CNBC’s Jim Cramer joins the ‘Halftime Report’ with Jamie Dimon, JPMorgan CEO, to discuss the company’s investment in underserved areas in the country and the state of the economy. For access to live and exclusive video from CNBC subscribe to CNBC PRO:
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BREAKING: Recession News
LEARN MORE ABOUT: Bank Failures
REVEALED: Best Investment During Inflation
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As the COVID-19 pandemic continues to wreak havoc on economies across the world, many business leaders are struggling to adapt to the rapidly changing landscape. However, according to Jamie Dimon, CEO of JPMorgan Chase, he already has a recession playbook in place and is ready to use it if necessary.
Dimon recently spoke at the Economic Club of New York, where he discussed the current state of the economy and the measures that JPMorgan is taking to weather the storm. He pointed out that the bank has always been prepared for a recession and has plans in place to mitigate the impact on its business.
“I always have a playbook for a recession, and we’ve been using parts of it,” he said. “But in terms of the big playbook, we’re not using it yet because we’re not in the depths of a recession.”
While there is no doubt that the pandemic has caused significant economic upheaval, Dimon believes that the current situation is less dire than previous recessions. He pointed out that while some industries, such as travel and hospitality, have been hit hard, others, such as technology and healthcare, are thriving.
In addition, the government has taken unprecedented steps to support the economy, including massive stimulus packages and low interest rates. These measures have helped to cushion the blow and prevent a full-blown recession, according to Dimon.
However, he also acknowledged that the situation is still uncertain and that JPMorgan is keeping a close eye on a range of economic indicators in order to detect any potential problems early on.
“We’re watching, we’re waiting, we’re prepared,” Dimon said. “If things get worse, we’ll be ready to use that recession playbook.”
Dimon’s comments offer a glimpse into the mindset of one of the world’s most influential business leaders at a time of great uncertainty. While the pandemic has caused significant disruption across the globe, it’s clear that some companies are better prepared than others to weather the storm. JPMorgan’s CEO is confident that his company is one of the former, thanks in large part to the recession playbook that he’s been honing for years.
Doesnt sound like a person with a >= 150 iq
2:19 they get mental alright
"and they get mental"
Freud has entered the chat
Thank you for trust let prove them
Housing is NOT a supply and demand thing at all. Prices of homes going up drives people to buy. While $ amounts of homes go down people stop buying. But average payments are still going up that people are paying. That's because we're still in inflation (and will be for along time) , and it's the very reason that home prices had gone up in the first place. Now fed will get to a point of stop increasing interest rates. That will have the result of average payments still going up to catch the $ amounts then take them up again. The $ amount of homes will start going back up with the inflation again and people will go back to buying , faster and faster as it goes. After all those ever higher payments people will pay will then apply to higher $ amounts if interest rates are not moving up anymore. Until it's to fast again and fed will again slow it down, by again increasing interest rates. This will repeat itself over and over until we do all the money supply increases /inflation we have to go. We'll see way over 20% rates to buy a home before this is over. (Remember fed cannot stop inflation , but they can slow it down.) Believe it or not, home prices are at the cheapest they're going to be. It's very easy to look back and say I want that cheaper rates I remember, so I'll wait. (((I always have to ask if they're waiting to go back in time?? Which won't happen , SO DON'T DO THAT!!!))) But waiting while we know they're is an enormous amount of inflation still on the horizon , really means you're waiting for the real cost of a home to be more. After all you are buying a home with payments or cash. Cash and you're right to wait, but if you're going to use a loan you'll be paying ever higher payments as time goes on. Waiting amounts to paying more too because loan on $ amount of homes will go up all during this inflation. No chance of it not going to happen now.
We are all talking about inflation here. Cause by people by voting for democrats that produce inflation. If you go away thinking I'm wrong, You'll keep making it happen. Bills that spend more money , make more inflation , and more problems for you. Inflation is the cause of those problems. Of course. But that is the government spending money they didn't have , to do things they don't need to do . Can you say NASA ?? Who wants to go to Mars now. Ask yourself , for what?? You can see my point. All spending by government causes inflation. They don't stop at what they took in for tax. Inflation ends up being the tax on the poor. I hear people that make a lot of money say " higher incomes pay for all the tax, while people in the lower income don't pay anything". NOT true at all , the poor pay the most because of inflation. As a result all crap like NASA is cost paid for directly from the poor.
The fed gets told what to do here , they're not in charge of it. Congress votes to spend it and president signs off on it. Then they make US treasuries (bonds) which Fed must buy if no one else will. NO CHOICE AT ALL, they can't say no. And the new money supply is made , then given to our government to spend , than added to the rest. And that is how you make inflation. Many people think we have a bigger debt. NO not at all, the total of money supply = all the goods and services cost all the time. Money supply goes up (By The Way money supply and our national debt is the same thing) , so prices go up by the same % as the money supply because of it being increased. So the debt = the same after it works it's way into higher prices as it did before the increase. The only difference is government takes the value of the existing $ , splits it's value with more of them and gives the new part to themselves . Money in the bank loses it's value that way. So don't save cash during inflation , and taking on debt is really making wealth , so debt is good. Debt is good to have , because we pay back less value then we borrowed . That is exactly what people overall are doing. Example: Buying a house for 300K and paying it for 30 years . The last 10 years money is worth less then the first 10 years. So debt is good with inflation. Remember all $ loses value , including debt during inflation. So it goes the national debt made of $ is also losing value by the same % of increasing $. $1 becoming $2 while it is also each is now half of what a $ was , still is the same value. So the national debt is not getting bigger at all.
The process of making more and more money supply is stealing wealth from the poor. If you own assets you gain. But the poor only lose. They are also the very ones voting to make it happen. As it always and every time does cause inflation. Even when it's called an " inflation reduction act", which is also more inflation. Fools vote for it and damage themselves even more. The intent of the poor is to make life better , but it's only worse for them. That doesn't stop government from trying to spend a lot. That spending is so they can do things they can't otherwise do , to give to a group of people while trying to get their votes. That works on fools. Those fools vote for those that do this damage to the very country we live in. That damage last for a lot of years. Now fed says we need to slow inflation . Really not. Yes prices will go up to match the same % of $ increase as it always does. Faster or slower doesn't matter , it will do the same damage anyway. Higher prices. Best if we let it go and let wages go up too , so let it go up.
Best to just let the prices go up and wages right along with it. We can get a lot of the % of prices done. (That means up ) The total money supply = the total of prices for all the goods and services all the time. So it won't help to try and hold it down to much. Because the money supply is bigger and getting even bigger, by large amounts and %. No chance the prices won't do the same thing. It's what they do. So if you're going to buy a house NOW'S THE TIME.. Always and every time prices follow money supply up by the same %. Only the poor get hurt, by removing them from their jobs , when fed slows down inflation , and thus reducing some demand for a short amount of time , on some goods and some services. Like trying to save on toilet paper by starving your children. Yes it will work temporarily , but at what cost.
I hate Jimbo but love Jamie…
If you need to know the name of the doctor that did the abortion is doctor chase unless he's lying about his name
Why would I watch a stupid doctor show when I grew up watching VH1
They keep hacking my phone
I'm not even lying
Dad you know malia used to shove me into closets growing up
Theif, give the overdraft fee, you charged us
I left home remember
I can't tell which family
My phone is hacked and threatening my family
Jamie doesn't understand wages going up means inflation will follow. I'm done listening to him.
Worked for JPMC and we were not given raises because we weren’t making money. Then Dimon gave himself a 3M bonus.
It's like I have one friend just one but he doesn't want to be around me
Paul Rodriguez tried to spend 400 dollars on me but I said no
Ryan sheckler is telling everyone I'm ugly
Robin williams isn't here to back me up