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Jamie Dimon explains why socialism fails -- Bernie issues an idiotic response
Posted on 1/23/20 at 6:31 pm
Posted on 1/23/20 at 6:31 pm
LINK
Of course in his response, Bernie proves once again to be an economic/financial nitwit.
Anyone with a brain and marginal intellectual curiosity knows JP Morgan's role in TARP was as a significant asset to government efforts, not a liability. In fact, without JPM's cooperation, TARP probably would not have been possible.
quote:Bernie's response . . .
Jamie Dimon presented a prescient case against socialism, not only as it pertains to emerging sentiment in the Democratic Party, but also to its immediate ramifications abroad.
"I think we ought to educate younger kids — freedom and free enterprise are inextricably linked, they're not different," he said. "I mean, you can't tell people where you can work or how you're going to work, where are you going to — free enterprise was the pursuit of happiness. And, you know, once you have governments taking control of businesses, it ends up in corruption, in Venezuela and — and it rose over time because companies get used for political purposes, not to give you great products and services."
Although Dimon declined to weigh in on the specifics of the 2020 race, Bernie Sanders rightly viewed himself the target of the JPMorgan Chase CEO's warning about the economic system he said would "erode society."
quote:
Bernie Sanders@BernieSanders
That's funny. Jamie Dimon seemed fine with corporate socialism when his bank got a $416 billion bailout from American taxpayersquote:
CNBC@CNBC
JP Morgan CEO Jamie Dimon takes on socialism, says it will lead to an 'eroding society'
186K
6:20 PM - Jan 22, 2020
Of course in his response, Bernie proves once again to be an economic/financial nitwit.
Anyone with a brain and marginal intellectual curiosity knows JP Morgan's role in TARP was as a significant asset to government efforts, not a liability. In fact, without JPM's cooperation, TARP probably would not have been possible.
14
Posted on 1/23/20 at 6:32 pm to NC_Tigah
quote:
Anyone with a brain
Doesn't include Bernie.
Posted on 1/23/20 at 6:34 pm to NC_Tigah
Maybe Wall Street will learn to stop funding and pandering to Democrats because this is what you get.
Posted on 1/23/20 at 6:34 pm to NC_Tigah
Diamon didn’t even want the funds. He was convinced to take them so the other banks who were really in trouble would follow suit. They paid them back immediately.
Posted on 1/23/20 at 6:40 pm to dpd901
Also the government asked JPM to buy Bear Stearns which they did and then went through all kinds of litigation.
Posted on 1/23/20 at 6:42 pm to dpd901
quote:Not exactly. Paulson's concern was that a bank in receipt of TARP assistance would be targeted as approaching insolvency, which could lead to customer cash withdrawal and a run on its stock. TARP would have turned into a sinkhole of good money chasing bad. The best way to avoid that outcome was to have every major bank accept TARP funds, whether needed or not. Jamie played along.
He was convinced to take them so the other banks who were really in trouble would follow suit. They paid them back immediately.
Posted on 1/23/20 at 6:46 pm to NC_Tigah
JPM also paid back their TARP funds
Posted on 1/23/20 at 6:49 pm to NC_Tigah
OP, seems like Bernie won that round. You have to remember most Americans aren't going to know the minute details of TARP bail-out. Having a bank CEO defend capitalism is not good for the optics.
Posted on 1/23/20 at 6:52 pm to NC_Tigah
And Bernie had no problem with capitalism when he was taking a payoff from Hillary.
Posted on 1/23/20 at 6:53 pm to fillmoregandt
quote:So did nearly all recipients. JPM repaid on the first date.
JPM also paid back their TARP funds
Posted on 1/23/20 at 6:54 pm to NC_Tigah
Bernie Sanders is the aardvark from the old pink panther cartoon. That’s all you need to know.
Posted on 1/23/20 at 6:56 pm to NC_Tigah
John Allison, the former head of BB&T, would've been a better advocate for capitalism. That bank didn't do ninja loans but was still forced to take TARP money by the gov't.
Posted on 1/23/20 at 6:57 pm to Seldom Seen
Do the people get a lake house in Bernie’s utopia?
He’s so full of shite.
He’s so full of shite.
Posted on 1/23/20 at 6:59 pm to RollTide4Ever
Bernie wins only if you don’t listen to or agree with Damon’s fundamental truth.
Our education system sides with Bernie - socialists for the most part.
quote:
"I think we ought to educate younger kids — freedom and free enterprise are inextricably linked, they're not different," he said. "I mean, you can't tell people where you can work or how you're going to work, where are you going to — free enterprise was the pursuit of happiness.
Our education system sides with Bernie - socialists for the most part.
Posted on 1/23/20 at 7:14 pm to NC_Tigah
Chase replayed a part in rigging the Libor index. They are as dirty as giant bank can be.
Posted on 1/23/20 at 7:44 pm to NC_Tigah
quote:
quote:
Bernie Sanders@BernieSanders
That's funny. Jamie Dimon seemed fine with corporate socialism when his bank got a $416 billion bailout from American taxpayers
Member when American government made Jamie Dimon’s Bank make billions in loans it never would have made if not forced to, thus leading it to near collapse and in need of a government bailout, Bernie? Yeah I member...
Eta: by it I should clarify the industry, not just chase
This post was edited on 1/23/20 at 7:48 pm
Posted on 1/23/20 at 7:55 pm to NC_Tigah
Jamie is talking out of both sides of his mouth. Playing to freedom and capitalism, as he should, but by tomorrow resume spouting off his typical limousine liberal, democrat BS.
This post was edited on 1/24/20 at 2:56 pm
Posted on 1/23/20 at 7:55 pm to NC_Tigah
quote:And Bernie supports handing over $3T/yr ... every year... for “medicare for all”.
That's funny. Jamie Dimon seemed fine with corporate socialism when his bank got a $416 billion bailout from American taxpayers
Posted on 1/23/20 at 8:05 pm to NC_Tigah
I’ve said it before and I’ll repeat: Bernie Sanders is an economic retard.
Posted on 1/23/20 at 8:06 pm to RollTide4Ever
quote:As was JPM
That bank didn't do ninja loans but was still forced to take TARP money by the gov't.
quote:
John Allison, the former head of BB&T, would've been a better advocate for capitalism
Dimon made his statement this week in Davos. So where was/is John Allison?
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