Jamie Dimon - A Hurricane is coming for the economy
- Thread starter Celticguy
- Start date
BidenPresident
Verified User
Anyone from finance is just trying to benefit their own portfolio.
It IS his job to steer JPM through this and he will do the best he can as he has for 20 years there.
But the Average Joe (you, me, damn near everyone we know) needs facts to steer his own course. When someone in the know is willing to share some, its worth paying attention.
BidenPresident
Verified User
like I said....
Im a big Ron Paul guy. Have been for many years. Ron was ringing the alarm bells a few years before the crash of 08. He used cold hard facts,.....thats why his predictions were so accurate. Do you think many listened? Nope, sure didnt. They never do. He's right about the Fed too. They have been bleeding us dry for far too long.
As soon as I started watching the presenter's spin my first thought was "this dude's going to try to sell me cryptocurrency." So, I scrubbed to the end, and of course that's just what this was about. The idea is to panic people about the economy, with lots of talk about QT and QE, and then convince them that the latest collapse of crypto is a buying opportunity, so that those who haven't yet exited can find a bigger fool to offload their position to.
The problem with Paul's position is that he actually called it too early. He thought we had a housing bubble in 2003. At the time, the median sale price of a new home was $186,000. By comparison, the lowest it got after the bubble burst was $208,400. So, if you'd bought when Paul said it was a bubble and then sold at the worst moment after the bubble popped, you'd still have been UP 12% in six years. That's about a 2% annualized gain, which is very modest to be sure, but not the kind of loss we'd expect if there really had been a bubble when he claimed. The bubble really started forming the following year.
Ron Paul also predicted, back in 2011, that we'd have inflation problems much worse than 1970's stagflation, as a result of the Obama-era Fed's money supply policies. As you know, that was followed by nine straight years of inflation that was far below historical averages (and generally below the Fed's own target). Of course, the advantage of always predicting wreck and ruin is that like a stopped watch, you'll eventually be right. It's a bit like me telling you that showering is terrible for your health and if you keep it up you'll die. Sooner or later, people will be able to point out that you died and so I was right.
Matt Dillon
Retardium User
Yeah, your leftist shill ass is not better than Ron Paul, sorry.
You're not better than Ross Perot, either; or just about anybody with their head screwed on straight.
It's ok.
What if we took in the information and decided things for ourselves?
I'm saying there's a housing bubble right now.
That government is going to have to back off on the taxes, else it will the ruination of America.
I am, but that's really not saying much. He's a crank. If you took him seriously, economically, you'd have really screwed yourself over the years (e.g., making defensive moves to avoid inflation in the Obama years, and thereby missing out on one of the strongest bull markets in history).
Perot may have been good at something, but it sure wasn't economic forecasting. After NAFTA was ratified, he predicted disaster. It turns out, the US was just about to launch into one of the finest periods of prosperity growth in our entire history. A couple decades worth of stagnation and decay suddenly gave way to a period of falling unemployment, falling poverty, surging GDP, falling deficits, and sky-rocketing incomes. Fortunately, no serious people thought Perot's predictions were right, at the time, so he was ignored and America benefited mightily.
Matt Dillon
Retardium User
Dunning-Kruger effect.
It was disaster, you are an idiot.
Obama wasn't bull market, Trump was bull market. That's how partisanly retarded you are that you can't say how things really were.
Speaking of how things really were, are you gassed up for gas lines around the block? That will most likely happen before this summer is out, and going into winter is bad for the NE.
Furthermore winter is not something that can be stopped. Just like Global Warming. Man can stop global warming by fucking over his fellow man just like he can stop Springtime. I.E. Man cannot.
Last edited:
I promise you that this guy has an agenda. He might be right, but that’s not why he saying what he’s saying.
Ron Paul screamed about the almost certain terrible recession that was coming any day throughout the Obama 8 years.
Matt Dillon
Retardium User
Yes, I think that explains Ron Paul's misfires pretty well. He had neither education nor experience in economics, finance, or any other related field. He was just a gynecologist who fell into the orbit of goldbugs and Austrian-school kooks, and imagined that gave him some sort of insight into such matters. It was a severe case of Dunning-Kruger.
Speaking of Dunning-Kruger, am I right to understand that you have next to no experience with investing? Here, this will help:
https://dqydj.com/sp-500-return-calculator/
If you set the starting month at January 2009 and the ending at January 2017 (the Obama market), you'll see that the annualized S&P 500 return, with dividends reinvested, was 13.228%, adjusted for inflation. To put that in perspective, compare to the Reagan years, which Republicans generally agree was a bull market. From January 1981 to January 1989, the figure was 10.084%, adjusted for inflation. So, the Obama bull kicked that bull's ass by a handy margin.
Of course, you could arbitrarily declare that a "bull market" requires more than a 13.228% return after inflation. But how many eight-year periods in history would qualify? Even the legendary Clinton bull market barely exceeded that.
well Dimon does not do that and neither does the English kid, he's not a fan of crypto.
Dont watch if you are not interested.
Most of the right was that way -- they were sure collapse was coming from the day a Dem took office.... and then we proceeded to have the longest uninterrupted growth cycle in American history.
At the end, he was pitching Crypto.
Matt Dillon
Retardium User
If you start out at zero, the only way to go is up. Derp!
everyone has an agenda, this isnt exactly a revelation. look a little PAST that and see where truth is being presented.
we are in extraordinary times and not in a good way.