<a href="https://www.dailywire.com/topic/jp-morgan" target="_blank" rel="noopener">JPMorgan Chase</a> CEO <a href="https://www.dailywire.com/topic/jamie-dimon" target="_blank" rel="noopener">Jamie Dimon</a> will be interviewed under oath about his company’s ties with deceased child sex predator and financier <a href="http://dailywire.com/topic/jeffrey-epstein" target="_blank" rel="noopener">Jeffrey Epstein</a>.
Lawsuits from an unnamed victim of Epstein and the government of the <a href="https://www.dailywire.com/topic/virgin-islands" target="_blank" rel="noopener">U.S. Virgin Islands</a> allege that JPMorgan Chase benefited financially from its relationship with the pedophile. Attorneys have uncovered communications from JPMorgan Chase employees which mentioned a “Dimon review” into the company’s relationship with Epstein, according to a <a href="https://www.ft.com/content/f5e7d581-6369-4b0b-92f4-b5fe9a55b2f2" target="_blank" rel="noopener">report</a> from the Financial Times based upon unnamed sources.
Dimon, who has led the investment bank since 2005 and is widely considered one of the most powerful executives on Wall Street, will be deposed behind closed doors in May. Another source told the Financial Times that there is no record of direct communications between Dimon and Epstein, who worked with JPMorgan Chase between 1998 and 2013.
JPMorgan Chase has denied that Dimon had knowledge of a review into the firm’s associations with Epstein and rejected the notion that the company benefited from sex trafficking.
News of the upcoming deposition comes one week after United States District Judge Jed Rakoff <a href="https://www.dailywire.com/news/epstein-victim-allowed-to-sue-big-banks-for-allegedly-enabling-sex-offender-we-will-leave-no-stone-unturned" target="_blank" rel="noopener">tossed</a> most of the charges against JPMorgan Chase and Deutsche Bank in the proposed class action lawsuits from the Epstein accuser and the U.S. Virgin Islands. Attorneys will be permitted, however, to contend that both companies benefited from the Epstein sex trafficking scheme by providing him with financial services.
“Epstein’s sex trafficking operation was impossible without the assistance of JPMorgan Chase, and later Deutsche Bank, and we assure the public that we will leave no stone unturned in our quest for justice for the many victims who deserved better from one of America’s largest financial institutions,” lawyers for the U.S. Virgin Islands and the Epstein victim, identified only as Jane Doe, said in a statement.
The complaint from Doe asserts that Epstein, who ran a hedge fund before his death in 2019, benefited from special treatment at JPMorgan Chase because he attracted clients to the investment bank. Most of the Epstein hedge fund’s business went to Deutsche Bank after he ceased business with JPMorgan Chase in 2013.
The new complaints against the financial institutions come after managers of the Epstein estate <a href="https://www.dailywire.com/news/epstein-estate-to-pay-more-than-105-million-to-u-s-virgin-islands" target="_blank" rel="noopener">agreed</a> to settle a lawsuit with the U.S. Virgin Islands at the end of last year over enforcement actions related to the territory’s laws against fraud, sex trafficking, and child exploitation. The estate agreed to pay $105 million and half of the proceeds earned from selling the island of Little St. James, which has acquired nicknames such as “Pedophile Island,” and $450,000 to remediate environmental damage around Great St. James, another island owned by Epstein.
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The financier purchased Little St. James in 1998 and owned the property until his death. The island has allegedly hosted former President Bill Clinton and British Prince Andrew; a pilot who formerly worked for Epstein <a href="https://www.dailywire.com/news/two-presidents-and-a-prince-epsteins-former-pilot-testifies-famous-men-flew-on-sex-offenders-plane" target="_blank" rel="noopener">testified</a> that he had seen the two individuals, and former President Donald Trump and actor Kevin Spacey, on the deceased predator’s aircraft.

Key Speakers At IIF Annual Membership Meeting

JPMorgan Chase CEO Jamie Dimon Will Be Deposed Under Oath About Bank’s Links To Jeffrey Epstein

JPMorgan Chase CEO Will Be Deposed Over Bank’s Links To Jeffrey Epstein

Banks

Crime

Jamie Dimon

Jeffrey Epstein

JP Morgan

Sex Trafficking

U.S.

Virgin Islands

<a href="https://www.dailywire.com/topic/jp-morgan">JPMorgan Chase</a> signed an agreement with the <a href="http://dailywire.com/topic/ukraine">Ukrainian</a> government in the hopes of coordinating between $20 billion and $30 billion in funds to rebuild the <a href="https://www.dailywire.com/topic/ukraine-russia-war">war-torn</a> country.
Senior officials from the largest bank in the United States met last week in Kyiv and other major cities with Ukrainian President Volodymyr Zelensky and his staffers, according to a <a href="https://www.foxbusiness.com/business-leaders/jp-morgan-reach-agreement-ukraine-zelenskyy-rebuild-infrastructure-present-patriots-jersey" target="_blank" rel="noopener">report</a> from Fox Business. On the eve of the Super Bowl, executives from JPMorgan Chase provided the head of state with a New England Patriots jersey emblazoned with the number 91, signifying the year Ukraine gained independence from the Soviet Union.
&#8220;I understand very well that doing business and investing cannot be beneficial to only one party. We want you to invest in Ukraine and earn money,&#8221; Zelensky said in a <a href="https://www.president.gov.ua/en/news/volodimir-zelenskij-zustrivsya-z-top-menedzherami-jp-morgan-80933" target="_blank" rel="noopener">statement</a>.
The panel of JPMorgan Chase bankers and Ukrainian government officials also hosted an online investment summit with more than 200 corporations, investors, and financial institutions. Participants discussed forming a mechanism through which the nation can attract private capital for information technology, renewable energy sources, and agricultural technology initiatives.
&#8220;We are proud of our long-standing support of Ukraine and committed to doing our part to lift up the country and its people,” JPMorgan Chase CEO Jamie Dimon said, adding that the bank’s “full resources” are available to the nation “as it charts its post-conflict path to growth.&#8221;
The announcement comes two months after asset management company BlackRock <a href="https://www.dailywire.com/news/blackrock-and-ukraine-join-forces-to-manage-investments-for-the-countrys-recovery" target="_blank" rel="noopener">endorsed</a> a similar memorandum of understanding with the Ukrainian government. Analysts at the firm will “include advice on the structure, investment process, governance and use of proceeds for a fund” while creating “opportunity for both public and private investors to participate in reconstructing and rejuvenating the market economy in Ukraine by delivering fair and just returns to investors,” according to another <a href="https://www.president.gov.ua/en/news/volodimir-zelenskij-i-golova-blackrock-obgovorili-zaluchenny-77861" target="_blank" rel="noopener">statement</a> from the government’s executive branch.
Although the extent of damage to the labor force, infrastructure, and natural resources of Ukraine as a result of the Russian invasion has not yet been measured, an <a href="https://www.worldbank.org/en/news/press-release/2022/04/10/russian-invasion-to-shrink-ukraine-economy-by-45-percent-this-year" target="_blank" rel="noopener">estimate</a> from the World Bank published in the weeks after the conflict said the Ukrainian economy would contract more than 45% in 2022, while the Russian economy would shrink more than 11%.
The Biden administration has provided Ukraine with more than $24.2 billion in military assistance over the past year, according to a <a href="https://www.defense.gov/News/Releases/Release/Article/3261263/more-than-3-billion-in-additional-security-assistance-for-ukraine/#:~:text=In%20total%2C%20the%20United%20States,beginning%20of%20the%20Biden%20Administration." target="_blank" rel="noopener">report</a> from the Defense Department. The federal government has also provided $9.9 billion in humanitarian aid and $15.1 billion in budgetary aid, according to an <a href="https://www.cfr.org/article/how-much-aid-has-us-sent-ukraine-here-are-six-charts" target="_blank" rel="noopener">analysis</a> from the Council on Foreign Relations, far surpassing the assistance offered by European Union institutions and member states.
Zelensky said during an <a href="https://www.nytimes.com/2022/12/21/us/politics/zelensky-speech-transcript.html" target="_blank" rel="noopener">address</a> to the United States Congress last year that aid from Western nations would accelerate victory against Russia. “Financial assistance is also critically important, and I would like to thank you, thank you very much, thank you for both financial packages you have already provided us with and the ones you may be willing to decide on,” he remarked. “Your money is not charity. It’s an investment in the global security and democracy that we handle in the most responsible way.”

Zelensky

JPMorgan Will Help Rebuild Ukraine With Fund As Large As $30 Billion

JPMorgan Will Help Rebuild Ukraine

Global Politics

Ukraine

Ukraine-Russia War

Volodymyr Zelensky

World

<a href="https://www.dailywire.com/topic/jp-morgan" target="_blank" rel="noopener">JPMorgan Chase</a> CEO <a href="https://www.dailywire.com/topic/jamie-dimon" target="_blank" rel="noopener">Jamie Dimon</a> warned about the <a href="https://www.dailywire.com/topic/national-debt" target="_blank" rel="noopener">national debt</a>, expressing concern that the federal government’s obligations will eventually create a financial meltdown even as markets exhibit apathy toward the problem in the near term.
Dimon, widely regarded as one of the most influential executives on Wall Street, remarked during an <a href="https://www.foxbusiness.com/economy/jamie-dimon-sounds-alarm-rising-us-debt-potentially-disastrous-outcomes" target="_blank" rel="noopener">interview</a> with Fox Business host Maria Bartiromo that pension plans would “have to sell” after the failure of securities issued by the Treasury Department to finance deficit spending.
“It is so potentially dangerous we shouldn&#8217;t get anywhere near it,” he said. “And after all the shenanigans of politics, we&#8217;re going to have to fix this. I think it&#8217;s very bad for the nation to constantly be looking at this type of thing.&#8221;
The national debt is nearing $31.5 trillion even as <a href="https://www.dailywire.com/news/interest-payments-on-the-national-debt-on-pace-to-surpass-military-spending" target="_blank" rel="noopener">maintenance costs</a> soar due to the present rise in interest rates. An <a href="https://www.dailywire.com/news/government-must-raise-taxes-40-or-cut-spending-30-to-achieve-fiscal-balance-study" target="_blank" rel="noopener">analysis</a> from economists at the University of Pennsylvania’s Wharton School recently found that a 30% decrease in spending or a 40% increase in taxation would be necessary to handle current deficit spending and future obligations. Republican and Democratic administrations alike have overseen <a href="https://www.dailywire.com/news/the-american-people-want-a-real-change-steve-forbes-rebukes-both-parties-for-sinful-government-spending-habits" target="_blank" rel="noopener">surges</a> in debt over the past several decades.
Republican lawmakers recently <a href="https://www.dailywire.com/news/here-are-the-concessions-house-speaker-kevin-mccarthy-gave-to-republican-holdouts-to-win-their-support" target="_blank" rel="noopener">struck a deal</a> with House Speaker Kevin McCarthy (R-CA) under which the party’s new majority will introduce a budget that refrains from increasing the debt ceiling, an artificial limit on federal obligations imposed by Congress. Dimon said that he understands the lawmakers’ desire to end the provision but said that officials have no choice besides deficit spending as expenses for social programs balloon over the next decade. Social Security, Medicare, and other health programs constituted 46% of the federal budget during the last fiscal year, according to <a href="https://fiscaldata.treasury.gov/americas-finance-guide/federal-spending/" target="_blank" rel="noopener">data</a> from the Treasury Department.
Bartiromo and Dimon also discussed the general level of indebtedness among consumers and businesses. The total level of consumer loans increased from $1.5 trillion at the beginning of President Joe Biden’s tenure to $1.8 trillion as of two months ago, according to <a href="https://fred.stlouisfed.org/series/CONSUMER" target="_blank" rel="noopener">data</a> from the Federal Reserve. The personal savings rate has dropped from 20% to less than 3% over the same period, according to <a href="https://fred.stlouisfed.org/series/PSAVERT" target="_blank" rel="noopener">data</a> from the Bureau of Economic Analysis, marking a significant decline from rates witnessed before the lockdown-induced recession.
Dimon said that “strong” consumer sentiment coupled with rational policy prescriptions from the new Congress could help the economy expand by 3% after a year of lackluster growth that saw two quarterly contractions. Among other policies, Dimon called for reforms to the regulatory system that presently slow “the formation of business,” support for domestic energy companies seeking to construct new pipelines, and initiatives that “stop illegal immigration.”
Economists differ on whether the United States will experience a recession in the coming months. Bank of America Chief Investment Strategist Michael Hartnett said in a <a href="https://business.bofa.com/en-us/content/year-ahead-2023/investment-market-outlook-forecasts.html" target="_blank" rel="noopener">report</a> that a recession would strike in the first half of the year before markets attain a “much more solid footing,” while an <a href="https://www.dailywire.com/news/economists-predict-whether-2023-will-see-a-recession" target="_blank" rel="noopener">outlook</a> from Goldman Sachs Chief Economist Jan Hatzius noted that analysts at the company believe the economy will “stick a soft landing.”

Senate Banking Hearing On Oversight Of The Nation’s Largest Banks

‘We’re Going To Have To Fix This’: JPMorgan Chase CEO Sounds The Alarm Over Soaring National Debt

JPMorgan Chase CEO Jamie Dimon Sounds The Alarm Over Soaring National Debt

Economy

National Debt

Recession

<a href="https://www.dailywire.com/topic/jp-morgan" target="_blank" rel="noopener">JPMorgan Chase</a> CEO <a href="http://dailywire.com/topic/jamie-dimon" target="_blank" rel="noopener">Jamie Dimon</a> compared <a href="http://dailywire.com/topic/cryptocurrency" target="_blank" rel="noopener">cryptocurrencies</a> to “pet rocks” on Tuesday and said that the nascent sector is the recipient of undue attention.
The executive <a href="https://www.youtube.com/watch?v=TIJbTsYbHME&amp;ab_channel=CNBCTelevision" target="_blank" rel="noopener">told</a> a panel of CNBC anchors that their outlet spends too much time covering cryptocurrencies, although he acknowledged that the underlying blockchain technology likely has useful applications. &#8220;I think crypto is a complete sideshow,&#8221; Dimon said during a Tuesday interview. &#8220;Crypto tokens are like pet rocks.&#8221;
Cryptocurrency, a form of decentralized <a href="https://www.dailywire.com/news/what-exactly-is-bitcoin-heres-how-the-worlds-largest-cryptocurrency-actually-works" target="_blank" rel="noopener">digital money</a> that can be transferred between users’ virtual wallets, has garnered the skepticism of many regulators and investors over the past several years. Dimon also raised concerns about “terrorism financing, tax avoidance, sex trafficking,” and other ways in which digital assets enable illicit activities. “Why do we allow this stuff to take place?&#8221; he asked.
Dimon predicted that officials would “regulate the hell out of” cryptocurrencies during an <a href="https://www.axios.com/2021/10/04/jamie-dimon-china-uyghurs" target="_blank" rel="noopener">interview</a> with Axios last year. “If people are using it for tax avoidance and sex trafficking and ransomware, it&#8217;s going to be regulated, whether you like it or not,” he said. “So it&#8217;s not a moral statement. It&#8217;s a factual statement.&#8221;
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The recent implosion of FTX, a cryptocurrency exchange based in the Bahamas and formerly led by entrepreneur Sam Bankman-Fried, has indeed drawn attention from regulators. The House Financial Services Committee <a href="https://www.dailywire.com/news/maxine-waters-blasted-for-gentle-tweet-politely-asking-possible-financial-criminal-sam-bankman-fried-to-testify" target="_blank" rel="noopener">invited</a> the disgraced founder to testify in a hearing scheduled for next week; members of the Senate Agriculture Committee <a href="https://www.dailywire.com/news/top-commodities-regulator-tells-senators-he-met-with-sam-bankman-fried-10-times" target="_blank" rel="noopener">questioned</a> Commodity Futures Trading Commission Chairman Rostin Behnam last week on further oversight of the industry.
FTX recently filed for <a href="https://www.dailywire.com/news/30-year-old-billionaire-loses-entire-fortune-overnight-as-his-bahamas-based-cryptocurrency-empire-implodes" target="_blank" rel="noopener">bankruptcy</a> after users discovered that trading firm Alameda Research, a company run by former Bankman-Fried love interest Caroline Ellison, had allegedly been using consumer funds from FTX to make investments. Bankman-Fried, a top <a href="https://www.dailywire.com/news/i-dont-even-know-how-to-code-mit-grad-and-now-broke-crypto-ceo-sam-bankman-fried-tells-niche-vlogger" target="_blank" rel="noopener">contributor</a> to Democratic and Republican campaigns, has repeatedly insisted that he did not intentionally commingle funds between the two companies.
New York Times financial columnist Andrew Ross Sorkin <a href="https://www.dailywire.com/news/sam-bankman-fried-denies-wrongdoing-in-ftx-implosion-during-live-streamed-new-york-times-interview" target="_blank" rel="noopener">pressed</a> Bankman-Fried last week on potential wrongdoing during the outlet’s DealBook summit, noting that he received multiple letters from FTX customers who accused the near-broke former billionaire of stealing their life savings. Bankman-Fried said that he was “deeply sorry about what happened” and claimed that a “failure of oversight” on his part was responsible for the cryptocurrency empire’s implosion rather than any intention to defraud customers.
Many journalists were surprised that Bankman-Fried has been providing comments to media outlets given the ongoing bankruptcy proceedings for his company, which the attorney who once oversaw the fallout from Enron described as the <a href="https://www.dailywire.com/news/lawyer-overseeing-ftx-fallout-never-in-my-career-have-i-seen-such-a-complete-failure" target="_blank" rel="noopener">worst case</a> of corporate failure he has ever witnessed. In one message to a Vox reporter, Bankman-Fried admitted that his persona as an “effective altruist” was largely a ruse meant to earn the trust of “woke westerners.”
Lawmakers and regulators have advanced the Digital Commodities Consumer Protection Act, a piece of legislation that would <a href="https://www.agriculture.senate.gov/imo/media/doc/dccpa_fact_sheet.pdf" target="_blank" rel="noopener">eliminate</a> conflicts of interest in the cryptocurrency sector. “For years many have recognized that a patchwork of federal and state-based regulation is an unsuitable substitute for a comprehensive approach,” Behnam told the Senate Agriculture Committee. “We are here today because many Americans invested in a novel product and will likely lose money because digital asset markets lack the basic protections that we have all come to expect and have made American financial markets the envy of the world.”

Bank CEOs Testify Before Senate Banking, Housing, and Urban Affairs Committee

‘A Complete Sideshow’: JPMorgan Chase CEO Jamie Dimon Says Cryptocurrencies Are Like ‘Pet Rocks’

JPMorgan Chase CEO Jamie Dimon Says Cryptocurrencies Are Like 'Pet Rocks'

Cryptocurrency

Sam Bankman-Fried

<a href="https://www.dailywire.com/topic/jp-morgan" target="_blank" rel="noopener">JPMorgan Chase</a> CEO <a href="https://www.dailywire.com/topic/jamie-dimon" target="_blank" rel="noopener">Jamie Dimon</a> predicted that robust consumer spending may run dry toward the middle of next year.
During a Tuesday <a href="https://www.youtube.com/watch?v=40Md3SQ6ZGs" target="_blank" rel="noopener">interview</a> with CNBC, the seasoned executive commented on a variety of market phenomena and noted that the United States <a href="http://dailywire.com/topic/economy" target="_blank" rel="noopener">economy</a> is currently the strongest in the world. “If you look in the short run, the consumer is spending 10% more than last year and 40% more than pre-COVID,” he said. “That’s a tremendous sum of money, and they have a trillion and a half dollars in their checking accounts more than pre-COVID.”
Households have indeed been spending beyond their means as nominal wages rise more slowly than price levels. The total amount of consumer loans has increased by $300 billion since the beginning of last year, according to <a href="https://fred.stlouisfed.org/series/CONSUMER" target="_blank" rel="noopener">data</a> from the Federal Reserve. Meanwhile, the personal savings rate has dropped from 20% to nearly 2% over the same period, according to <a href="https://fred.stlouisfed.org/series/PSAVERT" target="_blank" rel="noopener">data</a> from the Bureau of Economic Analysis, marking a significant decline from typical rates witnessed before the lockdown-induced recession.
Consumers are therefore limited in their capacity to maintain current spending levels. “Inflation is eroding everything … and that trillion and a half dollars will run out sometime mid-year next year,” Dimon continued. “When you’re looking out forward, those things may very well derail the economy and cause a mild or hard recession that people worry about.”
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Dimon, widely regarded as one of the most powerful business leaders on Wall Street, made headlines earlier this year for admonishing fellow bankers to <a href="https://www.dailywire.com/news/top-banker-brace-yourself-for-looming-economic-hurricane" target="_blank" rel="noopener">brace themselves</a> for a looming economic “hurricane,” revealing that his financial institution took measures to be “very conservative” with its balance sheet.
Dimon also pointed to geopolitical turmoil such as the Russian invasion of Ukraine as an important consideration for economic actors. Members of the G7 and the European Union <a href="https://www.dailywire.com/news/russia-balks-as-g7-european-union-implement-oil-price-cap" target="_blank" rel="noopener">moved</a> to cap the price of Russian seaborne oil exports this week at $60 per barrel worldwide; many European nations have witnessed soaring energy prices as a result of nixed Russian natural gas shipments.
“You have this economy, but then you have oil, food, fertilizer, war, humanitarian crisis. We have not had a war in Europe like this since 1945,” Dimon remarked. “A lot of emerging market economies, that a lot of people don’t focus on, are going to pay a heavy price for the strong dollar, higher rates, and higher oil prices.”
Various protest movements have spread through the developing world as businesses and consumers grow increasingly constrained by rising fuel and energy costs. Farmers in nations such as Greece, Peru, and Sri Lanka launched <a href="https://www.dailywire.com/news/experts-warn-of-impending-global-food-shortage-that-could-lead-to-social-unrest-riots" target="_blank" rel="noopener">demonstrations</a> in cities as a result of high fertilizer prices, leading the government of the latter nation to flee abroad.
Dimon also cited the rollback of loose monetary policy from the Federal Reserve as a significant phenomenon. He predicted that the central bank would spend “three to six months” holding rates at 5% before continuing efforts to battle inflation.
Recent employment data showing <a href="https://www.dailywire.com/news/unemployment-down-robust-labor-market-as-holidays-approach-jobs-report-shows" target="_blank" rel="noopener">high demand</a> among businesses recruiting new workers will likely lead monetary policymakers to continue hiking interest rates. Some analysts have <a href="https://www.dailywire.com/news/elon-musk-agrees-with-a-furious-jeremy-siegel-that-fed-actions-which-blew-up-the-stock-market-make-absolutely-no-sense" target="_blank" rel="noopener">criticized</a> the Federal Reserve for causing undue harm through their zeal to manage inflation soon after a prolonged increase in the money supply.

JPMorgan CEO Jamie Dimon Predicts When Americans’ Savings Will Run Dry

JPMorgan Chase CEO Makes A Number Of Predictions About The Economy

Inflation

<a href="https://www.dailywire.com/topic/elon-musk" target="_blank" rel="noopener">Elon Musk</a> predicted a global recession that could last until 2024.
In a Twitter exchange Thursday, Musk predicted that a global recession would last until Spring of 2024. Musk&#8217;s prediction follows comments he made earlier this week saying that many of the major economies are already in recessions. It also follows warnings from fellow titans of industry Jeff Bezos and Jamie Dimon, who have also warned in recent days about a coming recession.
The exchange began with a tweet from Billy Markus, the creator of the Dogecoin cryptocurrency. &#8220;[O]h wow coronavirus numbers are actually pretty low [I] guess all we have to worry about now is the impending global recession and nuclear apocalypse,&#8221; Markus wrote on Twitter.
&#8220;It sure would be nice to have one year without a horrible global event,&#8221; Musk replied.
<blockquote class="twitter-tweet">
It sure would be nice to have one year without a horrible global event
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1583320075591110657?ref_src=twsrc%5Etfw">October 21, 2022</a></blockquote>
Then a Twitter account called Tesla Owners Silicon Valley replied to Musk, asking how long and how bad the recession would be.
&#8220;How long you think the recession will last,&#8221; Tesla Owners Silicon Valley asked.
&#8220;Just guessing, but probably until spring of ‘24,&#8221; Musk replied.
<blockquote class="twitter-tweet">
Just guessing, but probably until spring of ‘24
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1583320632174837760?ref_src=twsrc%5Etfw">October 21, 2022</a></blockquote>
&#8220;How much worse do you think it will get??&#8221; Tesla Owners Silicon Valley asked. &#8220;Like a little worse or a ton worse?&#8221;
&#8220;Varies a lot,&#8221; said Musk. &#8220;Tesla &amp; SpaceX are in good positions, but many other companies are not. Recessions do have a silver lining in that companies that shouldn’t exist stop existing.&#8221;
<blockquote class="twitter-tweet">
Varies a lot. Tesla &amp; SpaceX are in good positions, but many other companies are not.
Recessions do have a silver lining in that companies that shouldn’t exist stop existing.
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1583340073319530497?ref_src=twsrc%5Etfw">October 21, 2022</a></blockquote>
Musk&#8217;s comments on Twitter follow comments he made about the <a href="https://www.dailywire.com/news/elon-musk-makes-bold-predictions-about-tesla-performance-global-recession-twitter-deal" target="_blank" rel="noopener">state of the global economy</a> at Tesla&#8217;s quarterly earnings call on Wednesday. After Tesla shareholders asked about the global economy and its impacts on business in China, Musk remarked that the communist nation is experiencing “a recession of sorts,” while Europe is likewise seeing “a recession of sorts driven by energy.”
Musk believes that North America, in contrast, is in “pretty good health,” although he said that the Federal Reserve is raising rates too quickly and will eventually adopt a more even-handed approach.
Musk is not the only billionaire CEO sounding the alarm about the prospect of a recession, whether in the U.S. or globally. Amazon CEO <a href="https://twitter.com/JeffBezos/status/1582517044020273152?s=20&amp;t=b8qY6r10LgSKLcH1U-Pg6A" target="_blank" rel="noopener">Jeff Bezos</a> endorsed a prediction of a recession in the United States by Goldman Sachs CEO David Solomon. &#8220;Yep, the probabilities in this economy tell you to batten down the hatches,&#8221; Bezos wrote on Twitter Tuesday.
On Monday, JPMorgan Chase CEO <a href="https://thehill.com/policy/finance/3681676-jamie-dimon-warns-us-faces-likely-recession-next-year/" target="_blank" rel="noopener">Jamie Dimon</a> also predicted a recession in both the U.S. and the global economy. &#8220;These are very, very serious things which I think are likely to push the U.S. and the world — I mean, Europe is already in recession — and they’re likely to put the U.S. in some kind of recession six to nine months from now,” Dimon said at an event with CNBC.
Despite these stark warnings from some of the top CEOs in the country, <a href="https://www.dailywire.com/news/joe-biden-between-bites-of-ice-cream-brags-the-economy-is-strong-as-hell-ice-cream-prices-are-up-13-6" target="_blank" rel="noopener">President Joe Biden</a> and the Biden administration are continuing to downplay or deny the threat of a recession. “Our economy is strong as hell,” Biden told a reporter at a Baskin Robbins in Gresham, Oregon, last week. “The internal — inflation is worldwide, it’s worse off everywhere else than it is in the United States. So the problem is a lack of economic growth and sound policy in other countries, not so much ours.”
Ben Zeisloft contributed to this report.

Elon Musk

Elon Musk Predicts How Long Global Recession Will Last

Jeff Bezos

Twitter

<a href="https://www.dailywire.com/topic/jp-morgan" target="_blank" rel="noopener">JPMorgan Chase</a> CEO <a href="https://www.dailywire.com/topic/jamie-dimon" target="_blank" rel="noopener">Jamie Dimon</a> said last week that many investors do not care about environmental, social, and governance investing, also known as <a href="http://dailywire.com/topic/esg" target="_blank" rel="noopener">ESG</a>, despite his own bank’s significant efforts to advance the movement.
During an investor seminar in Washington that was closed to the press, Dimon made several provocative comments about present geopolitical realities and the present leadership of the United States, as <a href="https://nypost.com/2022/10/14/jamie-dimon-some-investors-dont-give-a-s-t-about-esg/" target="_blank" rel="noopener">confirmed</a> by The New York Post. Among other assertions, he said that “investors don’t give a s***” about ESG and warned that corporate governance should not be “ceded” to “do-gooder kids on a committee.”
Companies that subscribe to the ESG movement might set quotas for racial diversity among executives, establish climate objectives, or otherwise blend leftist social movements with profitability. An <a href="https://www.dailywire.com/news/behind-the-scenes-most-executives-actually-hate-woke-investing-survey" target="_blank" rel="noopener">exclusive poll</a> from The Daily Wire showed that American investors would prefer that companies commit solely to the pursuit of profits, with 58% of respondents agreeing that companies leveraging their power for political or social ends is a “bad thing.”
JPMorgan Chase, however, has devoted more than $2.5 trillion over the course of the next decade to “advance long-term solutions that address climate change and contribute to sustainable development” in accordance with meeting worldwide emissions goals by 2050, according to its <a href="https://www.jpmorganchase.com/news-stories/a-more-sustainable-future" target="_blank" rel="noopener">website</a>, where Dimon is quoted as saying, “climate change and inequality are two of the critical issues of our time.”
Dimon, considered one of the most influential executives on Wall Street, appears to have changed his tune in recent months. He said at the seminar that the &#8220;President of the United States needs to stand up and say we may not meet our 2050 climate objectives because this is a f***ing war,” adding that officials must recognize it is “time to stop going hat in hand to Venezuela and Saudi and start pumping more oil and gas in the USA.”
When President Joe Biden visited Saudi Arabia three months ago, many had <a href="https://www.dailywire.com/news/adam-schiff-rips-biden-for-fist-bumping-saudi-crown-prince" target="_blank" rel="noopener">speculated</a> that encouraging higher energy output in response to elevated gas prices in the United States was a primary factor. That suspicion appeared to be validated after the Saudi government <a href="https://www.dailywire.com/news/bidens-threat-after-saudis-nix-midterm-friendly-oil-plan-looks-like-quid-pro-quo-says-shapiro" target="_blank" rel="noopener">released a statement</a> last week revealing the commander-in-chief’s request to delay the production cut until after the midterm elections. Earlier this month, Biden reportedly began preparing to <a href="https://www.dailywire.com/news/biden-to-ease-sanctions-on-socialist-venezuela-releases-maduros-convicted-narco-trafficker-nephews" target="_blank" rel="noopener">ease sanctions</a> on Venezuela so that Chevron, an American oil company, could resume production in the socialist nation.
The Biden administration has meanwhile garnered criticism for <a href="https://www.dailywire.com/news/keystone-pipeline-dead-killed-by-biden-thousands-of-jobs-lost" target="_blank" rel="noopener">nixing</a> expansions to the Keystone XL pipeline and <a href="https://www.dailywire.com/news/biden-administration-severely-cuts-back-on-oil-and-gas-leases" target="_blank" rel="noopener">slowing</a> federal oil leases to a crawl. During a recent <a href="https://www.dailywire.com/news/you-cant-do-it-overnight-billionaire-warns-of-danger-from-going-green-too-rapidly" target="_blank" rel="noopener">interview</a> with CNBC, Dimon remarked that despite climate hawks’ desire to reduce output in the interest of lower emissions, developing nations such as India, China, and the Philippines revert to coal power when oil and natural gas prices begin to rise, resulting in more emissions.
“I think we’re getting energy completely wrong, which is, you know, ever since this war started, you know that Europe is going to have a problem,” he explained. “And that it was pretty predictable that Putin was going to cut off some gas and some oil, and oil prices would go up.”
The national average price for gasoline is presently $3.89 per gallon, according to <a href="https://gasprices.aaa.com/" target="_blank" rel="noopener">data</a> from AAA, marking a nearly 63% increase since Biden assumed office at the beginning of last year.

Collage Maker-17-Oct-2022-09.55-AM

Top Wall Street CEO Slams Biden For Going ‘Hat In Hand’ To Saudi Arabia For Oil, Admits Investors ‘Don’t Give A S***’ About Wokeness

Jamie Dimon Blasts Joe Biden, Woke Investing In Provocative Comments

Wall Street

Update: Sources have indicated to The Daily Wire that JP Morgan Chase may have notified West of its decision to end its banking relationship with him prior to his controversial actions over the last two weeks. Original story below: 
JPMorgan Chase said in a statement obtained by Candace Owens on Wednesday that it has ended its banking relationship with rapper Kanye West&#8217;s business.
The statement, which was scant on details, was obtained by Candace Owens on the same day that Owens launched her new documentary on The Daily Wire, &#8220;<a href="https://get.dailywire.com/the-greatest-lie/subscribe-v2?utm_campaign=greatestlie&amp;utm_medium=website&amp;utm_source=email&amp;utm_content=publicity&amp;cid=greatestlie&amp;mid=e&amp;xid=0&amp;_gl=1*1zcvj0*_ga*ODQwNjQ2MDYyLjE2NjU1MTk0ODM.*_ga_CZKR9ZYKJP*MTY2NTYyNjg4MS43LjEuMTY2NTYyODY0MS40NS4wLjA." target="_blank" rel="noopener">The Greatest Lie Ever Sold</a>.&#8221;
&#8220;We are sending this letter to confirm our recent discussion with [redacted] that JPMorgan Chase Bank, N.A (the &#8216;Bank&#8217;) has decided to end its banking relationship with Yeezy, LLC and its affiliated entities (collectively, the &#8216;Company&#8217;),&#8221; the bank said in an email to West. &#8220;To provide the Company with sufficient time to transition to another financial institution, we will continue to maintain the accounts (attached as Exhibit A), including all related products and services, until November 21, 2022.&#8221;
&#8220;To avoid any transaction delays, we suggest that you stop processing Company transactions and/or using any products associated with the accounts five business days before the scheduled closure date set forth above,&#8221; the statement continued. &#8220;After that date, the Bank will close any open accounts, and after deduction of any permissible service charges and pending transactions, remit all remaining funds in the form of a check delivered to the Company at the address of record.&#8221;
<a href="https://www.dailywire.com/news/how-to-watch-candace-owens-new-documentary-the-greatest-lie-ever-sold" target="_blank" rel="noopener">HOW TO WATCH CANDACE OWENS’ NEW DOCUMENTARY, ‘THE GREATEST LIE EVER SOLD’</a>
JPMorgan Chase urged West to &#8220;act promptly [to] transfer your business to another financial institution before November 21, 2022.&#8221;
The bank encouraged him to reach out to them if he had any further questions.
The bank, according to Owens, gave &#8220;no official reason&#8221; about their decision to end their relationship with West.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Earlier today I learned that <a href="https://twitter.com/kanyewest?ref_src=twsrc%5Etfw">@kanyewest</a> was officially kicked out of JP Morgan Chase bank. I was told there was no official reason given, but they sent this letter as well to confirm that he has until late November to find another place for the Yeezy empire to bank. <a href="https://t.co/FUskokb6fP">pic.twitter.com/FUskokb6fP</a>
&mdash; Candace Owens (@RealCandaceO) <a href="https://twitter.com/RealCandaceO/status/1580331572539949057?ref_src=twsrc%5Etfw">October 12, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
News that the bank terminated its relationship with West comes as the rapper was in Nashville to attend the premier of Owens&#8217; documentary.
<iframe loading="lazy" title="The Greatest Lie Ever Sold | OFFICIAL TRAILER" width="500" height="281" src="https://www.youtube.com/embed/CP3n5SvOqck?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
The <a href="https://www.dailywire.com/topic/black-lives-matter" target="_blank" rel="noopener">BLM</a> exposé takes a deep-dive into the multi-million dollar “grift” of the Black Lives Matter Global Network Foundation and its former Executive Director <a href="https://www.dailywire.com/topic/patrisse-cullors" target="_blank" rel="noopener">Patrisse Cullors</a>, and offers “the true story” behind the life and death of <a href="https://www.dailywire.com/news/candace-owens-the-media-is-lying-to-you-about-george-floyd-and-makhia-bryant" target="_blank" rel="noopener">George Floyd</a> with never-before-seen interviews from insiders and experts.
The documentary is available to those who are <a href="https://get.dailywire.com/subscribe/plus?utm_campaign=dailywire&amp;utm_medium=paid&amp;utm_source=googlesearch&amp;utm_content=na_subscriptions&amp;mid=g&amp;cid=dailywire&amp;xid=0&amp;utm_source=adwords&amp;utm_term=daily%20wire%20membership&amp;utm_campaign=Search+-+Daily+Wire+Brand&amp;utm_medium=ppc&amp;hsa_kw=daily%20wire%20membership&amp;hsa_ad=565626671705&amp;hsa_src=g&amp;hsa_ver=3&amp;hsa_grp=48841905760&amp;hsa_cam=927227687&amp;hsa_tgt=kwd-1422313638620&amp;hsa_acc=6411461344&amp;hsa_mt=b&amp;hsa_net=adwords&amp;gclid=EAIaIQobChMIysrxkJ_M-gIVyODICh1gWghwEAAYASAAEgJQcPD_BwE" target="_blank" rel="noopener">DailyWire+ members</a>.
If you’re not already a member, <a href="https://get.dailywire.com/the-greatest-lie/subscribe-v2?utm_campaign=greatestlie&amp;utm_medium=website&amp;utm_source=email&amp;utm_content=publicity&amp;cid=greatestlie&amp;mid=e&amp;xid=0&amp;_gl=1*1h0q1ro*_ga*MjA1NDI4NTExNy4xNjY0OTEwNDc2*_ga_CZKR9ZYKJP*MTY2NTA4MjkwMS45LjEuMTY2NTA5MjIxNS4xOC4wLjA" target="_blank" rel="noopener">you can sign up here</a> and gain access to Owens’ new documentary — as well as lots of other content, including feature films, original series, video podcasts, and other documentaries, like the Matt Walsh hit “<a href="https://www.dailywire.com/videos/what-is-a-woman" target="_blank" rel="noopener">What is a Woman?</a>”
Amanda Prestigiacomo contributed to this report.
Related: <a href="https://www.dailywire.com/news/joe-rogan-praises-the-daily-wires-what-is-a-woman-documentary-its-fing-amazing-fantastic">Joe Rogan Praises The Daily Wire’s ‘What Is A Woman?’ Documentary: It’s ‘F***ing Amazing,’ ‘Fantastic’</a>

KANYE WEST

JPMorgan Chase Ends Its Banking Relationship With Kanye West [UPDATED]

JPMorgan Chase Ends Its Banking Relationship With Kanye West

Candace Owens

Kanye West

JPMorgan Chase CEO <a href="https://www.dailywire.com/topic/jamie-dimon" target="_blank" rel="noopener">Jamie Dimon</a> slammed the <a href="https://www.dailywire.com/topic/biden-administration" target="_blank" rel="noopener">Biden administration</a> in an interview this week over how the U.S. has responded to the energy crisis that has been worsened by Russia&#8217;s war in Ukraine by saying the U.S. has taken the wrong approach and the country needs to step up and &#8220;play a real leadership role.&#8221;
Dimon made the remarks during an CNBC interview this week when he was asked about how worried he was about Europe this winter given the war in Ukraine and the energy crisis on the continent.
&#8220;Well, I think we&#8217;re getting energy completely wrong, which is, you know, ever since this war started, you know that Europe is going to have a problem,&#8221; Dimon said. &#8220;And that it was pretty predictable that Putin was going to cut off some gas and some oil, and oil price would go up and, by the way, for the climate folks here, it&#8217;s made the climate worse because people have this bad assumption that higher oil prices and gas prices reduce consumption, reduce co2. No. Poor nations, India, China, Indonesia, Philippines, Vietnam, are turning back on coal plants, as are rich nations called Germany, Netherlands, France.&#8221;
&#8220;We have it completely backwards, and in my view, America should have been pumping oil and gas,&#8221; Dimon continued. &#8220;And it should have been supported, you know, we&#8217;re trying to have our cake and eat it, too, a little bit. And so you have the, you have the problem this winter, which it sounds like they&#8217;ve got enough supply to get through this winter. But we have a longer term problem now, which is the world is not producing enough oil and gas to reduce coal, make the transition, create security for people. So I would put it in a critical category.&#8221;
&#8220;And this should be treated almost as a matter of war at this point, nothing short of that,&#8221; he concluded on the matter. &#8220;And obviously, America needs to play a real leadership role. America is the swing producer, not Saudi Arabia. And we should have gotten that right starting in March. It&#8217;s almost too late to get it right. Because obviously these are longer term investments.&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
JPMorgan&#39;s Jamie Dimon: Biden&#39;s &quot;getting energy completely wrong&quot;; restricting drilling has actually &quot;made the climate worse &#8230; we have it completely backwards&quot;
&quot;This should be treated almost as a matter of war &#8230; America needs to play a leadership role&quot; <a href="https://t.co/TBieNorEtH">pic.twitter.com/TBieNorEtH</a>
&mdash; Tom Elliott (@tomselliott) <a href="https://twitter.com/tomselliott/status/1579838854839689216?ref_src=twsrc%5Etfw">October 11, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Related: <a href="https://www.dailywire.com/news/americas-top-bank-executive-nukes-rashida-tlaib-when-she-pushes-climate-alarmism-absolutely-not" target="_blank" rel="noopener">America’s Top Bank Executive Nukes Rashida Tlaib When She Pushes Climate Alarmism: ‘Absolutely Not’</a>

Senate Banking, Housing, and Urban Affairs Committee Bank Hearing

America’s Top Banking CEO Unleashes On The Biden Admin: ‘We’re Getting Energy Completely Wrong’

Biden Administration

Energy

Joe Biden

Days after <a href="http://dailywire.com/topic/elon-musk" target="_blank" rel="noopener">Elon Musk</a> revived his offer to purchase <a href="http://dailywire.com/topic/twitter" target="_blank" rel="noopener">Twitter</a>, JPMorgan CEO <a href="https://www.dailywire.com/topic/jamie-dimon" target="_blank" rel="noopener">Jamie Dimon</a> expressed support for the acquisition and pushed for a cleanup of the platform.
Twitter had been fighting Musk in court over his <a href="https://www.dailywire.com/news/the-purge-is-coming-twitter-explodes-after-elon-musk-tanks-44-billion-deal">attempt to cancel</a> a previous offer to buy the company for $44 billion — a move he said was based upon concerns that the actual share of <a href="https://www.dailywire.com/news/heres-the-latest-in-the-elon-musk-twitter-legal-feud">fake accounts</a> on the platform could range as high as 33% rather than the company’s reported 5%, with a lower number of monetizable daily active users justifying a lower valuation. Musk, however, has since <a href="https://www.dailywire.com/news/breaking-elon-musk-proposes-twitter-buyout-at-54-20-per-share-trading-halted-as-stock-price-soars">revived</a> his efforts to purchase the company.
Dimon, considered one of the most influential executives on Wall Street, said during an <a href="https://www.cnbc.com/2022/10/11/jamie-dimon-says-musk-should-clean-up-twitter-echoes-bot-concerns.html">interview</a> with CNBC that Musk is justified in his concerns about fake accounts.
“I hope Musk cleans up Twitter … Why can’t Twitter know who you are when you come on board, so they can eliminate all those people in the public square who are robots and emails and stuff like that?” Dimon remarked. “Why can’t they give you a choice of algorithms, as opposed to one that just jazzes you up?”
Musk and Dimon have clashed for years despite repeated attempts to mend their relationship, according to a <a href="https://www.wsj.com/articles/jpmorgans-jamie-dimon-and-teslas-elon-musk-feud-behind-the-scenes-11637586001">report</a> from The Wall Street Journal. However, Dimon offered praise for the Tesla and SpaceX chief executive amid his merger negotiations: “In my view, Elon is very smart.”
Ahead of a trial initially set to begin on October 17, attorneys representing Twitter had contested Musk’s rationale for passing on the $44 billion deal by producing text messages he sent to Michael Grimes, an executive at investment bank Morgan Stanley, indicating that he was <a href="https://www.dailywire.com/news/musk-afraid-of-world-war-iii-so-he-slowed-down-deal-twitter-argues">concerned</a> about macroeconomic conditions stemming from the Russian invasion of Ukraine. “Let’s slow down just a few days. Putin speech tomorrow is extremely important,” Musk said. “It won’t make sense to buy Twitter if we’re heading into World War III.”
Beyond his concern about fake accounts, however, Musk has voiced criticism over lackluster support on the platform for free expression. He began his shakeup campaign several months ago with a <a href="https://www.dailywire.com/news/breaking-elon-musk-becomes-twitters-largest-shareholder-after-shakeup-tease" target="_blank" rel="noopener">poll</a> for his millions of followers: “Free speech is essential to a functioning democracy. Do you believe Twitter rigorously adheres to this principle? The consequences of this poll will be important. Please vote carefully.”
Twitter has been known to suspend or entirely remove accounts expressing conservative views, especially over remarks about controversial social issues. Libs of TikTok, a popular account that reposts videos from radical leftist activists, was <a href="https://www.dailywire.com/news/libs-of-tiktok-locked-out-of-twitter-again" target="_blank" rel="noopener">locked out</a> of Twitter two months ago for a “hateful conduct” warning. The Babylon Bee, a Christian satire website, was suspended earlier this year for <a href="https://www.dailywire.com/news/twitter-locks-out-babylon-bee-over-rachel-levine-tweet-the-bee-responds-truth-is-not-hate-speech" target="_blank" rel="noopener">mocking</a> transgender Biden administration health official Rachel Levine. Musk had reportedly <a href="https://www.dailywire.com/news/elon-musk-contacted-the-babylon-bee-before-buying-9-of-twitter" target="_blank" rel="noopener">contacted</a> the outlet’s leadership before making his first acquisition offer.
In recent <a href="https://financialservices.house.gov/uploadedfiles/hhrg-117-ba00-wstate-dimonj-20220921.pdf" target="_blank" rel="noopener">testimony</a> before the House of Representatives Committee on Financial Services, Dimon similarly advanced a robust view of free speech as a core component of free markets. “We live in the greatest country in the world predicated on foundational beliefs in freedom of speech, freedom of religion, freedom of enterprise, the sanctity of the individual, and the promise of equality and opportunity for all,” he asserted. “Free enterprise requires not only the free movement of capital, but more importantly the value of knowledge and free people exercising their rights.”

Collage Maker-11-Oct-2022-11.40-AM

‘I Hope Musk Cleans Up Twitter’: Top Wall Street CEO Backs Newest Takeover Deal

Jamie Dimon Backs Elon Musk's Renewed Push To Acquire Twitter

JPMorgan Chase CEO Jamie Dimon said on Wednesday that his company is hunkering down for a looming economic “hurricane.”
The executive’s comments come amid news that <a href="https://www.dailywire.com/news/united-states-economy-shrinks-in-the-first-part-of-2022">the United States economy shrank</a> at a 1.5% annualized rate in the first quarter of 2022. The economy following COVID-19 and the lockdown-induced recession has been troubled by various phenomena — including <a href="https://www.dailywire.com/news/consumers-disliked-2021s-economy-more-than-2020s">persistent inflation</a>, <a href="https://www.dailywire.com/news/biden-slammed-for-remarks-on-enormously-high-gas-prices-theyre-saying-the-quiet-part-out-loud-now">high gas prices</a>, and the <a href="https://www.dailywire.com/news/economist-warns-that-world-is-in-early-stages-of-very-significant-recession">Russian invasion of Ukraine</a>.
“You know, I said there’s storm clouds but I’m going to change it… it’s a hurricane,” Dimon said Wednesday at a financial conference in New York, according to <a href="https://www.cnbc.com/2022/06/01/jamie-dimon-says-brace-yourself-for-an-economic-hurricane-caused-by-the-fed-and-ukraine-war.html">CNBC</a>. He added that no one knows if the hurricane is “a minor one or Superstorm Sandy.”
“Right now, it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle this,” Dimon said. “That hurricane is right out there, down the road, coming our way.”
Indeed, the Federal Reserve <a href="https://www.dailywire.com/news/the-fed-jacks-key-rate-up-half-point-as-inflation-surges">hiked interest rates</a> by 0.5% earlier this month — the largest rate increase since May 2000 — to curb rising price levels. The move followed a 0.25% rate hike from near-zero levels two months ago. On Tuesday, President Joe Biden met with Fed Chair Jerome Powell to signal his support for the tighter monetary policy — and to show that he is likewise <a href="https://www.dailywire.com/news/inflation-is-the-key-political-problem-biden-powell-meet-to-discuss-taming-high-prices">serious about fighting high prices</a>.
With respect to Fed policy, Dimon argued that the central bank does not “have a choice” because “there’s too much liquidity in the system.” Rolling back monetary stimulus is necessary to “remove some of the liquidity” and “stop the speculation, reduce home prices.”
Although <a href="https://www.dailywire.com/news/the-housing-market-reaches-an-affordability-turning-point">home sales recently slumped</a> to their lowest level since the recession, the median sale price in April was $450,600 — nearly 20% above prices at the same time last year. “As Americans contend with historically high inflation, the combination of rising mortgage rates, elevated home prices and tight inventory are making the pursuit of homeownership the most expensive in a generation,” government-backed mortgage company <a href="https://www.freddiemac.com/pmms">Freddie Mac</a> said last month.
“You’d better brace yourself,” Dimon remarked. “JPMorgan is bracing ourselves, and we’re going to be very conservative with our balance sheet.”
Consumer confidence — a key metric for the direction of the United States economy — has been <a href="https://fred.stlouisfed.org/series/UMCSENT">trending downward</a> since the summer of 2021, according to the University of Michigan’s Survey of Consumers. Meanwhile, polls indicate that inflation and gas prices are making consumers flinch as they plan for summer spending. When Echelon Insights, for example, asked consumers whether the higher prices have induced a <a href="https://www.dailywire.com/news/summer-canceled-inflation-kills-vacations-summer-camp-for-kids-poll-finds">change of plans or cancelation</a> of family trips, 51% answered in the affirmative.
Dimon also expressed concern about pressures induced by the Ukraine invasion — and their subsequent impacts on oil prices. He forecasted that oil may hit $150 to $175 per barrel, according to CNBC, and suggested that “we’re not taking the proper actions to protect Europe from what’s going to happen to oil in the short run.”
Treasury Secretary Janet Yellen likewise <a href="https://www.dailywire.com/news/janet-yellen-expects-enormous-economic-repercussions-from-ukraine-invasion">predicted</a> last month that the world would see “enormous economic repercussions” from the Ukraine conflict. In line with <a href="https://www.dailywire.com/news/in-line-with-white-house-hopes-rising-gas-prices-lead-to-surge-in-electric-car-interest">other Biden administration officials</a>, she argued that the war shows “the need for sustainable, affordable, clean, and secure energy for economic growth and security for the United States.”

Key Speakers At The IIF Annual Membership Meeting

Top Banker: ‘Brace Yourself’ For Looming Economic ‘Hurricane’

'Brace Yourself' For An Economic 'Hurricane,' Says Top American Banker

Gas Prices

JPMorgan Chase CEO Jamie Dimon has threatened to fire employees living in New York who are not vaccinated against COVID-19.
CBS News <a href="https://www.cbsnews.com/news/jpmorgan-jamie-dimon-covid-vaccine-workers-pay/">reported</a> that Dimon made the threats on Monday, citing the company’s policy that employees at its New York City headquarters must be vaccinated to enter the building with no option for unvaccinated employees to work from home.
&#8220;To go to the office you have to be vaxxed and if you aren&#8217;t going to get vaxxed you won&#8217;t be able to work in that office,&#8221; Dimon said. &#8220;And we&#8217;re not going to pay you not to work in the office.&#8221;
As the outlet noted, Dimon has argued for some time that workers need to return to the office and that remote work doesn’t benefit younger workers, who need mentorship.
&#8220;It accelerated a trend,&#8221; he said previously of remote work created by pandemic lockdowns, &#8220;but it does not work for younger people. It doesn&#8217;t work for those who want to hustle, it doesn&#8217;t work in terms of spontaneous idea generation.&#8221;
&#8220;We believe that going to work is a good thing, that people deal with each other [in-person] for innovation and creativity,&#8221; he told the outlet.
Dimon also noted that JPMorgan can’t be consistent in its vaccine mandates across the country, since states have different laws regarding the policy.
&#8220;We&#8217;re not trying to be consistent because as you pointed out, there are different laws and different requirements and cities and states and schools and so here we&#8217;re adjusting locally,&#8221; he said.
The CEO added that 97% of staffers based in the company’s New York City headquarters are already vaccinated.
JPMorgan is not the only bank making such a threat against its employees. Citigroup also demanded workers be vaccinated by the end of the week or lose their jobs, though the company did note that qualifying religious and medical conditions would be exempt.
&#8220;Complying with the requirement means either submitting proof of vaccination by the January 14 deadline or receiving an approved medical or religious accommodation or state-permitted exemption,&#8221; a source told CBS, noting that the deadline was only for New York City-based employees and not branch staff.
As The Daily Wire previously <a href="https://www.dailywire.com/news/fox-news-medical-guest-all-vaccine-mandates-should-be-dropped-due-to-omicron">reported</a>, Dr. Peter McCullough, an internist, cardiologist, and epidemiologist, told Fox News’ Laura Ingraham that vaccine mandates should be “dropped” given the Omicron variant.
“At this point in time, the mandates should be completely dropped across the board,” McCullough said. “Omicron has been several things one is a huge syndromic change. It’s basically very similar to getting a head cold, for those who are previously immune, and those who are vaccinated. Sometimes it’s almost an imperceptible mild syndrome that could last a few hours, or a day or so.”
The Daily Wire also reported:
<blockquote>McCullough’s comments come as the Supreme Court of the United States deciding the constitutionality of two similar but not congruent COVID-19 mandates under the Biden administration, one dealing with private-sector employees and the other focused on healthcare workers more specifically. The Daily Wire is challenging the private-sector mandate, which requires employers with 100 or more employees to institute a “vaccinate-or-test” policy for employees, which means that workers have the option of undergoing COVID-19 vaccination or taking a weekly test to prove they do not have the virus.</blockquote>
The Daily Wire is fighting Joe Biden’s vaccine mandate in federal court. Join us in this fight by <a href="https://lp.dailywire.com/osha-petition/">signing</a> our petition to OSHA, telling them that you will not comply with this mandate.

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