Democratic Primaries

Donkees

(31,490 posts) Tue Jan 28, 2020, 11:01 AM Jan 2020

Jamie Dimon Is Fine with Corporate Socialism

Jan 28, 2020

Jamie Dimon, the CEO of JP Morgan, says socialism will lead to an "eroding society." That's funny. I didn't hear him complain about corporate socialism when his bank got a $416 billion bailout from American taxpayers.

If I were to vote in a presidential
primary today, I would vote for: Undecided

16 replies

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Jamie Dimon Is Fine with Corporate Socialism (Original Post) Donkees Jan 2020 OP

Wouldn't iti have been so much better if Obama hadn't bailed out the banks and comradebillyboy Jan 2020 #1

Facts are funny things squirecam Jan 2020 #4

Or broken out the guillotine for every Fortune 500 CEO in America BannonsLiver Jan 2020 #10

Lol squirecam Jan 2020 #14

Obama bailed out the auto industry, Ferryboat Jan 2020 #2

Actually you have it backwards squirecam Jan 2020 #3

Thanks for providing those links Ferryboat Jan 2020 #16

This message was self-deleted by its author progressoid Jan 2020 #6

His bank didn't want it squirecam Jan 2020 #5

The issue is that they got a bailout while a lot of us at the bottom had to grin and bear it. progressoid Jan 2020 #8

Hate banks all you want squirecam Jan 2020 #12

No one is disputing that they repaid the money. progressoid Jan 2020 #15

I would say, in general, the Dems could do a lot more calling out corporate socialism Algernon Moncrieff Jan 2020 #7

TARP was paid back by the banks. squirecam Jan 2020 #9

It was still a government loan. Algernon Moncrieff Jan 2020 #11

It was basically squirecam Jan 2020 #13

comradebillyboy

(10,179 posts)

1. Wouldn't iti have been so much better if Obama hadn't bailed out the banks and

Reply to Donkees (Original post)

Tue Jan 28, 2020, 11:32 AM

Jan 2020

the auto industry and allowed the economy to collapse? That would have really put it to the establishment wouldn't it?

If I were to vote in a presidential
primary today, I would vote for: Joe Biden

squirecam

(2,706 posts)

4. Facts are funny things

Reply to comradebillyboy (Reply #1)

Tue Jan 28, 2020, 02:06 PM

Jan 2020

TARP as an investment was successful and made a profit.

If I were to vote in a presidential
primary today, I would vote for: Joe Biden

BannonsLiver

(16,528 posts)

10. Or broken out the guillotine for every Fortune 500 CEO in America

Reply to comradebillyboy (Reply #1)

Tue Jan 28, 2020, 02:39 PM

Jan 2020

There was a lot of nutty rhetoric about things that were well outside the legal authority of the POTUS at the time, some of which shows up here from time to time.

If I were to vote in a presidential
primary today, I would vote for: Undecided

squirecam

(2,706 posts)

14. Lol

Reply to BannonsLiver (Reply #10)

Tue Jan 28, 2020, 03:00 PM

Jan 2020

If I were to vote in a presidential
primary today, I would vote for: Joe Biden

Ferryboat

(926 posts)

2. Obama bailed out the auto industry,

Reply to Donkees (Original post)

Tue Jan 28, 2020, 01:57 PM

Jan 2020

But they PAID IT BACK!

The banks should have paid it back, but if I'm not mistaken they passed out bonuses.

Obama should have done what Iceland did and thrown the mangement in jail. Support the banks to a certain extent to keep them solvent.

If I were to vote in a presidential
primary today, I would vote for: Undecided

squirecam

(2,706 posts)

3. Actually you have it backwards

Reply to Ferryboat (Reply #2)

Tue Jan 28, 2020, 02:04 PM

Jan 2020

The banks paid the money back. Including his.

The autos paid most back. But TARP made $ Because the banks paid it back.

https://www.marketwatch.com/story/jp-morgan-goldman-sachs-other-banks-repay-tarp

https://www.thebalance.com/tarp-bailout-program-3305895

https://www.thebalance.com/auto-industry-bailout-gm-ford-chrysler-3305670

TLDR - TARP made a profit due to bank repayments. The auto investment lost 10 billion.

If I were to vote in a presidential
primary today, I would vote for: Joe Biden

Ferryboat

(926 posts)

16. Thanks for providing those links

Reply to squirecam (Reply #3)

Tue Jan 28, 2020, 07:07 PM

Jan 2020

If I were to vote in a presidential
primary today, I would vote for: Undecided

Response to Ferryboat (Reply #2)

progressoid This message was self-deleted by its author.

squirecam

(2,706 posts)

5. His bank didn't want it

Reply to Donkees (Original post)

Tue Jan 28, 2020, 02:24 PM

Jan 2020

And paid it back in full

If I were to vote in a presidential
primary today, I would vote for: Joe Biden

progressoid

(50,001 posts)

8. The issue is that they got a bailout while a lot of us at the bottom had to grin and bear it.

Reply to squirecam (Reply #5)

Tue Jan 28, 2020, 02:38 PM

Jan 2020

While they recovered, I lost two different retirement accounts. I'll likely have to work into my seventies (or longer) to make it up while Jamie and his buddies sit on their billions.

If I were to vote in a presidential
primary today, I would vote for: Undecided

squirecam

(2,706 posts)

12. Hate banks all you want

Reply to progressoid (Reply #8)

Tue Jan 28, 2020, 02:42 PM

Jan 2020

But JP didn’t want the money. And it was repaid in full.

I lost $ during the crash too.

But it doesn’t change the fact that the $ was repaid.

And I would rather have the govt bailout the auto industry rather then see the economy much much worse.

If I were to vote in a presidential
primary today, I would vote for: Joe Biden

progressoid

(50,001 posts)

15. No one is disputing that they repaid the money.

Reply to squirecam (Reply #12)

Tue Jan 28, 2020, 03:45 PM

Jan 2020

The issue is that they didn't need it and yet our government put them on the top of the list to get money. It's a bit insulting to see them get bailout money they didn't want when you have lost your job and/or home.

People always go to the auto industry as the example of how great the bailout was. And it was successful for that segment of the economy. But that masks the disparity in the rest of the recovery.

Why wealth gap has grown despite record-long economic growth

“The recovery has been very disappointing from the standpoint of inequality,” said Gabriel Zucman, an economist at the University of California, Berkeley, and a leading expert on income and wealth distribution.

Household wealth — the value of homes, stock portfolios and bank accounts, minus mortgage and credit card debt and other loans — jumped 80% in the past decade. More than one-third of that gain — $16.2 trillion in riches— went to the wealthiest 1%, figures from the Federal Reserve show. Just 25% of it went to middle-to-upper-middle class households. The bottom half of the population gained less than 2%.

Nearly 8 million Americans lost homes in the recession and its aftermath, and the sharp price gains since then have put ownership out of reach for many would-be buyers. For America’s middle class, the homeownership rate fell to about 60% in 2016 from roughly 70% in 2004, before the housing bubble, according to separate Fed data.

Overall, in fact, middle-income households on average now have less home equity than they did before the recession, Fed data show .

The other major engine of household wealth — the stock market — hasn’t much benefited most people, either. The longest bull market in U.S. history, which surpassed its own 10-year mark in March, has shot equity prices up more than four-fold. Yet the proportion of middle-income households that own shares has actually declined.

The Fed calculates that about half of middle-income Americans owned shares in 2016, the most recent year for which data is available, down from 56% in 2007. That includes people who hold stocks in retirement accounts.

...https://apnews.com/df1ca4016d27405791c10eb5772c06a4

If I were to vote in a presidential
primary today, I would vote for: Undecided

Algernon Moncrieff

(5,794 posts)

7. I would say, in general, the Dems could do a lot more calling out corporate socialism

Reply to Donkees (Original post)

Tue Jan 28, 2020, 02:35 PM

Jan 2020

I'm always struck by the Ag community, which tends to be very conservative, and constantly criticizes the Federal government, but also wants all the benefits of the Farm Bill.

If I were to vote in a presidential
primary today, I would vote for: Undecided