Jamie Dimon: The Worst Is Over

Even in the worst of times, Jamie Dimon keeps sprinting ahead in his winning streak.

Although Dimon said his JPMorgan Chase's profit plunged 50 percent - and openly warned housing will only get worse - he drew enough investor cheering to help fuel a powerful stock rally across three continents yesterday.

The Dow Jones industrial average jumped 2.1 percent to 12,619.27, up 256.80, and the S&P's 500 index rose 30.28, or 2.3 percent, to 1,364.71. The Nasdaq composite index gained 2.8 percent to 2,350.11, up 64.07.

Read the whole story here.

Comments

[CaptainSunshine]

Now, just hand over my billion dollar bonus check and back dated options!!!!

[dolphy]

There are about 10 million more mortgages that will adjust in the next four years. This guy is selling us something, to say the least.

[Moxo]

Reminds of of the famous "Major combat operations are over" utterance.
Also of the equally famous line, "We will only spend $1.7 Billion to rebild Iraq".

[Weathermaker]

I don't buy it.

"More Americans Are Walking Away From Their Homes"
http://www.cnbc.com/id/24187419

"Rapid house price falls in many parts of the United States will soon leave as many as one in five borrowers owing more on their loan than the house will fetch"

Does this CEO know what this means?

"I don't know where the tipping point is," Wachovia chief risk officer Don Truslow told analysts on a conference call. "But somewhere when a borrower crosses the 100 percent loan to value, somewhere north of that...their propensity to just default and stop paying their mortgage rises dramatically and really accelerates up. It's almost regardless of how they scored, say, on FICO or other kinds of credit characteristics."

Did anyone say "depression"?

[forpeace]

*

"Jamie Dimon: The Worst Is Over"

......... till next time, when Government bail you out with Tax Payer's Money AGAIN!!!!!!!!

*

[dgscol]

That is exactly what they said before the 29 crash. It is turning around. Actually all they wanted to do was get back to what they were doing before rather than restructuring, which was what doomed them. There were difficulties to overcome, and they wanted to act like there were not any.

[swift goat pet for truth]

I see he has bet the US taxpayer's money on it.
I see he has bet his stockholder's money on it.

I wonder if he has bet any of HIS money on it.

Oh, wait, even if he has, and loses all of it, he has his JPM golden parachute....

[joebhed]

To the Canadian
I'm with you.
To everyone else.
WHY THE FU*&^$ are we writing in red?

[joebaggadonuts]

Maybe he has looked at the Bear portfolio he was given and, minus 29 billion, it looks pretty good. Unless the credit squeeze continues or there's an "unforseably deep" recession, his firm will be OK with that. That's what he's saying.

[GerryS]

Jamie, it ain't over until you gotta use your golden parachute. NEXT!

[nogimmicks]

Just two numbers:

100B : a gift to the super rich JP Morgan by the government forced on the taxpayers.

[nogimmicks]

5B is the entire annual budget spent on cancer research.

(Note: cancer kills one American every minute).

[Jason357]

Before last August, they said everything was fantastic. After Jan 08, no where to go but up, now they promise after March that it's really better this time. They all denied a recessin two weeks ago, now they're trying to say we're over half way through it.

[totalliberal]

These are the guys who invented moving money around as many times as possible and taking a cut for themselves each time it's moved. They are leaches and produce nothing. But he did do his job well, he got us to pay for his BS.

[MetalCanuck]

HAHAHAHAHAHA!!!!
LOL

The car hasn't even hit the fan yet...this is just the BEGINNING2nd inning folks. This fist Inning started in 1987 with free trade...now we are hitting the second.

[mmckinl]

Lies, Lies, Lies ....

The new estimates for losses from the mortgage meltdown are well over 1 trilion and less than half that has been written off ...

The real story on the mortgage mess : Mr Mortgage

http://www.youtube.com/watch?v=pmeBSWI9sF8