Jamie Dimon Calls out Fed Incompetence
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I got a kick out of this. Jamie Dimon, basically echoing our sentiments here at the Watchdog on Wall Street, Joe. Yeah, central banks got their forecasts 100% wrong. Dead wrong, he said. And it doesn’t matter if Fed hikes rates again. Wow, Jamie Dimon, seeing things the way we see things over here. And he’s talking about the idiocy over there at the Federal Reserve thinking that.
inflation was transitory 18 months ago, talking about the rapid increase in the Fed and raising rates and doesn’t make a bit of difference right now. 25 basis point doesn’t matter is the hundred base doesn’t make any difference. And he gets to the point that we’ve been making here. Fiscal spending right now is at
a rate, it’s higher than it’s been at any point in time, except in war. Again, I know we’re in a perpetual state of war, but you know, real war, I’m talking World War II war. And I quote, fiscal spending is more than it’s ever been in peacetime, and there’s this omnipotent feeling that central banks and governments can manage through all of this stuff.
I am cautious about what will happen next year. And we need real leadership to navigate geopolitical concern. So he’s basically calling out, he’s calling out Washington. He’s not just calling out Joe Biden. He’s also calling out Republicans as well. Just complete lack of leadership here, there and everywhere. And again, I go back to the 1980s when, yes, Paul Volcker raised rates. No doubt about it to help fight inflation, but he also pushed Congress.
to do the right thing and get spending in check, get things under control. And there’s just no appetite for that right now in Washington, DC. They pay us lip service again and again and again, they don’t do a damn thing. I can’t stress enough how dire the situation is when we’re running. I don’t listen to the $1.7 trillion in deficits, $2 trillion deficit.
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$33 trillion in debt, Social Security and Medicare are gonna be cut by 25% within 10 years. These are all things that we’re facing right now and we’re not dealing with them. We’re not dealing with them. And what we’re gonna do, we wanna spend more money in Ukraine and send money to Israel and we’re gonna send money to the border, which is not gonna do a damn thing. Policy remains the same.
Send money to the Indo-Pacific region to help fight against China and Taiwan. You think that little, you know, that few billion dollars you send it over there is gonna make a difference if China wants to take Taiwan? I mean, it’s just one stupidity after another. And again, you know, Diamond’s calling it out. Good for him. Watchdog on wallstreet.com.
