Today was almost too delicious for words. Full Disclosure. I have always thought JP Morgan, Stanley, Chase CEO Jamie Dimon was a pompous, overstuffed, horses ass. Here’s a guy who thought that notorious child rapist Jeffrey Epstein was the bees knees, and he sits there in his $12,000 suit, legs crossed, like every word from his mouth are golden drops from the Oracle of Delphi.
In the recovery after the pandemic, Dimon was one of the leading naysayers thundering from the mount that not only was Biden leading the country into a surefire recession, if he kept it up, we’d all be lucky not to be eating from government soup kitchens. And even when the numbers disagreed, Dimon continued to double down, like a blackjack addict doubling every loss trying to get even in one hand.
Well today, Jamie Dimon finally had to admit that he was, and always had been full of sh*t. Of course the chickensh*t ceo didn’t have the balls to do it himself. He sent some mid level executive out to admit that
Chase nad gotten it wrong. Not only wasn’t the US economy going into recession, but Morgan Stanley Chase was having to adjust their estimate of US growth upwards for the rest of the year. Oh, how I would have loved to be the waiter to serve Dimon that slice of crow, with a scoop of ice cream with a candle on top. Alas, it was not to be.
Dimon wasn’t the only one. Hell, I can’t balance my own checkbook, but I do have some basic economic schooling and knowledge. And while I didn’t buy into Dimon’s doom-and-gloom predictions, I did worry that Fed Chair Jerome Powell was raising interest rates too fast, and that businesses drawing back from borrowing, expanding, and hiring would lead to a mild recession that would send inflation right back up again. Never have I been more happy to be proven wrong.
But here’s the sweet spot for Biden and the Democrats. In admitting that they had been blowing smoke out of their asses for so long, Morgan Stanley Chase had to list a few reasons for their miscalculations. Among them were, continued low unemployment, inflation falling more rapidly than anticipated, continued wage gains for lower and middle class workers, the unexpected success of Biden’s infrastructure law, and the Fed interest rates not driving the plane into the tarmac.
Which boils down to one simple word. Bidenomics. It turns out that President Biden had it right all along. After more than 40 years of Reagan’s bullsh*t Reagonomics, mainly give corporations and uber rich sh*tpokes more money, and they’ll piss a little down on the masses, Biden raised taxes on corporations and uber rich sh*tpokes, and then found ways to put it in the pockets of lower and middle class workers. And ya know what? When you give those people more money, they spend it! making the economy stronger. And the Covid recovery actually helped to fuel Bidenomics. Companies needed to boost their manpower back up, but the competition meant that employees could pick and choose, forcing employers to pay more and give better benefits to get back up to speed.
From the start I advised y’all to treat the President’s infrastructure law like Obamacare. Once money is approved to a state, it takes months, if not a year or more for the state to identify the projects, put then through the bidding process, under federal rules, and award the contracts. The problem with Obamacare is that everybody thought it was Pollyanna, sign the bill, and everybody was covered cradle to grave. It didn’t work that way. Biden was careful to temper expectations by realistically laying out a timeline to the benefits. Which threw organ Stanley Chase off.
Sweet Jesus! As we speak unemployment is at historical lows, wages are still growing on a year-to-year basis, the economy is still adding jobs ahead of market expectations, inflation, which was over 10% a year ago is now at 3.2%, and consumer confidence is at a two year high.
The last one is the Gold Ring for the Democrats heading into 2024. Consumer confidence. For all of Biden’s economic successes, the thing that kept his polling numbers in the tanker was the fact that most normal Americans just weren’t feeling the love. The numbers might be great, but they weren’t seeing the difference. But if consumer confidence is at a two year high, predating the Covid crisis, that can only mean one thing. Average Americans are feeling it. And they’re confident that they’re going to go right on feeling it.
Which is why, for at least the next six months, while the GOP is making a mockery of their presidential primary process, and El Pendejo Presidente is subject to ever more perp walks, mug shots, and arraignments, not just Biden, Harris, and Buttigieg should be out there touting the incredible success of Bidenomics, so should every goddamn sitting Democratic member of congress or the Senate.
And they damn well better call it Bidenomics too. It’s short, it’s catchy, and current events are starting to put a real shine on it. Once again the timid Democrats let the GOP get the jump on them. Hell, for months now, ever since the money started flowing, and the construction cones started going up, GOP incumbents who voted against the infrastructure bill are taking credit for the benefits, like they personally engineered it. It’s far past time for the Democrats to not only take credit for the positive achievements of the bill they passed, but to start throwing sh*t at the GOP pretenders who voted against it. With the turmoil roiling in the GOP, they have complete control of the messaging.
It’s the economy, stupid. It was true when James Carville uttered it, and it’s never been more true. Make no mistake, the Teabaggers were hoping to use driving the economy over the debt ceiling cliff as a way to tank the US economy to show voters how sh*tty Biden was on the economy. But House Squeaker Cave-in McCarthy f*cked that up with his kindergarten negotiating skills, and shutting the government down in October will splash back on the GOP going into next year, a disaster when voters think the economy is on the uptick.
It’s the economy, stupid. When it comes to elections, voters widely tend to vote their pocketbooks. And right now even Morgan Stanley Chase has had to admit that there is no catastrophic crash in the future, in fact the opposite, and the Consumer Confidence polls show that the public is on an economic sugar high.
Keep the economic rudder even, let it grow, take credit for the economic miracle of growing the economy from the bottom up, and the middle up, and from the middle out. Reaganomics is dead, and even the GOP knows it, that’s why they’re all poaching on our success. The economy is only going to get better, even Chase admits it. Take the credit, and promise more if they give you the majority back in November.
A small point: the report mentioned was issued by Morgan Stanley, which is separate from JP Morgan Chase. The two were originally part of the Morgan Bank, but were separated during the Great Depression with the passage of the Glass Steagall Act, which split commercial and investment banks
the last two big recessions were started with banking busts. unregulated savings and loans under Reagan and big investment banks under bush . clearly rich people are bad for the economy. they move money around and create bubbles that people try to cash in on before the collapse. think tulip fever. Biden was facing a different economy, more like a war economy. huge government investment. then tapering off. stability makes for a good economy. people buy things when the economy is stable. tax the rich. it is good for the economy. the rich make money from an unstable economy. less rich, better for everyone.
Men are more careful with their pocketbooks than their principles. Ralph Waldo Emerson
Ok. Then let’s LEARN how things work, and USE IT to defeat the stupid masses to keep the homo sapien species ALIVE.
Do what you can, with what you have, where you are. Teddy Roosevelt