Add James Bianco to the list of those calling for ultra transparency

In a post on the Big Picture blog, James Bianco discusses the JP Morgan trade and observes

In the days and weeks ahead, the Federal Reserve will no doubt support legislation to stop this scenario from ever happening again.  It will not work.  The real fix is the same one that has been around for a 1,000 years.  It is called capitalism.  Let these institutions fail.  Tell their creditors they are on their own and push for transparency so everyone can see what banks like J.P. Morgan do.  Finally, get out to the way and let the markets fix this problem.  This would undoubtedly wreak havoc in the short term, but it will serve as a lesson to everyone in the future that taking such large risks has consequences.

Regular readers know that requiring ultra transparency is the way to let market participants see what banks like JP Morgan do.