Or @Eventhorizon, maybe you're just not very good at estimating the intelligence of others? I can't really explain it.
[PAX] My Idiot President
- Thread starter Stu
- Start date
That is possible. But if you are looking on the outside in, who is good at making that type of estimation? What scale do you use and how could you prove you are good at it?
Do you need to try to buy something without money to be sure that you can't do it? By all means, try it.
And yes, I'm sure. Your interrogation of it strikes me as preposterously silly.
Maybe you aren't very aware of what it takes to achieve high academic results in postgraduate degree courses.
Anyway, I don't know, there might be multiple different ways to go about it. Like assembling and directing a skilled and knowledgeable team, as you mentioned. Which Trump doesn't seem to competent to achieve, as his team consists largely of unqualified people personally related to him in some way, and is otherwise consistently crumbling around him.
Are you sure you're not Elizabeth Warren kicking people all around the interwebs in the virtual nuts just to let steam off while fighting the GOP? I mean, I don't know guys, but she looks like she has a really twisted sense of humour. I mean, it's not impossible, right?
Ok so Trump is not intelligent a d not competent to create a team we both agree is needed to run the county. And yet, Trump has become very wealthy.
Now this may or may not be true but I remember reading that his father was wealthy and gave him a million dollars. Trump turned that million into a 5 Billon net worth. It seems to me that your person of average intelligence would have a hard time doing that.
Many people do not like my view of school in general. We have entire generations of people going into deep debt to go to school and achieve What? What does school really teach people. I am a person who doesn't need to take classes to not only be able to do something but to excell at it past all others. I always have...so long as I am interested in it. Want me to design rockets? No problem. Want me to cure cancer, no problem. Want me to sell people things they don't need to that the parasitic company I work for can become even more rich of unsuspecting people...yeah there's a problem. But yes, I did not do well in high school until my last year. Then when I went to community college I received A's. In High School I simply figure out how to do the least work possible and still pass.
Um, he was wealthy when he started. Many financial analysts claim that if he had invested his inheritance into a conservative portfolio his wealth would be about where it is now. Not to say that he did not make money but it is not like he built it from nothing.
He seems out of his depth as president. That may change but he really seems like a disruptive place holder rather than a leader capable of effective change. (just my opinion).
He seems out of his depth as president. That may change but he really seems like a disruptive place holder rather than a leader capable of effective change. (just my opinion).
More and more a college degree is a necessary thing to have in order to find a job that pays a decent wage.
And yes...many people are in terrible debt...the wise thing to do would be to move to Germany for a few years and attend for free all while gaining some worldly culture and hooking up with cute German girls/boys.
Or any of the other countries where anyone can go to college for free.
Why can’t we have that here?
At the very least, let’s pay for community college and post-HS vocational training.
It always irks me when I see commercials on TV for private for-profit vocational colleges offering to train you as a Medical Assistant or similar.
The thing is...most MA get minimum wage or somewhere around $10-12 an hour if they are lucky.
It’s a lot of physical work (depending on where you work) for shit money and no respect....but then on top of that, you now have a $25,000 + loan to pay back with your shit wage the school ropes people into with false promises of having a good job.
For most people...it’s not affordable.
We already have a dumbing down of America...most kids have no clue what The Bill of Rights even is...much less be able to recite any part of it.
Our history in many areas is glossed over...and even if the kids are taught a well-rounded class on US History, most of them are too busy playing on their phones.
There is a good swath of the US that is zombified....apathetic to the world around them...apathetic to politics that could drastically change their lives.
It’s frustrating, but you can’t make someone who doesn’t care - care.
I was much the same way in HS and College...I never took notes I just paid attention in class and it would stick...provided it was something that interested me, much like you described.
As for Trump making money from his tiny million dollar loan...it’s just not true.
There is much more in the story of how he made his money...and just like @Stu said - "Not to say that he did not make money but it is not like he built it from nothing.”
It’s much easier to make wealth if you have money to invest in things that will pay off.
You don’t see Mom and Pop investing their retirement in real estate or hedge funds because they don’t have the capital to waste should they go belly up...thus they remain in their income bracket because they cannot afford to invest.
Most people in the US are severely retirement poor...Baby Boomers on down...it’s not that most of them are stupid or not intelligent or even uneducated, it’s that there are fewer and fewer well paying jobs that have kept up with inflation since the late 70’s.
Wages have basically stagnated for almost 40 years now while everything else has continuously inflated...college, healthcare, etc. - oh around 1000% increase in prices in most cases.
Food:
http://www.foxbusiness.com/features/2011/05/05/10-everyday-grocery-items.html
1. Bread
What you pay now: $1.41 (average price for a pound of white bread)
What you paid…
Last year: $1.37
5 years ago: $1.08
10 years ago: $1.00
15 years ago: $0.88
20 years ago: $0.71
25 years ago: $0.57
30 years ago: $0.53
2. Butter
What you pay now: $3.69 (average price for a pound of salted butter)
What you paid…
Last year: $3.13
5 years ago: $2.92
10 years ago: $3.30
15 years ago: $2.05
20 years ago: $1.94
25 years ago: $2.15
30 years ago: $1.99
3. Eggs
What you pay now: $1.73 (average price for a dozen Grade-A eggs)
What you paid…
Last year: $1.66
5 years ago: $1.31
10 years ago: $0.93
15 years ago: $1.11
20 years ago: $0.99
25 years ago: $0.87
30 years ago: $0.90
4. Steak
What you pay now: $4.46 (average price per pound of round USDA choice steak)
What you paid…
Last year: $4.28
5 years ago: $4.00
10 years ago: $3.50
15 years ago: $3.12
20 years ago: $3.41
25 years ago: $2.77
30 years ago: $2.86
5. Bananas
What you pay now: $0.62 (average price for a pound of bananas)
What you paid…
Last year: $0.58
5 years ago: $0.50
10 years ago: $0.51
15 years ago: $0.49
20 years ago: $0.48
25 years ago: $0.39
30 years ago: $0.36
6. Potato Chips
What you pay now: $4.84 (average price for a 16-ounce bag)
What you paid…
Last year: $4.64
5 years ago: $3.47
10 years ago: $3.43
15 years ago: $3.06
20 years ago: $2.96
25 years ago: $2.68
30 years ago: $2.28
7. Chocolate Chip Cookies
What you pay now: $3.22 (average price for a pound of chocolate chip cookies)
What you paid…
Last year: $3.25
5 years ago: $2.88
10 years ago: $2.44
15 years ago: $2.58
20 years ago: $2.69
25 years ago: $1.99
30 years ago: $1.73
8. Bacon
What you pay now: $4.54 (average price for a pound of sliced bacon)
What you paid…
Last year: $4.11
5 years ago: $3.44
10 years ago: $3.26
15 years ago: $2.47
20 years ago: $2.22
25 years ago: $2.08
30 years ago: $1.67
9. Tomatoes
What you pay now: $2.09 (average price for a pound of field-grown tomatoes)
What you paid…
Last year: $1.69
5 years ago: $1.73
10 years ago: $1.32
15 years ago: $1.21
20 years ago: $1.01
25 years ago: $0.82
30 years ago: $0.77
10. Ice Cream
What you pay now: $4.92 (average price for a half gallon of ice cream)
What you paid…
Last year: $4.47
5 years ago: $3.75
10 years ago: $3.70
15 years ago: $2.86
20 years ago: $2.58
25 years ago: $2.36
30 years ago: $2.02
Or how about the price of Gasoline...the price of healthcare....the price of child care....the price of everything?
All have inflated by triple digits while we can’t even pay a minimum wage of $15.
It’s far too generous by most GOP standards.
If you really want to “raise all boats”...then how about we pay people enough to live on so they don’t need to take welfare in the form of food stamps or money?
That just makes common sense.
By giving people a living wage you are stimulating the economy because people have more personal wealth to spend.
Whereas right now most people are living paycheck to paycheck...extras and frills are getting more and more sparse because people just can’t afford to go drop $50 for two people to see a movie in 3D (popcorn, soda, etc.)...they are too busy paying off medical bills.
Too busy making sure they have gas money...rent money (which has also inflated substantially).
And now we have an Education Secretary who wants to privatize public K-12 school...what they don’t tell you about the vouchers is they won’t cover the full cost of tuition in most cases....it will be up to the parents to pay now if she gets her way.
Trump’s “healthcare” was nothing but a tax giveaway to the rich....Trump himself would have gotten a $2,000,000.00 + subsidy he could write off.
Meanwhile the bill throws 24 Million + off health insurance....58 million would have no insurance in a decade.
And it would have hurt the most vulnerable amongst us...the elderly, the disabled, 8 million children, the poor, etc.
It would raise premiums and cut tax credits for working folks...and would increase prices on the elderly to an average cost of 55% + of their yearly gross income.
Trying to deregulate Wall St.(Dodd-Frank) while putting the American public on the hook for it again should it crash again.
Cutting Meals on Wheels....cutting free school lunches for poor children...cutting subsidies for the poor on heating oil so they don’t freeze to death...cutting the EPA by 30% while denying that Global Warming exists and is severely impacted by mankind spreading like a parasite over the planet.
The Earth is like a rotting peach and humans are the mold rotting it.
We don’t need to give tax breaks to any more Oil companies...GE doesn’t need tax breaks...Apple doesn’t need tax breaks...the amount of Corporate Welfare that the working man/woman’s tax dollars go to pay for is disgusting.
It’s far more than any welfare that is paid to the poor and ill and elderly....which it now seems is under the chopping block once again.
But Trump has the money to build a giant billions and billions of dollars worth of wall along the border.
We have the money to double our Naval ships and we are stupidly investing in the creation of more nukes...as if the 7,700 warheads deployed around the world by the US isn’t enough to destroy the entire Earth already 50x over.
We have money for all that....but not any money to care for and educate the very citizens' who pay the bulk of the taxes in the US.
$21 Trillion.
That is the estimated amount of money that is in offshore un-taxable accounts.
Trump still has not released his tax returns...but we know he paid no taxes several years.
That’s not “smart” as he gloated about....it’s not contributing to the society in which you live.
Anyone who has ever paid taxes must be a fucking idiot right?
The amount of loopholes that the rich and wealthy enjoy that have been snuck into legislature here and there is exactly how Sanders would have paid for College for all.
And other loopholes for the wealthy would have paid a significant amount toward healthcare for all.
Speaking of which...Trump promised healthcare for all....much better....much cheaper...the government will pay for it.
Does anything Trump says have any integrity to it?
Pretty sad indeed.
Fact Checker
Trump’s false claim he built his empire with a ‘small loan’ from his father
“It has not been easy for me. And you know I started off in Brooklyn, my father gave me a small loan of a million dollars.”
–Donald Trump, at a town hall appearance, Oct. 26, 2015
“He (Marco Rubio) also said I got $200 million from my father. I wish. I wish. I got a very, very small loan from my father many years ago. I built that into a massive empire and I paid my father back that loan….The number is wrong by a factor of hundreds of — I mean, by a fortune. I got a small loan. I started a business.”
–Trump, news conference, Feb. 26, 2016
A big part of Donald Trump’s mythology is that he built a real estate empire by himself.
Yet his father, Fred Trump, was at one point one of the richest men in America after constructing apartment complexes for the middle-class in Brooklyn and Queens. Donald Trump’s insight was to cross the river and start building in Manhattan, a much more prominent stage for the publicity-conscious would-be billionaire.
Rubio’s claim that Trump received a $200-million inheritance appears too high, though the real figure is elusive. As far as we can determine, the assets distributed to Fred C. Trump’s descendants before and after his death in 1999 has not been revealed. The Daily News in 2000 cited family estimates that his estate was worth $100 million to $300 million but The New York Times recently found documents in Queens Surrogate Court that show that Fred Trump, in his will, divided $20 million among his four surviving children, among other distributions after estate taxes. (The will was contested by the children of his oldest son, Fred C. Trump Jr., who had passed away.)
Trump’s father, like most wealthy individuals, also set up trusts before he died. Donald Trump admitted in a 2007 deposition that he borrowed at least $9 million from his future inheritance when he encountered financial difficulties. The documents (appended at the end of this article) suggest some property—worth, after expenses, about $30 million–was kept in trust after Fred Trump’s death to provide income to his wife, who died in 2000. So that also was presumably divided by the children after her death.
Let’s examine in more detail Trump’s claim that his rise to fortune was fueled by a “small loan.”
The Facts
The building of the Grand Hyatt hotel in 1978 near New York’s Grand Central station was a key element of Trump’s first big deal in Manhattan — obtaining an option on old Penn Central railroad properties. The new hotel, which replaced an aging Commodore property, helped put Trump on the map.
There was a nearly $1 million loan from Trump’s father that was part of the deal — Fred Trump’s Village Construction Corp. provided the loan to help repay draws on a Chase Manhattan credit line that Fred Trump had arranged for his son as he built the hotel. But that loan was only a small part of the father’s involvement in the deal.
Trump’s father — whose name had been besmirched in New York real estate circles after investigations into windfall profits and other abuses in his real estate projects — was an essential silent partner in Trump’s initiative. In effect, the son was the front man, relying on his father’s connections and wealth, while his father stood silently in the background to avoid drawing attention to himself.
Fred Trump — along with the Hyatt hotel chain — jointly guaranteed the $70 million construction loan from Manufacturers Hanover bank, “each assuming a 50 percent share of the obligation and each committing itself to complete the project should Donald be unable to finish it,” according to veteran Trump chronicler Wayne Barrett in his 1992 book, “Trump: The Deals and the Downfall.”
Fred Trump’s signature on the guarantee ensured the new hotel would get built. “No document in the long paper trail attached to the Commodore deal better demonstrated the lack of bank confidence in the Donald or the project, and none made clear the limits of his promoter role,” Barrett wrote. Trump simply did not have the credit or connections to obtain such financing on his own. “It was Fred’s two-decade-old relationship with a top Equitable officer, Ben Holloway, that had helped entice them to do the project.”
Donald Trump makes no mention of his father’s secret — and essential — role in his 1987 memoir, “The Art of the Deal.”
In 1976, The New York Times published a fawning profile of Trump in which he was quoted as saying he was worth $200 million, even though he was only 30. But that figure –which has been widely cited – was false, according to examination of Trump’s finances in 1981 by the Casino Control Commission. (The document is embedded below.)
Trump’s tax returns at the time indicated his salaried income in 1976 was less than $100,000 a year, which he received as an officer in his father’s company. (His father remained chief executive of the company.) His income taxes reported $76,000 in income in 1975, $25,000 in income in 1976 and $118,000 in income in 1977. He paid no income tax in 1978 and 1979 as he reported negative income, likely because of tax shelters.
Trump also benefited from three trusts that had been set up for family members. In 1976, Fred Trump set up eight $1 million trusts, one each for his five children and three grandchildren, according to the casino document. (That today would be worth about $4 million in inflation-adjusted dollars.) The 1976 Trust paid Trump $19,000 in 1977, $47,200 in 1978, $70,000 in 1979, $90,000 in 1980 and $214,605 in 1981. Trump also received about $12,000 a year from a 1949 trust set up by his father and nearly $2,000 a year from another 1949 trust created by his grandmother. He also received a $6,000 gift every December from his parents.
The casino document lists several other loans from Trump’s father to his son, including a $7.5 million loan with at least a 12-percent interest rate that was still outstanding in 1981.
[Update, Sept. 23: The Wall Street Journal reported that a 1985 casino-license document showed that Donald Trump owed his father and father’s businesses about $14 million.]
In 1993, according to the 2005 book “TrumpNation,” by Timothy O’Brien, the children of Fred C. Trump expected to receive about $35 million each when their father passed away. With his casinos failing in the early 1990s, Donald Trump needed to borrow about $10 million to fund his living and office expenses but could offer no collateral to his siblings. He later sought another $20 million but his siblings balked, and a smaller amount was arranged, O’Brien said.
Trump insisted to O’Brien he had made “zero borrowings from the estate” and later unsuccessfully sued the author for libel. In a 2007 deposition related to the lawsuit, Trump admitted he had borrowed “a small amount” from his father’s estate: ‘I think it was like in the $9 million range.”
As Trump’s casinos ran into trouble, Trump’s father also purchased $3.5 million gaming chips, but did not use them, so the casino would have enough cash to make payments on its mortgage — a transaction which casino authorities later said was an illegal loan.
The Pinocchio Test
Trump protests too much when he says that Rubio’s $200-million figure is “wrong by a factor of hundreds.” Trump likely did not inherit $200 million by himself, though perhaps that was the size of the father’s estate, before taxes.
Moreover, Trump’s claim that he built a real-estate fortune out of a “small” $1 million loan is simply not credible. He benefited from numerous loans and loan guarantees, as well as his father’s connections, to make the move into Manhattan. His father also set up lucrative trusts to provide steady income. When Donald Trump became overextended in the casino business, his father bailed him out with a shady casino-chip loan—and Trump also borrowed $9 million against his future inheritance. While Trump asserts “it has not been easy for me,” he glosses over the fact that his father paved the way for his success — and that his father bailed him out when he got into trouble.
For ignoring and playing down the substantial advantages his father’s wealth gave him, Trump earns Four Pinocchios.
Four Pinocchios
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9:31 PM
September 26 by Glenn Kessler
Fact Check: How much help did Trump’s father give his son?
“He started his business with $14 million, borrowed from his father.”
–Hillary Clinton
“My father gave me a very small loan in 1975, and I built it into a company that’s worth many, many billions of dollars.”
–Donald Trump
THE FACT CHECKER | Clinton is more correct here than Trump. She appears to be referring to a recent Wall Street Journal on Sept. 23 reported that a 1985 casino-license document showed that Donald Trump owed his father and father’s businesses about $14 million.
Trump joined his father’s thriving real estate business after college and that he relied on his father’s connections as he made his way in the real estate world.
For instance, Fred Trump — along with the Hyatt hotel chain — jointly guaranteed the $70 million construction loan from Manufacturers Hanover bank, “each assuming a 50 percent share of the obligation and each committing itself to complete the project should Donald be unable to finish it,” according to veteran Trump chronicler Wayne Barrett in his 1992 book, “Trump: The Deals and the Downfall.”
Trump also benefited from three trusts that had been set up for family members. In 1976, Fred Trump set up eight $1 million trusts, one each for his five children and three grandchildren, according to a casino document. (That today would be worth about $4 million in inflation-adjusted dollars.) The casino document lists several other loans from Trump’s father to his son, including a $7.5 million loan with at least a 12-percent interest rate that was still outstanding in 1981.
In a 2007 deposition, Trump admitted he had borrowed “a small amount” from his father’s estate: ‘I think it was like in the $9 million range.” And as Trump’s casinos ran into trouble, Trump’s father also purchased $3.5 million gaming chips, but did not use them, so the casino would have enough cash to make payments on its mortgage — a transaction which casino authorities later said was an illegal loan.
Many experts doubt Trump’s claims that he is really worth as much as $10 billion. Bloomberg News pegged his net worth at $2.9 billion, based on an analysis of his personal financial disclosure form.
This is from the Washington-Post who leans left. I have no idea if any of this information is accurate, it seems legitimate enough though.
September 26 by Glenn Kessler
Fact Check: How much help did Trump’s father give his son?
“He started his business with $14 million, borrowed from his father.”
–Hillary Clinton
“My father gave me a very small loan in 1975, and I built it into a company that’s worth many, many billions of dollars.”
–Donald Trump
THE FACT CHECKER | Clinton is more correct here than Trump. She appears to be referring to a recent Wall Street Journal on Sept. 23 reported that a 1985 casino-license document showed that Donald Trump owed his father and father’s businesses about $14 million.
Trump joined his father’s thriving real estate business after college and that he relied on his father’s connections as he made his way in the real estate world.
For instance, Fred Trump — along with the Hyatt hotel chain — jointly guaranteed the $70 million construction loan from Manufacturers Hanover bank, “each assuming a 50 percent share of the obligation and each committing itself to complete the project should Donald be unable to finish it,” according to veteran Trump chronicler Wayne Barrett in his 1992 book, “Trump: The Deals and the Downfall.”
Trump also benefited from three trusts that had been set up for family members. In 1976, Fred Trump set up eight $1 million trusts, one each for his five children and three grandchildren, according to a casino document. (That today would be worth about $4 million in inflation-adjusted dollars.) The casino document lists several other loans from Trump’s father to his son, including a $7.5 million loan with at least a 12-percent interest rate that was still outstanding in 1981.
In a 2007 deposition, Trump admitted he had borrowed “a small amount” from his father’s estate: ‘I think it was like in the $9 million range.” And as Trump’s casinos ran into trouble, Trump’s father also purchased $3.5 million gaming chips, but did not use them, so the casino would have enough cash to make payments on its mortgage — a transaction which casino authorities later said was an illegal loan.
Many experts doubt Trump’s claims that he is really worth as much as $10 billion. Bloomberg News pegged his net worth at $2.9 billion, based on an analysis of his personal financial disclosure form.
This is from the Washington-Post who leans left. I have no idea if any of this information is accurate, it seems legitimate enough though.
I guess we'll never really know, since most people don't get given a million dollars to play with, and since they aren't born into a credit network as powerful as Trump's father's was.
Why are you spending time on this forum rather than curing cancer? What do you do for a living exactly?
Lots of people win the lottery...come into money and lose it all.
As for me I am not doing much of anything. Just spinning my wheels. Getting drunk occasionally. Why would I bother with curing cancer?
That's wrong. Very few people win the lottery.
People who win it typically don't lose it all, they typically give away what is not necessary to living a comfortable life for them. That doesn't mean that they're not intelligent, it means that they're not interested in accumulating cash.
Also, they are not born into Trump's wealthy materialistic family background, with all of the social and material connections that entails.
You are some kind of lazy asshole perhaps, not interested in exerting yourself to help others? You prefer to watch human beings suffer unnecessarily, when you have the means to ease their torment, and to advance human endeavour, contributing to scientific achievement and making the world a better place? You just couldn't be fucking bothered to do anything for others with your life, you would rather spend your time "spinning your wheels" and "getting drunk occasionally"? You're not "stupid" - on the contrary you are very intelligent - however you are just a lousy person, a noncontributing leech on society?
Trump advisor Steve Bannon removed from National Security Council.
Good.
Assclown.
Bannon Removed From National Security Council Role in Shakeup
President Donald Trump reorganized his National Security Council on Wednesday, removing his chief strategist, Stephen Bannon, and downgrading the role of his Homeland Security Adviser, Tom Bossert, according to a person familiar with the decision and a regulatory filing.
https://www.bloomberg.com/politics/articles/2017-04-05/bannon-removed-from-national-security-council-role-in-shakeup
Good.
Assclown.
Bannon Removed From National Security Council Role in Shakeup
President Donald Trump reorganized his National Security Council on Wednesday, removing his chief strategist, Stephen Bannon, and downgrading the role of his Homeland Security Adviser, Tom Bossert, according to a person familiar with the decision and a regulatory filing.
https://www.bloomberg.com/politics/articles/2017-04-05/bannon-removed-from-national-security-council-role-in-shakeup
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Dimon Warns ‘Something Is Wrong’ With the U.S.
by
Laura J Keller
April 4, 2017, 10:56 AM PDT
by
Laura J Keller
April 4, 2017, 10:56 AM PDT
- Annual letter offers detailed assessment of economic problems
- ‘It is understandable why so many are angry,’ Dimon writes
Dimon, leader of world’s most valuable bank and a counselor to the new president, used his 45-page annual letter to shareholders on Tuesday to list ways America is stronger than ever -- before jumping into a much longer list of self-inflicted problems that he said was “upsetting” to write.
Here’s the start: Since the turn of the century, the U.S. has dumped trillions of dollars into wars, piled huge debt onto students, forced legions of foreigners to leave after getting advanced degrees, driven millions of Americans out of the workplace with felonies for sometimes minor offenses and hobbled the housing market with hastily crafted layers of rules.
Read more on visas: Dimon alarmed that foreigners can’t stay
Dimon, who sits on Donald Trump’s business forum aimed at boosting job growth, is renowned for his optimism and has been voicing support this year for parts of the president’s business agenda.
In February, Dimon predicted the U.S. would have a bright economic future if the new administration carries out plans to overhaul taxes, rein in rules and boost infrastructure investment.
In an interview last month, he credited Trump with boosting consumer and business confidence in growth, and reawakening “animal spirits.”
Understands Anger
But on Tuesday, reasons for concern kept coming.
Labor market participation is low, Dimon wrote.
Inner-city schools are failing poor kids.
High schools and vocational schools aren’t providing skills to get decent jobs.
Infrastructure planning and spending is so anemic that the U.S. hasn’t built a major airport in more than 20 years.
Corporate taxes are so onerous it’s driving capital and brains overseas.
Regulation is excessive.
“It is understandable why so many are angry at the leaders of America’s institutions, including businesses, schools and governments,” Dimon, 61, summarized. “This can understandably lead to disenchantment with trade, globalization and even our free enterprise system, which for so many people seems not to have worked.”
Dimon’s name repeatedly came up last year as a potential Treasury secretary after Trump rode a wave of populism to win the November election.
The job ultimately went to Steven Mnuchin, a former Goldman Sachs Group Inc. partner who had served as the campaign’s national finance chairman.
While Dimon’s letter marked a shift in his typical tone, he said he remains optimistic about JPMorgan’s ability to expand and profit.
And the bank’s leaders have confidence in the underlying growth of the U.S. and global economies, he said.
Still, the U.S. is paying the price for bad decisions, and “something has gone awry in the public’s understanding of business and free enterprise,” he said.
“We need trust and confidence in our institutions,” he concluded.
“Confidence is the ‘secret sauce’ that, without spending any money, helps the economy grow.”
Dear Fellow Shareholders...
Here is the PDF of the 45 page letter Dimon wrote...pretty interesting.
https://www.jpmorganchase.com/corporate/investor-relations/document/ar2016-ceolettershareholders.pdf
Here is the PDF of the 45 page letter Dimon wrote...pretty interesting.
https://www.jpmorganchase.com/corporate/investor-relations/document/ar2016-ceolettershareholders.pdf
To the first point, so you know a lot of people who have won. There by knowing most donate what they don't need? I can't disprove that but I am going to tell you I dont believe it.
As for the second I read this as, "Dance monkey dance! Fix the world's problems, do our bidding!" To which I simply say, "No."
I am not required to. See, that's a basic falicy of liberal thinking. You think that if you place everyone on equal ground those people who have brought so much to the world would continue to do so just because they can. While some might I think you'll find it's to far lesser than you think. I can ease suffering, I simply have no interest in doing so...have no interest in being forced to do so without a suitable payment for it.
Society works but not because it is giving.
I think they usually give it to their friends and family when they ask for it because they don't know how to say no and aren't used to having that much money.
Trump was raised in a wealthy environment where he was surrounded with and accustomed to money and people who are the same. Normal people who get that kind of money don't have that kind of advantage. As others pointed out, Trump hasn't even made more money than the most moderate investing would have achieved. He's also at times sustained massive losses.
They're not doing it for free, they're getting paid for their labour. This is not liberal thought, it's market thought. What kind of payment would be good enough to motivate you? Something that humans can't currently offer to you? You don't really believe in the power of the market economy to provide appropriate payment?
What I was suggesting is not that you're required to do it. Just that your behaviour in not doing it is irresponsible and unfeeling. Do you think that there could be something wrong with you, that the suffering of others does not motivate you to lift a finger to help, when you are so capable of it? It seems sadistic, as though you enjoy looking on while others suffer. Everything that humanity struggles with is easy for you, to the extent that curing cancer is "no problem", yet rather than make the slightest effort to help, which would hardly inconvenience you at all, you prefer to look at all the human torment and what... laugh at it maybe? Is that what it's like to be God?
INFJs are generally trying to make the world a better place. Why do you think that you belong among a community of people who believe in the value of unselfishly giving back to humankind, when you are a person who feels no obligation to return any kind of work at all to society for supporting your development and continued existence through its infrastructure?
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