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I'm touched, with Jamie's concern.

I would suggest that if JPM hadn't triggered the Repo crisis, that might have gone a long way toward helping the overall economy.
Also, their derivatives book might be a problem too?
Then, there was that whole '08 thing.

But, Jamie (I'm smarter than you are) Dimon knows better.
 

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His take away are that too many people are living near that edge.

DUH.

How many people have new cars that cost more than their gross annual salary?

How many people living pay to paycheck making the average annual household income or below have the newest smartphone they bought on credit?

Keep in mind all this consumer [over]spending is what has driven the economy.
 

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With all the jawboning about negative interest rates, Trump for, Powell supposedly against.............how will this help? This can only be aimed at driving asset prices higher, while further destroying the savers.
I need somebody to 'splain how negative rates are good for us. I'm sure that they won't "pay" us to borrow money (take out loans) Jamie and the other TBTF's will be the beneficiaries of that.
Is that inclusive?
 

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His take away are that too many people are living near that edge.

DUH.

How many people have new cars that cost more than their gross annual salary?

How many people living pay to paycheck making the average annual household income or below have the newest smartphone they bought on credit?

Keep in mind all this consumer [over]spending is what has driven the economy.
Yeah, also those who are a paycheck away from bankruptcy who buy their kid the latest and greatest Nike shoe or whatever for $400 and get $300 hair stylings.

Dimon, bite me. How do you propose to do this? Oops, silly me, he'll advocate big tax increases but somehow his legion of tax lawyers will help ensure his tax bill doesn't go up.

Minority health issues? How about YOU taking care of your health, no drug use, no bad diet, eating junk food, alcohol abuse, morbid obesity.

Dimon, you're a talking example of leftist ideology that no one should be resposible for their poor decisions in life. Don
 

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Oh, so it's a surprise that economic disruption affects the poor worse than the affluent?

In other news, it's been discovered that the sun is really, really hot.
 

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“The last few months have laid bare the reality that, even before the pandemic hit, far too many people were living on the edge,” Dimon said.

He didn't know that already? How is he fit to run an outfit that huge? He's either a fool or he's lying.
 

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“The last few months have laid bare the reality that, even before the pandemic hit, far too many people were living on the edge,” Dimon said.

He didn't know that already? How is he fit to run an outfit that huge? He's either a fool or he's lying.
Good communication starts with simplifying your message. A simple message doesn’t mean he’s a fool or a liar.
 

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Assuming relatively normal circumstances, that seems a bit crazy.
You are not aware many people buy on what they THINK they can pay? So they spend 30 seconds “I make $3k a month. I spend $1400 rent, $400 insurance ,(electric, water) $1000 food. I can cut food a bit so $300 monthly payments”
They go in, get talked into $350 month. Insurance goes up, they forgot cable, phone, dozen other costs.
Seldom do they admit “I screwed up” sell at loss, make payments, start over. Instead repo, sold at auction ,MASSIVE loss, repo, selling fees....
There is a reason most places are not sending out repo trucks, but are being “nice”. They don’t have enough parking for all the repos. Value drops.
I (can) buy new. But I buy under 20k Miles used for huge discount.
Had a gal buy my CO extra car. Priced cheap. Her friend who gave her a ride had her payments car. Nice dent (as I’m sure she must have full coverage no big cost) but 2 months payments bought my old beater. New owner thought it rode nice. My one ton rides better. I don’t know of any reason it shouldn’t last her a couple yrs.
 

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Y
I (can) buy new. But I buy under 20k Miles used for huge discount.
When I bought my car was CPO. Better than new warranty. The original new car purchaser lost over $2 per mile depreciation.
 
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You are not aware many people buy on what they THINK they can pay? So they spend 30 seconds “I make $3k a month. I spend $1400 rent, $400 insurance ,(electric, water) $1000 food. I can cut food a bit so $300 monthly payments”
They go in, get talked into $350 month. Insurance goes up, they forgot cable, phone, dozen other costs.
Seldom do they admit “I screwed up” sell at loss, make payments, start over. Instead repo, sold at auction ,MASSIVE loss, repo, selling fees....
There is a reason most places are not sending out repo trucks, but are being “nice”. They don’t have enough parking for all the repos. Value drops.
I (can) buy new. But I buy under 20k Miles used for huge discount.
Had a gal buy my CO extra car. Priced cheap. Her friend who gave her a ride had her payments car. Nice dent (as I’m sure she must have full coverage no big cost) but 2 months payments bought my old beater. New owner thought it rode nice. My one ton rides better. I don’t know of any reason it shouldn’t last her a couple yrs.
I was thinking more along the lines of a wealthy trust-funder who worked for minimal compensation for some altruistic reason. So maybe he makes 5k/year, but has 10 million in the bank, and everything is paid off. He can drop a couple hundred grand on a track car if he wants to.

But someone with a wife/kids/mortgage making 50k and that's the income he actually has to live from, should not be spending 50k on a car.
 

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Discussion Starter · #16 ·
His take away are that too many people are living near that edge.
Dimon makes money when these people live near the edge. Now his shareholders are going to find out how close their loan book is to that edge.
 

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“The last few months have laid bare the reality that, even before the pandemic hit, far too many people were living on the edge,” Dimon said.

He didn't know that already? How is he fit to run an outfit that huge? He's either a fool or he's lying.
He is pandering.............clumsily, for somebody in his position..........and of his "supposed" ability.


The financial system went on life support last Sept. (Repo) There was supposedly plenty of liquidity in the system, yet it appears that none of the banks were willing to lend to each other..............at least not without loan shark rates.
Some time before china flu.
 
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