122 Minutes With Jamie Dimon -- New York Magazine
“Everyone is afraid of retaliation and retribution. We recently had an event with a hundred small bankers here,
and 85 percent of them said they can’t challenge the regulation because of the potential retribution. That’s a
terrible thing. Okay? This is not the Soviet Union. This is the United States of America. That’s what I remember.
Guess what,” he says, almost shouting now. “It’s a free F****** Country.”
Guest Post: The Shape Of The Debt Reset | ZeroHedge
I think this underlines the importance of trying to achieve the effects of a debt reset in an orderly way before
nature forces it upon us again, and before we have spent a long time stuck in the deleveraging trap with a huge
debt load relative to GDP, elevated unemployment, and very low growth.
Yet while most of the economic establishment remain convinced that the real problem is one of aggregate demand,
and not excessive total debt, such a prospect still remains distant. The most likely pathway continues to be one of
stagnation, with central banks printing just enough money to keep the debt serviceable (and handing it to the financial
sector, which will surely continue to enrich itself at the expense of everyone else). This is a painful and unsustainable
status quo and the debt reset — without an economic miracle, will eventually arrive — will in the long run likely
prove a welcome development for the vast majority of people and businesses.