Jamie Dimon

Greece is the perfect example of the eventual outcome of unchecked spending – especially as it creeps closer and closer to defaulting on its massive debts, despite multiple government bailouts in May 2011. One recent BBC News headline warned: “Greece: ‘Default within the euro is possible’.”

But, looking back, some journalists predicted the opposite: that the Greek economy would survive because of government bailouts. Huge fan of government-deficit spending, Paul Krugman, has been writing about Greece a lot, arguing that its trouble is proof that austerity doesn’t work.

On Monday's CBS This Morning, Charlie Rose and Erica Hill touted Massachusetts Democrat Elizabeth Warren's past time as "the government's chief watchdog during the 2008 bank bailout" as she was brought on to discuss JP Morgan Chase's $2 billion loss. Rose and Hill asked all of their questions from the left, and completely ommited any mention of the recent controversy over Warren's claim of Native American ancestry.

The anchor set up the Senate candidate to push for more regulations on banks without rebuttal: "It's appropriate to have some government oversight, and notwithstanding the fact that we're just coming out of this huge crisis." Hill even wondered if the banks themselves "should be broken up into smaller entities."

Occupy Wall Street attacks income inequality and the richest 1 percent, adopting as its slogan ''we are the 99 percent.'' In October, its protesters staged a ''millionaires march' 'in New York City, parading to the homes of wealthy citizens such as Rupert Murdoch and David Koch. But only some riches bother the Occupiers, who have ignored the massive wealth of celebrities in their own ranks.

The top 25 richest celebrities supporting Occupy Wall Street, according to the website Celebrity Net Worth, possess a combined net worth just over $4 billion.

J.P. Morgan Chase is the second-largest U.S. bank, but its CEO spoke out on Nov. 13 to condemn the policy of bailing out banks which are "too big to fail."

Jamie Dimon wrote in the Washington Post that even his bank should accept the risk of failure.

"[I]f some unforeseen circumstance should put this firm at risk of collapse, I believe we should be allowed to fail," Dimon said. He argued that rather than limiting the size of banks and financial firms, failure should be a regulatory option.

According to Dimon, regulators should be given "authority to facilitate failures," wipe out shareholders and unsecured creditors, fire management and liquidate assets.

Dimon said this is better than the alternative: "This is challenging but worth doing. The alternatives, neither of which is acceptable, are to perpetuate the politically, economically and ethically bankrupt "too big to fail" idea, or to try to impose artificial limits on the size of U.S. financial institutions."

Although the collapse of Bear Stearns happened back in March, the debate still rages as to what led to the failure of the 85-year old investment bank that had survived years of previous turmoil, including the Great Depression.

After JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon appeared on PBS's "The Charlie Rose Show" July 7 and commented on an August 2008 Vanity Fair article alleging that CNBC reporting could have been part of Bear Stearns' downfall, the cable channel's on-air editor Charlie Gasparino criticized what was claimed in the article and Dimon's reaction on CNBC's July 8 "Power Lunch."

"Well, you know, he [Dimon] said one thing that I'm just - listen, I didn't watch it," CNBC's Charlie Gasparino said, "I'm just going by what appears to be a transcript here: ‘Where there's smoke, there's fire.' Oh really? Sometimes where there's smoke, there's no fire, Jamie. I've got news for you."