The reckless betting of billions in a bank that has already received taxpayers' help is a good reminder of why we need the kind of strong financial regulation that Mitt Romney opposes and Barack Obama might not give us, either.

The famed economist writes: "Postponing the exit until after the June election with a new government committed to a variant of the same failed policies (recessionary austerity and structural reforms) will not restore growth and competitiveness."

Maureen Dowd writes: "The shining industry agitator against some of the tougher regulations on banks has suddenly become the shining example of why still tougher regulations may be needed."

The Justice Department has launched a criminal probe into JPMorgan's more than $2 billion in losses. 

Brad Plumer writes, "the losses could have broader implications for the financial industry. The bank's head, Jamie Dimon, was Wall Street's most prominent chief executive and one of the most effective opponents against strict financial reforms in Washington. Now his credibility is at stake."

Jamie Dimon, a Wall Street darling who took hot issue with the idea of increased bank regulation, has now seen his bank lose $2 billion and counting in just the kind of risky move that stronger controls could prevent.

Brooks writes, "The country is divided when different people take different sides in a debate. The country is really divided when different people are having entirely different debates. That’s what’s happening on economic policy." 

Krugman writes, "What’s wrong with the prescription of spending cuts as the remedy for Europe’s ills? One answer is that the confidence fairy doesn’t exist — that is, claims that slashing government spending would somehow encourage consumers and businesses to spend more have been overwhelmingly refuted by the experience of the past two years."

King writes, "What charitable 1 percenters can’t do is assume responsibility—America’s national responsibilities: the care of its sick and its poor, the education of its young, the repair of its failing infrastructure, the repayment of its staggering war debts. Charity from the rich can’t fix global warming or lower the price of gasoline by one single red penny."