Bankster CEO says US debt default would be "moral disaster"

From the Washington Post

It would be a “moral disaster” if the United States were to default on its debts and become unable to pay its obligations, JPMorgan Chase & Co. CEO Jamie Dimon said at an appearance in Colorado Thursday evening.

The CEO says

“Our people work hard, they give a damn, they help their communities,” he said.

Washington Post article (source)

From this thread in March, he said it would be a "catastrophe."

This really must be for laughs. It seems to me that more and more, the news is less important and more a joke. The line is being blurred. It's not about being informed anymore; it's about entertainment. Fox News is even classified not as a news network but an entertainment network. Don't think the newspapers are following suit?

This article here really is nothing more than a form of entertainment. Who cares what this CEO says given the circumstances he's in? Well, people seem to care for the reaction they get after hearing it. But, (and I know this is tangential) if the news becomes more a source for laughs and OMGs and I-can't-believe's, then we are in trouble. People do not respond to entertainment in the same way they do to real life situations. That's the problem.

People who come to see these issues as anything other than serious might as well be apathetic. They are so "I can't believe this!" day after day after day that they shut down and become numb to these effects. Really important things come along, but they will not respond to them responsibly...just another exciting day of news.

It really is all around us if we pay attention. Our current president has his own action figure. Really??? That's okay, though, people might say, because George Bush has one too! What about Arnold becoming governor of California? An actor! Very revealing! Donald Trump wanting to run for President now? What's next? American Idol winner will, and win?

Maybe when the stuff really does hit the fan, they will wake up. But by then, it will be too late. I'm really worried for this country due to the way the majority of people respond to serious issues!

They said, "tanks in the streets" to force TARP trillions bailouts from Congress.
Now the rhetoric is much "smoother" since the glory days of hucksterism.

Once JPMorgan repaid the aid, Dimon said he was tempted to include a note to Treasury Secretary Timothy Geithner that said, “P.S. During the whole time you were lending us $25 billion, we were loaning you $200 billion” in the form of Treasury instruments the company holds.

This guy sounds legit to me. I think when he uses the phrase "America" he is actually speaking directly to the goverment and it's reckless spending patterns. And by immoral I think he means the posturing of Washington D.C.


David Grouchy

I'm not sure what you are trying to argue here OP? What is your point exactly? Is it what the CEO mentioned or the reaction to it? Is it the genuineness of the statement or deceptiveness of the news? No idea sorry.

As for a default, if it came to that, and not sure it will, it would have some big consequences because it would signal a downgrade by the major rating agencies, of which would destroy confidence in the US. This is the problem as I see it.

As for the majority of people on the street, they couldn't give a damn, they're just content to watch their sport and re-runs of 90210 and indulge in whatever other forms of entertainment that doesn't bother them with more pressing realities. Maybe this is what you mean?

Perhaps Jamie Dimon could pay it for us? After all, where is ALL THE MONEY???
Why that POS is not in prison and is given any voice at all is absolutely
astounding.

How can anyone possibly make a statement like that and not be HIGH! As if the US credit card getting cancelled would be good for anyone, let alone citizens of the US. But since the bankers run the world and BELIEVE that they own us anyway, who's to say that they aren't making it happen (Failing the US Government Credit Card) on purpose just to cover they're own devil-toe pointed tracks!

Being lectured by a Banker on morality is like being told to sit up straight by the hunch back of Notre Damn. Since when have bankers been concerned about morals, banking is one of the most morally bankrupt institutions in our societies.

reply to post by surrealist


My point is that the news is outrageous enough to the point that people begin not to look at it as news anymore but as entertainment. The response people have to entertainment is like "Wow that's really ___, but whatever." It's like it's not real to them.

Of course this is only my opinion. Maybe people are not desensitized to the degree I believe. Maybe people don't care for other, bigger reasons.

This really was the type of thing that I read and thought to myself, You must be kidding me. Like what a user below said about the hunchback of Notre Dame.

There is no doubt that they will raise the debt ceiling. Either way it’s catastrophic. The US cant afford to lose it’s AAA rating, which is already knocking at the door.

During the Great Depression many bankers "jumped" in 2008 most told them to 'jump" many more will jump when the stock market crashes in the Fall of 2011. The only solution happens to be against my religion.

I don't believe the word "banker" and "morals" can be used in the same sentence - let alone have the word "moral" come out of the mouth of a banker.

History has proven that money has absolutely NOTHING to do with morals. Never has, never will.

People need to get over their credit ratings and realize that it's just another form of control.