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Jamie Dimon believes U.S. debt is the ‘most predictable crisis’ in history—and experts say it could cost Americans their homes, spending power and national security
Yahoo ^ | Feb 11, 2024 | Eleanor Pringle

Posted on 02/12/2024 5:29:56 AM PST by george76

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To: george76

We don’t have to deal with Dimon or whoever, but the comments that dismiss this debt as no big deal are crazy.


21 posted on 02/12/2024 6:27:39 AM PST by SarahPalin2012
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To: EEGator

Regardless, I have written my senators and representative asking them to cut spending with no result and a canned response. The real problem is that their votes are so easily cancelled out by the “buying votes and personal wealth” crowd in congress. Short of a major crisis I can’t foresee any changes in the foreseeable future.


22 posted on 02/12/2024 6:27:55 AM PST by Boomer One ( ToUsesn)
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To: george76
Feb. 4, 2024

After Jamie Dimon warns of market 'rebellion' against $34 trillion national debt, Fed's Jerome Powell says it’s past time for an 'adult conversation' about unsustainable fiscal policy

https://fortune.com/2024/02/05/national-debt-unsustainble-fed-chair-jerome-powell-jamie-dimon-ray-dalio-warn/

EXCERPTS:

On CBS’s 60 Minutes Sunday. "In the long run, the U.S. is on an unsustainable fiscal path," Powell warned.

JPMorgan Chase CEO Jamie Dimon. Dimon, warned last month that the U.S. economy is headed for a "cliff" if something isn’t done to address the federal government's excessive debt burden

Despite the criticism, Treasury Secretary Janet Yellen has brushed off concerns about the rising national debt.

The key metric Yellen looks at is net interest payments as a share of GDP, and that is still "at a very reasonable level," she argued in a CNBC interview last September.

- - -

The "something" that will likely be done about "it," IMHO, is that the leftists will - at a time of their choosing - suddenly cry out an alarm to increase taxes.

And blame America, blame conservatives, blame Republicans, and blame Trump.

Warning label on every plan and product of the left:

“We Don’t Bear Responsibility”



23 posted on 02/12/2024 6:29:22 AM PST by linMcHlp
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To: EEGator

Dimon earned $36 million in 2023, a year in which his bank earned record profits.


24 posted on 02/12/2024 6:32:20 AM PST by Soul of the South (The past is gone and cannot be changed. Tomorrow can be a better day if we work on it now.)
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To: ClearCase_guy
--- "Jubilee. We cannot pay $34T in debt. We cannot default on the debt. Only one of those statements is really true."

Kudos. Jubilee.

Because the alternative is "perpetual bonds," a kind of enslavement which future generations will refute anyway. This is a "sooner or later" scenario. My wife and I prefer the "sooner."

Jubilee. A biblical concept, with goodly roots.

25 posted on 02/12/2024 6:32:46 AM PST by Worldtraveler once upon a time (Degrow government)
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To: SarahPalin2012

The real debt is well over $200 trillion - if state and local is included.

https://usdebtclock.org/


26 posted on 02/12/2024 6:33:46 AM PST by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: muir_redwoods

34 trillion dollars is just the federal government debt.. the national debt is much larger


27 posted on 02/12/2024 6:35:46 AM PST by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: george76

Dimon is first to swing.


28 posted on 02/12/2024 6:41:34 AM PST by blackdog ((Z28.310) Be careful what you say. Your refrigerator may be listening & reporting you.)
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To: george76

When Cortés arrived in the new world he burned his ships to motivate his troops. I suggest the same for the US spending. This appears to be the only way to stop the spending!


29 posted on 02/12/2024 7:04:37 AM PST by Lockbox (politicians, they all seemed like game show hosts to me.... Sting…)
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To: EEGator

yep.


30 posted on 02/12/2024 7:30:31 AM PST by sauropod (The obedient always think of themselves as virtuous rather than cowardly.)
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To: george76

If growth 3% and deficit3% problem minor. If growth zero and deficit 6% of GDP we are toast.my guess the later much closer to reality.


31 posted on 02/12/2024 7:33:20 AM PST by genghis (Cathinkngact only re check ason go after e puthatn 5nu0 inbbiedComlpln)
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To: Soul of the South

Average Americans have been getting cornholed for decades now.
Wage increases are far below cost of living increases decade after decade.
The Fed prints and banksters like Dimon make millions while creating nothing.
Usury isn’t a moral business.

https://archive.nytimes.com/dealbook.nytimes.com/2008/03/18/jpmorgans-12-billion-bailout/


32 posted on 02/12/2024 7:39:18 AM PST by EEGator
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To: george76
"...all, inflation is down, jobs are steady, consumers are in 'decent shape'—"

Didn't I just read that half of the American population doesn't have $500 in savings to handle an emergency?

33 posted on 02/12/2024 7:42:20 AM PST by moovova ("The NEXT election is the most important election of our lifetimes!“ LOL...)
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To: george76

Americans have trillions of bullets to shoot their way out of debt.


34 posted on 02/12/2024 8:02:40 AM PST by sergeantdave (AI is the next iteration of a copy and paste machine.)
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To: muir_redwoods

Own assets.

Do not own cash.

Then inflation affects debt, not wealth.


35 posted on 02/12/2024 8:14:27 AM PST by Justa
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To: ClearCase_guy

There’s no doubt, none, that we default.

And certainly within 20 years.


36 posted on 02/12/2024 8:20:13 AM PST by Mariner (War Criminal #18)
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To: george76
The crisis begins when we can no longer find buyers for our debt.

We are heading to a crisis, but until we are there, there is no political will to cut spending. And by the time we get to the crisis, there is no way out of it.

As much as I respect Jerome Powell, he will be replaced by someone who will go into a new round of quantitative easing that will make the last effort look meager.

What's to prevent the Federal Reserve from holding $50 Trillion of US debt? How about $100 trillion? Inflation? We're being programmed now to accept 4-5%, when we were accustomed to 1-2%. Eventually, we'll accept 7-8%. And the Fed's balance sheet will continue to grow.

The one problem with Dimon and others warning about the debt is that no one knows when the bad things will start happening. There's no definitive number that says once we reach X, it will fall apart. So, the people that run things will always find some way to kick the can.

37 posted on 02/12/2024 8:29:34 AM PST by Repealthe17thAmendment
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To: muir_redwoods

It would also help if we kicked the many millions of able-bodied adults off of welfare and make them get a job so they can begin to pay their fair share of taxes.


38 posted on 02/12/2024 10:13:00 AM PST by ytrebil
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To: george76

Buckle your seatbelts and shoulder harnesses.


39 posted on 02/13/2024 11:26:52 AM PST by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
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