“We finance Americans’ ambitions with loans for homes, autos, and growing a small business, and provide valuable products and services to more than half of American households.” So said JPMorgan Chase’s CEO and Chairman Jamie Dimon in recent testimony to Congress.
During a Congressional hearing, Representative Rashida Tlaib (MI-Democrat) asked: “Please answer with a simple yes or no, does your bank have a policy against funding new oil and gas products, Mr. Dimon?” Rep. Tlaib’s inquiry to JP Morgan Chase’s chief executive came after she layed out net-zero plans that require a shift away from fossil fuels according to a report in OilPrice, the Washington Examiner, and others in media.
? Rep. @RashidaTlaib asked all major bank CEOs to submit to her ESG agenda and stop funding fossil fuels.
JPMorgan Chase CEO Jamie Dimon: “Absolutely not and that would be the road to Hell for America.” pic.twitter.com/rGX7EjrVZj
— Consumers’ Research (@ConsumersFirst) September 21, 2022
“Absolutely not, and that would be the road to hell for America,” Dimon said in response. He went further, as well, saying the U.S. needed to invest more, not less, in oil and gas.
“We aren’t getting this one right. The world needs 100 million barrels effectively of oil and gas every day. And we need it for 10 years,” Dimon said, adding “To do that, we need proper investing in the oil and gas complex. Investing in the oil and gas complex is good for reducing CO2. We’ve all seen, because of the high price of oil and gas — particularly for the rest of the world — you’ve seen everyone going back to coal.”
How Some Public Officials Play the Game
Some public officials make bold promises but put the fulfillment of those pledges’ years into the future. By the time the promised outcome deadline arrives, the official may have moved onto other things. An example with respect to housing – or the lack of affordable housing – is exemplified in this following tweet.
Gavin Newsom vows to end homelessness in San Fransisco in 10 year…in 2008 pic.twitter.com/m9b5k0pHO7
— Kevin Dalton (@KevinForBOS) September 22, 2022
Needless to say, homelessness in San Francisco and other parts of California exploded since that promise by now Gov. Gavin Newsome (CA-D) was made. It is but one example of the difference between nice sounding promises vs. actual outcomes.
Back to JP Morgan Chase’s top executive, MHProNews in a report on 9.23.2022 noted the following about Dimon.
From the report linked above, is the following pull-quotes.
“JPMorgan CEO and Chairman Jamie Dimon, gave a darker than normal [economic] outlook. Dimon said that Americans are currently being “crushed” by inflation,” per the NY Post in its report about Wednesday 9.21.2022 testimony to Congress.
Per Dimon, “We finance Americans’ ambitions with loans for homes, autos, and growing a small business, and provide valuable products and services to more than half of American households.”
He said it should have been obvious that the sharp boost in federal spending was going to fuel inflation. “The amount of monetary and fiscal stimulus was so large; how could it not drive more inflation and thereby higher rates,” said Dimon according to the Economic Times.
Dimon has described himself as “barely a Democrat” or more famously said: “My heart is Democratic, but my brain is kind of Republican.””
Income, Economy, Interest Rates, Costs Are All Part of the Affordable Housing Mix
It should be obvious that buying a home or keeping the one you have requires having enough income, an adequate credit rating, a healthy (i.e.: manageable) debt to income ratio and other factors in balance.
In that mix, public policies by government officials clearly matter. Banker-business leader Dimon grasps that and reflected that in several of his recent remarks.
The Trump era foreign and domestic policies produced economic growth that raised the boats of millions of Americans, with numbers leaving poverty for greater prosperity. The graphic below from CNN reflected a sharp rise in the incomes of Americans. While incomes are continuing to rise under Biden, inflation has eroded the value of the dollar. The cause of that, per Dimon and others, is runaway spending. As Dimon said: “The amount of monetary and fiscal stimulus was so large; how could it not drive more inflation and thereby higher rates?”
Economic data reflects that most people under Biden are now losing ground again, vs. gaining ground under the Trump-era policies.
The sobering reality of inflation trends is reflected in the graphic below. Note that housing is broken out in the trend line below as pointed out by the orange arrow.
What’s Needed to Effect Change Away from Current Policies
To effect change, voters will have to 1) turn out to vote and 2) know what to vote for and against. For those who like current policies and their impacts, voting Democratic is how that is accomplished. For those who oppose most of the economic and interlaced policies that JCN and others have spotlighted, they should vote Republican. Not voting is essentially a vote for Democrats as that is a status quo stance.
According to Vote.org, SD, VT, VA, WY starts 45 or 46 days before the midterm election. Other states will follow soon.
According to a Washington, D.C. based advisor to non-partisan AMAC Action on 9.22.2022, the following insights are from recent polling. That advisor told AMAC delegates that some of the polls focus on likely voters (LV) while others are registered voters (RV). He said that LVs are what matters more as they are motivated to go vote. Per that metric, Republicans could gain 4 U.S. Senate seats and could swing from being in the minority to being in the majority in the House by some 35 members. These 3 screen shots from that roughly 25-minute briefing this writer for MHProNews attended tells the tale.
Several of the images in this article and on this website, including the one above, can be opened to a larger size. Depending on your device or browser, click on the image and follow the prompts. For example. In some cases, you may need to select ‘open in a new window.’ Then once that new window opens, click it again to increase the size. To return push escape, back arrow, follow the prompts or x out of the new window. An advisor told AMAC Action delegates and chapter leaders that some of the polls focus on likely voters (LV) while others are registered voters (RV). He said that LVs are what counts more as they are motivated to go vote. Several media sources have mentioned that even a sizable percentage of Democrats are disillusioned with current policy outcomes, such as sharply higher prices driven by inflation, the higher cost of gas from 2 years ago, the higher cost of housing, etc. While Democrats do better with those who favor abortion, per a recent NBC News poll, Republicans do better on the economy and controlling the border, NBC said.
Civiqs provided this chart that covered January 19, 2017 — September 22, 2022:439,022 Responses:
? I sent a letter with 13 of my @HouseGOP colleagues to @SecMayorkas demanding answers about Venezuela releasing violent prisoners early and pushing them to join caravans heading towards our southern border.
We need transparency and accountability from this administration. pic.twitter.com/zqx4yCtEP6
— Congressman Troy Nehls (@RepTroyNehls) September 22, 2022
Disclosure. MHLivingNews/MHProNews are operated by political independents. We call balls and strikes based on facts, evidence, historic trends, and objective reasoning. ##
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That’s a wrap on this installment of “News through the lens of manufactured homes and factory-built housing” © where “We Provide, You Decide.” © ## (Affordable housing, manufactured homes, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports, further below. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)
By L.A. “Tony” Kovach – for MHLivingNews.com.
Tony earned a journalism scholarship and earned numerous awards in history and in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com. This article reflects the LLC’s and/or the writer’s position, and may or may not reflect the views of sponsors or supporters.
Connect on LinkedIn: http://www.linkedin.com/in/latonykovach
Recent and Related Reports:
The text/image boxes below are linked to other reports, which can be accessed by clicking on them.
Celebrities, Millionaires, Billionaires and Their Appealing Manufactured Homes
Lifestyles of the Rich and Frugal: Manufactured Mansions Take Their Place in the California Sun
Urban Institute – ‘The Role of Manufactured Housing in Increasing the Supply of Affordable Housing’ in the U.S.A., Unpacking UI’s Deep Dive into Manufactured Homes Research in July 2022