Warm Southern Breeze

"… there is no such thing as nothing."

Posts Tagged ‘Global Recession’

Trump Tax Cuts Aided & Abetted Economic Collapse

Posted by Warm Southern Breeze on Monday, April 20, 2020

The parallels are eerily similar. Republican POTUS, tax cuts, rising stock market, job losses… Great Depression.

Of course, there are other markers along the way, but the primary ones are self evident.

Jamie Dimon, Chairman and CEO of JPMorgan Chase wrote no less than twice that a recession was coming in the company’s April 6, 2020 letter to shareholders. “Recognizing the extraordinary extension of new credit, mentioned above, and knowing there will be a major recession [emphasis added] mean that we are exposing ourselves to billions of dollars of additional credit losses as we help both consumer and business customers through these difficult times.” p10
-and-
“Halting buybacks was simply a very prudent action – we don’t know exactly what the future will hold – but at a minimum, we assume that it will include a bad recession [emphasis added] combined with some kind of financial stress similar to the global financial crisis of 2008.” p15

Bluntly put, it wasn’t China that started this problem.

Just like in the Great Depression, and the “Great Recession,” it was the United States.

Jamie Dimon, Chairman and Chief Executive Officer, JPMorgan Chase

And the entire world suffered.

Not only did Dimon unequivocally state that we will suffer “a major recession,” and reiterated it writing “the future… will include a bad recession,” but he also identifies problems that most Democrats (Bernie Sanders notably among them) have long identified, which Republicans refuse to even hear – critical problems in health, healthcare, education, (within the purview of domestic security), infrastructure, declining wages, increased poverty, failed immigration policies, governmental inefficiency at Federal and state levels, and more.

Dimon continued by writing,

“Of course, America has always had its flaws. The current pandemic is only one example of the bad planning and management that have hurt our country: Our inner city schools don’t graduate half of their students and don’t give our children an education that leads to a livelihood; our healthcare system is increasingly costly with many of our citizens lacking any access; and nutrition and personal health aren’t even being taught at many schools. Obesity has become a national scourge. We have a litigation and regulatory system that cripples small businesses with red tape and bureaucracy; ineffective infrastructure planning and investment; and huge waste and inefficiency at both the state and federal levels. We have failed to put proper immigration policies in place; our social safety nets are poorly designed; and the share of wages for the bottom 30% of Americans has effectively been going down. We need to acknowledge these problems and the damage they have done if we are ever going to fix them.

There should have been a pandemic playbook. Likewise, every problem I noted above should have detailed and nonpartisan solutions. As we have seen in past crises of this magnitude, there will come a time when Read the rest of this entry »

Posted in - Business... None of yours, - Politics... that "dirty" little "game" that first begins in the home., - Read 'em and weep: The Daily News | Tagged: , , , , , , , , , , , , | Leave a Comment »

 
%d bloggers like this: