Jamie Dimon Warns "Something Is Wrong" With The US

Tyler Durden's picture

While Jamie Dimon tried to maintain his traditionally optimistic outlook in his annual letter to shareholders, there was a distinct undertone of pessimism in the latest 45 page letter released earlier today, in which he writes that while the U.S. is "truly an exceptional country," probably stronger than ever before, he cautions that "something is wrong - and it's holding us back."

Here are the highlights from the gloomy passage reposted below in its entirety.

Dimon's letter notes that the economy has been growing much more slowly in last decade or two than in the 50 years before then, with real median household incomes in 2015 2.5% lower than they were in 1999 and the percentage of middle class households shrinking, yet not even someone as intelligent as Dimon can bring himself to fully admit that much if not all of it has to do with America's relentless debt binge, and the gargantuan debt load accumulated and carried by Americans, whether in the form of personal, student, auto debt, be it corporate debt which is at a record high, or, naturally, the sovereign debt which is on the distrubing side of 100% as a percentage of GDP.

Among other things, Dimon observes:

  • Over last 16 years, U.S. has spent trillions on wars when it could have been investing that money productively.
  • Since 2010, when the government took over student lending, direct government lending to students has gone from ~$200b to >$900b, creating dramatically increased student defaults, population that’s "rightfully angry" about how much money they owe, particularly since it reduces ability to get other credit.
  • Healthcare costs are essentially twice as much per person vs most other developed nations.
  • Labor force participation is too low.

Dimon also writes that the regulatory environment is "unnecessarily complex, costly and sometimes confusing;" says poorly conceived and uncoordinated regulations have damaged economy, inhibiting growth and jobs. He also says that he isn’t looking to throw out entirety of Dodd-Frank or other rules; "it is, however, appropriate to open up the rulebook in the light of day and rework the rules and regulations that don’t work well or are unnecessary."

Furthermore, the JPM CEO sees need for "consistent, transparent, simplified and more risk-based capital standards" and says that it’s clear banks have too much capital, and more of that capital can be safely used to finance the economy,

Finally, in the most amusing twist, Dimon sees "Too Big to Fail" as essentially solved and adds that taxpayers won’t pay if a bank fails as shareholders and debtholders are at risk for all losses. Just like in the case of Monte Paschi a few months ago, right?

We will certainly check back on that #timestamp in several years.

* * *

Here is the full excerpt from Dimon (link to full letter):

It is clear that something is wrong — and it’s holding us back.

Our economy has been growing much more slowly in the last decade or two than in the 50 years before then. From 1948 to 2000, real per capita GDP grew 2.3%; from 2000 to 2016, it grew 1%. Had it grown at 2.3% instead of 1% in those 17 years, our GDP per capita would be 24%, or more than $12,500 per person higher than it is. U.S. productivity growth tells much the same story, as shown in the chart [below].

Our nation’s lower growth has been accompanied by – and may be one of the reasons why – real median household incomes in 2015 were actually 2.5% lower than they were in 1999. In addition, the percentage of middle class households has actually shrunk over time. In 1971, 61% of households were considered middle class, but that percentage was only 50% in 2015. And for those in the bottom 20% of earners – mainly lower skilled workers – the story may be even worse. For this group, real incomes declined by more than 8% between 1999 and 2015. In 1984, 60% of families could afford a modestly priced home. By 2009, that figure fell to about 50%. This drop occurred even though the percentage of U.S. citizens with a high school degree or higher increased from 30% to 50% from 1980 to 2013. Low-skilled labor just doesn’t earn what it used to, which understandably is a source of real frustration for a very meaningful group of people. The income gap between lower skilled and skilled workers has been growing and may be the inevitable consequence of an increasingly sophisticated economy.

Regarding reduced social mobility, researchers have found that the likelihood of workers moving to the top-earning decile from starting positions in the middle of the earnings distribution has declined by approximately 20% since the early 1980s.

Many economists believe we are now permanently relegated to slower growth and lower productivity (they say that secular stagnation is the new normal), but I strongly disagree.

We will describe in the rest of this section many factors that are rarely considered in economic models although they can have an enormous effect on growth and productivity. Making this list was an upsetting exercise, especially since many of our problems have been self-inflicted. That said, it was also a good reminder of how much of this is in our control and how critical it is that we focuson all the levers that could be pulled to help the U.S. economy. We must do this because it will help all Americans.

Many other, often non-economic, factors impact growth and productivity.

Following is a list of some non-economic  items that must have had a significant impact on America’s growth:

  • Over the last 16 years, we have spent trillions of dollars on wars when we could have been investing that money productively. (I’m not saying that money didn’t need to be spent; but every dollar spent on  battle is a dollar that can’t be put to use elsewhere.)
  • Since 2010, when the government took over student lending, direct government lending to students has gone from approximately $200 billion to more than $900 billion – creating dramatically increased student defaults and a population that is rightfully angry about how much money they owe, particularly since it reduces their ability to get other credit.
  • Our nation’s healthcare costs are essentially twice as much per person vs. most other developed nations.
  • It is alarming that approximately 40% (this is an astounding 300,000 students each year) of those who receive advanced degrees in science, technology, engineering and math at American universities
    are foreign nationals with no legal way of staying here even when many would choose to do so. We are forcing great talent overseas by not allowing these young people to build their dreams here.
  • Felony convictions for even minor offenses have led, in part, to 20 million American citizens having a criminal record – and this means they often have a hard time getting a job. (There are six times more felons in the United States than in Canada.)
  • The inability to reform mortgage markets has dramatically reduced mortgage availability. We estimate that mortgages alone would have been more than $1 trillion higher had we had healthier mortgage markets. Greater mortgage access would have led to more homebuilding and additional jobs and investments, which also would have driven additional growth.

Any one of these non-economic factors is fairly material in damaging America’s effort to achieve healthy growth. Let’s dig a little bit deeper into six additional unsettling issues that have also limited our growth rate.

Labor force participation is too low.

Labor force participation in the United States has gone from 66% to 63% between 2008 and today. Some of the reasons for this decline are understandable and aren’t too worrisome – for example, an aging  population. But if you examine the data more closely and focus just on labor force participation for one key segment; i.e., men ages 25-54, you’ll see that we have a serious problem. The chart below shows that in America, the participation rate for that cohort has gone from 96% in 1968 to a little over 88% today. This is way below labor force participation in almost every other developed nation.

If the work participation rate for this group went back to just 93% – the current average for the other developed nations – approximately 10 million more people would be working in the United States. Some other highly disturbing facts include: Fifty-seven percent of these non-working males are on disability, and fully 71% of today’s youth (ages 17–24) are ineligible for the military due to a lack of proper education (basic reading or writing skills) or health issues (often obesity or diabetes).

Education is leaving too many behind.

Many high schools and vocational schools do not provide the education our students need – the goal should be to graduate and get a decent job. We should be ringing the national alarm bell that inner city schools are failing our children – often minorities and children from lower income households. In many inner city schools, fewer than 60% of students graduate, and many of those who do graduate are not prepared for employment. We are creating generations of citizens who will never have a chance in this land of dreams and opportunity. Unfortunately, it’s self-perpetuating, and we all pay the price. The subpar academic outcomes of America’s minority and low-income children resulted in yearly GDP losses of trillions of dollars, according to McKinsey & Company.

Infrastructure needs planning and investment.

In the early 1960s, America was considered by most to have the best infrastructure (highways, ports, water supply, electrical grid, airports, tunnels, etc.). The World Economic Forum now ranks the United States #27 on its Basic Requirements index, reflecting infrastructure along with other criteria, among 138 countries. On infrastructure, the United States is behind most major developed countries, including the United Kingdom, France and Korea. The American Society of Civil Engineers releases a report every four years examining current infrastructure conditions and needs – the 2017 report card gave us a grade of D+. Another interesting and distressing fact: The United States has not built a major airport in more than 20 years. China, on the other hand, has built 75 new civilian airports in the last  10 years alone.

Our corporate tax system is driving capital and brains overseas.

America now has the highest corporate tax rates among developed nations. Most other developed nations have reduced their tax rates substantially over the past 10 years (and this is true whether looking at statutory or effective tax rates). This is causing considerable damage. American corporations are generally better off investing their capital overseas, where they can earn a higher return because of lower taxes. In addition, foreign companies are advantaged when they buy American companies – often they are able to reduce the overall tax rate of the combined company. Because of this, American companies have been making substantial investments in human capital, as well as in plants, facilities, research and development (R&D) and acquisitions overseas. Also, American corporations hold more than $2 trillion in cash abroad to avoid the additional taxes. The only question is how much damage will be done before we fix this.

Reducing corporate taxes would incent business investment and job creation. The charts on page 36 show the following:

  • That job growth is highly correlated to business investment (this also makes intuitive sense).
  • That fixed investments by businesses and capital formation have gone down substantially and are far below what we would consider normal.

And counterintuitively, reducing corporate taxes would also improve wages. One of the unintended consequences of high corporate taxes is that they actually depress wages in the United States. A 2007 Treasury Department review finds that labor “may bear a substantial portion of the burden from the corporate income tax.” A study by Kevin Hassett from the American Enterprise Institute finds that each $1 increase in U.S. corporate income tax collections leads to a $2 decrease in wages in the short run and a $4 decrease in aggregate wages in the long run. And analysis of the U.S. corporate income tax
by the Congressional Budget Office finds that labor bears more than 70% of the burden of the corporate income tax, with the remaining 30% borne by domestic savers through a reduced return on their savings. We must fix this for the benefit of American competitiveness and all Americans.

Excessive regulations reduce growth and business formation.

Everyone agrees we should have proper regulation – and, of course, good regulations have many positive effects. But anyone in business understands the damaging effects of overcomplicated and inefficient regulations. There are many ways to look at regulations, and the chart below and the two on page 38 provide some insight. The one below shows the total pages of federal regulations, which is a simple way to illustrate additional reporting and compliance requirements. The second records how we compare with the rest of the world on the ease of starting a new business – we used to be among the best, and now we are not. The bottom chart on page 38 shows that small businesses now report that one of their largest problems is regulations.

By some estimates, approximately $2 trillion is spent on regulations annually (which is approximately $15,000 per U.S. household annually). And even if this number is exaggerated, it highlights a disturbing problem. Particularly troubling is that this may be one of the reasons why small business creation has slowed alarmingly in recent years. According to the U.S. Chamber of Commerce, the rising burdens of federal regulations alone may be a main reason for a falling pace in new business formation. In 1980, Americans were creating some 450,000 new companies a year. In 2013, they formed 400,000 new businesses despite a 40% increase in population from 1980 to 2013. Our three-decade slump in company formation fell to its lowest point with the onset of the Great Recession; even with more businesses being established today, America’s startup activity remains below prerecession levels.

While some regulations quite clearly create a common good (e.g., clean air and water), it is clear that excessive regulation does not help productivity, growth of the economy or job creation. And even regulations that once may have made sense may no longer be fit for the purpose. I am not going to outline specific recommendations about non-financial regulatory reform here, other than to say that we should have a permanent and systematic review of the costs and benefits of regulations, including their intended vs. unintended consequences.

The lack of economic growth and opportunity has led to deep and understandable frustration among so many Americans.

Low job growth, a lack of opportunity for many, declining wages, students and lowwage workers being left behind, economic and job uncertainty, high healthcare costs and growing income inequality all have created deep frustration. It is understandable why so many are angry at the leaders of America’s institutions, including businesses, schools and governments – they are right to expect us to do a better job. Collectively, we are the ones responsible. Additionally, this can understandably lead to disenchantment with trade, globalization and even our free enterprise system, which for so many people seems not to have worked.

Our problems are significant, and they are not the singular purview of either political party. We need coherent, consistent, comprehensive and coordinated policies that help fix these problems. The solutions are not binary – they are not either/or, and they are not about Democrats or Republicans. They are about facts, analysis, ideas and best practices (including what we can learn from others around the world).

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Philo Beddoe's picture

Jamie Dimon..mirror. 

Mirror...Jamie Dimon. 

apadictionary's picture

iknow whats wrong. its you damnit.

knukles's picture

And I'm the only guy who can save you, returning us all safely to the SOMA and Propaganda you so dearly loved.

abyssinian's picture

Yeah, too many fucking scam bankers like yourself! That is what's wrong! 

froze25's picture

Lets see, the cost of living has been increasing at a faster pace than wage growth for what now the last 35ish years, of course something is wrong.

kliguy38's picture

Yeah Dimon you filthy lying scumbag........it YOU mutherfuker

Bigly's picture

The something wrong is scum sucking dirtbag douches like (((you))) have been allowed to amass too much power and money through ill gotten and criminal means.

Fuck you you jizz guzzling commie pig

Sanity Bear's picture

Dimon, of course, has given incredible amounts of money to the very people who caused these problems.

So I say we start on solving the problem by hanging anyone who was an executive at the start of the Great Financial Crisis or in the, say, five years prior at any institution that received TARP or other bailout funds.

Including the guys who reportedly didn't want it but knuckled under to Obama's "Godfather" scene (everyone remember that?). Those people are perhaps even more responsible than the others, because they did know better and had a moral obligation to defy that act of despotism.

JRobby's picture

 "yet not even someone as intelligent as Dimon can bring himself to fully admit that much if not all of it has to do with America's relentless debt binge, and the gargantuan debt load accumulated and carried by Americans, whether in the form of personal, student, auto debt, be it corporate debt which is at a record high", OR THE LEVEL OF OUTRIGHT THEFT OF TAXPAYER $$$ BY THE ELITE AND CORPORATIONS WHILE "THE ESTABLISHMENT" CREATES LARGER AND LARGER BARRIERS OF ENTRY FOR SMALL BUSINESSES WHICH ARE THE KNOWN DRIVERS OF JOB & WAGE GROWTH.

FUCK DIMON


bobbbny's picture

#1 on the list of whats wrong: JP Morgan, Goldman Sachs, Morgan Stanley......
It took Dimon until now to see what 40 years of this have done to us.

2_legs_bahhhhhd's picture

Jamie...thanks for your concern. Joe Public. Oh wait, you weren't talking to us.

Big man, pig man
Haha charade you are
You well heeled big wheel, ha ha charade you are.
And when your hand is on your heart,
You're nearly a good laugh,
Almost a joker,
With your head down in the pig bin,
Saying "Keep on digging."
Pig stain on your fat chin.
What do you hope to find.
When you're down in the pig mine.
You're nearly a laugh,
You're nearly a laugh
But you're really a cry.

nope-1004's picture

THROAT CANCER STRIKES AGAIN!!!!!  Nothing but cancerous diatribe out of this idiots mouth.

You bet your ass there's something wrong with the US.

Let's start by jailing white collar criminals (bankers, credit whores, FED)

Then jailing political traitors (Obama, Bush, CNN, Rubin, Bernanke, Greenspan, ClintonS).

I do believe once that happens, 98% of all our problems will likely resolve themselves.

TeethVillage88s's picture

To Continue:

- Riff Raff, Always Good For A Laugh

Lots of Issues with Big Banks, Big Trusts, Big Banking Trusts, Big Transnationals, Big Globalists, over turning of all local laws & 200 years of US Constitutional Law... based on Common Law(Property Law, which is about you keeping your money & Assets in your possession rather than a KING taking them from you)

Bankers got everything the way they like it:

- No Term Limits for Congress
- Unlimited Money for Lobbying Congress
- No Limit on Foreign Lobbying of Congress
- No Limit on Soros Type Political Activity
- Fake Govt States on GDP, Median Income, Jobs, Inflation Rates, Economic Health, Foreign Investment Threats
- 97 different kinds of Taxes:
- 75,000 Pages in the Federal Register of Regulations
- 74,000 Pages in the IRS Income Tax Rules
- 2,700 Pages in ACA (Obama Care) Initially, but more than 20,000 pages with all other related regulations
- $530 Total Annual State & Federal Spending on Medicaid (Kaiser Family Foundation)
- $1 Trillion Annual Federal Spending on Medicare (Monthly Treasury Report)
- $900 Billion Annual Spending from Social Security
- $1 Trillion Annual Spending on MIC Security Complex
- $6 Trillion USD Pension Shortfall
- $1.5 Trillion Budget Shortfall ($3.5 Trillion Total Federal Budget)
- Negative $750 Trade Deficit as per The Economist Magazine (Capital FLight, Expansion of US Money Supply & USD Derivatives, Poor Stewardship of the World Reserve Currency through Monetary Expansion and Military Spending & Wars)
- Must be a Trillion some place over a year or multiple years where "County Property Taxes in the USA = $1 Trillion since Housing Prices were propped up, made to be bubbles, fed banking stimulus consumer loans... maybe the problem is we can never go back to lower housing costs without pain for the Middle Class, our parents, our relatives, our leaders, our peers... 2009 saw a loss of like $11 Trillion, but we can survive what has to be done to collapse high prices... President Trump is in the Hot Seat... can he decide to collapse the property prices or will he say it is a bridge too far as he works on Health Care & Taxes?

Economist has NEGATIVE $750 Billion Trade Balance.

http://www.economist.com/node/21604509

Trade balance Current-account balance Currency units Budget balance Interest rates
Country latest 12 months, $bn latest 12 months, $bn % of GDP, 2016* Feb 16th, per $ year ago, per $ % of GDP 2016* 3-month latest 10-year government bonds, latest
United States -750.1Dec

Monthly Treasury Report 30 Sep 2002, shows Pension Benefit Guaranty Corporation under Department of Labor

2016 Pension Benefit Guaranty Corporation outlays = $6.2 Billion (Annual Bailout 2016)

- Kaiser Family Foundation says $532 Billion for 2015
http://kff.org/medicaid/state-indicator/federalstate-share-of-spending/?...

http://research.stlouisfed.org/fred2/series/A14187USA163NNBR (ratio top 1880)
https://fred.stlouisfed.org/graph/?id=M2V,M1V,MZMV,#0 (M1 Top 2007)
(old figures, not updated below)
http://research.stlouisfed.org/fred2/series/M1V (Top was 2007 Q4 at 10.7, now down to 6.3)
http://research.stlouisfed.org/fred2/series/M2V (Top was 1997 Q3 at 2.2, now down to 1.5)
http://research.stlouisfed.org/fred2/series/MZMV (Top was 1981 Q1 at 3.5, now down to 1.4)
http://research.stlouisfed.org/fred2/series/Mult (Top was January 1987 at 3.1, now down to .7)

https://research.stlouisfed.org/fred2/series/ROWFDNQ027S ($3.6 Foreign Investment USA)
http://research.stlouisfed.org/fred2/series/GPDI ($2.86 Private Domestic Investment)
http://www.bea.gov/newsreleases/international/intinv/iip_glance.htm ($32 Trillion in Foreign Ownership in Property in the US compared to $26 Trillion of US Ownership in foreign countries)

http://research.stlouisfed.org/fred2/series/GINIALLRH (Gini Ratio/Coefficient, what? discontinued?)

Monthly Treasury Report 30 Sep 2002, shows Pension Benefit Guaranty Corporation under Department of Labor

2016 Pension Benefit Guaranty Corporation outlays = $6.2 Billion ($6 Billion plus paid out annually since 2010 for pension shortfalls)
2001 Pension Benefit Guaranty Corporation outlays = $1.4 Billion

http://www.zerohedge.com/news/2017-02-28/ny-teamsters-pension-becomes-fi...

http://www.zerohedge.com/news/2016-04-20/going-be-national-crisis-one-la...

https://mycentralstatespension.org/

http://www.marketwatch.com/story/why-your-states-public-pension-plan-is-... ($6 Trillion Dollar Shortfall in Funding)

Jeff Reeves editor InvestorPlace.com. ( @JeffReevesIP )
http://www.marketwatch.com/story/why-your-states-public-pension-plan-is-... ($6 Trillion Dollar Shortfall in Funding)
Ed Bartholomew consultant pension financial management ( @e_bartholomew )
Jeremy Gold Society of Actuaries / American Academy of Actuaries ( @jeremygold )

http://www.pensiontsunami.com/

PrayingMantis's picture

... hey Dimon ... it's you and your fellow banksters that's what's wrong with the US and next time, spell your name correctly ... it's ... d e m o n ...

SafelyGraze's picture

the problem is that individuals, corporations, states, nations, agencies, authorities, boards, and -- yes, even lenders -- do not borrow enough these days.

 

PT's picture

Hmmm, lemme guess:

"I don't understand it.  Every time we make things cheaper by sending jobs overseas, we get less customers.  I don't know why."
"All the people who have no debt don't want to borrow money and all the people with too much debt want to borrow money but they don't want to pay it back.  I'm so surprised."
"People will happily spend more money on rents and mortgages and health care but then for some strange reason they won't spend more money on toys and holidays and repairing the house and buying furniture and other things.  How strange.  And they never spend as much on rent as they do on mortgages.  We should introduce twelve year loans so people can spend moar money on cars."
"I'm so glad we de-coupled CEO income from corporate earnings and dividends becoz otherwise we would be poor too."
"I don't understand.  Every time we funnel moar money into the Cayman Islands, there is less money circulating in the US economy.  I think we'd better LEND everyone some moar money, otherwise we won't be able to funnel any moar into the Caymans."

Close?

Déjà view's picture

Biggest criminals: Big 3 'Catering' agencies. NOT rating $20t U.S. debt at JUNK, gives system a free pass. Lack of reforms...low interest rates...etc...

Imagine...pressure to avoid iceberg with interest rates decided by Mr. Market at 10%+ 

(((Karl Marx))) would be proud!

PT's picture

TeethVillage88s:

Riff Raff
It's good for a laugh.

Sorry, I don't want to detract from your good work but now I cannot leave out this:

https://www.youtube.com/watch?v=ErXbMB9R5-0

2_legs_bahhhhhd's picture

When I first read the headline with Jamie's picture I saw.....there is something wrong with US. I thot.....no shit Einstein.

Bankers....because there's some things even a lawyer won't do.

JRobby's picture

After a while,

you can work on points for style

Like the club tie, the firm hand shake

The sudden look in the eye and the easy smile

Because you have to be trusted

by the people you lied to

So when they turn their backs on you

You'll have the chance to put the knife in

2_legs_bahhhhhd's picture

Excellent...this is the verse I hope to live to see.

And when you loose control, you'll reap the harvest you have sown
And as the fear grows, the bad blood slows and turns to stone
And it's too late to lose the weight you used to need to throw around
So have a good drown, as you go down, all alone
Dragged down by the stone.

Fuckers

Victory_Garden's picture

Oh now, don't be to harsh on Jimmie. He is retarded, ya know.

Just another rothschild ziosatanic/luciferic puppet.

Why whack at the branches...when you can easily chainsaw down the whole darn evil hydra tree?

Giant Meteor's picture

It's called "financialization" of every fucking thing. Maybe you're heard of it Jamie, you fraud you.

runswithscissors's picture

Dimon and his ILK are whats wrong with the USA

Victory_Garden's picture

The religion, is the problem.

You are right, or wrong.

A Good person, or not.

A Christian based soul, or a satanist/luciferian child murderer.

Take a look and listen to this Light Warrior of God, The Saw, speaking Truth to Power!

https://www.youtube.com/watch?v=HiUIze-nZEY

 

Today's very powerful and informative MR SHOW. No one tells it like, Mikey does.:

https://www.youtube.com/watch?v=yNgYor6TUso

 

 

+

 

 

gatorengineer's picture

Its part of the conversion of the country to an oligarchy at all levels.....  Giverment needs to be cut to roughly 10 percent of its current size, and taxes by half.

 

Why should anyone work when 60 percent or so of their total income goes to some form of tax, fee, surcharge, etc, many of which are corporate welfare.

yogibear's picture

LOL Sparky Dimon. Look in the mirror along with your fellow bankers. Keep on skimming.

NidStyles's picture

Yeah, we have a foreign invasion in progress, and millions of foreign agents and subversive trying to take over the country.

 

Yes, I would say there is something wrong Mr., I am part of the problem, Dimon.

meditate_vigorously's picture

Says a free trader cuck like you. YOU are part of the problem too. Libertarians should be deported.

Bay of Pigs's picture

Jamie "Legs" Dimon.

Go to hell you crooked, lying, fucking weasel.

MalteseFalcon's picture

Really Jaime?

So which politicians have you been contributing to the last 16 years?

I think Jaime, like Alan G., had a dream where he was walking up a gallows.

Don't bother at this point, Jaime.

It's going to crash and then we'll see what's what.

BeanusCountus's picture

I HAVE A DREAM. We will send children to college, at the expense of the US taxpayer after they do their best to repay $100,000 in loans that will never be forgiven, on which we will make interest. After being trained the skills we need, the children will all be hired by global corporations like Chase. All will be given the title of Vice President and be paid the tidy sum of $29,000 per year. The global corporations will make tremendous sums of money on their labor and prosper to give CEO's like me $30 million per year. The dream will continue until the CEO's make a risky move to make even more money. After some delay, the US taxpayer will rescue the global corporation from the vultures that do not believe in the dream. And the CEO's will rise again as government consultants with a taxpayer guaranteed pension for the rest of their life.

Jamie Dimon

Mr.BlingBling's picture

That gave me chills, man. It was like hearing MLK's speech all over again.

space shitle's picture
space shitle (not verified) Mr.BlingBling Apr 4, 2017 8:22 PM

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... http://bit.ly/2jdTzrM

BeanusCountus's picture

Sorry about the chills, and the post. Happen to be a capitalist at heart. But seeing how it's working troubles me. My advice to make America great again is for the rest of us to start companies, dont go public or sell out to VC's. Make good money, promote your good people, give them bonuses and a life. Fight like hell to protect your space, your privacy and your country the way you want it to be. You won't make as much, but still plenty to make you happy.

space shitle's picture
space shitle (not verified) BeanusCountus Apr 5, 2017 6:58 AM

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... http://bit.ly/2jdTzrM

ChargingHandle's picture

8 years of OCongo crushed household income, real estate bubble part two approaches , autoloan implosion inches closer and the bond implosion is near. The good news is. Our nation is so united.. . 

BigFatUglyBubble's picture

This is some of the best trolling/gaslighting I have ever seen.

Dimon gets troll of the year award.

biff_rapper's picture

He IS a troll.  And a vampire.

 

How about he spare us his blathering and get to the crux of the issue?  Mister Dimon, the real effing problem is the ridiculous pay gap that has balooned since 1979.  You wonder why our economy sucks?  It blows because vampires like yourself are sucking the life out of our economy by festooning you bank accounts with gigantic pay packages.

 

Money supply velocity does not increase if people don't spend!  And if you don't pay people enough, giving them ample disposable income, they will continue to NOT spend.  So we have huge productivity increases since 79?  Great!  But the pay increases sucked and you know it because your pompous ass swims in caviar vats while the peasants struggle to make ends meet.

froze25's picture

Long Pitchforks and Torches?

Secret Weapon's picture

They really are clueless about how severely we hate them.

Giant Meteor's picture

I don't believe clueless. More like insulated, protected .. so far.

illuminatus's picture

Nor do they care. They despise us.

Blankenstein's picture

They are festooning their bank accounts with ill-gotten gains.  And the Fed is complicit in this thievery, as revealed in Jeffrey Lacker's resignation.

From the ZH article from earlier:

"We can now close the case on who leaked that confidential, market-moving data to Medley global back in 2012: it was Richmond Fed's Jeffrey Lacker, who previously was expected to retire in October, and  is resigning immediately."

 

First, a reminder of just who Medley Global is:

MGA is the leading global provider of macro policy intelligence for the world's top hedge funds, institutional investors, and asset managers. Our services and global network cover G20 plus Emerging Markets, Central Banks & Geopolitics, Global Oil and Energy Markets.

In short: an "expert network" (remember those? that's how Stevie Cohen made his billions paying insiders for material, nonpublic information right under the nose of regulators and enforcers) that leaks Fed decisions and thoughts to its  top-paying clients, such as the report in question leaking the start of QE tapering in December 2012.

 

http://www.zerohedge.com/news/2015-07-23/company-center-criminal-fed-lea...

 

Omen IV's picture

he is mimicking most of Trumps policies - on war Trump wants out so does Diamond and the McCanns wont let him

larz's picture

Yes Jaime let's start with your bailout and too big to fail status.  You possess the self awareness of a 2x4  bitch

scraping_by's picture

Everyone has a right to gloat about their handiwork. The financialization of the economy had created the very things he's clutching his pearls about. Avoiding the pointless stupid-or-evil discussion, his bank has played its part in enriching him and his friends at the expense of people who work for a living. High five, Jamie! Victory lap! Mission accomplished!

economessed's picture

Well articulated, scraping_by.  Credit creation (aka "debt manufacturing") has allowed the social distortions and malinvestments to occur.  The very institution Mr. Dimon leads has been a bellwether of financialization as well as a force for relaxing banking and finance rules that legitimized these intransigent debt-overhang problems we face.  To blame others only opens a new frontier of hypocrisy.