Jamie Dimon..telling it like it is. regs will get cut, capital (banks) will make much bigger profits, who do you think will pay that profit? Rich will get richer, working class will pay the bill. Income disparity will continue to increase. Is this what MAGA wanted? Jamie Dimon says bankers are 'dancing in the street' because they expect Trump to cut regulation Jamie Dimon says Wall Street is whooping with joy at the prospect of Donald Trump tearing up regulations and revitalizing the banking industry in his second term. The JPMorgan Chase CEO told the APEC CEO Summit in Lima, Peru, on Thursday that regardless of whom they voted for, "a lot of bankers, they're, like, dancing in the street because they've had successive years and years of regulations, a lot of which stymied credit." "You could have kept the banks equally safe but had them do more credit," Dimon said, per a Bloomberg video of the event. The average US bank used to hold $100 in deposits for every $100 in loans it made, but now it lends only $65 for every $100 worth of deposits, he said. "And if that's what you want, if for some reason the regulators think they're geniuses and that's the best way to run the banking system, so be it," Dimon said, adding that they likely didn't anticipate the credit impact.
Anyone remember the The Financial Services Modernization Act of 1999, also known as the Gramm-Leach-Bliley Act? It ultimately led to financial crisis of 2007/2008 and the most severe recession since the Great Depression. Deregulation and the Subprime Crisis - University of Virginia Law Review DEREGULATION AND THE 2008 FINANCIAL CRISIS IN AMERICA | PEOPLE: International Journal of Social Sciences Causes of the 2008 Financial Crisis
I took a shift in my personal portfolio when I saw the founder of Carlyle recommend bank stock over energy stocks if Trump won. He wasn’t wrong… I don’t think Trump or his team have thought through exactly what deregulation looks like for the giant banks, but, beyond Bitcoin, they are the clearest winner of the election. Would not be shocked if a crisis 15 years out is the windfall…
all businesses are subject to higher costs because of some of the regs that have been put on their businesses. Several National banks have closed their drive thru's.
Just as in 2008, it will be a few years down the road our country takes the fall from a trump led gov.
Just curious … who do you think those regulations protect? I mean, I know we all have short term memories, but just 15 years ago we went through the Great Recession because banks and lenders threw money at effectively unsecured properties, causing the biggest bailouts ever in order to save the working class depositors who unknowingly funded the reckless “growth” of these lenders. Regulation is there for a purpose. Is there too much? In some areas, sure. But it’s there to protect you and I from the unmitigated greed and reckless behavior which our money ultimately funds.
2008 was so long ago. If only we had some type of “way back machine” — something like an interconnected network of information — to see what happened and what behaviors existed. but alas, we are only left with these words on a set of Regulations. Oh the horror, the horror.
My guess is that overall Trump will probably accelerate markets, maybe even the economy for a spell, with the likely impact it will crash faster and harder than it eventually would have down the road. Whether that is before or after Trump remains to be seen. If he is able to materially increase tariffs or deportations that could hasten things.
So you think banking regulations make eggs cost more? Jesus we are so cooked. Like I said on the other thread, surrender to China now, the terms will be more favorable.
I do not disagree with the greed and reckless part of your posts especially where banks are concerned. The subject of banks came up and I was merely commenting on that. I can also tell you that we have departments of our guvment (like the EPA and the Dept of Education)that are forcing regulations on our public where constitutionally they do not have the right or power to do so..I am hopeful those are the regulations Trump is talking about doing away with.
and several national banks were going bankrupt when the crash happened because of lack of regulation..have you forgotten that?
my wife works for a very successful small business owner. He has utterly no clue how the “system” works. As for you I can only guess.
Nefarious regulations that attempt to keep the air we breathe clean, the water we drink safe, the food we eat safe and making sure banks actually have money available when we decide to take it out?
I was pretty successful 2 of my 4 sub shots did over a million a year in revenues- and I only sold because my body betrayed me
I would venture to say most of the regulations you think are bad don't even apply to small businesses, so I dont think you do understand how the system works if that is your frame of reference. You don't even have to have things like workers comp unless you have 4+ employees, which eliminates a ton of small businesses from the get go. And you have to have something like 15+ for lots of labor law to apply on things like firing, sexual harassment, discrimination, benefits etc. The most burdensome thing is probably the paperwork involved in payroll taxes, state level filings and stuff and that isn't going anywhere. A lot of it is just like ticky tack stuff like the fire marshal saying you have to replace the bulbs in your fire exit sign and stuff to comply with the fire code. But you are here acting like the EPA is somehow impacting your small business lol.
