Skip to comments.JP Morgan Chase CEO Jamie Dimon: THIS WILL PASS AND AMERICA'S ECONOMY WILL BLOW YOUR SOCKS OFF
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 ...
I’m thinking January 2013.
With the dollar drop, we will also see some return to domestic manufacturing.
Hey! Where am I gonna get new socks, then?
Dimon doesn’t care. He’s got lots of socks.
Take an hour and listen to..
He should have left off the last three words.
Dimon doesn't care because Bernanke works for him - so no matter what comes, JP Morgan will be kept solvent.
“Im 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.
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.
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.
Guys like Cavuto et. al. should be opening every single monologue by pointing out just how wrong and consistently wrong these turds have been.
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.
I personally think that this country will never see a balanced budget again.
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.
This is probably what’s going on:
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.
Sorry. I forgot to paste this quote from the link I gave you in #15 above:
In ttttttthcomments section:
on Wed, 08/10/2011 - 10:08
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.
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).
And where are all of our socks made these days?
Here’s a directory of SOCKS MADE IN AMERICA:
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.
I wouldn’t trust a damn word this clown says. He belongs behind bars.
Jamie Dimon belongs behind bars.
Heh. No sale.
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.
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