The $2 billion loss by JPMorgan Chase has reawakened debate about whether banks are taking excessive risks, but many facts have gotten lost in the breathless media coverage.

The $2 billion loss at JPMorgan Chase (JPM) has reopened debate on the Volcker rule. The proponents of the rule have seized on the story as proof that the Volcker rule is necessary and should be quickly put into effect by regulation. In reality, however, if the facts are as thus far reported, what happened at JPMorgan is proof that the Volcker rule is unworkable and should be repealed. 

It’s depressing to watch, but it is missing the point that the Volcker rule would not have prevented the loss and is probably unworkable.

The Federal Reserve has recently begun discussing strategies for reducing its approximately $1.2 trillion of Mortgage Backed Securities (MBS) acquired from Freddie Mac, Fannie Mae and Ginnie Mae during the financial crisis.

Giving to charity is an American tradition, but surprisingly it is not all from the wealthy;low-income families are the most likely to donate to charity.

According to new research, economic growth and charitable giving mutually reinforce each other.

Losing money is embarrassing. And an embarrassed Jamie Dimon publicly admitted that J.P. Morgan Chase goofed. Three senior executives lost their jobs as a result. But politicians and regulators in Washington are rushing to leverage the bank's misfortune for their own gain.

The legislativecompromise gives the regulator sufficient authority to control or reduce the GSEs' portfolios and makes the bill satisfactory.