Why Dimon Screeches Over 10% Credit Cards.....

Jamie Dimon is the Big Kahuna at JPMorgan Chase, a Big Kahuna Bank in New York City.

His Big Kahuna Bank issues lots of credit cards getting interest rates of anywhere between 15-30%.  That's an excellent return, to say the least.  Some would call it "Usury," but let's not get hung up there.

Dimon started screaming like a stuck pig about Trump's desire to max out credit card rates at 10%.  Dimon predicted all sorts of maladies beginning with 'some people will not get (usurious-rate) credit,' then moving to 'the economy will collapse if people cannot get credit cards,' and going apocalyptic over the Rise of the Oceans and Baking of the Plains.

Well, maybe he didn't say that last thing.

Anyhow, why is Jamie really crying?

Trump-ism writ large.  The Treehouse has the story.

...As noted in the beginning of the WEF panel discussion by Christine Legarde, the construct of global economics was built upon a foundation of interdependent trade dependencies.  If nations are no longer reliant upon other nations for sourcing of goods and services, the global construct of banking and finance then begins to collapse.

Globalism in its economic construct is a series of dependencies. If those dependencies are severed, if each country has the ability to feed, produce and innovate independently, then the entire dependency model around globalism collapses.

Within the globalism model that was historically created there was a group of people, western nations, banks, finance and various government leaders, who controlled the organization and rules of the trade dependencies.  The action being taken for self-sufficiency, in combination with the approach promoted by President Trump that each nation state should generate their own needs, then the rules-based order that has existed for global trade will collapse. ...

 IOW, Jamie and his ilk--they are Legion--will become near-irrelevant.  They will no longer make the rules, they will no longer be a necessary global evil.........and if you combine that with a cap of 10% on credit cards, Jamie and his cabal may have to live on compensation packages of far less than $50 million/year.

Awwwwww........