No. of Recommendations: 3
I don't care for Trump or his mouthy approach to issues.
However, the government, as Jamie Dimon shared, is basically wasteful and incompetent. So Trump's team may misfire on many fronts, but this is still better than the status quo.
I do believe that Musk is well intended in trying to help.
Dimon said not efficient and incompetent. But Dimon needs to score points with Trump.
SNIP
JPMorgan weathered the 2008 financial crisis better than most. It was perhaps the healthiest of America’s big banks but felt compelled to join others in taking billions of dollars in a government bailout—a plan meant to avoid singling out banks with truly dire problems. To this day it irritates Dimon that his bank was lumped in with the ones that got themselves in deep financial trouble.
He suffered a reputational hit of his own in 2012, when a trader in JPMorgan’s UK office—nicknamed the “London Whale”—made a series of derivative transactions that mushroomed into $6.2 billion in losses. In a letter to shareholders Dimon called the episode “the stupidest and most embarrassing situation I have ever been a part of.” SNIP
This is to remind you that banks got into trouble in the GFC and no one has a perfect record. Remember Greenspan scolding Congress just before the GFC and waving at the bankers saying they are Professionals as we deregulated? The creative destruction of capitalist economies is WASTEFUL - that's why they use the term destruction. But it works. I'd ask you though - how can destruction be competent? Answer: it isn't. The Scandinavian countries have shown us a blend of socialism and capitalism works best, the people are happier and get a good bang for their buck, but it has waste too. Was the London Whale competent? Not according to Dimon.
You seem to be saying that anything that isn't status quo is better than the status quo. We've had a good run up in the economy since the GFC except for the pandemic - that's the status quo and that's bad? I think we're doing great - but I think we are going to stumble into a recession now.
