Dimon’s Detached View Of Economic Realities

Given the rising inflation and rates divert disposable incomes from consumption. Such suggests that much of the population living paycheck-to-paycheck, any “cost” increase will immediately detract from economic activity.

 

Mr. Dimon’s Next Bailout

“Americans know that something has gone terribly wrong, and they blame this country’s leadership: the elite, the powerful, the decision makers – in government, in business and in civic society. This is completely appropriate, for who else should take the blame?”

What Mr. Dimon tends to forget is that it was the U.S. taxpayer who bailed out the financial system, he included, following the financial crisis.

Then again, following the economic shutdown.

Despite massive fraud in the major banks related to the mortgage crisis, the banks paid only minor penalties for their criminal acts, and no one went to jail. Before the financial crisis, the top 5-banks comprised 40% of the banking system. Afterward, it became 60%. Through it all, Mr. Dimon became substantially wealthier, while the American population suffered the consequences.

You better believe that Americans know something has gone wrong, and Jamie Dimon is “poster child” for the “financial mafia.”

With the household, corporate, and government debt at a record, the next crisis will require another taxpayer bailout. Since Mr. Dimon’s bank lent the money to zombie companies, households that could not afford it, took on excessive risks in financial assets, he will gladly accept the next bailout while taxpayers suffer the fallout. 

While Mr. Dimon points the finger at everyone else, he is the problem. Of course, give any person a billion dollars, and they will likely become just as detached from “serfs” beneath his feet.

At some point, Americans have to stop hoping to magically cure a debt problem by adding more debt and then shuffling it between Central Banks. 

But then again, such a statement is also delusional.

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