JP Morgan Chase Memo Snears At 'Ignorant' Senators

James E. Glassman, a managing director and senior economist at the $2 trillion bank, included shots at U.S. Senator Carl Levin of Michigan (a graph showing Michigan's job woes was titled "People who live in glass houses shouldn't throw stones"), the entire Congress, and pretty much everyone involved in the financial reform debate.

Glassman also notes that "financial reform legislation in its present form devotes a great deal of attention to issues that had little to do with the housing debacle and does little to put to rest the Too-Big-to-Fail issue."

Glassman begins by analyzing last week's Goldman hearings:

"From the perspective of economic literacy, last week's hearings before the Senate's Permanent
Subcommittee on Investigations had to be, well, not memorable, or inmemorable (as infamous is to famous)," Glassman writes. "The hearings exposed an unnerving ignorance of fundamental principles of market economics by folks who have a hand in remapping rules of finance that will be with us for a while... Read the entire article here.

Can you believe we are actually seeing someone speak of the ineptness of Congress?