What can be worse than a recession? Jamie Diamon who crashed the housing market in 2007 knows. "Harder Recession" or worse.

[Mikeoxenormous]

JPMorgan CEO Jamie Dimon told wealthy clients there's a chance the US is heading into 'something worse' than a recession, report says

He said there's a 20-30% chance of a "harder recession" and equal odds of "something worse."
The categorization is an apparent downgrade from Dimon's previous comments in June when he warned of an "economic hurricane."

This year was forecasted again by the National Weather Service that we were supposed to see an uptick in Hurricane activity. Since June the Atlantic hasnt seen 1 hurricane yet, but the United States could face an economic hurricane which will have a far greater impact on the poor and middle class than some high winds. And just think the Marxists(will no longer call them liberals or progressives) have passed another boondoggle of pork that will end up in the political hacks pockets. The Marxists in charge are robbing America of all their wealth, and couldnt give a shit about the little person..

 

[Moonglow]

Do you say that with a straight face considering the debt from Republicans?

 

[multivita-man]

B, b, but, what about her she-males?!?!?!

 

[Toddsterpatriot]

JPMorgan CEO Jamie Dimon told wealthy clients there's a chance the US is heading into 'something worse' than a recession, report says

This year was forecasted again by the National Weather Service that we were supposed to see an uptick in Hurricane activity. Since June the Atlantic hasnt seen 1 hurricane yet, but the United States could face an economic hurricane which will have a far greater impact on the poor and middle class than some high winds. And just think the Marxists(will no longer call them liberals or progressives) have passed another boondoggle of pork that will end up in the political hacks pockets. The Marxists in charge are robbing America of all their wealth, and couldnt give a shit about the little person..

Jamie Diamon who crashed the housing market in 2007​

How did he do that?

 

[Mikeoxenormous]

Jamie Diamon who crashed the housing market in 2007​

How did he do that?

Jamie Dimon (pg. 4) - Sep. 2, 2008

No team is perfect, of course, and there are a few big blemishes on J.P. Morgan's record. In 2007 bankers in a unit that makes short-term secured loans to blue-chip corporations bought a $2 billion subprime CDO as an investment. Somehow the arrangement escaped the notice of the risk management brass. The CDO lost half its value, hitting J.P. Morgan with a $1 billion pretax write-down in the third quarter and sending Dimon on another manic crusade to tighten risk management

 

[Toddsterpatriot]

Jamie Dimon (pg. 4) - Sep. 2, 2008

Buying a CDO crashed the housing market? How?

 

[Mikeoxenormous]

Buying a CDO crashed the housing market? How?

Bankers were causing subprime mortgages to be used as a business, where people were buying properties they couldnt normally afford, but turning those houses around quickly to make a profit, until the housing market got saturated with these SP mortgages and the big sell off began. If Jamie and others like him would of NOT been backing those deals, there wouldnt of been a bubble that burst. Read the story man.

 

[Toddsterpatriot]

Bankers were causing subprime mortgages to be used as a business, where people were buying properties they couldnt normally afford, but turning those houses around quickly to make a profit, until the housing market got saturated with these SP mortgages and the big sell off began. If Jamie and others like him would of NOT been backing those deals, there wouldnt of been a bubble that burst. Read the story man.

I read the story. A $2 billion CDO didn't crash the housing market.

 

[Mikeoxenormous]

I read the story. A $2 billion CDO didn't crash the housing market.

No it was the after effect of those bogus subprime mortgages that got out of hand. People started selling in droves when the interest rates got into the 4th year and no one wanted to buy a refinanced house. Oh by the way this was the architect of that crash.

Andrew Cuomo's Subprime Skeletons

The easing resulted from HUD’s attempt, championed by Cuomo, to reduce “redlining,” a term describing home-lending practices that discriminate against ethnic minorities.

 

[Mikeoxenormous]

No it was the after effect of those bogus subprime mortgages that got out of hand. People started selling in droves when the interest rates got into the 4th year and no one wanted to buy a refinanced house. Oh by the way this was the architect of that crash.

Andrew Cuomo's Subprime Skeletons

It didnt discriminate against minorities but the poor. And there are more poor white people than blacks.

 

[Toddsterpatriot]

No it was the after effect of those bogus subprime mortgages that got out of hand. People started selling in droves when the interest rates got into the 4th year and no one wanted to buy a refinanced house. Oh by the way this was the architect of that crash.

Andrew Cuomo's Subprime Skeletons

Yeah, HUD forcing Fannie and Freddie to make 50% of their purchases from subprimes under Clinton was the worst idea ever!.

Until they bumped it up to 55% under Bush.

 

[Mikeoxenormous]

Yeah, HUD forcing Fannie and Freddie to make 50% of their purchases from subprimes under Clinton was the worst idea ever!.

Until they bumped it up to 55% under Bush.

Yet....There were warning signs back in 2004, when this event happened, but thanks to Mad Maxine(the bitch) Waters, Chrissy Doddering fool, and Barney , the frankfurter eater, Frank, howled that it would be "RACIST" if the Bush admin tried to reign in Fannie and Freddie. 3 year later Andrew Cuojo got his wish, a royal fuck up, then he moved up to Governor of New York where he killed 10,000 elderly. I guess next for him with be 2024 Presidential Candidate for the Democrats.

 

[Toddsterpatriot]

Yet....There were warning signs back in 2004, when this event happened, but thanks to Mad Maxine(the bitch) Waters, Chrissy Doddering fool, and Barney , the frankfurter eater, Frank, howled that it would be "RACIST" if the Bush admin tried to reign in Fannie and Freddie. 3 year later Andrew Cuojo got his wish, a royal fuck up, then he moved up to Governor of New York where he killed 10,000 elderly. I guess next for him with be 2024 Presidential Candidate for the Democrats.

Yeah, Dems never understood economics. Or how government usually makes bubbles worse.

 

[Mikeoxenormous]

Yeah, Dems never understood economics. Or how government usually makes bubbles worse.

Which brings us back to Jamie Dimon here talking about much worse coming.....