornbeck, click on the link and you can access all the past “Punting the Pundits”.

Follow us on Twitter @StarsHollowGzt

Bil Boyarsky: Eisenhower’s Warning Ignored, Presidential Power Has Risen to Sinister Level

By following a warlike path-and getting a free pass from too many progressives-President Barack Obama is making sure that foreign policy will remain in the hands of the military-industrial complex.

Hardly discussed in the presidential campaign is how Obama personally picks targets on a kill list, hugely has increased drone attacks, and wages cyberwarfare against Iran. If these actions had occurred under Bush-Cheney, liberals would have taken to the streets. Instead, the practices are accepted as facts of life, barely worth comment.

The truth is that in the last half century, this kind of presidential power, backed by the military and the arms industry, has been enshrined as permanent policy. And it will continue no matter who wins in November or in future elections. Whoever is in charge, the military, the intelligence spooks and the war industries always seem to co-opt the president.

John Nichols: Darrell Issa Shows Contemptible Disregard for the Constitution

The system of checks and balances works best when the separate branches of government are inherently and proudly adversarial toward one another. But that can’t happen when partisanship defines when and how accountability moments play out.

House Oversight and Government Reform Committee chairman Darrell Issa — the headline-hungry California Republican who on Wednesday engineered a committee vote to hold Attorney General Eric Holder in contempt — forgot that essential rule. [..]

Issa’s actions undermined not just his own credibility but any sense that he and his allies might be acting in defense of — or with any regard for — the Constitution.

Why is the New York Times surprised? I’m not.

CAIRO – Egyptian election officials said Wednesday that they were postponing the announcement of a winner in last week’s presidential runoff, saying they needed more time to evaluate charges of electoral abuse that could affect who becomes the country’s next leader.

The commission had been expected to confirm a winner on Thursday and, based on a public vote count confirmed in official news media, to have named Mohamed Morsi, of the Muslim Brotherhood.

The surprise delay intensified a power struggle between the Muslim Brotherhood and Egypt’s military rulers. It came just days after the generals who took over upon the ouster of Hosni Mubarak reimposed martial law, shut down the Brotherhood-led Parliament, issued an interim charter slashing the new president’s power and took significant control over the writing of a new constitution.

Amid allegations of fraud from both sides, both candidates have declared themselves winners, although, the unofficial count show that Morsi is the clear victor by a million vote margin. The presidential commission, which has the final say, is investigating the allegations while rumors abound that they will invalidate enough of Morsi’s votes to make Safiq the winner. On of the allegations being investigated is that the Muslim Brotherhood gained access to a government printing office and pre-marked at least one million ballots for Morsi.

This is the view of the situation from the Muslim Brotherhood on the political and economic impacts for Egypt as reported by Evan Hill via Al Jazeera:

Jihad el-Haddad, an aide to Khairat el-Shater – the movement’s first choice for president and a man seen as its de facto leader – said the Brotherhood is “done negotiating”. [..]

The Brotherhood is now ready to push the military to the brink, he said.

Its leaders are well aware that the bungled transition has cost the country several billion dollars in lost investment and aid, much of it tied to having a democratically elected government, and even more in foreign reserves spent to keep the Egyptian pound afloat.

Further unrest would likely cause a currency devaluation, pushing up the prices of food and household goods and raising the spectre of a “hunger revolution,” Haddad said.

Meanwhile, alternative premises have been found where the parliament can meet on Tuesday for its regular session, he claimed, in defiance of the military council, which has ordered the armed guards surrounding the parliament building to deny entry to MPs. [..]

Both sides know the economic and human cost of a return to the mass protests and street clashes that have marked the past 16 months, and their ongoing negotiations indicate both are probably more malleable than they make themselves appear.

Washington has responded to this crisis with some concern:

Secretary of State Hillary Rodham Clinton said the US expects the military to “support the democratic transition, to recede by turning over authority”.

“The military has to assume an appropriate role, which is not to try to interfere with, dominate or subvert the constitutional authority,” she said.

Privately, US officials expressed concern that a Shafik victory could have dangerous fallout, with protests and ensuing instability that could lead the military to take even stronger measures.

The big problem is that the allies of the military, Mubarak-era officials and secular opponents of Islamists also hold sway in the judiciary, the prosecutor’s office and the election commission.

Even if the military turns over control to a civilian government by the end of June, it will still retain unprecedented powers and that is a huge problem.

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

Click on images to enlarge.

June 21 is the 172nd day of the year (173rd in leap years) in the Gregorian calendar. There are 193 days remaining until the end of the year.

On non-leap years (until 2039), this day marks the summer solstice in the northern hemisphere and the winter solstice in the southern hemisphere, and this is the day of the year with the longest hours of daylight in the northern hemisphere and the shortest in the southern hemisphere.

On this day in 1964, Civil rights workers disappear.

In Neshoba County in central Mississippi, three civil rights field workers disappear after investigating the burning of an African American church by the Ku Klux Klan. Michael Schwerner and Andrew Goodman, both white New Yorkers, had traveled to heavily segregated Mississippi in 1964 to help organize civil rights efforts on behalf of the Congress of Racial Equality (CORE). The third man, James Chaney, was a local African American man who had joined CORE in 1963. The disappearance of the three young men garnered national attention and led to a massive FBI investigation that was code-named MIBURN, for “Mississippi Burning.”

The Mississippi civil rights workers murders involved the 1964 lynching of three political activists during the American Civil Rights Movement.

The murders of James Chaney, a 21-year-old black man from Meridian, Mississippi; Andrew Goodman, a 20-year-old white Jewish anthropology student from New York; and Michael Schwerner, a 24-year-old white Jewish CORE organizer and former social worker also from New York, symbolized the risks of participating in the civil rights movement in the South during what became known as “Freedom Summer”, dedicated to voter registration.

The case also made salient the efforts of Jews in the civil rights movement.

The Lynching

The lynching of the three men occurred shortly after midnight on June 21, 1964, when they went to investigate the burning of a church that supported civil rights activity. James Chaney was a local Freedom Movement activist in Meridian, Michael Schwerner was a CORE organizer from New York, and Andrew Goodman, also from New York, was a Freedom Summer volunteer. The three men had just finished week-long training on the campus of Western College for Women (now part of Miami University), in Oxford, Ohio, regarding strategies on how to register blacks to vote.

After getting a haircut from a black barber in Meridian, the three men headed to Longdale, Mississippi, 50 miles away in Neshoba County, in order to inspect the ruins of Mount Zion United Methodist Church. The church, a meeting place for civil rights groups, had been burned just five days earlier.

Aware that their station wagon’s license number had been given to members of the notorious White Citizens’ Council and Ku Klux Klan, before leaving Meridian they informed other Council of Federated Organizations (COFO) workers of their plans and set check-in times in accordance with standard security procedures. Late that afternoon, Neshoba County deputy Cecil Price – himself a member of the White Knights of the Ku Klux Klan – stopped the blue Ford carrying the trio. He arrested Chaney for allegedly driving 35 miles per hour over the speed limit. He also booked Goodman and Schwerner, “for investigation.”

Schwerner, Goodman, and Chaney were all denied telephone calls during their time at the jail. COFO workers made attempts to find the three men, but when they called the Neshoba County jail, the secretary followed her instructions to lie and told the workers the three young men were not there. During the hours they were held incommunicado in jail, Price notified his Klan associates who assembled and planned how to kill the three civil rights workers.

While awaiting their release, the men were given a dinner of spoonbread, green peas, potatoes and salad. When the Klan ambush was set up on the road back to Meridian, Chaney was fined $20, and the three men were ordered to leave the county. Price followed them to the edge of town, and then pulled them over with his police siren. He held them until the Klan murder squad arrived. They were taken to an isolated spot where James Chaney was beaten and all three were shot to death. Their car was driven into Bogue Chitto swamp and set on fire, and their bodies were buried in an earthen dam. In June 2000, the autopsy report that had been previously withheld from the 1967 trial was released. The report stated Chaney had a left arm broken in one place, a right arm broken in two places, “a marked disruption” of the left elbow joint and may also have suffered trauma to the groin area. A pathologist who examined the bodies at the families’ request following their autopsies noted Chaney also had a broken jaw and a crushed right shoulder which were not mentioned in the autopsy report. As the autopsy photographs and x-rays have been destroyed, the injuries could not be confirmed.

There was a recent kerfluffle at FDL that in the light of presidential election, Jane Hamsher, FDL’s founder, felt it necessary to restate and clarify the site policy regarding diaries and commenting. I agree with what Jane said:

In the contentious 2008 Democratic Presidential primary, there were many members of the FDL community who passionately supported one candidate over another.  We chose as a blog not to endorse either candidate because we did not want to alienate either significant sector of our community.

Moreover, we firmly believe that elections are the time when candidates are the most responsive to the needs of the constituents whose votes they hope to woo. [..]

We believe that the Presidential election should be a time for healthy discussion among those who have different and often passionately held points of view. [..]

Individual writers on FDL may take different positions.  It does not mean that as a blog we endorse any of them.  Our goal is to make a fair home for all sides of this discussion, and not shut it down. [..]

The one thing we have no interest in being is a mind-reading site.   “You just want Obama to win” or “you just want Romney to win” or “you just don’t care about X” furthers no conversation.  Its only intent is to poison the discussion and launch a pie fight. [..]

Our only goal is to foster a vigorous and open debate on FDL in the ensuing months.  The fact that we will not be playing the role of arbiter is not a reflection of any hidden agenda, but rather a continuation of what we have historically sought to be during times when our community is intensely divided:  a town square where a fair discussion of the merits of all sides can take place.

That is what our goal is here at The Stars Hollow Gazette and Docudharma

Thank you, Jane, for all you do.

“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.

Thanks to ek hornbeck, click on the link and you can access all the past “Punting the Pundits”.

Wednesday is Ladies’ Day.

Follow us on Twitter @StarsHollowGzt

Kaura Flanders: ‘Jamie Dimon, You’re No Good. The People Need a Robin Hood’

Tuesday June 19th, saw the formal launch of an NNU-led national campaign for the Robin Hood Tax. Not just in DC, but all over the country, nurses and their allies showed up at branches and offices of JP Morgan Chase summoning the spirit of the 13th century British bandit.

As National Nurses United President Rose Ann deMoro explains:  “It’s time to pay up for the damage you have done to our communities and our nation.”

It’s an idea whose time has long since come, they say, and there’s no better time to be talking about it than this moment. The Robin Hood tax, or financial transaction tax (also known as the Tobin tax after the US economist who first proposed a version of it,) would impose a levy on financial transactions, like sales of stocks, bonds and derivatives. It would take from the rich and generate revenues for poor public services, and stymie reckless speculation — like the gamble that lost JP Morgan that missing $2 billion —  in the process.

Katrina vanden Heuvel: Progressive action can move the candidates

After a rough few weeks, filled with disappointing economic news and distracting political gaffes, President Obama finally had a rare throw-down-the-mike moment. In a highly anticipated campaign speech in Ohio last Thursday, he clearly and unequivocally framed the November election as a choice, not simply “between two candidates or two political parties, but between two paths for our country.”

The choice is indeed a stark one: a return to the failed Bush policies of unregulated markets and antitax fundamentalism that served the 1 percent as they failed the country; or concerted government action to rebuild the middle class as the foundation for sustained economic growth. As Obama said, “this is not another trivial Washington argument.”

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

Click on images to enlarge.

June 20 is the 171st day of the year (172nd in leap years) in the Gregorian calendar. There are 194 days remaining until the end of the year.

On leap years, this day usually marks the summer solstice in the northern hemisphere and the winter solstice in the southern hemisphere.

On this day in 1789, Third Estate makes Tennis Court Oath.

In Versailles, France, the deputies of the Third Estate, which represent commoners and the lower clergy, meet on the Jeu de Paume, an indoor tennis court, in defiance of King Louis XVI’s order to disperse. In these modest surroundings, they took a historic oath not to disband until a new French constitution had been adopted.

Louis XVI, who ascended the French throne in 1774, proved unsuited to deal with the severe financial problems he had inherited from his grandfather, King Louis XV. In 1789, in a desperate attempt to address France’s economic crisis, Louis XVI assembled the Estates-General, a national assembly that represented the three “estates” of the French people–the nobles, the clergy, and the commons. The Estates-General had not been assembled since 1614, and its deputies drew up long lists of grievances and called for sweeping political and social reforms.

The Tennis Court Oath (French: serment du jeu de paume) was a pivotal event during the first days of the French Revolution. The Oath was a pledge signed by 576 of the 577 members from the Third Estate who were locked out of a meeting of the Estates-General on 20 June 1789 so they made a makeshift conference room inside a tennis court.

In 17 June 1789 this group, led by Honoré Gabriel Riqueti, began to call themselves the National Assembly. On the morning of 20 June, the deputies were shocked to discover that the chamber door was locked and guarded by soldiers. Immediately fearing the worst and anxious that a royal attack by King Louis XVI was imminent, the deputies congregated in a nearby indoor real tennis court where they took a solemn collective oath “not to separate, and to reassemble wherever circumstances require, until the constitution of the kingdom is established” It later transpired that the most probable reason why the hall was closed was that the royal household was still in mourning the death of the Dauphin (the king’s oldest son) two weeks earlier; ordinarily, political matters could not be conducted until the King had emerged from mourning. The oath is therefore a contentious point in French political history, since pro-monarchists then and now characterize it as a duplicitous and hysterical over-reaction which deliberately made capital out of a private tragedy in the royal family. Other historians have argued that given political tensions in France at that time, the deputies’ fears, even if wrong, were reasonable and that the importance of the oath goes above and beyond its context.

The deputies pledged to continue to meet until a constitution had been written, despite the royal prohibition. The oath was both a revolutionary act, and an assertion that political authority derived from the people and their representatives rather than from the monarch himself. Their solidarity forced Louis XVI to order the clergy and the nobility to join with the Third Estate in the National Assembly.

The only deputy recorded as not taking the oath was Joseph Martin-Dauch from Castelnaudary. He can be seen on the right of David’s sketch, seated with his arms crossed and his head bowed.

We are halfway through the year and are ready to celebrate the first harvest amidst climate disruption, natural disasters compounded by man’s foolish idea that he could harness the devil. I spent some time this morning weeding my herb garden, snipping the flower buds from the huge pot of sweet basil so the energy goes to the flavorful leaves and a short walk on the beach. Tomorrow morning I will watch the sun rise for the last few hours of Spring and later watch it set on the first few hours of Summer which ushers in at 7:09 PM EDT as the Earth tilts towards the sun at its Northern maximum, the Tropic of Cancer. It is a but a moment in time significant for so many cultures, religions and countries. Here in the US there are many cities that will light huge fires in public places to celebrate the longest day of the year, Midsummer. The fires will be lit in the stone fire pit in my yard. We’ll eat some of the newly harvested vegetable that are available at the local markets and eat food cooked with the herbs from my garden.

ONCE, HUMANS were intimate with the cycles of nature, and never more than on the summer solstice. Vestiges of such awareness survive in White Nights and Midnight Sun festivals in far northern climes, and in neo-pagan adaptations of Midsummer celebrations, but contemporary people take little notice of the sun reaching its far point on the horizon. Tomorrow is the longest day of the year, the official start of the summer season, the fullest of light – yet we are apt to miss this phenomenon of Earth’s axial tilt, as we miss so much of what the natural world does in our surrounds.

In recent months, catastrophic weather events have dominated headlines as rarely before – earthquakes and tsunami in Asia; volcanic cloud in Europe; massive ice melts at the poles; tornadoes, floods, and fires in America. “Records are not just broken,” an atmospheric scientist said last week, “they are smashed.” Without getting into questions of causality, and without anthropomorphizing nature, we can still take these events as nature’s cri de coeur – as the degraded environment’s grabbing of human lapels to say, “Pay attention!”

The Greeks choice of staying with the pain of austerity measures may have helped divert a crisis for the Euro Zone, but not for long. There is still Spain.

Spain bailout fears mount

Fears of a full-scale bailout for Spain have mounted as its borrowing costs spiked to danger levels on concern over the nation’s stricken banks and fast-rising debt. [..]

Tapping the markets for the first time since the Greek vote on Sunday, Spain raised 3.04 billion euros, beating its 2.0-3.0 billion euro target in an auction of 12- and 18-month notes.

But it had to pay exorbitant rates to lure investors – 5.074 per cent for 12-month debt and 5.107 per cent for 18-month debt.

The yield on Spanish benchmark 10-year government bonds shattered the 7.0 per cent barrier on Monday for the first time since the creation of the euro in 1999, pushing above 7.2 per cent.

On Tuesday, the yield on 10-year bonds was at 7.003 per cent. [..]

Spanish borrowing costs at ominous levels

Spain, on the edge of losing debt-market access, paid around 200 basis points more in interest rates Tuesday than a month ago to lure investors to its Treasury bill sale, an ominous sign ahead of a critical government bond auction Thursday.

The latest surge in the country’s borrowing costs comes a day after fresh central-bank data showed Spanish lenders were sitting on the highest level of bad loans in 18 years, raising fresh worries over the battered sector’s capital needs.

The Fat Lady isn’t singing yet.

Just an interesting aside about interest rates, David Dayen points out this exchange from today’s House hearings with none other than the Obama administration’s favorite banker, Jaime Dimon:

But the two stars of the show thus far were Democratic Reps. Gary Ackerman and Brad Sherman. Ackerman asked point-blank if there’s any difference between gambling and investing. Dimon replied that with gambling, the house usually won, to which Ackerman quipped “That has been my experience in investing.” But he got at the central point, that hedging, which entails making a bet that would counteract any other actions in the markets, really bears reveals no difference from gambling. He emphasized that “with hedging, if you’re right, only you win, and if you’re wrong, we all lose.” Precisely. There’s no productive business being done with hedging.

Dimon replied to this by saying that they do a lot of other productive business with the rest of their $2 trillion in assets, so the gentleman from New York should kindly shut his mouth (that’s a paraphrase). And Brad Sherman followed up on that very well. He first said that hundreds if not thousands of small businesses need loans, and instead of accommodating them, “you took $350 billion to London.” Sherman added that JPMorgan holds a $14 billion subsidy through their implicit Too Big to Fail guarantee. This elicited an amusing moment, as Dimon said “We borrow in the marketplace, with the smartest people in the world, with 200 basis points over Treasury.” Sherman replied that “after you lost so much money in London, I would be surprised if people lent you money for less than that.”

Well.