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the things that Jamie Diamond the CEO of JP Morgan Chase had to say about the American economy after they reported earnings and crushed it like usual let's get to it is his last name pronounced Diamond because that's awesome yeah it is actually he was born to run a bank all right I mean he was uh but I was just thinking you have these like uh these two guys with these beautiful white heads of hair Blended beautifully with this hurricane in the background it's just a very spring picture yeah don't hit her So Jamie Diamond is the guy who's quoted as saying that there was like a hurricane coming for the American economy right and his he's the CEO of JPMorgan Chase they reported earnings last week and he gave some color about what he's seeing in terms of how the American consumers behaving and where he thinks the American economy said it too do you want to talk a little bit about that today um he did talk about the whole UK pension fund thing which was kind of interesting he was like yeah I was really surprised to know that they were that levered up remember we did a separate video about this yes other things happened in the UK since then but yeah yes uh bad things shorter prime minister history yeah uh that's fascinating what you really kind of see when we have these major economics you know kind of moments of uncertainty is that you find out who's been swimming naked it's like the the famous Warren Buffett line and that's where you're you're starting to see a little bit of cracks where you no one knew that the UK Pension funds were super levered but now we now we do I'm sure there are many more that's what he says he says someone is going to be offsides he's like overall the U.S banking facility is still very strong but he also kind of hinted at the fact that we're seeing more volatility because that strength requires them to have larger cash reserves therefore they're able to act less quickly when the market moves to make purchases you know because they want to maintain that that cash Reserve that they are required to Now by law so you're we're seeing what may be probably the most volatile year in stock market history play out this year which is kind of an interesting factoid um once we officially cross the line we can do a separate video on that yeah I don't know about that more volatile than covid just down like 20 up 20 in like a month oh okay yeah from that standpoint I'm talking about the fact that we've had more days with massive swings than again almost we have had a weird amount of days that's fair yeah there's a weird amount of two percent plus or minus days exactly so that's what he's talking about is how the market seemed fragile because the banks are unable to actively move in when they see them you know kind of missed pricings as aggressively as they would have in the past because they're maintaining these large cash Reserves right yeah he talked a little yeah the federal raising interest rates and how they're having to do that to fight inflation of course as everyone knows the uh earnings beat was pretty pretty solid right here beat EPS by nine percent and revenue was three percent above what they expected you know if interest rates going up it's good for banks right they theoretically make money on that interest spread yeah I mean they should have a really good five years like I I would think they would because interest rates are going to be going insane five years really good like five years from from collections like I'm digging Bank of America at 33 right now yeah I own a little bit of Bank of America too I just don't own any paper Morgan Chase uh so this is all the article here talking about um comments regarding this hurricane looming you did actually give a timeline I can't remember if I put a slide in here with it but I think he said it was about six to nine months out somewhere in that ballpark so he sees it now more in like the latter half of 2023 is where he's going to see the major economic downturn is what he's expecting um you know they did talk a little bit about how you know credit conditions uh tightening here a little bit and that consumers are not quite as healthy as they were before uh having few credit cards yeah credit cards are going up saving rates are going down um and but Behavior hasn't changed as much as I would like to see I I always comment on this every time I go out shopping with my wife it's like there's still people like just packed like 15 deep to check out a TJ Maxx you know and it's like why yeah so we did a video on this and the current economic climate is not it's not as correlated as you would think to the American consumer credit card debt is going up savings is going down rates are getting worse and worse and worse and will continue to get worse and worse and worse you would think people would be saving more and more money and in my opinion fuel is about to get real shitty in like the next six months so I don't know what's happening yeah you're not the only one kind of thinking that I know someone commented about diesel inventories in the US being at like one of the lowest and some odd crazy number of years um but like so this is that comment where he's talking about we're getting closer to the bad events in my hurricane the financial hurricane that he thinks is coming from US economy and obviously this is a guy who's it's worth listening to his thoughts about this because you know he's got his pulse on the American economy in terms of seeing how everyone that has access to JPMorgan Chase bank accounts you know is spending their money and what sort of Health the average consumer is you know I can only imagine the data mining that they do it's probably ridiculous but it should be noted he just kicked off didn't he just kick off Kanye West from his bank Chase I have no idea someone picked out Kanye from becking yeah did he get thrown off Twitter too or something dude that's great I think he did uh but this is what we're talking about here the higher spending you know obviously expenses have gone up but uh and people are being enforced to just put on credit cards and so wrote in the savings rates that they're starting to see so historically low not good we can actually there's separate charts you can pull up for actual uh um savings rates this is the end of the presentation but yeah yeah definitely uh interesting we've uh we looked at that before but essentially during covid savings rates went up quite a bit we were getting stimulate uh stimulatory stuff also depending on where we're at you didn't have to necessarily pay rent it was kind of a thing um it's all gone and I do see an inappropriate amount of nice cars in front of not correlated nice houses does that make sense yeah I've often thought that there is like the tears of American uh life there is the crappy house no car there is the uh the crappy house crappy car the crappy house nice car as you continue escalating up to get to like the houses where you're like wow it's a six million dollar house with like two Mercedes-Benz like g-wag is parked in the driveway they're like oh damn nice house nice cars yeah I there's a weird amount of like 60 000 Teslas parked in like like a neighborhood that I own a house in should not have a sixty thousand dollar Tesla in that in that neighborhood it doesn't make any sense so I think people are really over leveraging themselves and I think maybe like six months we might have a little bit of a problem yeah so repos have started to climb up you know vehicle repos but um it's coming off historically low levels right because people had equity in their cars it was just something like it almost never happened so we're never getting this before but you're buying a car now it's a six percent interest I just had to buy a car right lowest interest rate was five seven this is wild yeah and uh there's a separate video actually we could do a reaction to this where uh someone was walking around a car dealership asking everyone what their car payments are uh wild numbers numbers that you would even begin to like comprehend as being a vehicle payment and some people have more than one that are in that ballpark yeah my first mortgage was 800 a month and that's cheaper than car payments now so that's gross yeah all right dudes yeah let us know everything about this hurricane give us a like And subscribe if you're just a little bit bearish bye-bye
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