That bankers disdain their new Washington overlords is no surprise. A senior economist at JPMorgan slammed the "unnerving ignorance" of lawmakers at the Goldman hearings. The view reflects what many on Wall Street say privately, but the bank disavowed it. That probably makes as much political sense as the grandstanding by the senators.

It's one thing to discuss such grumbles in the executive suite. It's another to explicitly lay them out in a widely disseminated research report, accompanied by data and a full-color chart for emphasis — in the midst of the delicate financial reform debate in the Senate, to boot. But that's what JPMorgan's James Glassman did in a May 3 economic note.

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