Friday, April 1, 2011

Last man

Moral: Wherein we look at one of the egos in banking. No, not Big Ben. (See Remarks 04/02/2011, about one future direction)


Jamie Dimon is at it again. Daniel Gross has a nice overview.


Okay, Jamie, I don't know much about you. That's my fault. I know people who have money in your bank, for their reasons.

You see, they are in the rank of the savers. The chimera, where Big Ben wants them to go? It's a casino, guy. But, then, you know that.

Too, you have taken in your share, as have your buddies.


The fact? You and your kind owe a whole lot to the saving type, except Big Ben has stacked things in your favor.

To what extent? Well, there are many in the saver ranks. For just one of these types of customers, you (and your ilk) are in the person's pockets for several hundreds of thousands during the time of these troubles. I'm not talking a stock-holder, either. So do the multiplication across the rank of the savers. The magnitude of what you, and yours, owe these people is tremendous indeed.

But, then, guess what? They bought your toxic assets, to boot, as taxpayers. So, it's a double-whammy, at least.


What people need to remember is that, as the news of good things come about (namely, from the sunshiny view of your type), the loss by the most conservative bunch portends more about the reality of things than do those related to the glories of the financial idiots (and politicians) who are playing games with our future.

Many of the saving group are at the stage in their lives when they cannot recover the losses that your ilk have caused, and are causing. Of course, does that mean anything to you?


Wait! Did I not hear some notion that you guys expect big returns (almost, by definition? - see Irish article below)?

Yes, we need to get finance away from its belief in aeration and perpetual motion.


Folks, remember Ireland (When Irish Eyes Are Crying) and many other countries that bought into what the idiots were selling? Jaime must want to get back upon that leveraging wagon which rolled down the slope to the crash.

Did we learn the proper lessons from all this trouble of late?


01/15/2013 -- Force quiescence on the thing, regularly.

05/10/2012 -- At least Jamie admitted that his bank lost two-thousand million in a few weeks time.

01/16/2012 -- Ah, Jamie did an "ah shucks" interview. How can one demonize him and his industry? Yes, he even talks OWS without barfing. Is he after Timmy's job?

01/13/2012 -- A re-look at this.

09/21/2011 -- On Wealth and the CEO MVP.

07/12/2011 -- Also, changed 'Jaime' to 'Jamie' (oh yes).

06/22/2011 -- This is Jamie's bank?

06/14/2011 -- Lil Jaime is at it again. Nuance'd? Give me a break.

04/27/2011 -- Oh, poor Big Ben, so misunderstood (points to a blog). Look, guy, if you had not sacked the savers, you would be looking like a hero now.

04/20/2011 -- Simple living (see Remarks 04/15/2011 - game theory), as opposed to greediness.

04/15/2011 -- Boo hoo, BofA. You've been stiffing savers for the past few years as you suckled at the big teat of the FED. That is, we gave you free money. How will you survive when Big Ben finally tries to wean you and your ilk?

04/14/2011 -- We ought to have nationalized the bunch. Cowtowing to them (thanks, little Timmy) reinforces their egotistical notions of their necessity and worth.

04/04/2011 -- Gross seems to know (link gone -- remarks to Reuters) the bankers well. Note that Big Ben (from our pockets) gave them (while sacking the savers) oodles of free money.

04/03/2011 -- Need to look at some background.

04/02/2011 -- Weierstrass did not banish the motivations behind Berkeley's concerns.

If we're going to have Adam Smith as a Prophet of capitalism, we ought to listen to a (almost) contemporary, namely George Berkeley (ghost of departed quantities, indeed). Not April (rather, another type of) fool. Imagine this. Someone letting you have $900,000 using your $100,000 house as collateral (10% rather than the 7% thought reasonable by Jamie). That, folks, is an example of the type of thinking that is integral to our current, aerated, concept of what money is, or ought to be. Now, of course, stacking debt allows a basis for the casino activity (financial) that has become so pervasive, enriching the few (those who get bailed out) while impoverishing the many (those who bail out). ... The real rub? These people believe that their crap does not stink. Let me tell you guys the truth: to high heaven, tis!

04/01/2011 -- That these are idiots is not an April fool (unfortunately).

Modified 01/20/2013

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