Jamie Dimon “I Wouldn’t Panic About What I’m About To Say..."

Tyler Durden's picture

Reports Bloomberg: "JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon said some municipalities will need to renegotiate their debt and that hundreds of them may “not make it.” “I wouldn’t panic about what I’m about to say,” he said today at a U.S. Chamber of Commerce event in Washington. “You’re going to see some municipalities not make it. I don’t think it’s going to shatter America, I just think it’s a part of the credit cycle." Precisely: and it is precisely the part that JP Morgan comes in and offers sale leaseback offers to said munis, and other ingenious financial solutions that see munis selling their assets to the bank which after the Fed, has the biggest balance sheet, and can thus offer to engage in some even more creative asset-liability mismatch. Also explains why unlike Meredith, Jamie will not only not be asked to come in and testify to congress over his abrasive observations of an insolvent American reality, but will be lauded as a hero as he will provide funding to buy insolvent municipalities a year or two of time, which upon expiration will see Jamie end up with even more assets formerly belong to taxpayers, but by then everyone in the current District of Corruption cadre will be long gone with their part of the spoils. And so the "credit cycle" turns.

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Rahm's picture

Jamie Dimon:


"Eat crow, bitches"

Rahm's picture

Flock of Crows:


"We'd rather eat the Jamie Dimon of the JP Morgue"

nope-1004's picture


First of all, you're a slimy white-collar criminal bankster bitch.

Second, judging by your active manipulation in commodities, Mr. Fraudster-Dimon, I'd say you're the one showing signs of panic.

Silver taken down bigtime today, only to rally back up almost 1% above opening price.  300 days of that and.......

That's what I call defeat.

Shameful's picture

Yeah, silver won't even phase JPM.  Worst case they do a swap with the Fed to take it off their books then they go long and laugh.  When you have the total power to allocate losses to other parties it's not hard to win in every trade.  The American suckers get to eat their losses so I hope everyone is hungry for shit sandwiches.

nope-1004's picture

That assumes the counter-party demanding their physical just happily goes away silently.  As the USD sinks, less and less of the large hedgies are going to want a USD cash settlement in lieu of the metal.  Then what?

Cognitive Dissonance's picture

Then what?

Then they change the rules mid stream. Don't like it? Make them play by the rules. You see, every day of this insanity is a direct and clear challenge to the people of America in particular and the world in general.

"Don't like it? Then do something about it...................Yeah, I thought you wouldn't."

Not trying to be cruel or in your face here, but this is what it all boils down to. The bully Fed is standing in the school yard with your lunch in his hand and he's saying to you...."Do something little boy."

UGrev's picture

CD, you know as well as I do that is must be BEYOND too late for anyone to get pissed off enough to do anything about it. 

Cognitive Dissonance's picture

I didn't say putting our foot down would fix this mess or make it better. Never even implied that.

What I was saying was that we are being challenged and the reason it goes on is because we, the collective "we", allow it to go on. "We" are not powerless folks. We aren't helpless victims regardless of what we tell ourselves. I'm not talking directly to this board as much as I'm talking to the general population.......who of course wishes to remain the victim and thus won't be reading this or anything else on ZH.

I refuse to be the victim and declare there is nothing I can do to stop it. Of course there is. However, there is no will to do anything about it. Put 10 million people in the streets of 10 cities total and it will begin to slow down. Put 20 million and the powers will get very upset. Put 30 million and it will stop.

I'm talking about stopping the bleeding. The patient might still die even if the bleeding is stopped. Does that we we shouldn't even try? Rhetorical question.

UGrev's picture

I wasn't trying to imply that you were implying what you thought I was trying to imply. I agree with you; my assertion is that 10 million people of like mind and equally pissed off will not congregate until it's beyond too late. We are too willing, as you said, to take the whooping. But I think this is mostly because we can't find 10 million, you's and me's that we can trust to absolutely crush the streets of washington. 

Just do me a favor and let me know when the bullets start flying.. at least then I should be able to see who's who and what side I should be on. 

Cognitive Dissonance's picture

I wasn't trying to imply that you were implying what you thought I was trying to imply.

Sorry if I implied......umm......ah hell, just forget it. :>)

goldfish1's picture

James Allen  stated, "You are today where your thoughts have brought you; you will be tomorrow where your thoughts take you."

UGrev's picture

shall we start the cloning process and storm washington?

Calmyourself's picture

I keep saying this will take much, much longer than anyone has forecasted to go down as in SHTF.  What that means is not that the numbers are wrong but the PTB will do anything to continue.  If that means hiring XE to assist in the patriotic efforts to reflate the bubble (gods work after all) then they will..

Hansel's picture

People die, but corporations can live forever.  The banks will continue to deprive everyone of the assets built and accumulated by generations of people.  The banks are fine with waiting you out, taking free cash from Bernank in the meantime, because you'll die first and cease to be a problem.

chumbawamba's picture

Common Law Living Trust bitches.


You can still order them, for now.  Hurry, before the IRS succeeds in getting their injunction.  So far the judge is putting up resistance.

I am Chumbawamba.

Dburn's picture

Let me interject one possibility. Retirement Funds; this is the big one for the banks. Up till now they have been totally isolated as Americans go broke except by Americans who have to cash them in. The banks are looking at this trend in horror as this is their next target. Shrinkage in retirement funds means less for them  because in 2013, the first order of business for their legislative Ho's will be making 401Ks , IRAs and even pension funds prime targets on the war against the lower 90%. An army of locksmiths(lawyers) will fan out to break those bitches open to satisfy the debts (fraudulent debts made up by the banks as soon as this new legislation gets through) of the people who are going broke before they start tapping them themselves.

They can't wait for Americans to die as they pot of gold will disappear. This is the last great pot of Gold they haven't been able to get their mitts on. It may not be in the news or talked about much it makes total and complete sense especially in the context of George Carlin's (RIP) "we ain't in the club" rant. 

Anyone think they aren't paying out bribes like crazy? This is worth billions too. There will be eBay powered password protected auction site for the votes of all of congress. Bid em up.

Cdad's picture

I keep saying this will take much, much longer than anyone has forecasted to go down as in SHTF.


Not necessarily...a Constitutional crisis would do a lot to clarify the mind...and shed light on the FUBAR nature of the current situation.  In the meantime, there are a bunch of new members of the House of Reps that were sent to DC for EXACTLY THIS PURPOSE.

So while I am not forecasting what is about to happen, neither would I make hasty conclusions about how things will simply carry on like they have been carrying on.

In case you have not been paying attention, things are changing at the speed of light...and are entirely unpredictable these days.  And these new and wonderful and modern American Marxist/Banker markets can reprice themselves in minutes.

malikai's picture

A brief look at the campaign sponsorship for the '10 election leads me to think they may not be in for a constitutional crisis. The last months of congressional activities reinforces that thought.

Calmyourself's picture

Thanks for the coherent thought.  However, I have been paying attention to activities in DC and what I find amusing is this motley collection of fools will somehow facilitate a constitutional crisis.  The  system will continue but you continue to pin some hope on the few left in DC with a brain AND a set of cojones, a rare combination indeed within the beltway.

Change is constant as is the overwhelming desire for the vast majority of America to continue the charade..

XenOrbitalEnginE's picture

Hiring me to do what? Did I apply?  Wait, I'm "X_O_E"!  Whew.

SheepDog-One's picture

Exactly right CogDis, what rules? Theyre saying 'This is OUR game, see? You dont like it? What are you gonna do about it! NOTHIN, thats what'!

SilverIsKing's picture

TBTF privileges are reserved for the elite.  Municipalities won't be allowed to fail either but for different reasons and by other means.

SheepDog-One's picture

I dont agree. Central banksters couldnt care less about municipalities which are largely mom and pops retirement funds. Making them whole for a comfy golden years and paying for their subsidized drugs and food and housing serves a central bankster NOTHING, and thats all that matters today!

SilverIsKing's picture

My point was missed.  We agree.  The municipalities won't be allowed to fail but it will be because the bankers will see an opportunity to take advantage of desperate local politicians trying to keep their constituents happy.  The banksters will be offering loans with onerous terms and when the municipalities default, the banks will be the winners.  Taxpayers will again be on the losing side of that transaction.

DosZap's picture

There's plenty We as a collective can do about it.

As Cog Dis said.

30 million in their front yard, would get their attention, and ANY Attempt at martial law to squelch it, would be their ultimate demise.

However, by doing the 99 week routine ,over, and over, they have guaranteed no one coming physically against the machine.

End that,stop SS/MC/(not entitlements BTW),and Welfare to the truly needy, and you have an Ultimate shit sandwich.

And they will be on the eating end.

If they start shooting Americans, and Armageddon is here for the IN CROWD.

Problem is, the Sheeple have not felt enough P_A_I_N, yet.

Peter Carson's picture

As noted below - Time for a new Max Keiser campaign :


Crash the entire Bankstering and Administrative crime syndicates.

Dont pay mortgages, credit card bills, loans, or taxes.com


Possibly a way to exercise control, by throwing more fuel on fires already burning across mortgage markets.


4horse's picture

...."Do something little boy."


the mere contemplation of which, doing something, results in this----->vinmac.com

soviet, they've long been ready for any such thoughts



AccreditedEYE's picture

When you have the total power to allocate losses to other parties it's not hard to win in every trade.


naughtius maximus's picture

Heads I win, tails you lose. Keep playing the game. One day you'll win for sure.

tiger7905's picture

Some thoughts on a real silver price based on recent comments from Sprott.


JPM can play all they want but in time will get burned. But unfortunately as mentioned will likely get bailed out.

tmosley's picture

If it happened, I would call it a "justice" of crows.

In Fed We Trust's picture

Too bad he didn't come forward in 2007 and say I see a problem in the sub prime real estate market and specifically the CDO's and related AIG hedges.  Where was he then?


So the "big Short" is on again. Muni's have been priced in. As always, when they say "we don't want you to panic, but...... they really do want you to panic. It sets the trade in motion. Hank Paulson knows this all to well.


So Close's picture

Actually a "flockof crows" is properly referred to as a "Murder of Crows."   Which I think we may all safely be able to find a little satisfaction in the beauty of the homonym and resulting ironic metaphor.  With safe satisfaction being in such short supply these days I will take it where I can get it.

Dr. Porkchop's picture



The bad news is that your pensions have been looted... the good news is that if we take them over, lots of money can be made...some of it perhaps, by you!

Arthor Bearing's picture

"...I wouldn't panic about what I'm about to say, but I FUCKING OWN AMERICA BWAAAHHHH HAAHAHAHAHAHAHA"

Thomas's picture

Kind of a Bobby Knight quote about enjoying it.

themosmitsos's picture

What the fuck are you talking about you fucker? :P

johngaltfla's picture

Meredith luvs Jamie.

Gasparino doesn't.

Municide bitchez.....
bankonzhongguo's picture

Things will not get better in Amerika/World until at least one of these banker/corporate slag assholes is shot in the head live on CNBC.


SheepDog-One's picture

Pennies on the dollar for your pensions, bitchez. Hope the retirees like dumpster divin.

Cdad's picture

You know Dog,

If our politicians had any sense or courage, and if they understood anything that has been happening over the last two years, and if they really represented the people, they would not raise the debt ceiling.

By definition, the Ponzi scheme ends when the last man in [Ben Bernanke and the preferred banks] does not have enough to pay off the next man exiting.  As such, this issue of the debt ceiling is the perfect end to the perfect crime that lasted until...just now.  Poof.  

"All Madoff bankers, please report to the justice department.  Thank you."

malikai's picture

You're implying that congress, the executive, and judicials aren't in on the game. lulz!

Joe Davola's picture

As someone noted yesterday, once you're elected/work for someone who's elected to congress your CAGR hits a pretty nice percentage.

Cdad's picture

Indeed...I am implying that not ALL of them are in on the game.  

NotApplicable's picture

And those are the ones who are already blackmailed or have been painted as loons by the MSM.

Even if they manage to keep clean and gain some traction in the ideasphere, they will discover their fate is the same as the Kennedy brothers.

The idea that politics represents solutions, and not problems, is a mark of immaturity that was likely ingrained into you from a political school system.

Government is simply the most organized form of crime. To expect criminals to perpetrate crime onto others in your name is pure insanity.

Cdad's picture


Listen, I'm sure we would very much agree on the nature of government, how it should be reduced, defunded, shrunk down to paving roads and training an army, etc.  However, April 8 is the deadline. People will be voting...they are in congress.

So...now cue up the reply about going into congress guns blazing...right?  You might want to check the mirror for a maturity problem if you somehow think America will not have a government by next week.  Right?  In the meantime, and since I don't believe in the guns blazing approach, let's simply concentrate on the rule of law...which I suspect we BOTH would like to see upheld.  In this case, how it is the responsibility of Congress to determine the debt issue through a vote...and not Ben Bernanke's fiat providence.

Good grief.


DosZap's picture


let's simply concentrate on the rule of law.

Well, that's the heart of the matter, the sheeple and 98% of the rest of us do.

All the while the PTB, are making new laws and rules as they go along, and daring us to GET IN THEIR face.

We are in a no win situation, unless we're willing to pay the ultimate price.

We're not.

Basically with 9 of 10 of the Commie Manifesto tenets already in our Gvt/schools/laws, we're to put it succinctly Screwed.

We are now, and have been for a while living in a socialist/fascist state.

zaknick's picture

You're wasting your time; guy's a pussy.

slewie the pi-rat's picture

slewie thinks that w/out QE to well past 4.8.11, Treasury checks will bounce. 

i'm not up to speed b.c the 'tea party' was co-opted so fast, it just made me laugh.  so, since i don't giva flying fuk about the MSM bullshit, iyam not aware of the size of their majorities in the legislative bodies.  can one of you geniuses help me here?

hey!  if they can shut the fuker down and cause mass goobermint "worker" furloughs, and mil RIF, great!  maybe it is possible, i just haven't seen the #'s, is all.  instead of hopium II, howzabouta link?

it seems the Morgue is relying on municipalites to serve up The People's assets to them to keep from any "drastic cuts in services"  which might also be negative for Homeland Security. locally, or any other fukin bullshit reason they care to dream up.  with 2 other guys, a very close friend of mine canvassed the entire city of petaluma, CA, for min. wage @ 30 hr weeks, i might add, about 15 years ago to stop the privatization of the then-needed new sewage treatment plant.  once the common folks understood the "possible" criminal intentions of the city council and "da boys" who were paying for their "vacations" and a few other nice things, too. 

once we got the debate outa the "chamber-controlled" press, and established that the new "private" utility would not be subject to the P.U.C., he said people were running out from the neighboring houses so they wouldn't wake the babies by ringing the doorbells and saying "i'm next, ok?"

the bundles of petitions resembled benny hinn's "prayer requests" and by the  time the elevant P.U.C. Office, which had thus far "played along", of couse, finished weighing the fukers, the rest of that little "agenda item" took less that a minute to resolve.