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JP Morgan Chase CEO Jamie Dimon: THIS WILL PASS AND AMERICA'S ECONOMY WILL BLOW YOUR SOCKS OFF
Business Insider ^ | 08/10/2011 | Courtney Comstock

Posted on 08/10/2011 10:40:30 AM PDT by SeekAndFind

JP Morgan Chase CEO, Jamie Dimon just gave a very optimistic speech on CNBC.

He refuted rumors that the S&P downgrade will make it harder for banks like JPMorgan to make money on CNBC right now.

"The S&P downgrade is just an opinion," he says. The market leaders he knows don't use the S&P to make their decisions, he says.

He also added, "The U.S. needs to show fiscal discipline."

But he says, "I'm hopeful that we'll" start to do that soon.

Then he brought out the good ol' American spirit.

"I think we need America to do what America used to do when times got tough... They rolled up their sleeves... They didn't scapegoat. We need coherent, consistent policy... A lot of our policy is completely incoherent and inconsistent, made in the middle of the night."

The real feel-good moment of his speech: THIS WILL PASS... AND AMERICA'S ECONOMY WILL BLOW YOUR SOCKS OFF.

Whether it's in a year, 6 months, nine months, he doesn't know, but he says: I'm very optimistic.

(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy; Society
KEYWORDS: default; economy; goldmansachs; jamiedimon; jpmorgan; lies; manufacturing; propaganda; zerohedge

1 posted on 08/10/2011 10:40:33 AM PDT by SeekAndFind
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To: SeekAndFind

I’m thinking January 2013.


2 posted on 08/10/2011 10:43:58 AM PDT by Kickass Conservative (If Sarah Palin was President, you would have a job by now.)
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To: SeekAndFind
This is very possible. Once the Obama Economic Growth Obststruction program is reversed, we will see very good economic and job growth.

With the dollar drop, we will also see some return to domestic manufacturing.

3 posted on 08/10/2011 10:44:36 AM PDT by rdcbn
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To: SeekAndFind

Hey! Where am I gonna get new socks, then?

Dimon doesn’t care. He’s got lots of socks.


4 posted on 08/10/2011 10:45:31 AM PDT by RexBeach (Mr. Obama can't count.)
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To: SeekAndFind
Tougher times are to come:

Take an hour and listen to..

...Mike in East Texas

...economic updates...

5 posted on 08/10/2011 10:50:23 AM PDT by B.O. Plenty (Give war a chance...)
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To: SeekAndFind
AMERICA'S ECONOMY WILL BLOW YOUR SOCKS OFF

He should have left off the last three words.

6 posted on 08/10/2011 10:51:53 AM PDT by dfwgator
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To: RexBeach
Dimon doesn’t care. He’s got lots of socks.

Dimon doesn't care because Bernanke works for him - so no matter what comes, JP Morgan will be kept solvent.

7 posted on 08/10/2011 10:52:44 AM PDT by Mr. Jeeves ( "The right to offend is far more important than any right not to be offended." - Rowan Atkinson)
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To: Kickass Conservative

“I’m thinking January 2013.”

If the Republicans do not nominate Romney, I am thinking that the late summer of 2012 could be good for stocks. The market would anticipate a 0bama defeat in November. If Romney wins the nomination.........I don’t want to think about it.


8 posted on 08/10/2011 10:53:36 AM PDT by forgotten man (forgotten man)
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To: rdcbn
I tend to agree and see it beginning in early November 2012, when Obama is soundly defeated. There is huge pent up money on the side and the wireless communications revolution is the next big thing, like Internet Revolution II. Right now though, people are sitting back and waiting - no sense committing resources in the current business climate.
9 posted on 08/10/2011 10:54:03 AM PDT by oncebitten (Re: Obama: "I could carve a better man out of a banana." T. Roosevelt)
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To: SeekAndFind

This will pass??? WTF is he smoking? Will entitlement spending magically be cut? Or will tax revenues magically double without an increase in tax rates? This moron seems to think there are no structural problems with our government. I’m sure he is saying this just to shill for his buddy, Obama. I doubt he believes a word of it.


10 posted on 08/10/2011 10:56:26 AM PDT by Opinionated Blowhard ("When the people find they can vote themselves money, that will herald the end of the republic.")
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To: SeekAndFind
Then he brought out the good ol' American spirit.

Don't look for any help here. The good ole American Spirit has been strangled and has the boot of gov't on its neck.

11 posted on 08/10/2011 10:58:43 AM PDT by umgud
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To: SeekAndFind
I don't understand why every single economic news story does not lead off with how wrong all these guys were a few years ago and how wrong they have consistently been since. Not sure if this particular guy is one, but you can go on youtube and watch video after video of Bernanke and Geitner and a bunch of pro financial strategists and big banker types talking about how there was nothing negative on the horizon back before the recession. And you can watch more video of them downplaying the crisis. And you can watch more video of them saying we are in recovery. Then more about how there is no double dip. And then yesterday, finally, Bernanke admits we are in a bear.

Guys like Cavuto et. al. should be opening every single monologue by pointing out just how wrong and consistently wrong these turds have been.

12 posted on 08/10/2011 11:01:58 AM PDT by douginthearmy
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To: SeekAndFind

I already can’t afford socks. I have to make the ones I have last. I hope they don’t destroy them like the article title says.


13 posted on 08/10/2011 11:06:23 AM PDT by refreshed
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To: Opinionated Blowhard

I personally think that this country will never see a balanced budget again.

Consider:

The Retirement Boom is just getting started

In 2011, nearly 55 million Americans will receive $727 billion in Social Security benefits. That number is projected to grow substantially in years ahead as waves of Baby Boomers begin to retire.

The retiree to worker ratio is getting... impossible

Back in 1950 each retiree’s Social Security benefit was paid for by 16 workers. Today, each retiree’s Social Security benefit is paid for by approximately 3.3 workers. By 2025 it is projected that there will be approximately two workers for each retiree.

Over half of Obama’s budget is handouts

Approximately 57 percent of Barack Obama’s 3.8 trillion dollar budget for 2011 consists of direct payments to individual Americans or is money that is spent on their behalf.

About 1 in 7 Americans receive food stamps. That’s 44.2 billion people (or 14.3% of the population) and rising.

Also note: Entitlement programs are not subject to budget freezes or budget cuts - unless Congress changes the underlying laws

Try taking that away and you will see Greece in America.

So, the present value of projected scheduled benefits exceeds earmarked revenues for entitlement programs such as Social Security and Medicare by about 46 trillion dollars over the next 75 years. So that means that the U.S government is going to have to find an extra 46 trillion dollars from somewhere to pay all those benefits
Social Security’s deficit is spinning out of control.

According to the Congressional Budget Office, in 2011 the Social Security system will run a $54 billion deficit and will continue to do so over the next decade. The total will come to $547 billion.

The U.S. government “borrowed” 2.5 trillion dollars from the Social Security Trust Fund, and now it turns out that the Social Security system is going to start needing that money. So where will the U.S. government get an extra 2.5 trillion dollars?

The vast majority of the American people have become soft and don’t know how to take care of themselves any longer. We now have millions upon millions of people who are totally dependent on the U.S. government for survival. As the government takes care of more and more people the red ink will increasingly get worse. At what point will it cause U.S. government finances to totally collapse?

SO, MR. DIMON, CAN YOU GIVE US YOUR REASONS FOR OPTIMISM IN LIGHT OF ALL THE ABOVE DOCUMENTED FACTS JUST GIVEN?

I like to be optimistic but given what I see, I cannot help but believe that the course we are on now can only end badly.


14 posted on 08/10/2011 11:06:34 AM PDT by SeekAndFind (u)
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To: SeekAndFind

This is probably what’s going on:

http://www.zerohedge.com/news/goldman-goes-short-dollar-qe3


15 posted on 08/10/2011 11:15:48 AM PDT by Matchett-PI ( Sowell: "A lot of people mistake confusion in their own minds for complexity in the real world.")
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To: SeekAndFind

There will be no significant, lasting business growth in America until a few things happen:

a) Significant, lasting elimination of the mindless regulation that burdens small businesses on an ongoing basis. One-time, short-lived and insignificant reductions do not alleviate the long term burdens caused by governments - local, county, state and federal - that would be so insane as to shut down a child’s lemonade stand. That act in and of itself does not affect business, but it symbolizes just how intrusive, overbearing and meddling government has become - they must stop picking winners and losers and making requirements on business.

b) government borrowing authority has to be eliminated because that is the only way to guarantee a balanced budget

c) unions must be virtually ended.

d) big-business must be controlled - as it is out of control and is in bed with government. As such, it steamrolls any and all small businesses in it’s way. It wants people to be CONSUMERS, not COMPETITORS.

Once a) and b) are done, and c) and d) are significantly done, America will become an ENORMOUSLY attractive place to set up shop.

But if a) and b) are NOT completely done, and c) and d) are NOT significantly done, then America will be missing many jobs that it needs for normal employment rates.

Just one little idiot citizens’ crazy, stupid opinion, after all, I didn’t go to an Ivy League school.


16 posted on 08/10/2011 11:18:28 AM PDT by PieterCasparzen (We need to fix things ourselves)
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To: SeekAndFind

Sorry. I forgot to paste this quote from the link I gave you in #15 above:

In ttttttthcomments section:

by TruthInSunshine
on Wed, 08/10/2011 - 10:08
#1546082

This is the ultimate Goldman fade.

They won’t get what they want.

Given the bad taste the name of Goldman Sachs, alone, produces in response to those who hear it, Goldman Sachs is being set up as the proverbial election year sacrificial lamb by ObaMao, who has cast his eyes upon Jamie Dimon (who claimed just yesterday that QE3 is not wanted or needed) and JP Morgan as the new de facto King of Finance (and King of Financing Obama’s re-election).

Jamie Dimon has waited a long time to be able to eliminate Goldman Sachs and swallow up their client base.


17 posted on 08/10/2011 11:20:36 AM PDT by Matchett-PI ( Sowell: "A lot of people mistake confusion in their own minds for complexity in the real world.")
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To: SeekAndFind
The U.S. government “borrowed” 2.5 trillion dollars from the Social Security Trust Fund, and now it turns out that the Social Security system is going to start needing that money. So where will the U.S. government get an extra 2.5 trillion dollars?

I imagine that's what the plan to confiscate the 401K monies is designed to fix. (Of course, the Dummirats wouldn't be able to help themselves if all that "new" money showed up and that'd be replaced by IOU's in no time).

18 posted on 08/10/2011 11:21:21 AM PDT by Right Cal Gal (Ronald Reagan: "our liberal friends....know so much that isn't so...")
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To: SeekAndFind

And where are all of our socks made these days?


19 posted on 08/10/2011 11:26:06 AM PDT by andy58-in-nh (America does not need to be organized: it needs to be liberated.)
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To: andy58-in-nh

Here’s a directory of SOCKS MADE IN AMERICA:

http://www.americansworking.com/socks.html


20 posted on 08/10/2011 11:28:17 AM PDT by SeekAndFind (u)
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To: SeekAndFind
I think we need America to do what America used to do when times got tough... They rolled up their sleeves... They didn't scapegoat

Its nice to chest pound but I have to say this is not the 1930's and I have not seen much of this in my lifetime.

21 posted on 08/10/2011 12:17:54 PM PDT by thepatriot1 (...brought to you courtesy of the Red, White and Blue)
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To: SeekAndFind

I wouldn’t trust a damn word this clown says. He belongs behind bars.

http://fromthetrenchesworldreport.com/jp-morgan-chase-co-one-of-the-most-dangerous-banksters-on-the-planet-jamie-dimon/4280


22 posted on 08/10/2011 12:44:20 PM PDT by geardown
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To: SeekAndFind

Jamie Dimon belongs behind bars.

http://fromthetrenchesworldreport.com/jp-morgan-chase-co-one-of-the-most-dangerous-banksters-on-the-planet-jamie-dimon/4280


23 posted on 08/10/2011 1:10:59 PM PDT by geardown
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To: SeekAndFind

Heh. No sale.


24 posted on 08/10/2011 1:57:42 PM PDT by familyop (We Baby Boomers are croaking in a noisy avalanche of rotten politics smelled around the planet.)
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To: SeekAndFind

Imagine the administration changed over to one that is investor/producer friendly, with less taxation and regulation, that’s allowed to keep most of their profits. Then imagine that same administration enforcing the law equally on everyone, putting the Constitution before personalities.

This, after what we’ve been through so far? I can foresee a situation where the economy could actually over heat, and might even have to be restrained somehow.

Marx saw this coming during the Industrial Revolution. He knew that some people would jump on and thrive with it, but that others wouldn’t, and then would envy and hate those who did, creating social problems. his utopia consists of equalizing and redistributing poverty.


25 posted on 08/10/2011 3:11:17 PM PDT by CPO retired
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