This page has been archived and commenting is disabled.

"Another Crisis Is Coming": Jamie Dimon Warns Of The Next Market Crash

Tyler Durden's picture




 

Last October’s Treasury flash crash — which Gregg Berman will tell you wasn’t the fault of HFT and which will likely repeat at some point or another thanks to the fact that Fed purchases have reduced market depth — may no longer be a once every three billion year occurrence as statistics would dictate, Jamie Dimon observes, in his latest letter to JPM shareholders, before suggesting that the event “should make you question statistics.” Amusingly, Dimon seems to confuse cause and effect a bit, as it’s really not the fault of “statistics” per se, but rather the fault of shifting market dynamics (and by “dynamics” we mean increased manipulation and never-before-seen distortions and dislocations) that have rendered the old statistical models obsolete. But at least Dimon sees the event, and recent similar shakeups in FX markets for what they are: “warning shots across the bow.” Here’s Dimon:

Recent activity in the Treasury markets and the currency markets is a warning shot across the bow 


Treasury markets were quite turbulent in the spring and summer of 2013, when the Fed hinted that it soon would slow its asset purchases. Then on one day, October 15, 2014, Treasury securities moved 40 basis points, statistically 7 to 8 standard deviations – an unprecedented move – an event that is supposed to happen only once in every 3 billion years or so (the Treasury market has only been around for 200 years or so – of course, this should make you question statistics to begin with). Some currencies recently have had similar large moves. Importantly, Treasuries and major country currencies are considered the most standardized and liquid financial instruments in the world.

Next, Dimon decides he’s going to do some thinking about what a new crisis might look like under existing market conditions and the new regulatory regime. You can read the entire three-page “thought experiment” on pages 32 through 35 of the letter (below), but the conclusion Dimon ultimately comes to is this: 

The items mentioned above (low inventory, reluctance to extend credit, etc.) make it more likely that a crisis will cause more volatile market movements with a rapid decline in valuations even in what are very liquid markets. It will be harder for banks either as lenders or market-makers to “stand against the tide.”

Perhaps more important are the JPM chief’s observations about liquidity in credit markets which, as regular readers are no doubt aware, is a topic we’ve been pounding the table on literally for years: 

There already is far less liquidity in the general marketplace: why this is important to issuers and investors

 

Liquidity in the marketplace is of value to both issuers of securities and investors in securities. For issuers, it reduces their cost of issuance, and for investors, it reduces their cost when they buy or sell. Liquidity can be even more important in a stressed time because investors need to sell quickly, and without liquidity, prices can gap, fear can grow and illiquidity can quickly spread – even in supposedly the most liquid markets. 

 

Some investors take comfort in the fact that spreads (i.e., the price between bid and ask) have remained rather low and healthy. But market depth is far lower than it was, and we believe that is a precursor of liquidity. For example, the market depth of 10-year Treasuries (defined as the average size of the best three bids and offers) today is $125 million, down from $500 million at its peak in 2007. The likely explanation for the lower depth in almost all bond markets is that inventories of market-makers’ positions are dramatically lower than in the past. For instance, the total inventory of Treasuries readily available to market-makers today is $1.7 trillion, down from $2.7 trillion at its peak in 2007. Meanwhile, the Treasury market is $12.5 trillion; it was $4.4 trillion in 2007. The trend in dealer positions of corporate bonds is similar. Dealer positions in corporate securities are down by about 75% from their 2007 peak, while the amount of corporate bonds outstanding has grown by 50% since then.

 

Inventories are lower – not because of one new rule but because of the multiple new rules that affect market-making, including far higher capital and liquidity requirements and the pending implementation of the Volcker Rule. There are other potential rules, which also may be adding to this phenomenon. For example, post-trade transparency makes it harder to do sizable trades since the whole world will know one’s position, in short order. 

Here's a look at Treasury and bund market depth:

And here's the full letter from Dimon (note the amusing cover image):

JPMC-AR2014-LetterToShareholders

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 04/09/2015 - 10:14 | 5975068 101 years and c...
101 years and counting's picture

what a pair of balls on this douchebag.  destroy capitalism, force the fed to print trillions and then whine about the fact there isnt enough liquidity because the fed is holding all the liquid assets?  i dont know who i hate more.  Dimon or Bernanke.  Prob Dimon.  Bernanke was just a puppet for the bankers....

Thu, 04/09/2015 - 10:17 | 5975087 LoneStarHog
LoneStarHog's picture

Don't insult douchebags.  At least a douchebag has a productive purpose in life.  Dimon has absolutely NO purpose in a civilized society.

Thu, 04/09/2015 - 10:23 | 5975102 BandGap
BandGap's picture

Dimon and Larry Summers double team no-look confusion maker.

http://finance.yahoo.com/news/dimon-now-summers-theres-liquidity-1301205...

When people start making excuses for shit that hasn't happened the light at the end of the tunnel is that train.

Off topic, but has anyone tried to buy a revolver lately? I went to three places yesterday and all the revolvers under a 4" barrel are sold out, and have been for months. Hmm. All the dealerships said their orders are never filled to the extent they need. Handgun shortage?

Thu, 04/09/2015 - 10:29 | 5975122 TrumpXVI
TrumpXVI's picture

Peak Handguns.

Thu, 04/09/2015 - 10:39 | 5975166 Pinto Currency
Pinto Currency's picture

 

Dimon and Summers - Flash crashes are coming because we rigged the gold market and interest rates.  It's all coming down.

Thu, 04/09/2015 - 10:43 | 5975181 max2205
max2205's picture

His his daughter still a virgin?  7 std dev says yes.

Thu, 04/09/2015 - 10:56 | 5975230 kliguy38
kliguy38's picture

The pigmen cryeth too much.

Thu, 04/09/2015 - 11:20 | 5975303 rccalhoun
rccalhoun's picture

greenspan, dimon, summers all supporting the ZH mantra.  guess those 3 were the smart ones...since they caught the upside and ZH was 6 years early.   down vote me.  i dont care.  those three are cock suckers, but they made the $$$$.  ZH advice has been hazardous to your wealth.

Thu, 04/09/2015 - 12:10 | 5975442 101 years and c...
101 years and counting's picture

well, when you set the policy and then tell the puppet at the Fed what to do, its kinda hard to not make money.  us pee-ons just aren't privvy to when dimon and the others schedule the dump in stocks.

Thu, 04/09/2015 - 12:11 | 5975446 RU-GAY2
RU-GAY2's picture

You mean the crisis you helped create Jamie Demon?  Thanks for the heads up....

Thu, 04/09/2015 - 12:16 | 5975449 TahoeBilly2012
TahoeBilly2012's picture

Love these guys..."doing Gods work" outta one side of the mouth "prepare for collapse" out of the other....I guess they can have it both ways....another Khazarian who almost looks like a WASP, plays it up too.

Thu, 04/09/2015 - 12:29 | 5975491 espirit
espirit's picture

Wall Street out of control (or in control?) of fed.gov pensions.

If I had a dime in it, I'd be sweating bullets.

Thu, 04/09/2015 - 12:34 | 5975503 whotookmyalias
whotookmyalias's picture

I would love to know what the founding fathers would have considered cruel and unusual punishment for the likes of him.  I have a feeling being tied spread eagle to a small boat and being pushed out into the ocean would have been deemed not harsh enough.

Thu, 04/09/2015 - 12:44 | 5975529 TeamDepends
TeamDepends's picture

Someone's gonna have to go back and get a shitload of small boats! No, being as cruel as possible sinks us down to their level. Good old-fashioned public hangings are what we need. And bring the children, as we must never forget. This can NEVER happen again.

Thu, 04/09/2015 - 19:47 | 5976953 Save_America1st
Save_America1st's picture

You all see what's going on, of course.  All the criminal douchebags are now changing their tune and "warning" us of the doom we've known about and have been warning everyone else about for years and decades.

Greenspan, Dimon, Buffet, etc.  They drove the world into a pit of debt and doom and now they're acting like our saviors by "warning" us of the cliff that they have driven us off us.

If all these treasonous scum were rounded up and put on trial for their crimes against humanity it would make the Nuremburg Trials look like an easy day in traffic court by comparison. 

Thu, 04/09/2015 - 19:52 | 5976970 bwh1214
bwh1214's picture

You don’t get any more biased than Jamie Dimon.  What a horrible man.  This is a better place to start for the truth, I admit it starts off slow but it’s a good read:

 

http://www.debtcrash.report/entry/history-and-introduction

Fri, 04/10/2015 - 13:56 | 5979545 AE911Truth
AE911Truth's picture

There can be no recovery until the wealth the bankers stole is returned to the people from whom it was stolen.

Without justice there can be no _____.

 

Thu, 04/09/2015 - 12:36 | 5975510 TeamDepends
TeamDepends's picture

>Satan's minions

>Doing Gods' work

Thu, 04/09/2015 - 22:07 | 5977336 pgroup
pgroup's picture

It's a big club and you ain't in it.

Thu, 04/09/2015 - 12:17 | 5975457 Bokkenrijder
Bokkenrijder's picture

@ rccalhoun: Unfortunately you are right. Gold is down ±30% or so, and stocks are way up. Jamie is again setting the sheeple up to buy put options, so that he can fleece them yet again.

Thu, 04/09/2015 - 18:27 | 5976701 rccalhoun
rccalhoun's picture

ZH needs to report to us what jamie and larry have cooked up so we can mirror their trades and become rich.

Thu, 04/09/2015 - 12:19 | 5975477 eatthebanksters
eatthebanksters's picture

This is truly funny...a black swan event (even if the impact was not great) and he says statistics are the problem...hmmm.  I think the problems are the creation of the TBTF banks.  Our treasury market is 3x what it wasin 07' yet the depth is 25% of what it used to be...so one of their profit centers is cut off as they can't make money on Treasury trades like they used too. Poor Jamie.  Again, it seems like a lot of this is a result of regulations passed to correct previous bad behavior.  When Dimon whines everyone thinks he's being honest; I think he's using his pulpit to scare the world into making his job easier and allowing him to take more risks while passing the liability onto the tazpayer. His idea is when you can't make money under the system rules then cahnge the rules. Fuck you Jamie Dimon!   You and the other TBTF banks will fail (again) becasue you never had a viable business model.  Ponzi and racketeering models aren't sustainable even when you buy off ploiticians.   

Thu, 04/09/2015 - 13:15 | 5975628 TheReplacement
TheReplacement's picture

I gave you a downvote despite nearly everything you said being true.  The one thing that was not true is that there was ZH advice.  I've never seen any advice or even a tip from a Tyler.  They give us accurate information with which we need to apply some thought.  If you were unable to do that successfully then you should have just BTFD which was in fact the obvious play.  Off that you would take a slice of your profit and invest in real assets as a store of value.

Start with $100.  BTFD.  Make a $20 profit.  Buy an ounce of silver.  Rinse and repeat.  Soon you would still have $100 for stocks and five ounces of silver.  The key to not getting burned is realizing you will eventually lose the $100 when it all goes belly up.  That is why you bought the silver to hold on to.  If you did it right and long enough you should have far more silver than $100 worth.

Thu, 04/09/2015 - 12:54 | 5975561 AgShaman
AgShaman's picture

hahaha....I just logged in to check the 'BPR'.

Wait, Zerohedge doesn't post it....hey Zerohedge, please post the BPR

Thu, 04/09/2015 - 10:35 | 5975148 LawsofPhysics
LawsofPhysics's picture

Push in many states to stop issuing concealed carries.  Typical response from the debt-slaves, buy a handgun.  Wait a year and you will be able to pick up a screaming deal on something nice at gunbroker.com.  In fact, you might be able to now.

Thu, 04/09/2015 - 12:32 | 5975496 whotookmyalias
whotookmyalias's picture

I'm not sure what you are trying to say but it sounds like you think many people are buying guns for the wrong reason and if I wait a year I can get a better deal on their used gun.  That explains my down arrow. 

Thu, 04/09/2015 - 10:54 | 5975221 BandGap
BandGap's picture

Already ordered. Thanks.

Revolvers comprise ~10% of handgun sales. The dealers said this was the best winter they have ever had, especially for women buyers. Another telltale sign shit is going down.

Thu, 04/09/2015 - 12:22 | 5975481 Headbanger
Headbanger's picture

I tell many first time handgun buyers to go with a revolver cause they don't jam, simple to clean, just pull the trigger again when there's a dud round, etc.

Notice Ruger, Taurus came out with some nice 5 round 9mm revolvers.

And no need for speed loaders with moon clips

Thu, 04/09/2015 - 12:31 | 5975494 whotookmyalias
whotookmyalias's picture

Tried to convince my dad to buy a revolver for his first handgun, but after shooting a Glock 19 he went with that.  Snubby 357 shooting buffalo bore 38 spcl is what I tell everyone who asks me.

Thu, 04/09/2015 - 12:49 | 5975549 Headbanger
Headbanger's picture

The 19 is one of the few Glocks Ilike.  WTF were they thinking with the 42!?

But check out these small 9mm revolvers for carry.   I might get one.

Then again.. a 460 is on my list too. Here's my hero Jerry Miculek making a sald with his:

https://www.youtube.com/watch?v=DP5WgfoDfA4

Thu, 04/09/2015 - 12:46 | 5975535 NeedtoSecede
NeedtoSecede's picture

S&W 642 with Crimson Trace grips.  It prefers to ride on my hip at 4 o'clock, but sits real nice in an ankle rig.  Also works in a belly band when the wife and I go out for our pre-dawn runs, and I occassionally drop in a pocket holster when no other options will work for concealment. My preferred kit is a hi-cap semi-auto, but the revolver is hard to beat for its reliability, simplicity, and concealabilty.  Highly recommended.

But for all you weekend warriors and wannabe gunners, you need to train with any weapon you purchase.  Train, train, and then train a little more...

Thu, 04/09/2015 - 12:19 | 5975476 Urban Redneck
Urban Redneck's picture

$500 for a stock Ruger GP100??? I must be getting old.  At least I have enough of them lying around to liquidate and retire off, to bad the banknotes won't buy shit over the long term and the current price isn't likely to be sustaned w/o currency depreciation.

Thu, 04/09/2015 - 12:25 | 5975486 Headbanger
Headbanger's picture

Love mine!

And have you seen what comparable S&W revolvers go for!?

But I still wanna get a S&W Jerry Miculek 9m 7in model

Thu, 04/09/2015 - 12:38 | 5975514 IdiotsOutWalkin...
IdiotsOutWalkingAbout's picture

Already long handguns. Major price increase to cover your handgun short(age).

USSA "lost" $500 Bn in arms to the Houthi "rebels" in Yemen. Bid on their spare sidearms.

We armed some folks.

Thu, 04/09/2015 - 12:57 | 5975572 indygo55
indygo55's picture

I believe that was 500 Million not Billion.

Thu, 04/09/2015 - 13:55 | 5975754 IdiotsOutWalkin...
IdiotsOutWalkingAbout's picture

Right you are. Thanks.

 

Thu, 04/09/2015 - 12:55 | 5975567 indygo55
indygo55's picture

Im going to a gun show this weekend in SW Florida. Im sure as always it will be packed and plenty of guns of all varieties will be sold. 

Thu, 04/09/2015 - 10:20 | 5975091 nope-1004
nope-1004's picture

 

 

"Declining Liquidity"

"Cash on the sidelines"

"Central bank invervention toward Economic Recovery"

"Low interest rates good for real estate"

"Monetizing the debt is stimulus".

 

All of the above can be replaced by one word that sums up the criminal banking syndicate:

INSOLVENT

 

 

Thu, 04/09/2015 - 10:34 | 5975140 foodstampbarry
foodstampbarry's picture

Fuck you Bernanke!

... and Fuck you Mr. Yellin!

Thu, 04/09/2015 - 10:39 | 5975164 gadflew
gadflew's picture

Jamie Dimon....he never fails to keep putting the "douche" in fiduciary

Thu, 04/09/2015 - 10:51 | 5975216 Jumbotron
Jumbotron's picture

I thought he was dying of throat cancer because he ate too much snatch.  Or was that the "other" white meat?

Thu, 04/09/2015 - 11:03 | 5975253 chilli sauce
chilli sauce's picture

I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do... www.globe-report.com

Thu, 04/09/2015 - 12:33 | 5975498 espirit
espirit's picture

I thought your website was hackensackhookers.com? 

Thu, 04/09/2015 - 14:58 | 5976019 JRobby
JRobby's picture

Fuck You you Fucking Fuck

Oh, and fuck Jamie Dimon too

Thu, 04/09/2015 - 11:20 | 5975301 zjxn06
zjxn06's picture

Dimon: Serial arsonist warning of future flash fires.  Arrest him already.

Thu, 04/09/2015 - 12:00 | 5975414 Squid Viscous
Squid Viscous's picture

Just hang the m.f. - no trial needed. Him and Bank-fiend.

Thu, 04/09/2015 - 12:04 | 5975425 williambanzai7
williambanzai7's picture

Thu, 04/09/2015 - 12:20 | 5975478 JRobby
JRobby's picture

Lay really put the hurt on CA citizens

Now they are out of water

Shit!

Ken enjoying his ranch in Paraguay while the Pitkin County Coroner retires comfortably

 

Thu, 04/09/2015 - 22:16 | 5977351 pgroup
pgroup's picture

Ken is taking his dirt nap. Dunno if it's in Paraguay.

Thu, 04/09/2015 - 23:36 | 5977523 bigrooster
bigrooster's picture

You know he is dead right?

Fri, 04/10/2015 - 05:14 | 5977774 Seek_Truth
Seek_Truth's picture

"You know he is dead right?"

And I always thought he was dead wrong!

 

 

<rimshot>

Thu, 04/09/2015 - 12:17 | 5975465 JRobby
JRobby's picture

Euthanize

Thu, 04/09/2015 - 12:50 | 5975550 Condition 1SQ
Condition 1SQ's picture

Hear, hear.  This man personifies crony capitalism.  How many man hours has this man robbed from the people?

Thu, 04/09/2015 - 22:58 | 5977428 blowing winter
blowing winter's picture

I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do... www.globe-report.com

Thu, 04/09/2015 - 10:14 | 5975070 Max Damage
Max Damage's picture

Twat

Thu, 04/09/2015 - 10:15 | 5975074 LawsofPhysics
LawsofPhysics's picture

The public equity market is dead. It does not provide effective oversight mechanism for equity owners. It does not align interests between owners and agents. In fact, it guarantees the company will be run for the benefit of management, to the detetriment of owners, employees, clients and vendors. And then we act surprised when it is.

"Full faith and credit" - that is all.

Credit to another ZH poster, can't remember their name...

Thu, 04/09/2015 - 10:33 | 5975138 tarsubil
tarsubil's picture

I call this simply "Douche in a suit" syndrome.

Thu, 04/09/2015 - 10:16 | 5975078 buzzsaw99
buzzsaw99's picture

boo hoo for dimon and the other gangsters. i fail to see the down side in all that.

Thu, 04/09/2015 - 10:16 | 5975080 disabledvet
disabledvet's picture

As long as it fucks Greece who cares?

Thu, 04/09/2015 - 10:16 | 5975081 Dr. Engali
Dr. Engali's picture

That's it. I'm going to rush out and get me a MyRa right now.

Thu, 04/09/2015 - 10:16 | 5975082 pods
pods's picture

If Dimon were to DIAF it would be too good for that man.

pods

Thu, 04/09/2015 - 10:20 | 5975094 GMadScientist
GMadScientist's picture

Didn't shield his head from the radiation well enough, I guess.

Thu, 04/09/2015 - 10:23 | 5975098 buzzsaw99
buzzsaw99's picture

so dimon wants to btfath with the company's money? is that what i'm reading here? or just, don't blame us (or the fed), blame the gubbermint, for the coming wipeout? what a putz! criminal gratitude for the bailouts (and wh, not doj, cufflinks) i guess.

Thu, 04/09/2015 - 10:22 | 5975101 SillySalesmanQu...
SillySalesmanQuestion's picture

There's enough hot air in Jamie's shareholder letter to reflate the Hindenburg and melt the polar ice caps....

Thu, 04/09/2015 - 10:24 | 5975107 jakesdad
jakesdad's picture

I've been experimenting w/haiku latery - tell me what you think:

 

surveying empire

for no more markets to rig

Jaime Dimon wept...

Thu, 04/09/2015 - 10:29 | 5975124 buzzsaw99
buzzsaw99's picture

fictional earnings

no moar loss reserves to loot

boo hoo for dimon

Thu, 04/09/2015 - 10:30 | 5975129 GMadScientist
GMadScientist's picture

criminal charges

send this fucker to the clink

what a fucking ass

Thu, 04/09/2015 - 10:31 | 5975132 buzzsaw99
buzzsaw99's picture

i got mine bitchez

eat shit pie and die loserz

bonus time again

Thu, 04/09/2015 - 12:48 | 5975541 IdiotsOutWalkin...
IdiotsOutWalkingAbout's picture

while doing God's work

exuberant markets melt

deep throat cancer come

Thu, 04/09/2015 - 10:25 | 5975113 ejmoosa
ejmoosa's picture

When the flash crash sticks, then we can talk...

Thu, 04/09/2015 - 10:29 | 5975127 Dr. Engali
Dr. Engali's picture

You mean the fed buying up everything in sight and destroying the markets with price distortions have created an illiquid market? No fucking shit asshole. Glad you finally caught on dipshit. 

Thu, 04/09/2015 - 10:33 | 5975139 LawsofPhysics
LawsofPhysics's picture

I see plenty of liquidity, it's just being held by the top 10% of the population.

Fine, what they meant to say was that there is a shortage of treasuries.  They won't say this because they know our response would be "well, the Fed has some treasuries to sell"

Will the Fed hold all that government paper to term, or will they sell it?  The balance sheet can no longer be ignored.

tick tock.

Thu, 04/09/2015 - 10:47 | 5975199 mendigo
mendigo's picture

Does reduced supply break the market?

Were dooooommed!

Thu, 04/09/2015 - 12:43 | 5975527 GreatUncle
GreatUncle's picture

First statement spot on :-) Is no liquidity shortage we have accumulation of liquidity issue here.

Thu, 04/09/2015 - 12:56 | 5975570 Banker Buster
Banker Buster's picture

Doctor, you have to excuse my friend Jamie here, he's a little slow.  He and his company work best in an environment where they don't have to really think and crony deals are the way to make money.  Oh hey Warren "the crony" Buffett how are you doing, please take a seat next to Hank "eliminates competition with government authority" Paulson, we wanted to talk with you guys about this "crisis".

 

Either JP has some very ignorant folks working over there (probably) and just caught on OR they have known about this and are now allowed to say something.  I would say a little of both.

Thu, 04/09/2015 - 10:35 | 5975146 Bell's 2 hearted
Bell&#039;s 2 hearted's picture

dimon underscoring the point i've been making

 

no QE4 (for now)

 

need to restock the treasury pond first (when recession hits US will be back to $trillion deficits ... plenty of notes/bonds then)

Thu, 04/09/2015 - 10:38 | 5975157 czarangelus
czarangelus's picture

The look of surprise on his face when the noose goes around his neck is going to make it all seem worth it.

Thu, 04/09/2015 - 11:20 | 5975298 Budnacho
Budnacho's picture

FAR FAR to kind a fate for this pudknocker. 

I keep imagining an Aircraft-Carrier in the middle of the North Atlantic, at the prow on the deck....a Giant Gold-Plated Supertanker Anchor....attached to chains and shackles on the hundreds of ankles of every idiot who did this crap, Govt. & Big Business....

 

We drop the anchor....and watch all of them get whip-sawed off the deck as the tension from the Gold-Plated Anchor drags them, and their bullshit policies to Davey-Jones locker...

Thu, 04/09/2015 - 19:48 | 5976957 Monty Burns
Monty Burns's picture

Nice thought.  Let me savor it.....

Thu, 04/09/2015 - 10:39 | 5975167 Max Cynical
Max Cynical's picture

More dog whistles...

Inject liquidity or we'll crash the economy.

Thu, 04/09/2015 - 12:17 | 5975467 Max Cynical
Max Cynical's picture

We'll know it's game on when they trot out Jim Cramer...

https://youtu.be/TaKnDMv6ceg?t=1m40s

"Open the discount window"

"He has no idea how bad it is out there...HE HAS NO IDEA...HE HAS NO IDEA!"

Thu, 04/09/2015 - 10:39 | 5975168 vegas
vegas's picture

Translation: "Don't blame me when our prop traders take out all the retail spec sell stops on the way down; we have to get long somewhere and from somebody."

 

www.traderzoo.mobi

Thu, 04/09/2015 - 10:42 | 5975170 Unix
Unix's picture

Banksters, what you gonna do about 'em? Nothing, and they like it that way...

These knuckledragging chimps are ruining what is left of America, and the world. They hold all the keys with their cronyism, greed out of bounds, and back room insider deals.

Not to mention the Free Shit Army, munching off the teet of the .gov, and ultimately the US/World taxpayer.

The world is now under a sea of debt, not even this so called Chinese world bank will save them, because they are all crooks, may they all twist in the wind, from NYC to London to Hong Kong.

All govts are corrupt to the bone, and are so hooked in with the apes metioned above, lining their pockets as they go, giving lip service to who elected them. Liars all.

The Oligarchy is alive, how well it is is another question, parts of me says they can pull it off, another part says it all falls apart, and in the not so distant future. Blood moons and such apart of it, eh, maybe, but this tinderbox we call global debt, is about to catch fire IMHO! Question is this, when does the Fascism come out in full force? Martial Law drills all over the place, military patroling our streets (i cannot call them police anymore), and plain old paranoid, delusional people roaming the streets.

I find it surreal, and this is the calm before the storm, that time we are in now. Rest assured, this will not stand long.

Get right with God, your maker, and put your faith and trust in our Lord, Jesus Christ, King of Kings, who has nothing but love for you. What a great message that is, can you think of a better one? Repent of sin, and turn your back on it brothers and sisters.

Go with God in your hearts, trust not in this world, ruled by Lucifer, the black prince of death and hate. Trust not in even yourselves, as man is flawed. All things worldly can tarnish, rust and be stolen, life is but fleeting after all.

Thu, 04/09/2015 - 13:58 | 5975753 Snoopy the Economist
Snoopy the Economist's picture

A bit heavy on the religion there. Isn't that just the stuff the oligarch's preach in order to keep the serfs in line -- "keep hoping for a better life after you die" since you can't have it now?

 

I gave you a thumbs up - the 1st part is very good.

Thu, 04/09/2015 - 14:20 | 5975856 Seek_Truth
Seek_Truth's picture

The second part is the best part, and absolutely true.

Most ZHers get the first part (the problem)- the system is corrupt to the core- but miss the fact that the only permanent solution is to put your faith in Jesus Christ as your savior- He is returning soon to exact judgment and right all wrongs.

"“When the Son of Man comes in his glory, and all the angels with him, he will sit on his glorious throne. All the nations will be gathered before him, and he will separate the people one from another as a shepherd separates the sheep from the goats. He will put the sheep on his right and the goats on his left. “Then the King will say to those on his right, ‘Come, you who are blessed by my Father; take your inheritance, the kingdom prepared for you since the creation of the world. For I was hungry and you gave me something to eat, I was thirsty and you gave me something to drink, I was a stranger and you invited me in, I needed clothes and you clothed me, I was sick and you looked after me, I was in prison and you came to visit me.’

“Then the righteous will answer him, ‘Lord, when did we see you hungry and feed you, or thirsty and give you something to drink? When did we see you a stranger and invite you in, or needing clothes and clothe you? When did we see you sick or in prison and go to visit you?’ “The King will reply, ‘Truly I tell you, whatever you did for one of the least of these brothers and sisters of mine, you did for me.’

“Then he will say to those on his left, ‘Depart from me, you who are cursed, into the eternal fire prepared for the devil and his angels. For I was hungry and you gave me nothing to eat, I was thirsty and you gave me nothing to drink, I was a stranger and you did not invite me in, I needed clothes and you did not clothe me, I was sick and in prison and you did not look after me.’

“They also will answer, ‘Lord, when did we see you hungry or thirsty or a stranger or needing clothes or sick or in prison, and did not help you?’ “He will reply, ‘Truly I tell you, whatever you did not do for one of the least of these, you did not do for me.’ “Then they will go away to eternal punishment, but the righteous to eternal life.” - Matthew 25:31-46

Fri, 04/10/2015 - 07:27 | 5977876 Snoopy the Economist
Snoopy the Economist's picture

Been there - done that. These days I just try not to piss people off and help people as I can. I am very good with the forgiveness stuff...but doubt I can forgive these Aholes for their greed and destroying the country I love.

Thu, 04/09/2015 - 21:50 | 5977265 consider me gone
consider me gone's picture

There must be some kinda was outta here said the joker to the thief. There's too much confusion. I can't get no relief. 

I agree, there is a way out. The Way, Jesus Christ. Otherwise life would just be a cruel shit sandwhich. Thank God for God I always joke to myself.

Let us not talk falsely now, the hour is getting late.

Thu, 04/09/2015 - 10:43 | 5975184 Keltner Channel Surf
Keltner Channel Surf's picture

This likely also explains the dismal, untradable volume in equity markets since early Feb:  the baby's strategy is to hold his breath until he turns blue, so mommy'll give him back all his toys.

Thu, 04/09/2015 - 10:45 | 5975191 hangemhigh77
hangemhigh77's picture

Shouldn't this asshole be dead from throat cancer already? Hurry up and die Dimon you POS

Thu, 04/09/2015 - 11:08 | 5975262 e_goldstein
e_goldstein's picture

Supposedly, he was "cured" earlier this year. 

Worst news I have ever read.

Looking at the picture, my guess is that he never had cancer.

No one who has recently undergone chemo and radiation looks like that.

No one.

Thu, 04/09/2015 - 13:57 | 5975765 Snoopy the Economist
Snoopy the Economist's picture

Though he can afford the best - like even blood transfusions from select newborn babies.

Thu, 04/09/2015 - 10:48 | 5975203 RaceToTheBottom
RaceToTheBottom's picture

Dimon is a man of the people cause he wears jeans.....

Scumbag is not worth the O2 he uses

Thu, 04/09/2015 - 11:07 | 5975261 bankonzhongguo
bankonzhongguo's picture

JP Morgan should be shut down and its senior management and board executed - not unlike any other criminal cartel.

Thu, 04/09/2015 - 11:11 | 5975276 Shizzmoney
Shizzmoney's picture

Dimon: "I'm gonna have to need another bailout soon"

 

Thu, 04/09/2015 - 11:22 | 5975310 Q-Q-Q
Q-Q-Q's picture

Arse covering for when the market turns..........and what a turn it's going to be.

It's all about the churn. Prepare to be harvested.

Thu, 04/09/2015 - 11:31 | 5975343 Bunga Bunga
Bunga Bunga's picture

Greedy banksters just want another bail out. Or they will flash crash the markets.

Thu, 04/09/2015 - 11:39 | 5975365 Murderin' Murphy
Murderin&#039; Murphy's picture

We enter a time of calamity.

Thu, 04/09/2015 - 11:40 | 5975368 kowalli
kowalli's picture

banksters must die

Thu, 04/09/2015 - 12:01 | 5975410 q99x2
q99x2's picture

Arrest that  crook.

Why must [a man] have horses, fine garments, handsome apartments, access to public houses, and places of amusement? Only for want of thought. -- Emerson

Thu, 04/09/2015 - 11:59 | 5975412 gcjohns1971
gcjohns1971's picture

Anything Dimon says is a contrary indicator.

Thu, 04/09/2015 - 19:36 | 5976920 Monty Burns
Monty Burns's picture

My sentiments exactly.  

Thu, 04/09/2015 - 12:07 | 5975429 Jonesy
Jonesy's picture

Jew-fest, pontificating on what shall happen to the wretched goyim.

Thu, 04/09/2015 - 12:08 | 5975440 _SILENCER
_SILENCER's picture

Dimon is certainly on the Horizontalization list.

Thu, 04/09/2015 - 12:15 | 5975458 yogibear
yogibear's picture

Dimon was groomed by the shittybank leader, need not say anymore.

Criminal and subprime loans Inc.

Thu, 04/09/2015 - 12:24 | 5975485 roadhazard
roadhazard's picture

If Jamie got a bailout in advance we would not have to go through a crash.

Thu, 04/09/2015 - 12:31 | 5975495 Arthur Schopenhauer
Arthur Schopenhauer's picture

Jamie should know, since he and the rest of his asshole buddies are the ones who ultimately always cause it to happen.

Thu, 04/09/2015 - 12:34 | 5975504 silverserfer
silverserfer's picture

god, please somebody slip this leech some bad blow, preferably some she-male prostitte that reveales her "jewels"  just before his eyes roll back in a death convulsion. last thing he sees, " I call him Jeb Bush"

Thu, 04/09/2015 - 12:37 | 5975511 HopefulCynical
HopefulCynical's picture

Dimon: "Blah blah crash, blah blah danger, blah blah blah."

Translation: "Sell us all your stuff now - then watch us rocket this bitch into the stratosphere. In your angst and frustration, you'll buy it all back from us at the TRUE top. Suckers."

The crash is not here yet, or scumbags like Dimon wouldn't be talking about it like this.

Thu, 04/09/2015 - 12:39 | 5975517 GreatUncle
GreatUncle's picture

declining liquidity in credit markets

A relative concept only where assets are pumped astronomically high and the total liquidity in the real economy remains the same or shrinks. This is the wealth effect the fed created where the wealthiest hold an ever larger amount of the value created.

Get out of that one ... if we are feeling the ever growing divergence of two limits then only closing that divergence will soothe the irritation. Not going to happen because the higher limit calling ALL the plays will never call that play.

Thu, 04/09/2015 - 12:40 | 5975519 yogibear
yogibear's picture

Bankster bailout 2.0.

Tanks in the street.

Reason enough to bankrupt your bank by off-shoring ANY profits.

Share loses and privatize profits. Trillions more in wealth tranfer.

Thu, 04/09/2015 - 12:44 | 5975528 logical-different
logical-different's picture

The great white night Dimon. Surely this prick knows one day he will get what he deserves. He may find out if the Americans have their version of the Russian revolution.
Dimon talks as though everyone believes he is our hope for the future. Hopefully, there are few people that believe this horse shit.

Thu, 04/09/2015 - 12:45 | 5975534 GreatUncle
GreatUncle's picture

Wow - alot of bad karma going round for this guy. If the concept of mind over matter wins out his days are seriously limkted LOL.

I be nice "stop deceiving Dimon"!

Thu, 04/09/2015 - 12:50 | 5975551 Jano
Jano's picture

another imperial war is imminent

Thu, 04/09/2015 - 19:33 | 5976906 Monty Burns
Monty Burns's picture

That's what's behind the endless provoking of Russia.

Thu, 04/09/2015 - 12:53 | 5975559 StupidEarthlings
StupidEarthlings's picture

So..im guessin nobody can say 'nobody saw this coming' next time?

Thu, 04/09/2015 - 13:03 | 5975587 Arthur Schopenhauer
Arthur Schopenhauer's picture

A lot of people have been standing around helplessly watching it go for a long time.

Thu, 04/09/2015 - 12:56 | 5975568 gmak
gmak's picture

When there is a financial crisis, if one doesn't clean the economic house and allow bankruptcies, the next one is greater and harder. At this rate, it's going to get very very bad when the SHTF.  That's OK. :-)  I have a long range plan and I'm confident that my great grandchildren will swarm ashore in New Zealand to pull down the descendants of the 1% who are destroying our current economic system for their own benefit.

Thu, 04/09/2015 - 12:58 | 5975574 Mister Delicious
Mister Delicious's picture

markets manipulated by a banking elite based on trillions in freshly printed fiat issued by a cabal of european jewish bankers who seek to spread war and private central banking throughout the galaxy so they can sit like effendi and eat?

It doesn't mean a thing. The real economy is rotting away as economists focus on the horseshit virtual reality of an economy they've created to rob everyone who works for a living.

Thu, 04/09/2015 - 13:00 | 5975578 Jack Daniels Esq
Jack Daniels Esq's picture

No problem morons - Yellen has the presses on high

Thu, 04/09/2015 - 13:01 | 5975580 Falconsixone
Falconsixone's picture

I figured he suicided himself by now. You know I'd have thought by now with all the technology available (Shape-memory alloys and shape-memory polymers) someone would have invented the $666 remote controlled strangling necktie to take care of these lying scumbags. Or expolding mirrors? Just sayin....

Thu, 04/09/2015 - 13:01 | 5975581 Crocodile
Crocodile's picture

By October of this year, the Russian-Chinese alliances will have all the infrastructure needed to COMPLETELY replace the current western banking and trade settlement functions.  From that point I would expect a 6-9 month of total decoupling of the current system unless we have WWIII to intervene and we may.

------------

Assuming the Central Banks can keep this "thing" propped up long enough; I would begin looking for "attractive" short positions on the next "top", which I suspect will becoming in June or July and will be the last.

----

I do not see another Presidential election, for Obama looks to much like a Dictator and likely because he plans on being Dictator...does not really matter what form of government one has because they all are run by morally bankrupt and God-haters, like most of the country(s). We certainly do not have a viable Constitution and Congress is not relevant any longer and the Judicial branch seems to do nothing but legislate immorality.

-----------

Great to be alive and even better to know the love of Christ!!

Thu, 04/09/2015 - 13:04 | 5975590 Jameson18
Jameson18's picture

Who cares its Masters week.

Thu, 04/09/2015 - 13:10 | 5975611 Rabbi Blitzstein
Rabbi Blitzstein's picture

Hahaha! Only crisis is stupid goyim believing nonstop kosher lies and distractions. Jamie the ‘Greek’ really crypto member of kosher tribe. Only real solution is goyim do 110th expulsion. But will never do. We make goyim wet pants be called anti-semite. Goyim love being host for kosher parasite. Kosher organized international crime syndicate controls goyim cattle. Is organized collaboration – not ‘conspiracy’. We crash markets when ready to confiscate goyim retirement funds. In Babha Bathra (54 b) it says: "All things pertaining to the goyim are like a desert; the first jew to come along and take them can claim them for his own." And "The life of a goy and all his physical powers belong to a jew." (A. Rohl. Die Polem. p. 20). We give goyim bread and circuses keep them docile. Oy vey!!

Thu, 04/09/2015 - 23:05 | 5977445 TeethVillage88s
TeethVillage88s's picture

Does anybody wonder why conservative areas of USA are sports obsessed and never question Banks Reputations, Banks Motives, the Power of Money in Politics or Lobbying??

It ain't by Accident. Slowly the Culture was turned starting with Public Education Programs (Prussian), in War (WWI & WWII) and up to 21st Century.

https://feltd.wordpress.com/2010/09/16/the-prussian-german-educational-s...

Thu, 04/09/2015 - 13:11 | 5975613 ali-ali-al-qomfri
ali-ali-al-qomfri's picture

look at his hands.., throwing a triangle? or showing us how big our anuses/ani (?) will expand as the muppets take it up the hand hole.

Thu, 04/09/2015 - 13:13 | 5975625 koan
koan's picture

We know that Jamie, that's why you termites made sure a law got passed stating we would have to bail you out again.

Thu, 04/09/2015 - 13:29 | 5975684 Who was that ma...
Who was that masked man's picture

I thought this guy had cancer.

Thu, 04/09/2015 - 13:56 | 5975762 kchrisc
kchrisc's picture

The stage is being set.

The banksters need to repay us.

 

All the world is indeed a stage. Zion's

Thu, 04/09/2015 - 14:54 | 5975996 Arthur Schopenhauer
Arthur Schopenhauer's picture

The Boston Tea Party was a protest against huge corporate tax cuts for the British East India Company, the largest trans-national corporation then in existence. This corporate tax cut threatened to decimate small Colonial businesses by helping the British East India Company pull a ‘Wal-Mart’ against small entrepreneurial tea shops, and individuals began a revolt that kicked-off a series of events that ended in the creation of The United States of America.

They covered their faces, massed in the streets, and destroyed the property of a giant global corporation. Declaring an end to global trade run by the East India Company that was destroying local economies, this small, masked minority started a revolution with an act of rebellion later called the Boston Tea Party, which was in large part incited by a pamphlet - circulated through the colonies called "The Alarm", signed only by an enigmatic person calling themselves “Rusticus.”

 

This pamphlet expressed the feelings of colonial Americans about England's largest transnational corporation and its behavior around the world - an exerpt:

 “Their Conduct in Asia, for some Years past, has given simple Proof, how little they regard the Laws of Nations, the Rights, Liberties, or Lives of Men. They have levied War, excited Rebellions, dethroned lawful Princes, and sacrificed Millions for the Sake of Gain. The Revenues of Mighty Kingdoms have entered their Coffers. And these not being sufficient to glut their Avarice, they have, by the most unparalleled Barbarities, Extortions, and Monopolies, stripped the miserable Inhabitants of their Property, and reduced whole Provinces to Indigence and Ruin. Fifteen hundred Thousands, it is said, perished by Famine in one Year, not because the Earth denied its Fruits; but [because] this Company and their Servants engulfed all the Necessaries of Life, and set them at so high a Price that the poor could not purchase them.”

True, Jamie Dimon and his buddies are not the British East India company, but every time I read an article like this it reminds me of the quote from this pamphlet.

Thu, 04/09/2015 - 15:06 | 5976061 Equality 7-25-1
Equality 7-25-1's picture

The BTP was a protest against the royals taking away the colonies' right to print their own money. 

Thu, 04/09/2015 - 15:50 | 5976206 Arthur Schopenhauer
Arthur Schopenhauer's picture

You can read:

 

- current interpretions of a past event,

- the writings of a person who actually participated in the event.

"A Retrospect of The Boston Tea-Party, with a memoir of George R. T. Hewes, a survivor of the little band of patriots who drowned the tea in Boston Harbor in 1773".

Entered according to an act of congress, in the year 1834, by James Hawkes, in the clerk's office of the Southern District of New York.

http://ia600408.us.archive.org/9/items/retrospectofbost00hawk/retrospect...

Thu, 04/09/2015 - 22:47 | 5977401 TeethVillage88s
TeethVillage88s's picture

I think turn of the 20th Century was a hard time for US People with Banks tightening up money, Creation of Federal Reserve, world wars, Great Depression.

"In the United States, St. Mary's Bank of Manchester, New Hampshire holds the distinction as the first credit union. Assisted by a personal visit from Desjardins, St. Mary's Cooperative Credit Association (now named St. Mary's Bank) was founded by French-speaking immigrants to Manchester from the Maritime Provinces of Canada on November 24, 1908."

But by 1934 it is clear people were looking for an alternative to Banks by way of Credit Unions.

"In addition to the traditional information and enforcement advantages resulting from the fact that members shared the same workplace, the employer-based bond permitted credit unions to use future paychecks as collateral."

"The Credit Union National Extension Bureau, the forerunner of the Credit Union National Association was formed as a confederation of state leagues at a meeting in Estes Park, Colorado in 1934. Attendees at the meeting included Dora Maxwell who would go on to help establish hundreds of credit unions and programs for the poor in her lifetime and Louise McCarren Herring, whose work to form credit unions and ensure their safe operation earned the title of "Mother of Credit Unions" in the United States."

Fri, 04/10/2015 - 13:00 | 5979285 Equality 7-25-1
Equality 7-25-1's picture

The troops are never informed of their part in the plan, as they would unanimously refuse to go. 8)))

Thu, 04/09/2015 - 15:19 | 5976112 northern vigor
northern vigor's picture

JP Morgan being the lead silent shareholder in the Fed's manipulation of the markets, makes me question why did Dimon made these quotes?

Was he trying to double clutch the markets in a reverse manipulation?...Oh man, my head spins when I do these Catch 22 situations.

I prefer to think Dimom is just being like all wolves...when they kill sheep at night, they always come back to see it the carnage the next day. Much like thieves can never go silently into retirement...they always have to go back to the victim and rub it in..."Did you ever find out who robbed you?" It is because they are basically cocky jerks.

Thu, 04/09/2015 - 21:53 | 5977285 TeethVillage88s
TeethVillage88s's picture

Jamie Dimon is playing politics, showing leadership for the national stage, hoping to be powerful enough to be offered more top official positions, or just working to keep power at the national level and as a Media Banking Expert.

But Greg Morse said that DTCC as the biggest holding company and Clearing House of Stocks actually calls the shots at the FED. I'm not sure of Cede and Company is a subsidiary of DTCC.

Thu, 04/09/2015 - 18:45 | 5976754 Clowns on Acid
Clowns on Acid's picture

The difference this time from 2007/08 is that Jamie and Lloyd, and Paulsen are all set. In 2007 they woud have lost probably 50% or more of their wealth. Since 2007/08 their wealth has skyrocketd with the market.  However when the Stalingrad and Poorsky index retreats back to 1000 they will have their bunkers , gold and cash safely stashed. Just the "lil people " will get squashed this time.

 

Thu, 04/09/2015 - 19:33 | 5976905 ironmace
ironmace's picture

Y'know, if something huge were to happen, there would be no warning.

 

Thu, 04/09/2015 - 21:37 | 5977240 TeethVillage88s
TeethVillage88s's picture

Best way to Rob a Bank is to Own One (or be an Executive).

William K. Black.

Thu, 04/09/2015 - 22:05 | 5977328 pgroup
pgroup's picture

Isn't it past time for this guy to take a walk in Fort Marcy Park?

Fri, 04/10/2015 - 01:44 | 5977671 torak
torak's picture

Now that the banks have lobbied congress to accept their $300+ Trillion in derivitives exposure, why not let the system melt-down.  Dimon et.al. will come out the other end just fine. 

Fri, 04/10/2015 - 07:03 | 5977842 Last of the Mid...
Last of the Middle Class's picture

He ought to know, I'm sure he was in the room when they discussed how they were going to do it and hedged accordingly.

Fri, 04/10/2015 - 08:24 | 5977970 ImYourHuckleberry
ImYourHuckleberry's picture

When the Jew-in-Chief speaks it's time to spread those cheeks.

Do NOT follow this link or you will be banned from the site!