14 May “You will have panic”
Subtitled: Jaime Dimon has a war room
“Jamie Dimon reveals JPMorgan has a ‘war room’ that will meet up to 3 times a day as a ‘potentially catastrophic’ default approaches” –https://finance.yahoo.com/news/jamie-dimon-reveals-jpmorgan-war-085029322.html
It’s funny to me – in a sad way – how the fat cats will wargame their strategies out and be prepared yet trying to get John & Jane Q. Public to WAKE UP feels like a Promethean task at times. To me, the goal is to wake up and get yourself prepared before the sh*t hits the fan, not after it. Proactive, not reactive.
“Jamie Dimon warned that a U.S. default would be ‘potentially catastrophic,’ and pleaded with politicians to ‘please negotiate a deal’ before the country breaches its borrowing cap in early June.
If the U.S. defaults on its debt, the JPMorgan CEO warned in a Thursday interview with Bloomberg TV, it would hit ‘contracts, collateral, clearing houses, and affect clients definitely around the world.’
Dimon expressed some hope that the U.S. would be able to negotiate a solution if markets begin to worry that a default might happen. ‘The closer you get to it, you will have panic’ in terms of market volatility, he warned. And while ‘panic becomes something that’s not good,’ he noted, ‘if it gets to that panic point, people have to react.'” -Yahoo Finance, Ibid.
As much as I have to hold my nose as I write this, I at least partially agree with Dimon on this one. Market volatility + panic = not a good scenario. And that’s one of the reasons why I have been on my blogs and my podcast warning people about not only the economic 💩storm but the job market 💩storm as well.
“Dimon revealed to Bloomberg that JPMorgan is convening a weekly ‘war room’ to evaluate the effects of a U.S. default. He predicted that the group would start meeting more regularly if the standoff continues, moving to daily meetings by around May 21 and then to meeting three times a day if no solution is reached.” -Yahoo Finance, Ibid.
The fat cats are preparing themselves to benefit as much as possible from these economic nightmares. Trust and believe. If you have not and are not thinking ahead on how you would survive a Great Recession 2.0, Heaven help you. This is a very real possibility. I hope I am wrong, but based on the hot mess I see in the current job market, the situation is frankly not good. It’s just not.
This economic situation will be like, “Well, okay, whatever. There’s this gal on this podcast and she’s been warning people ever since last year about how bad it is in the job market and wah-wah. But I’m not gonna listen to that until I lose my job. I’m not gonna listen to the fact that the housing market was an artificially inflated bubble until I lose my house, until I can’t sell my house, until I can’t buy a house.” I feel like you have a plethora of people out there that are not going to prepare and they’re not going to listen to anybody else. They’re going to play everything like it’s a joke until it happens to them. And then they’re going to be looking around in a state of bewilderment like, “Well, how come nobody’s here to bail me out?” That is sad. But that is what I see coming.
-“Saturday Broadcast 48” https://www.buzzsprout.com/1125110/12808286
IMO, it’s wise to avoid:
- Assuming a layoff would never happen to you.
- Waiting until a layoff happens to figure out your strategy.
- Believing a manager who told you that WFH/WFA policies will last forever and there is simply no way RTO would happen to you.
- Believing absurd figures that don’t even make sense, e.g., a 3.4% unemployment rate in the face of hiring freezes, mass layoffs, PIPs, and candidates languishing on the market for longer amounts of time.
- Assuming you will be offered the same type of bailout as the cronies on Capitol Hill, Wall Street, and Corpo America.
The elites don’t leave things to chance. They strategize on how to squeeze every possible dime out of a crisis. They even enriched themselves during the pandemic! (https://www.oxfam.org/en/press-releases/richest-1-bag-nearly-twice-much-wealth-rest-world-put-together-over-past-two-years)
Please do not wait until an MSM source finally reveals, “Uh-oh, y’all. The unemployment rate is high and stuff is a mess.” By the time that happens – if it ever happens – it’s too damn late.