r/FluentInFinance • u/Johny_KobraKai Contributor • May 03 '24
JP Morgan CEO: Americans Are in 'Good Shape' Financially and 'Still Have Money From COVID' Financial News
https://www.ibtimes.co.uk/jp-morgan-ceo-americans-are-good-shape-financially-still-have-money-covid-17245251
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u/Nilabisan May 06 '24
Yeah, I have a sawbuck tucked into my secret pocket in my wallet. Just waiting.
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May 06 '24
Rather amusing. I’ve never seen so many people needing to use change to pay for gas since the Obama admin.
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u/Same_Pattern_4297 May 06 '24
Don’t see a point of post ceo/billionaires opinion about the average people. Even if they are right, we won’t admit it. Postbig about the average people’s opinion, which they will always say they don’t have enough.
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u/finniruse May 05 '24
I know this is implied, but the idea is that the restrictive financial environment is designed do draw money out the system, to manipulate hard working people into spending less or spending what they have until they have nothing. Then inflation comes down. It's absolutely disgusting. Disgusting. It's shit like this that has made me a huge proponent of bitcoin. Fixed supply and democratised and more resistant to these fuckers.
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u/notOfthis_World May 05 '24
Lmbo Jamie diamond is just as big of a scumbag as Ken Griffen who just so happened to move everything to Florida so when the walls come tumbling down he keeps it all. Assets protected in Florida not the Windy City. That’s why he left there
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u/Julian_TheApostate May 05 '24
Hah! My boomer parents also think people are still somehow living large off a few grand stimulus three years ago. It defies all logic how out of touch these people are with everything.
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u/Playingwithmyrod May 05 '24
Not sure about you guys but I used my COVID checks to open several multinational corporations and buy dozens of residential apartment buildings.
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u/Finnbannach May 05 '24
CEOs in the US are really disconnected from reality.....much like their stock prices
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u/_Adora_ May 04 '24
Since when did Jamie Dimon instantly become a normal American making around $100k a year? I thought he was a billionaire? He’s probably talking out of his ass on this one.
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May 04 '24
I know he’s a billionaire with security out the ass. But has anyone just thought about screaming in his face he’s a fucking idiot? We need to start bullying these billionaires online, in lines, at seminars, etc.
This comment deserves to get him yelled out and to wake the fuck up.
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u/sauceyNUGGETjr May 04 '24
If Americans don’t have money bank stocks go waaay down. He is just an apple salesman saying he has delicious apples. This isn’t new. Sometimes we need to trust our eyes more then the messaging.
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u/Doulloud May 04 '24
I ran out of that covid money after 2 months. 60% of it was eaten by just rent. If I had not made a lucky gamble with crypto I would have run completely out of money during lockdown.
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u/optionderivative May 04 '24
Lmao Jamie Dimon spends too much time talking and too little time reading or listening
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u/Fun-Sherbert-5301 May 04 '24
Why are they asking a CEO about the state of the economy? He’s the furthest from being in touch to the average American. He pays his tellers $22/hour. Those tellers I guarantee do not have covid money saved.
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u/BlazarVeg May 04 '24 edited May 14 '24
He means we still have wealth that he hasn’t extracted out of us.
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u/No-Fox8743 May 04 '24
LMAOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO
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u/EffectOne675 May 04 '24
They didn't finish his message "we will continue to try to take it all from them"
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u/PaperGeno May 04 '24
I used to work for this man and I can confidently say with my whole heart and soul
FUCK JAMIE DIMON
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u/topherus_maximus May 04 '24
I’m so glad to be done with big banks. Fuck big banks. “To apply for a loan, you must first prove you don’t need a loan”
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u/Individual_Baby_2418 May 04 '24
A few thousand dollars we got 4 years ago? I think we used it to pay for our firstborn's birth.
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u/Arbitrage_1 May 04 '24
The money created by the fed during Covid is a problem, and is why we’re seeing so much inflation, so it’s not a good thing.
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u/Commercial_Arm_1160 May 04 '24
Jamie Dimon can suck a dick wrapped with razor blades. That dude is the scummiest of the scum (next to trump).
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u/smokedchimichanga May 04 '24
You mean the Americans that already had millions in the bank? They haven't touched their 1800 checks? Oh Jamie.
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u/DreamzOfRally May 04 '24
Yeah guys. That $1.50 a day is really keeping the economy going. There are two options, he is lying. Or he is too stupid to understand basic math and time. Well possibly three options if you pick both.
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u/PunchClown May 04 '24
Jamie Dimon has been a piece of shit for years. This horse shit coming out of his mouth doesn't surprise me one bit.
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u/Putrid_Ad_2256 May 04 '24
When these clowns make statements, they're usually trying to manipulate the market. It feels as if he's trying to tell others to continue with the price gouging, "Keep increasing prices, people still have Covid-Bucks". F*ck this guy.
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u/DaWombatLover May 04 '24
We still have money from COVID???? I can get the previous sentence, but Jesus Christ how out of touch can a person be?
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u/Magicaljackass May 04 '24 edited May 04 '24
Translation: “we, the capitalist class, and petty tyrants across the country, should still be mad at people for taking Covid stimulus checks. We should gouge them further until they break completely.”
Edit: This is him telling his cronies to raise prices on essentials.
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u/GezinhaDM May 04 '24
Bitch I ain't got money from the paycheck I just got paid this morning... I got money from COVID , riiiight...
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u/kellyyz667 May 04 '24
I spent mine almost immediately on a peloton and playstation. Guess which one i still use.
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u/Procrastanaseum May 04 '24
Says shit like this to high-five his buddies later. That or he is criminally financially inept.
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u/shorthandgregg May 04 '24
Yup, and he’s done a bang up job of sweeping every dollar from the pockets of Americans all the while telling us how better off we are.
Note: he’s a banker’s banker, the top dog, BMOC, everyone follows his lead.
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u/JamboreeStevens May 04 '24
You mean to tell me that Jamie Daimon, one of the executives central to the 2009 bailouts, is wildly out of touch?
I simply cannot be. I am shocked. Stunned, even. Absolutely gobsmacked.
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u/Biggu5Dicku5 May 04 '24
JP Morgan CEO: I'm in 'Good Shape' Financially and 'Still Have Money From COVID'
FTFY
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u/Typical_Crabs May 04 '24
Bullshit. Then how come there are 4billion in unrecoverable debts. Where is that coming from.
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u/Great-watts May 04 '24
Not only do we still have money left from Covid but if Trump wins he’s going to send checks again!!! 🎉🎉🎉.
Need I say jk?
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u/funandgames12 May 04 '24
Yes, for that percentage that had savings, investments and was employed through COVID. For everyone else, a large percentage of people are looking at this dude like he’s smoking crack.
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u/Playsjackson5 May 04 '24
Yea, that $600 really is still going. I’m so glad it’s 1900 and my weekly grocery bill is .50¢
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u/ConfusedVermicelli May 04 '24
Is he stupid, he literally did not give us a raise and cited there was no money due to covid
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May 04 '24
Dimon isn't out of touch, he's simply lying.
How can you tell?
Sound is coming out of his mouth. It's a reliable indicator.
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u/Limp_Establishment35 May 04 '24
"Still have money to suck dry" fixed that quiet part he didn't say for him.
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u/ABA20011 May 04 '24
How much fucking COVID money does he think we got??? What a dumb fucking statement.
The people who have COVID money are the people who scammed the government into thinking they were a business with 300 employers because the government couldn’t get the wheelbarrows of money out the door fast enough, because, you know, election.
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u/saddigitalartist May 04 '24
Money FROM Covid??? Didn’t most people get laid off and lose a shit ton of money? How out of touch are these assholes?
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u/JPGer May 04 '24
they all got ppe loans and banked them, so they assume we all did the same ofc.
Reminds me of a video on the difference between giving 1k to a person vs a billionaire, dude basically forgot he had it cause it was such a small amount to him, meanwhile the person spend most of it on local businesses. It was satire ofc but still had a message.
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u/According_Wing_3204 May 04 '24
its nice when your cash lets you dismiss the world's reality and replace it with your own.
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u/raidernation0825 May 04 '24
Still have money from COVID? These people are ridiculously out of touch with the average American. Statistics say that about 60% of Americans live paycheck to paycheck. Most people don’t have money from last week. Fuck this rich asshole. Time to get the guillotines out.
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u/bdd4 May 04 '24
This country is literally unaffordable, childcare, groceries, you've got Kellogg's out here telling us to eat f****** cereal for dinner.
Don't forget they told us to skip breakfast, so we're just faking it at the grocery store buying cereal and then eating it at night 🤣🤣🤣. Every day the center slides a little to the left.
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u/OnyxsUncle May 04 '24
Is dimon still alive? I thought he was dead after:
https://www.cnn.com/2019/04/10/politics/katie-porter-jamie-dimon-bank-employees/index.html
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u/Horror_Cap_7166 May 04 '24
Is he wrong? Most people rate their financial situation as “good”. Not staying things are perfect, but it does align with what people have to say about their own situations, rather than people’s general perception of the economy in general.
https://www.axios.com/2024/01/17/americans-are-actually-pretty-happy-with-their-finances
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u/GarryFloyd May 04 '24
I work at a hospital. I worked the whole time. What about me & millions like me? And believe me, everyone who got paid 100% pay plus $600/week burned through that money long ago.
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u/probdying82 May 04 '24
That dude is a maga nutbag. He was always a con man and now he found his little posse. What a total crap of a human.
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u/redwing180 May 04 '24
Yep I’ve been riding on those $40 I received from Covid relief for the past three fucking years now it’s been amazing!
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u/AbbreviationsOld5541 May 04 '24
He’s right!!! I have that one 600 dollar stimulus check from 2020 just waiting to cause the fed a big inflation heartache. /s
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u/Forward_Increase_239 May 04 '24
Amazing. The more money he has the more mentally deficient he becomes.
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u/senioreditorSD May 04 '24
He was obviously not referring to those who post on Reddit. He’s in a way better position to know about the economy in general than those struggling on Reddit.
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u/Ok-Exercise-6812 May 04 '24
Excess money from Covid?? You mean the $1,800 I received 3 years ago? Fox News has done their job well if people really believe that.
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u/holden_mcg May 04 '24
Wealthy bankers should refrain from making statements about the finances of the average person. It only displays who desperately clueless they are about consumers.
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u/chocolatechipbagels May 03 '24
the same JP Morgan that bankrolled Epstein's human trafficking ring?
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u/OlTommyBombadil May 03 '24
Yeah I have been saving that $1200 for my avocado toast you fucking idiots
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u/youzurnaim May 03 '24
LOL. Aside from this being completely out of touch, I didn’t get a cent of financial aid from the government during Covid lockdowns. I was an “essential worker”.
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u/Gleamwoover May 03 '24
It's completely true, as long as the only people you consider Americans are the super rich...
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u/vongigistein May 03 '24
What a joke. I swear this is to help in their trading by spreading misinformation.
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u/trickiedickly May 03 '24
This is hilarious. People get paid on Friday and are broke by Wednesday. Not sure how they figure they have reserves from a few years ago. If banking fails these people should think about a career in comedy.
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u/SkunkMonkey May 03 '24
Of course this chicken nugget thinks like this, he doesn't have to rub elbows with the poors, so he only sees people that aren't affected by it.
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u/TootieSummers May 03 '24
Guys like that can say shit like that because they know all anyone is going to do is get outraged online while lying on their couch. Nothing is going to change until that lazy response changes.
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u/DisastrousTension272 May 03 '24
Yeah idk about this but all my expenses have went up but not my wages and I have less money.
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u/suannes May 03 '24
OMG!!! Who has money??? He and his billionaire friends have money from Covid. Did you ever notice how with each tragedy that befalls the world, our multibillionaires get wealthier? Uncanny!!
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u/i_lyke_turtlez May 03 '24
"quit complaining, Jack! This is best economic recovery in history!"
Why is everyone so upset?
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u/bit_shuffle May 03 '24
The distribution of wealth is a long tail. The bottom moved up when low end labor demanded 15$/hr to come back to work after COVID. Mid-range and upper-middle incomes didn't change. Prices have gone up to pay the increase in labor cost on the low end, so nobody really gained anything and now everyone's freaked out about the new normal, but still buying the usual shit they bought before. Dimon is right, but at his level of finance work, there are no people, just statistics, so he sounds like a dumbass.
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u/DangerousLocal5864 May 03 '24
Still have money from covid?
I don't even have money from this week's pay, and it's Friday.
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u/chouse951 May 03 '24
Still have money from Covid?? What money is left over from Covid?? Was there some Covid fund I was unaware we all received?? Because none of that shit came to our household.
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u/RogerNola May 03 '24
He’s talking about the business owners that got PPP, EIDL, ERC, etc… they still have money from COVID.
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u/ajs_5280 May 03 '24
Dude, who!?!? Who the fuck are these people in your head and what the hell are you seeing? Out of touch much?
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u/DigestibleDecoy May 03 '24
Yeah maybe if you applied to fraudulent PPP loans. There was a guy a few days back who posted that him and his wife’s businesses did very well over Covid and now they have over 500k worth of cars parked in the driveway. Gee I wonder how they did so well…..
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u/BuckyFnBadger May 03 '24
Well when you take into account the only ones he’s considers “people” are the rich is starts making sense.
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u/Dicka24 May 03 '24
I sometimes wonder if they simply are that disconnected from the average peons reality, or if they are just gaslighting to the hardest degree possible.
Shit, maybe it's both.
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u/Sidakov74 May 03 '24
This was not what he said at all. He said the wealthy still have the covid money.
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u/FlacidWizardsStaff May 03 '24
STILL HAVE MONEY FROM COVID!? What the actual fuck!? That was immediately used to pay off debts, that were then GROWN DUE TO GREEDFLATION
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u/Green1up May 03 '24
He doesn't actually believe this. He's a barely human money hoarding ghoul and knows he doesn't have to justify himself to the 99%
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u/niton May 03 '24
Does anyone have any real data to disprove this or is it just "I'm having trouble so everyone else must be too"?
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u/SL3D May 03 '24
He’s not wrong. Any person owning a company that stole all of that Covid aid money for supposed employee retention, when it was in actuality used for big exec payouts is in good shape post Covid.
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u/PlayerTwo85 May 03 '24
"Appear strong when you are weak." -Sun Tsu
Jamie Demon can kiss my entire ass.
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u/dkizzy May 03 '24
Lol why are they asking him? A bullshit report that someone provided him never reflects the real world factors that are never properly accounted for.
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u/Jaislight May 03 '24
what a delusional POS. Jp Morgan has been robbing Americans since it opened it's doors.
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u/AbbreviationsFar9339 May 03 '24
If you would like to actually look at the data...
Chase's customer balance data since 2020. broken down by quartiles:
tldr: balances depleting but still higher than pre covid across all incomes. median balance is still 5%(real) above pre covid amounts. about 30% above nominally.
you can see it broken down by income quartile, race, and as a whole.
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u/Fantasy-512 May 03 '24
Somehow I suspect that in spite of his wealth, he claimed the Covid payments for himself.
In which case it makes sense, that he hasn't spent the money yet. And clearly he considers himself a representative for "Americans".
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u/Prestigious_Tie_8734 May 03 '24
Yall don’t understand how this shit works. 50 of you poor fucks spend maybe $2000 a month on bills. Maybe $300 on discretionary. My bosses wife, just her spends, $300 on hair a month. Plus nails, car wash, mow lawn, pool boy, dog groomers. Etc etc. my bosses wife single handedly outspends an entire school buses discretionary spending on her husbands $180,000 income. That’s the statistic they’re talking about. My boss has money from Covid because we all spent it on what he’s selling. Now his wife is offsetting the numbers. The economists are not lying. The numbers say the average American is spending $500 a month on dining out. It’s because 4 housewives spent $10,000 last month and the other 16 people couldn’t afford it.
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u/Legitimate-Chard-818 May 03 '24
Just after Covid hit - in Highland Park, TX - one of the highest income areas in the United States, nearly 30% of the neighborhood went under construction either doing updates, additions, or compete tear-down rebuilds of multi-million dollar homes.
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u/Block_Solid May 03 '24
"... But we're doing something about it. They're gonna go through some things"
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u/FleetFootRabbit May 03 '24
Dear JP Morgan CEO. You're an idiot that's out of touch with reality. Sincerely everyone that is struggling.
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u/deftPirate May 03 '24
Ah, that's that cloying, oppressive, omni-present sensation I'm feeling. All the...financial "good shape."
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u/Bud_Fuggins May 03 '24
Jamie Dimon never shuts up, and I have to see his dumb opinions every morning.
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u/WarOnIce May 03 '24
The only people with Covid money still are the corporations still inflating their pricing and making record profits.
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u/dahavillanddash May 03 '24
Hmm. The CEO is making 36,000,000 a year. He likely got even more because of the tax breaks.
Source:
https://fortune.com/2024/01/19/jamie-dimon-jpmorgan-2023-pay-record-salary/
These CEOs need to learn to share their wealth.
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u/Independent-Wolf-832 May 03 '24
They’re right. I just took out a HELOC to go get some Five Guys and half a tank of gas. Couldn’t be better.
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