CapitalAccount 11/10/2012 - Jamie Dimon Replaces Jesus at the Temple and Lends Long to the Orthodox Church! , Stephen Leeb: the Missing Presidential Debate on Trickle Up Economics & the Energy War

At yesterday's Q&A, Father Andrew from the Vatopedi monastery in Mount Athos, had a very interesting question for Jamie Dimon. He said that his church was interested in borrowing for the long-term...specifically, 600+ years. Imagine the int erest payment on that float? What was funny though, was Jamie Dimon's response. Speaking with an almost divine sense of self, Jamie responded to the Father by saying: "How much do you want to borrow? I know we bank churches...if we give you money and you shouldn't borrow, we are going to get blamed for that too, so sometimes we say to you "no, we are not going to do it and its not good for you either"...Its like selling too much liquor to someone or letting them have that 5th drink at the bar or whatever and so, but, i'll give you all the help. Send me an email and i'll give you all the information you need." So much for banishing the money changers from the temple. But this isn't the only place where Jamie Dimon channeled images from the past. The famous PR man for John D. Rockefeller, the somewhat less famous Ivy Lee, had encouraged the once richest man in the world to engage in certain acts of philanthropy as a means of cleaning up his image. One of these was handing out dimes to children on the street. We found it striking that Jamie Dimon talked about philanthropy and charity during his Q&A to the good folks over at the CFR yesterday. It is laughable, of course, since what passes as philanthropy in his mind is really just a reshuffling of a fraction of the money that we have unwillingly put at risk in order to backstop unrealized losses for him and his bankrupt counterparties. At least Rockefeller was actually giving away dimes to children. In the case of Dimon, he is picking the child's pocket of a dollar, and handing back a doctored penny in return. So much for progress...Lauren and Demetri discuss this matter and more on today's "Loose Change." Stephen Leeb: the Missing Presidential Debate on Trickle Up Economics & the Energy War Welcome to Capital Account. The global rate cutting contest continues with two central banks reducing interest rates in the past 24 hours. The Central Bank of Brazil and the Central Bank of South Korea lowered rates by a quarter point, while China continued its easing policy to offset tight liquidity conditions. We talk to Dr. Stephen Leeb, chairman of Leeb Capital Management, about the impact of global loose monetary policy on commodity prices. Plus, tonight is the only Vice Presidential debate of the 2012 Presidential elections featuring Paul Ryan and Joe Biden. As pundits talk about "what's at stake" tonight, we ask if there is a dirty little secret no one mentions? Our guest, Stephen Leeb, weighs in on the bigger picture; resource and energy issues you aren't likely to hear in the US Vice Presidential debates. For years we have been told that wars in the Middle East, the Persian Gulf and other oil rich areas, are for security. We have been told that bailing out the biggest banks is about protecting Main Street from a financial fallout on Wall Street. We have been told that the Fed's purchases of mortgage backed securities will help homeowners and the economy, creating jobs and spurring employment. Is any of this true? If US wars were driven, in part, by a need to secure a depleting resource, oil, why wouldn't the government be spending that money on alternative energy at home? If bailouts were about stemming the economic crisis, why not bail out the holders of fraudulent mortgages? If the Fed wanted to help homeowners, why wouldn't they set up lending facilities as they did with the banks, lending directly to indebted households and mortgage holders? We talk to Stephen Leeb, author of the book "Red Alert", about the narrative given to the America public, and large industry, including big banks, oil companies, and military contractors, who want to preserve the status quo. Also, Christine Lagarde, Managing Director of the IMF, said Greece should be given an extra two years to meet its budget targets. What is driving high-level leaders to make sure Greece stays in the Eurozone? We ask Stephen Leeb if Greece is better off in the Eurozone, and continuing to service its debt, or is it better off out? And will we see criminal charges for actions surrounding JP Morgan's multi-billion dollar trading losses? Federal authorities are using taped phone calls to build criminal cases, according to Dealbook. Yesterday, Jamie Dimon, speaking about the London Whale losses, said "Punish us for our mistake, which was a shareholder mistake, it didn't cost anyone else any money." Really? It doesn't cost us to subsidize a TBTF bank, running enormous risks and realizing huge losses whenever you feel like it? In today's "Loose Change," we have a mash up of Jamie Dimon's best moments from yesterday's CFR press event.