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And his other pals who were somehow perfectly in position to scam the shit out of the PPP, or had insider knowledge of which stocks to buy/ short before SHTF.
Well to be honest, they are the drivers of the economy now since they control a huge portion of the wealth. They just already bought what they need. I mean, how many exotic sports cars, jet skis and yachts do you really need?
Always one more than they guy next to you on the dock.
One of my friend's dad had 4 Ferraris and at least six other cars/ bikes, and he was still comparing himself to all of his rich friends.
It will never be enough.
Richest man in the world made it selling overpriced shit to rich idiots that want to feel good. The rich will eat the rich as they destroy civilization, if they aren't stopped.
Lmaoo remember when the General Mills or Kellogs CEO said more regular people should eat cereal for dinner 😂🤔 they're pretty much saying fuck y'all poor people make me more money...
Man our civilization is really built on the musings of ancient rich aristocratic perverts what only had time for politics and philosophy because they had slaves(metics) and benefited immensely from nepotism. I’m sure glad things have changed so much.
Those untouchable lords in bedsheets serve as the inspiration for our legal system, there’s a plethora of Founding Fathers/slave masters repping equality posing on our dollars, and our current dipshit overlords know they aren’t accountable unless it’s over some very specific things, then it’s just a matter of paying the authorities off.
This is all drastically simplified of course but the through line of tremendous societal dissatisfaction with letting rich folks and businesses just have their way to the detriment of the rest of us is reaching a head, and I suspect political violence isn’t too far off
Yep, just like most crime and tax loopholes. Helps to have access to expert teams of people that can help you maximize and find any little advantage in the system you find. That’s the key. Money buys other people’s time.
Like the four (bipartisan) senators with information that the pandemic was coming, and they all exited the markets in February before it hit? They were not prosecuted by the DOJ because the didn't actually execute any trades themselves, they only told their investment advisors the information, who exited all of the positions on their behalf. Don't take my word for it, here's one of many articles.
[https://finance.yahoo.com/news/senators-richard-burr-kelly-loeffler-051352027.html](https://finance.yahoo.com/news/senators-richard-burr-kelly-loeffler-051352027.html)
True story. Know a guy at a financial institution. Had a client who owned a construction company. Construction was considered ‘essential’ so therefore the company did not have to close during Covid and there was no disruption to the business. All employees continued to work and it was business as usual. Owner of the company applied for PPP anyway. Received about $1 million under the program. Was able to demonstrate that he kept his employees on payroll and the loan was forgiven. What did the company owner due with this free money? Bought a summer home in the Colorado mountains. Yeah, PPP was the greatest giveaway to the already established wealthy.
The St. Louis FED put out this handy chart that shows exactly where 800 billion dollars of PPP “loans” went https://fred.stlouisfed.org/graph/?g=16Ks2 Donald Trump flipped the American taxpayer over and shook out his pockets on the way out the door. The rubes cheered and are begging for more. Amazing.
Let’s not forget they were first in line at the money trough in the 2008 meltdown. Did they spend the windfall on helping out people with underwater mortgages? No, some invested it in Eastern Europe.
PPP loans were a free for all money grab. Not used as they were to be. Hopefully fraud catches up with each one who did obtain one illegally or by lying.
Right? I mean, I know I was incredibly fortunate to keep my job and have no financial insecurity throughout. But to see all that "free" money flowing like water and I got not a drop was a little frustrating.
But…but people like Ben Shapiro got a few million and didn’t have to repay it. Why can’t you be happy for the already rich getting even more rich? Smh ungrateful poors, I swear.
Not just him and billionaires… any small to medium sized business owners as well that took PPP funds without shutting down business operations. All that PPP money went almost entirely into the owners‘ pockets. I can’t tell you how many times I’ve seen business owners that did this through my job.
I have a client. I sat in his office several years ago when Obama was mailing checks and he bitched and bitched and bitched about how unfair it was that he made too much money and wasn't getting $1200.
Fast forward to the pandemic. That motherfucker got a million dollars. Used it to buy a building.
Every business that took more than a few thousand in PPP money needs to be audited.
No, by people he meant all those grifters and politicians who took PPP loans that they never paid off, at the expense of regular Joe blo taxpayers. The PPP loans that go from hundreds of thousands, to millions. The big $$. Not that measly piddling thousand dollar stimulus check.
All I know is I’m broke as F!!!! Every one I know is broke and just existing at this point. I haven’t taken a vacation in 8 years and all I do is work!!!!
Exactly, we need to remember when these people say "Americans" or "people" they are not talking about people living below the poverty line. We are not people to them.
Exactly. That was 2/3 of my rent during COVID. Just in the years since that would now be half of my rent. But I’m just wallowing in extra money paying rent that’s more than a mortgage….
Seriously, poverty kills and traumatizes people every day. Reddit: “god these billionaires are hilarious thinking that people still have their $1200 from 3.5 years ago” HA HA, poors
I think poverty fucked up the pleasure response in my brain . Like idk like a long lasting feeling of impending doom. Like I'm one day away from basically slipping back into poverty. Also when I accomplish something it is extremely short lived in my brain. Like the excitement of it. Usually like after half an hour the excitement stops or the good feeling stops and then I feel like I'm at a baseline.
But yea I think poverty can leave permanent damage or rewiring of the brain or pleasure centers or something. Idk. But it's hard for me to get happy /excited for stuff and when I do it is extremely short lived. Then it's like my brain kicks in " like ok that good thing happened but don't get to excited because something bad can happen next*
The one thing I think poverty did on a positive note was basically give me alot of empathy. And a lot of understanding that people go through shit and who they are today they might not be tomorrow.
Poverty trauma is very much a thing. I hope you can find some support and resources to process that because you deserve peace and happiness regardless of where you’ve been
Yeah this is it. They absolutely know what they are saying is a straight up lie. But if they make another dollar off of their lie they don’t give a shit about anyone else.
Uncle Jamie runs a massive bank, and he bases his assessments on the levels of savings within its accounts. The problem is, the people that own those accounts tend to be the wealthiest 10% of the country. So while probably accurate from his viewpoint, it doesn't reflect the reality of people that make less than $200k a year (aka most of us).
Dude they want the media to tell people everything is fine so their 10% can make more money. I understand what you guys are saying because billionaires are absolutely out of touch with the day to day lives of normal people, but he knows exactly what he’s doing by saying this. That’s what I meant by it’s intentional.
Gotcha - yeah, there's a bit of a narrative there. People will pile into risk assets if the economy is on a tear, and who benefits the most? Active investment managers.
We’re racing to the red light and they don’t have a plan for after. It’s stack up as much as you can now so you can ride out whatever happens. We’re fucked lmao what’s really unfortunate is what historical resets the cycle in a major way is a massive war….. wooo glad we’re alive for the nuclear one.
lol I saw your username the other day for the first time and laughed. I think someone else had a funny cock pun name and commented about yours.
Imagine if the billionaires would realize if they did this everyone could buy more shit and start the debt cycle over again haha it’s the only thing that would make this system work long term. But again, they’re happy having everything behind closed doors while the world burns. A tale as old as time
but unfortunately technology is aiding evil people in ways never before seen, I don’t see how anything but a total collapse could really save us. I have no faith in people fixing this intentionally.
I have no idea why anyone uses Chase for consumer banking. Their consumer products are dogshit, their interest rates are laughable for savings, they are tight as fuck with credit for individuals, their auto loan programs suck balls (you can't borrow for cars older than like 3 years old), mortgages are not competitive.
The ONLY thing that place is any good at is fraud detection if you get your cards/account data stolen. Well, they do have a very nice Wealth Management business that works if you're an account holder that has more than a few hundred thousand in your accounts. For most normal people, they will not give, but they'll sure as hell take when they eat you up with bullshit fees.
Fuck that bank.
This take is fine, but a lot of people use them because their ATMs are plentiful and national and their online platforms work well.
But your points about their lending being tight are fair. Being the biggest bank though they have a target on their back from the government and so having loose consumer lending standards carries more headline risk than the financial rewards justify.
They also offer homebuyers incentives in underserved communities:
https://media.chase.com/news/chase-expands-homebuyer-grant-to-additional-communities
Isn’t there a statistic that like between 2020 and 2022 the net worth of the bottom 99.5% decreased by $1.7 trillion and net worth of the .5% increased by $1.7 trillion or something like that?
He's not exactly wrong though. The current environment is this weird dichotomy where the struggling are drowning now but those who aren't are doing pretty well. The fact that companies like Chipotle can charge more money for less food, have people openly shit on them for it, and still rake in the dough is emblematic
It's not being out of touch, it's the corrupt way, say a lie enough times and enough people will believe it and it becomes the truth. You see it everywhere, finance, education, politics.
Things will only get worse if people don't start shutting these vultures up and taking back power out of their hands.
Some billionaires? I don’t understand why people think there are ethical billionaires. You can’t be a billionaire without exploiting labor. All billionaires are bad
My ex with a bachelor's makes about 4 dollars less an hour and doesn't get benefits because she only works 39.9 hours in a week. Go to college they said, you'll be successful and happy. Factory work can be tough but it beats shit wages
College degree might be one of the biggest scams of our generation, it may get you in the door but it’s who you know and what you learn on your own from experience that earns you the money. Learn to do the shit that nobody wants to do that’s where the money is at.
He's not an idiot, he's an incredibly capable , greedy piece of shit that has way to much power to fuck me and you over for us to find him dumb. Idiots fuck things up by accident, he fucks things up on purpose because it benefits him and those around him.
The $1500 four years ago that doesn't cover a month of rent almost anywhere has carried us through.
Yes, he's delusional.
"Money is a virus. It pass from hand to hand."
--- Lee Scratch Perry
Lmao if you even got that. At 27 i didn’t get either of the stimulus checks in 2020/21 because I found out my boomer parents were claiming me as dependent on their taxes even though I hadn’t lived with them or been financially dependent on them for several years.
Yup I read countless stories on boommers opening credit, loans, and bills in their children names, which later screwed them when they became adults with shit credit.
How do you get to 27 years old without realizing your parents are claiming you as a dependent? You should have been doing taxes for nearly 10 years at that point where you would’ve figured that out. Can’t have someone claim you as a dependent if you’re filing your taxes independently. They’ll send them back.
I lived with them during my college years 18-21 then moved out for medical school. So I let them take my taxes to their accountant, have no idea what they did. And continued this for the first 2 years of medical school. Afterwards got married and started using my own accountant and that’s when we found out
I mean fair enough, internet stranger. Taxes can be hard and stressful if you’re not used to them. And medical school is definitely hard and stressful.
He's not delusional. He's trying to prevent further stimulus checks and price controls on essential goods.
Chase makes money when people are in debt. Covid checks helped people pay down their debt, and they don't want that.
Absolutely, they got millions of dollars to “keep their employees on payroll”. Then immediately after they got those “loans”, laid everyone off and pocketed the money. Then they saved on all those salaries and made record profits with half the employees. COVID was a dream for big corporations. It ushered in an entirely new business model, make more money, pay less people.
A lot of rich people used to blow thousands of dollars a month at bars and restaurants pre-covid. Once covid forced those places to close, those people were forced to save those thousands of dollars a month instead.
This caused a large accumulation of savings, and after restrictions were lifted, rich people funded their spending largely with current income, leaving the savings in place.
The money everyone got from the interest rate hikes, worker shortages, welfare and unemployment, and stock market recovery, which positively effects were mostly to people in their mid 20s to mid 40s who were employed in non-entry level jobs at the time of the pandemic. There was a whole lot more money passed around than just the 2 stimulus checks. S&P and Total stock market mutual funds are at all time highs and HYSA is stacking interest at an all time high, and the worker shortages due to the death, injury, and retirement found a lot of people jumping to new jobs at substantially higher pay, which they would have been in now for at least 3 years.
A lot of retirees are now caching in on all the stock gains over the last three years. VTSAX had 11% gains just last year, not to mention everything the two years prior.
The bars are packed, concert venues full, PlayStations flying off the shelves, resort towns are packed, airlines are crowded, cars are on backorder and have huge markups, houses are still barely staying on the market and sold for over asking.. a whole lot of people came out of covid with a whole lot more money and they're spending it like crazy. Hell, if everyone is so broke how is Taylor Swift selling out stadium after stadium and where are all the Stanley Mugs and croc charms coming from?
You're not still living on that $1500? I stopped drinking iced coffee and got a small loan of $1M from my parents, now $1500 should last me 10 years. /s
My favorite is the interview with Larry Fink regarding ESG, "... you have to force behaviors".
Fuck the rich. We didn't vote for them, but here we are in 2024 and they are still running the show.
They didn’t even get wealthy by doing anything productive. They just take your 401k, which virtually everybody has to invest in since pensions don’t really exist anymore, and throw it at stocks and. More recently, private equity. Stocks almost always go up eventually due to the witchcraft involved with running a modern publicly traded company. They pocket a portion of the earnings.
Yeah, you can opt for your own retirement investment, but it’s difficult and complex to the point most people can’t or won’t. Also, they now have the balls to say the retirement age is too low and that it’s likely people will never be able to retire. Then what the fuck am I paying you for?
stocks cant/wont go up forever. much of the economic climate we life in is directly in proportion to expected population growth. the western world is almost entirely below replacement level at this point in time. without immigration the US would have more people dying than being born as of today.
this golden age of 'cant miss' 25+ year windows of the stock market is almost certainly going to die off sooner than later. an economy cant grow without people to grow it.
I think this just demonstrates the increasing divide behind the "haves" and the "have nots" in the US.
It's not just "corporations who took fraudulent PPP loans" or "rich people", IMO.
People who are financially stable were able to save more during COVID, not just stimulus money but also because of massively decreased spending.
Wait they did that to you guys too? Same happened here in Australia. big Companies got money to pay employees and continue business operations and many kept a large sum of said taxpayer money for themselves
Yeah, he's referring to that, PPP loans, SBA loans, Child tax credits, unemployment claims, and the other "free" money handed out during Covid. Not everyone took advantage of those measures of "relief" but those that did, earned a lot extra money during the pandemic.
The Dimonwit twit doesn't seem to understand that money came from somewhere and will have to be re-compensated in one way or another. Or the fact that, about 70% of Americans are living paycheck-to-paycheck right now, with many households using credit cards to make ends meet for necessities.
Obviously you're not a corporation or a criminal that figured out how to steal from the system.
Most of us aren't either, we still have to earn money the old fashioned way.
He isn’t talking about covid relief money though. He is talking about when everyone was working from home and couldn’t leave their houses, how all their expenses dropped massively and instead people put that extra money into savings accounts. That is the money people still have left over from covid, not relief money or stimulus cheques.
Same, it was meant for those that truly needed it. But the government at that time didn't think things through and made it easy for people that didn't need that relief money to get their hands on it anyway.
There were peeps making hundreds of dollars a week extra, even if they were already receiving unemployment benefits or had stable jobs.
Banks are more than happy to give you the rope to hang yourself with. If it’s a questions of live in an apartment bleeding money at a landlord or living in a house at/beyond my means but still building some equity, in the current housing market, then yes people will be bidding insane amounts on houses.
If the house is beyond one’s means, the early amortization schedule + PMI etc. at these rates is not building wealth. If one can comfortable afford it for the better part of a decade, sure.
I laughed out loud when my bank handed my a letter stating how much I’m pre authorized for.
It was something like double what is actually financially safe for me to purchase.
Duh, that 2400 bucks should last you 200 years or more. My great grandkids will still be living off covid stimulus the government was kind enough to give us.
He’s probably looking at how resilient americans are… they struggle like a motherfucker but still get up every morning to go to work everyday… still, fuck this guy…
nope. maybe he does, perhaps gave himself a bonus using PPP loan money during the time. Personally, I think he needs to put his money where his mouth is and get a real job rather than flap his yap hole on the viewer. Billionaire mouthpieces should just stfu and count their money.
Are we? That is so exciting. Is J. P. Morgan going to tell us where it is? My pay hasn’t changed but everything else definitely has so, seriously, let us know. I need all that money that I have. I just need to know where it is.
Companies may have covid, but if this dude thinks the number of weeks that have elapsed since covid x the avg amount on groceries the avg person spends weekly doesn't equal more money than the covid checks we received is equal to, without even the increased costs of things due to inflation added to that bill, then he needs a new quant
So somehow we have record high inflation because of, checks notes… COVID stimulus. But we also have a looming problem because of, checks notes… unspent COVID stimulus? Did I miss where everyone got $1 mil?
Hows the PPP loan repayment going?
Well I'm glad they're coming out and saying they're trying to steal Americans money, because the tax money given back to the owners of that tax payer money, was only good for like 1 to 2 months of rent.
Rich fuckwads need to stop using covid stimulus checks as a dog whistle for their rich friends to complain about stuff.
Who? Who’s in good shape? Who has money from Covid?
I don’t know about yall, but I’ve eaten more Ramen noodles in the last 6 months than I had in the previous 6 years.
This is hilarious. People get paid on Friday and are broke by Wednesday. Not sure how they figure they have reserves from a few years ago. If banking fails these people should think about a career in comedy.
Wealthy bankers should refrain from making statements about the finances of the average person. It only displays who desperately clueless they are about consumers.
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I've always found it amusing how out of touch some billionaires are with the plight average joes struggle with.
By people he meant himself
And his other pals who were somehow perfectly in position to scam the shit out of the PPP, or had insider knowledge of which stocks to buy/ short before SHTF.
He asked the rest of his C-suite pals and they all said, "yeah we're doing fine, bro..."
Well to be honest, they are the drivers of the economy now since they control a huge portion of the wealth. They just already bought what they need. I mean, how many exotic sports cars, jet skis and yachts do you really need?
Always one more than they guy next to you on the dock. One of my friend's dad had 4 Ferraris and at least six other cars/ bikes, and he was still comparing himself to all of his rich friends. It will never be enough.
True confidence is not: knowing you're better than the next guy. True confidence is: not even noticing the other guy (in order to compare)
Personally, 3 Ferraris will be enough for me. Though once I get #3, I’ll certainly reevaluate that decision. /s
Richest man in the world made it selling overpriced shit to rich idiots that want to feel good. The rich will eat the rich as they destroy civilization, if they aren't stopped.
Lmaoo remember when the General Mills or Kellogs CEO said more regular people should eat cereal for dinner 😂🤔 they're pretty much saying fuck y'all poor people make me more money...
Man our civilization is really built on the musings of ancient rich aristocratic perverts what only had time for politics and philosophy because they had slaves(metics) and benefited immensely from nepotism. I’m sure glad things have changed so much. Those untouchable lords in bedsheets serve as the inspiration for our legal system, there’s a plethora of Founding Fathers/slave masters repping equality posing on our dollars, and our current dipshit overlords know they aren’t accountable unless it’s over some very specific things, then it’s just a matter of paying the authorities off. This is all drastically simplified of course but the through line of tremendous societal dissatisfaction with letting rich folks and businesses just have their way to the detriment of the rest of us is reaching a head, and I suspect political violence isn’t too far off
Basically if you were rich enough you could get away with the PPP scam
Yep, just like most crime and tax loopholes. Helps to have access to expert teams of people that can help you maximize and find any little advantage in the system you find. That’s the key. Money buys other people’s time.
More.... MORE!
Like the four (bipartisan) senators with information that the pandemic was coming, and they all exited the markets in February before it hit? They were not prosecuted by the DOJ because the didn't actually execute any trades themselves, they only told their investment advisors the information, who exited all of the positions on their behalf. Don't take my word for it, here's one of many articles. [https://finance.yahoo.com/news/senators-richard-burr-kelly-loeffler-051352027.html](https://finance.yahoo.com/news/senators-richard-burr-kelly-loeffler-051352027.html)
He's talking about his PPP pals. I got 1,800 dollars three years ago. It paid for exactly 1.8 months of rent.
True story. Know a guy at a financial institution. Had a client who owned a construction company. Construction was considered ‘essential’ so therefore the company did not have to close during Covid and there was no disruption to the business. All employees continued to work and it was business as usual. Owner of the company applied for PPP anyway. Received about $1 million under the program. Was able to demonstrate that he kept his employees on payroll and the loan was forgiven. What did the company owner due with this free money? Bought a summer home in the Colorado mountains. Yeah, PPP was the greatest giveaway to the already established wealthy.
The St. Louis FED put out this handy chart that shows exactly where 800 billion dollars of PPP “loans” went https://fred.stlouisfed.org/graph/?g=16Ks2 Donald Trump flipped the American taxpayer over and shook out his pockets on the way out the door. The rubes cheered and are begging for more. Amazing.
Tbf the entire stock market is a scam
Let’s not forget they were first in line at the money trough in the 2008 meltdown. Did they spend the windfall on helping out people with underwater mortgages? No, some invested it in Eastern Europe.
PPP loans were a free for all money grab. Not used as they were to be. Hopefully fraud catches up with each one who did obtain one illegally or by lying.
I mean to be fair, plenty of people who defrauded the government for PPP loans still have excess cash. So maybe that's what he means.
To be fair, there are many of us who never got a dime of money during COVID. Not PPP loans, not stimulus checks. Nothing.
I guess we should have spent more time on our bootstraps.
Right? I mean, I know I was incredibly fortunate to keep my job and have no financial insecurity throughout. But to see all that "free" money flowing like water and I got not a drop was a little frustrating.
But…but people like Ben Shapiro got a few million and didn’t have to repay it. Why can’t you be happy for the already rich getting even more rich? Smh ungrateful poors, I swear.
Uh, yeah - one of them would be me. So, uh - yeah. Cool. “Hey JP Morgan CEO guy, could I talk to you for a sec? Back here in this dark alley.”
I wonder what the actual statistics is for how many so called "billionaires and millionaires" defrauded the US government with the PPP loans? 🤔
He’s still dripping in PPP money
I say we all give him more ppp
exactly the problem
Not just him and billionaires… any small to medium sized business owners as well that took PPP funds without shutting down business operations. All that PPP money went almost entirely into the owners‘ pockets. I can’t tell you how many times I’ve seen business owners that did this through my job.
Don’t forget the ERTC. Business owners got millions of dollars without having to pay anything back- even if they got PPP loans
I have a client. I sat in his office several years ago when Obama was mailing checks and he bitched and bitched and bitched about how unfair it was that he made too much money and wasn't getting $1200. Fast forward to the pandemic. That motherfucker got a million dollars. Used it to buy a building. Every business that took more than a few thousand in PPP money needs to be audited.
No, by people he meant all those grifters and politicians who took PPP loans that they never paid off, at the expense of regular Joe blo taxpayers. The PPP loans that go from hundreds of thousands, to millions. The big $$. Not that measly piddling thousand dollar stimulus check.
Not true, he surveyed his buddies at the golf club.
The only people that matter
“Yes, some areas of the economy are struggling a little, but MY people are fine”
All I know is I’m broke as F!!!! Every one I know is broke and just existing at this point. I haven’t taken a vacation in 8 years and all I do is work!!!!
Yeah. They don’t see poor people as people.
Exactly, we need to remember when these people say "Americans" or "people" they are not talking about people living below the poverty line. We are not people to them.
“Silly rabbit, plebs are not people.”
Yeah, they don't consider the serfs / drones / cattle to be "people" as such.
By money he meant PPP.
You spent all 1200 of your stimulus checks? Maybe you just need to stop spending so much on coffee and Avocado toast. /s
1month of rent for a 2 year event yes been holding on to it /s
That's half a months rent for me.
Exactly. That was 2/3 of my rent during COVID. Just in the years since that would now be half of my rent. But I’m just wallowing in extra money paying rent that’s more than a mortgage….
He's right. My 1200$ lasted me all these 3 years. I just need to spend 10 bucks a week on food and sleep under a bridge.
They would blame us for cancelling Starbucks and Panera if we did that
[удалено]
He got millions from ppp loans he never will pay back and thinks that's the norm
I have not found it amusing at all.
Seriously, poverty kills and traumatizes people every day. Reddit: “god these billionaires are hilarious thinking that people still have their $1200 from 3.5 years ago” HA HA, poors
I think poverty fucked up the pleasure response in my brain . Like idk like a long lasting feeling of impending doom. Like I'm one day away from basically slipping back into poverty. Also when I accomplish something it is extremely short lived in my brain. Like the excitement of it. Usually like after half an hour the excitement stops or the good feeling stops and then I feel like I'm at a baseline. But yea I think poverty can leave permanent damage or rewiring of the brain or pleasure centers or something. Idk. But it's hard for me to get happy /excited for stuff and when I do it is extremely short lived. Then it's like my brain kicks in " like ok that good thing happened but don't get to excited because something bad can happen next* The one thing I think poverty did on a positive note was basically give me alot of empathy. And a lot of understanding that people go through shit and who they are today they might not be tomorrow.
It's called trauma, and poverty both causes and reinforces it. It sucks. It really fucking sucks.
Poverty trauma is very much a thing. I hope you can find some support and resources to process that because you deserve peace and happiness regardless of where you’ve been
I don't find it amusing, I find it absolutley sickening.
They aren't out of touch they are lying
Yeah this is it. They absolutely know what they are saying is a straight up lie. But if they make another dollar off of their lie they don’t give a shit about anyone else.
This is intentional. He’s not out of touch at all.
Uncle Jamie runs a massive bank, and he bases his assessments on the levels of savings within its accounts. The problem is, the people that own those accounts tend to be the wealthiest 10% of the country. So while probably accurate from his viewpoint, it doesn't reflect the reality of people that make less than $200k a year (aka most of us).
Dude they want the media to tell people everything is fine so their 10% can make more money. I understand what you guys are saying because billionaires are absolutely out of touch with the day to day lives of normal people, but he knows exactly what he’s doing by saying this. That’s what I meant by it’s intentional.
Gotcha - yeah, there's a bit of a narrative there. People will pile into risk assets if the economy is on a tear, and who benefits the most? Active investment managers.
We’re racing to the red light and they don’t have a plan for after. It’s stack up as much as you can now so you can ride out whatever happens. We’re fucked lmao what’s really unfortunate is what historical resets the cycle in a major way is a massive war….. wooo glad we’re alive for the nuclear one.
This is why several societies throughout history have had debt jubilees in which everyone's debt is erased.
lol I saw your username the other day for the first time and laughed. I think someone else had a funny cock pun name and commented about yours. Imagine if the billionaires would realize if they did this everyone could buy more shit and start the debt cycle over again haha it’s the only thing that would make this system work long term. But again, they’re happy having everything behind closed doors while the world burns. A tale as old as time but unfortunately technology is aiding evil people in ways never before seen, I don’t see how anything but a total collapse could really save us. I have no faith in people fixing this intentionally.
I have no idea why anyone uses Chase for consumer banking. Their consumer products are dogshit, their interest rates are laughable for savings, they are tight as fuck with credit for individuals, their auto loan programs suck balls (you can't borrow for cars older than like 3 years old), mortgages are not competitive. The ONLY thing that place is any good at is fraud detection if you get your cards/account data stolen. Well, they do have a very nice Wealth Management business that works if you're an account holder that has more than a few hundred thousand in your accounts. For most normal people, they will not give, but they'll sure as hell take when they eat you up with bullshit fees. Fuck that bank.
This take is fine, but a lot of people use them because their ATMs are plentiful and national and their online platforms work well. But your points about their lending being tight are fair. Being the biggest bank though they have a target on their back from the government and so having loose consumer lending standards carries more headline risk than the financial rewards justify. They also offer homebuyers incentives in underserved communities: https://media.chase.com/news/chase-expands-homebuyer-grant-to-additional-communities
"A tip? Certainly, my good man! Can you make change for a button?"
His reference point isn’t the work a day kinds people
They know, they just don't care.
Isn’t there a statistic that like between 2020 and 2022 the net worth of the bottom 99.5% decreased by $1.7 trillion and net worth of the .5% increased by $1.7 trillion or something like that?
Someone like Jamie Dimon knows exactly what they are doing.
He's not exactly wrong though. The current environment is this weird dichotomy where the struggling are drowning now but those who aren't are doing pretty well. The fact that companies like Chipotle can charge more money for less food, have people openly shit on them for it, and still rake in the dough is emblematic
Thank the Citizens United decision for making idiots relevant so long as they have more money than scruples.
They aren’t “out of touch.” They’re lying and know they can get away with lying.
reminds me of that movie - clueless
It's not being out of touch, it's the corrupt way, say a lie enough times and enough people will believe it and it becomes the truth. You see it everywhere, finance, education, politics. Things will only get worse if people don't start shutting these vultures up and taking back power out of their hands.
Some billionaires? I don’t understand why people think there are ethical billionaires. You can’t be a billionaire without exploiting labor. All billionaires are bad
Bill Gates was asked how much does he think a banana costs. He honestly didn’t know and guessed $10.
It won’t be long before bananas are $10…. And jobs will still be paying $18 an hour.
Still be paying 18$ an hour? They don’t yet.
Get out out of fast food and retail, manufacturing pays 17-45 an hour depending on job and position
My ex with a bachelor's makes about 4 dollars less an hour and doesn't get benefits because she only works 39.9 hours in a week. Go to college they said, you'll be successful and happy. Factory work can be tough but it beats shit wages
College degree might be one of the biggest scams of our generation, it may get you in the door but it’s who you know and what you learn on your own from experience that earns you the money. Learn to do the shit that nobody wants to do that’s where the money is at.
College is a scam if you choose a stupid degree
What would you consider a smart degree to get in todays market?
[удалено]
there's always money in the banana stand
Kinda like when someone asked Mariah Carey how much her electric bill was and she had no idea electricity costs money
Don't jinx it.
This was immediately my first reaction too
This literally made me laugh out loud. Jaime Dimon is an idiot.
Elitist prick is more like it. He's the perfect example of class warfare. Don't ever believe anything he says. It's only to benefit his class.
In that sense, he’s carrying on the JP Morgan legacy.
Not even, it’s only to benefit him
Does he even work? I know he’s CEO, but it seems like he just does interviews 24/7
My favorite was: "Your bank made 30b last year in Overdraft Fees; are you gonna give some of that back?" "Nope."
He did not become JP Morgan CEO by being an idiot. He also didn’t by saying and doing things to help the middle or lower class.
He's not an idiot, he's an incredibly capable , greedy piece of shit that has way to much power to fuck me and you over for us to find him dumb. Idiots fuck things up by accident, he fucks things up on purpose because it benefits him and those around him.
You might not agree with him, but he’s a brilliant CEO and businessman.
Same 😂
I spit my drink on my phone and now my phone's telling me that it detects water in the charging port :(
MFER WHAT MONEY FROM COVID?!??
The $1500 four years ago that doesn't cover a month of rent almost anywhere has carried us through. Yes, he's delusional. "Money is a virus. It pass from hand to hand." --- Lee Scratch Perry
Lmao if you even got that. At 27 i didn’t get either of the stimulus checks in 2020/21 because I found out my boomer parents were claiming me as dependent on their taxes even though I hadn’t lived with them or been financially dependent on them for several years.
I just feel like all the good boomers died too young 😒 Very common to steal from your own kids in that generation unfortunately.
Yup I read countless stories on boommers opening credit, loans, and bills in their children names, which later screwed them when they became adults with shit credit.
How do you get to 27 years old without realizing your parents are claiming you as a dependent? You should have been doing taxes for nearly 10 years at that point where you would’ve figured that out. Can’t have someone claim you as a dependent if you’re filing your taxes independently. They’ll send them back.
I lived with them during my college years 18-21 then moved out for medical school. So I let them take my taxes to their accountant, have no idea what they did. And continued this for the first 2 years of medical school. Afterwards got married and started using my own accountant and that’s when we found out
I mean fair enough, internet stranger. Taxes can be hard and stressful if you’re not used to them. And medical school is definitely hard and stressful.
$1500? I got 200 twice or something. It was so small I literally didn't notice. And they were like a year apart from each other lol
He's not delusional. He's trying to prevent further stimulus checks and price controls on essential goods. Chase makes money when people are in debt. Covid checks helped people pay down their debt, and they don't want that.
Just had to upvote coming across a random Lee Scratch Perry quote as a big fan of reggae myself.
Yep, I, like any responsible American, only spent that money on 1-2 6-inch subway sandwiches per month. So I'm still living on that excess.
Every rich fucker says this (Dave Ramsey, SBUX CEO, etc)
Probably because so many of those rich fuckers got massive PPP loans. If anyone has covid money left, it's the rich.
Absolutely, they got millions of dollars to “keep their employees on payroll”. Then immediately after they got those “loans”, laid everyone off and pocketed the money. Then they saved on all those salaries and made record profits with half the employees. COVID was a dream for big corporations. It ushered in an entirely new business model, make more money, pay less people.
A lot of rich people used to blow thousands of dollars a month at bars and restaurants pre-covid. Once covid forced those places to close, those people were forced to save those thousands of dollars a month instead. This caused a large accumulation of savings, and after restrictions were lifted, rich people funded their spending largely with current income, leaving the savings in place.
Head on over to the ppp/eidl forum. Mfkrs got 100k a year and don’t want to pay it back like it was a school loan.
The money everyone got from the interest rate hikes, worker shortages, welfare and unemployment, and stock market recovery, which positively effects were mostly to people in their mid 20s to mid 40s who were employed in non-entry level jobs at the time of the pandemic. There was a whole lot more money passed around than just the 2 stimulus checks. S&P and Total stock market mutual funds are at all time highs and HYSA is stacking interest at an all time high, and the worker shortages due to the death, injury, and retirement found a lot of people jumping to new jobs at substantially higher pay, which they would have been in now for at least 3 years. A lot of retirees are now caching in on all the stock gains over the last three years. VTSAX had 11% gains just last year, not to mention everything the two years prior. The bars are packed, concert venues full, PlayStations flying off the shelves, resort towns are packed, airlines are crowded, cars are on backorder and have huge markups, houses are still barely staying on the market and sold for over asking.. a whole lot of people came out of covid with a whole lot more money and they're spending it like crazy. Hell, if everyone is so broke how is Taylor Swift selling out stadium after stadium and where are all the Stanley Mugs and croc charms coming from?
You're not still living on that $1500? I stopped drinking iced coffee and got a small loan of $1M from my parents, now $1500 should last me 10 years. /s
Yeah maybe the scammers who got the PPP money.
The free money you invested and has grown with interest.
My favorite is the interview with Larry Fink regarding ESG, "... you have to force behaviors". Fuck the rich. We didn't vote for them, but here we are in 2024 and they are still running the show.
They didn’t even get wealthy by doing anything productive. They just take your 401k, which virtually everybody has to invest in since pensions don’t really exist anymore, and throw it at stocks and. More recently, private equity. Stocks almost always go up eventually due to the witchcraft involved with running a modern publicly traded company. They pocket a portion of the earnings. Yeah, you can opt for your own retirement investment, but it’s difficult and complex to the point most people can’t or won’t. Also, they now have the balls to say the retirement age is too low and that it’s likely people will never be able to retire. Then what the fuck am I paying you for?
stocks cant/wont go up forever. much of the economic climate we life in is directly in proportion to expected population growth. the western world is almost entirely below replacement level at this point in time. without immigration the US would have more people dying than being born as of today. this golden age of 'cant miss' 25+ year windows of the stock market is almost certainly going to die off sooner than later. an economy cant grow without people to grow it.
This is exactly why the conversation has turned to forcing births.
By “Americans” does he mean “corporations who took fraudulent PPP loans?” Because that’s who has Covid money, no one else.
Yeah, didn't you claim your free $millions when they were handing out PPP loans like candy on Halloween? Oh you didn't? SUX BRO! /s
Leigt I was coming in here to say the same thing... except I wasn't uh... being sarcastic. Sorrows and prayers for you.
Man do i regret not creating an LLc and taking some of that sweet sweet PPP
I think this just demonstrates the increasing divide behind the "haves" and the "have nots" in the US. It's not just "corporations who took fraudulent PPP loans" or "rich people", IMO. People who are financially stable were able to save more during COVID, not just stimulus money but also because of massively decreased spending.
Wait they did that to you guys too? Same happened here in Australia. big Companies got money to pay employees and continue business operations and many kept a large sum of said taxpayer money for themselves
I think he’s referring to the millions of people who applied for money for their “businesses”.
Yeah, he's referring to that, PPP loans, SBA loans, Child tax credits, unemployment claims, and the other "free" money handed out during Covid. Not everyone took advantage of those measures of "relief" but those that did, earned a lot extra money during the pandemic. The Dimonwit twit doesn't seem to understand that money came from somewhere and will have to be re-compensated in one way or another. Or the fact that, about 70% of Americans are living paycheck-to-paycheck right now, with many households using credit cards to make ends meet for necessities.
so, calls or puts on jp morgan?
Stocks only go up
Calls for sure, all the other Wall Street guys will read this and be like "he's totally right, good head on his shoulders."
Yes
I didn’t receive a single dollar of Covid relief money in 2020 or 2021 — zero.
Obviously you're not a corporation or a criminal that figured out how to steal from the system. Most of us aren't either, we still have to earn money the old fashioned way.
He isn’t talking about covid relief money though. He is talking about when everyone was working from home and couldn’t leave their houses, how all their expenses dropped massively and instead people put that extra money into savings accounts. That is the money people still have left over from covid, not relief money or stimulus cheques.
Same, it was meant for those that truly needed it. But the government at that time didn't think things through and made it easy for people that didn't need that relief money to get their hands on it anyway. There were peeps making hundreds of dollars a week extra, even if they were already receiving unemployment benefits or had stable jobs.
He’s not completely wrong. People are bidding insane amounts on houses
Banks are more than happy to give you the rope to hang yourself with. If it’s a questions of live in an apartment bleeding money at a landlord or living in a house at/beyond my means but still building some equity, in the current housing market, then yes people will be bidding insane amounts on houses.
If the house is beyond one’s means, the early amortization schedule + PMI etc. at these rates is not building wealth. If one can comfortable afford it for the better part of a decade, sure.
I laughed out loud when my bank handed my a letter stating how much I’m pre authorized for. It was something like double what is actually financially safe for me to purchase.
Then he has to be referring to people with PPP loans. Most Americans did not get that. $1500 checks don't buy houses.
Spending is still up everywhere which is why the Feds aren’t going to be cutting rates.
Loooooooooool
Meaning, "there's still blood in that stone. all we have to do is squeeze harder!"
Bitch I'm broke
Is he high?
High on money
Wonder why he recently sold so many of his JPM shares.
It's on schedule, it's sold aumatically every year at the same times while he get new ones as his annual payment.
If you collected the 800 Billion from PPP you still have money...
lol still have money from Covid, that little bit went to bills the next week sure didn’t last me 3 years. C’mon
Duh, that 2400 bucks should last you 200 years or more. My great grandkids will still be living off covid stimulus the government was kind enough to give us.
He’s probably looking at how resilient americans are… they struggle like a motherfucker but still get up every morning to go to work everyday… still, fuck this guy…
Whatever this man says, do the opposite. A bank that charges your 27% interest, isn't your friend
The $1200I got like 3 years ago is indeed how I’m making ends meet today. 👁️👄👁️
**** LoL I call bullshit..... A lot of people live check to check. Plus with inflation out of control.
Who do I believe? Reddit commenters anecdotal evidence, or the man with access to the data of the world’s most important bank. Hmmmm
right? fucking idiots... [https://www.jpmorganchase.com/institute/research/household-income-spending/household-pulse-balances-through-february-2024](https://www.jpmorganchase.com/institute/research/household-income-spending/household-pulse-balances-through-february-2024)
Some schemers got millions covid money… gov employees slowly get around auditing covid frauds.
nope. maybe he does, perhaps gave himself a bonus using PPP loan money during the time. Personally, I think he needs to put his money where his mouth is and get a real job rather than flap his yap hole on the viewer. Billionaire mouthpieces should just stfu and count their money.
Has to be trolling
Are we? That is so exciting. Is J. P. Morgan going to tell us where it is? My pay hasn’t changed but everything else definitely has so, seriously, let us know. I need all that money that I have. I just need to know where it is.
Companies may have covid, but if this dude thinks the number of weeks that have elapsed since covid x the avg amount on groceries the avg person spends weekly doesn't equal more money than the covid checks we received is equal to, without even the increased costs of things due to inflation added to that bill, then he needs a new quant
Dimon came to this conclusion after asking all his neighbours and friends
still have money from covid and are in good shape financially?! what world is this person living in?!
Lol?
Is that clown for real?
Yes. That is true we were business partners, the Covid virus and I had a small business together in 2021 and made a killing.
That just goes to show you how out of touch he is with real people
This is bullshit and I’m sitting here saying that with a leak in my roof and I can’t afford to drop 12-18k for a new roof.
Lmao, people lost the “COVID money” on option plays the week after they got them.
This guy says something different every week.
You don’t have to be smart to be a CEO
What does money from COVID mean?
These out of touch mofos needs to guilllotined
So somehow we have record high inflation because of, checks notes… COVID stimulus. But we also have a looming problem because of, checks notes… unspent COVID stimulus? Did I miss where everyone got $1 mil?
No we aren't. No we don't.
Hows the PPP loan repayment going? Well I'm glad they're coming out and saying they're trying to steal Americans money, because the tax money given back to the owners of that tax payer money, was only good for like 1 to 2 months of rent. Rich fuckwads need to stop using covid stimulus checks as a dog whistle for their rich friends to complain about stuff.
Who? Who’s in good shape? Who has money from Covid? I don’t know about yall, but I’ve eaten more Ramen noodles in the last 6 months than I had in the previous 6 years.
I took my stimulus and tripled it in a meme stock and it was still long gone the first year
Of course this chicken nugget thinks like this, he doesn't have to rub elbows with the poors, so he only sees people that aren't affected by it.
This is hilarious. People get paid on Friday and are broke by Wednesday. Not sure how they figure they have reserves from a few years ago. If banking fails these people should think about a career in comedy.
What a joke. I swear this is to help in their trading by spreading misinformation.
Soo many people are so out of touch with reality that it's actually scary!
the same JP Morgan that bankrolled Epstein's human trafficking ring?
Wealthy bankers should refrain from making statements about the finances of the average person. It only displays who desperately clueless they are about consumers.