Forum Post: That's Why I'm Richer Than You
Posted 11 years ago on Feb. 28, 2013, 11:23 a.m. EST by enough
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one day soon, hopefully soon he is raped more than me and then burned alive more than me.
Is being rich a good thing?
According to Dimon, being rich is the measure of a man. From his point of view, that's what life is all about.
So 'being rich', has nothing to do with money or material wealth?
Jamie Dimon has a point with $83 billion subsidy given every year (according to Ben Bernanke) to our megabanks, of which JP Morgan Chase is the "biggest." That is obviously why he is richer than Mike Mayo, the inquisitive analyst. Everybody in the conference call probably laughed about the idiocy of the U.S. populace. Unfortunately, without any action on the megabanks, we may well come to the Great Bailout II with the megabanks having the last laughs.
Exactly. The TBTF banks are getting bigger and bigger, which is ensuring that they will be bailed out again. Dimon knows this and so does Bernanke. Dimon is laughing in everyone's face because he believes he's invulnerable. The idiotic reporters on the conference call who thought Dimon's tone-deaf remark was funny are a bunch of star-struck cheerleaders. Unfortunately, these buffoon reporters are a reflection of the mainstream media, which goes along with this type of nonsense. Main Street Americans are left to bear the consequences of the greed and excesses of bailed-out Wall Street mega-banks and their supporters at the Federal Reserve. This is a near and present danger. Anyone paying attention knows it.
I would not call the people of the Federal Reserve as 'supporters' of the megabanks. They are more like accomplices. Dick Fuld of Lehman Brothers called bluff on Ben Bernanke and Hank Paulson who had been singing the Gregorian chant of 'market discipline' for quite a while. Of course, Ben and Hank had left their flys open after bailing out Bear Stearns by backstopping JP Morgan Chase with more than $10 billion (The U.S. Federal Reserve rewarded Bear Stearns' shareholders in the deal by taking responsibility for $29 billion in toxic assets in Bear Stearns' portfolio) at Jamie Dimon's demand. Who were Bear Stearns' shareholders after JP Morgan Chase had taken over Bear Stearns?
Jamie was the 'biggest' head of the dicks and had a Roman style all his own so he got his way with the feds. Dick Fuld convinced that having been named Dick would entitle him to join the orgy but he instead got his Dick Fu**ed.
You're right. The Fed and the TBTF banks are accomplices. Essentially, they are one and the same. You can add the U.S. Treasury and the SEC as accomplices as well.
Thanks for this link. It's priceless!
I remember reading recently that Dimon said during a conference call, (maybe this one), that his bank would make money even if there was a downturn in the economy.
That's right. Our government protects Wall Street bankers before our government protects honest Americans from their depredations. No wonder they strut around and crack wise. These punks believe they are untouchable and, thanks to sellout politicians who accept their dirty campaign contributions, bankers believe it justifies their smug in-your-face attitude. This type of behavior by wealthy bankers is symptomatic of an advanced klepto-plutocracy.
I am furious that the big banks continue to get an 83 billion subsidy every year! I wasn't even aware of this until Elizabeth Warren grilled Bernanke.
That's almost exactly the amount of the sequester everyone is worried about! What makes more sense? Take the subsidy away, now!
The reason why big TBTF banks get the huge subsidy is because of the implicit guarantee that the government will back them no matter what and, therefore, their borrowing costs are much less than smaller banks. To compound the injustice, big banks pay next to nothing in terms of interest rates to their depositors compared to small community banks. To his credit, one member of the Federal Reserve also believes the subsidy is unfair and that the big banks should be broken up.
http://www.huffingtonpost.com/2012/06/28/richard-fisher-big-banks-subsidy_n_1636212.html
The subsidy is unjust and un-American, yet the vast majority of our elected officials of both parties continue to back the big Wall Street banks, hell or high water. No wonder Wall Street bank executives strut around like peacocks defying anyone to do anything about it.
I heard Bernanke using that explanation but you're right on that it's unjust and un-American. In actuality, it's just added to their profits.
The article you linked was from last June, yet I was unaware of this scheme. There's probably only a small percentage of Americans that know.
That's why they get away with this bullshit. On some level, however, most Americans are aware that Wall Street, aided and abetted by our government, crashed the economy and caused widespread pain and suffering. They also know that the government refuses to hold crooked bankers to account. You can read about one Wall Street scandal or another almost any day of the week in the newspapers. Americans are numb with the onslaught of corruption and too-connected-to-care banksters and their government enablers . Make no mistake, the outrage is out there and it is festering. Making a continual mockery of our justice system and assaulting our sensibilities, as Mr. Dimon sees fit to do publicly, does not play well with hard-working Americans.
In addition to Americans being numb to the corruption, we have a problem that is worse. Americans that have decided to not spend any of their time learning anything about the corruption. They only care about news if it becomes a huge story, otherwise, it's not important enough. Corp control of MSM is a serious problem.
There's another group. Americans aware of the scandals, but still trust the Almighty USA government to keep things from getting out of control. They are informed to a degree by MSM or Fox news, but can't accept our government being directly involved.
Big $, the 1%, corporations are making record profits while the rest of us are struggling. We have separate economies, and [they] could not care less about ours. In fact, if our suffering is profitable to [them], then they are it's biggest supporters! Which they are!
It's class war, we're losing! What will you do about it?
I intend to participate in The Revolution is Love! The word revolution scares older people so maybe, The Change is Love.
Older people invented it, researched and developed it, why would they be afraid of it?
They shouldn't be and maybe they're not. It sure seems to me in discussions with them that the words "revolution" and "radical" are too strong for them when discussing dealing with our country's problems.
Because we already fought a revolution, a radical civil war, and labor and civil rights battles. All we need is enforcement and improvement.
If you don't listen to anyone who doesn't make as much money as you, but you pretty much have to be a giant douche to make that much money, it's kind of a foolproof system.
Exactly.
He has no idea that he looks like an idiot.