Jamie Dimon, chairman of JP Morgan Chase, has warned American investors should be more worried about the risk of default of the state of California than of Greece's current debt woes.
Mr Dimon told investors at the Wall Street bank's annual meeting that "there could be contagion" if a state the size of California, the biggest of the United States, had problems making debt repayments. "Greece itself would not be an issue for this company, nor would any other country," said Mr Dimon. "We don't really foresee the European Union coming apart." The senior banker said that JP Morgan Chase and other US rivals are largely immune from the European debt crisis, as the risks have largely been hedged.
California however poses more of a risk, given the state's $20bn (£13.1bn) budget deficit, which Governor Arnold Schwarzenegger is desperately trying to reduce.
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Unemployment benefits WILL NOT BE EXTENDED. See this: http://americaspeaksink.com/2010/02/unemployment-benefits-deniedover-a-million-families-destroyed/
ReplyDeleteAnyone who was on unemployment and needed the extensions are out of luck. Those who will get a few more months of unemployment, same goes for you.
Glad I don't live in CA, there are sure to be riots soon enough when all those on the take realize the party is over, and all they have left to show for it is a party favor. If I was living in CA I would be looking really hard at moving, at least if you live in a major city or suburb(ahem, LA, SF, etc)
ReplyDeleteThis will make the Rodney King riot look like a block party
I live in L.A. county , The well off beach section. My city and those around me, have strong police departments. We are very safe today. I have purchased a safe house in another state 6hours away. We will not be any match for the masses two miles from here. I urge others along the coast to have a place ready to start their new life away from here. The time is now!
ReplyDelete5:29, can you elaborate please?
ReplyDeleteI was in CA last month on a road trip, and thought what a beautiful state. I did notice all the for sale and lease signs for the commercial RE tho.......can you tell me is there the same nervousness in the air as there is elsewhere?
Hello 929 P.M., Yes I think with the U.S. citizens that live here their is. The older and educated. I mean older as in 35 plus. Anyone that has led a responsible life out here knows. However, their are so many liberals here that they do not want to see the truth because they believe in welfare or the nanny state. I understand that some are buying weapons and taking self defense classes. I know that is not going to help here as we have millions of armed gangs close by.
ReplyDeleteHello again 929 P.M. The residential R.E. is bad too. Rents are dropping,sale prices are down big. The experts deny this.If you have property too sell you know the truth.Small business is going out every week. Many have been holding on borrowing from family and friends. Some spending their life savings to just to stay open until things pick up. Now they are seeing they wasted that money and things are not getting better at all. It is sad to see.
ReplyDeleteI would agree 10:59, thanks for the feed back. One thing that just struck me was when I drove up the central valley to Sacremento, going through a smaller city of Elk Grove, where there is an unfinished mall, just sitting there south of town, called the Elk Grove Promenade, very sad to see this, and also I noticed going past the ARCO arena area there were several buildings that just look like a metal skeleton, I have heard they are hurting there too.
ReplyDeleteI live in the upper Midwest, northern Iowa, where things still seem pretty good to most folks so it's hard for me to tell family and friends to prepare, they look at me like I came from outer space. Folks are too insulated from reality in these parts sad to say
1114 P.M. My family came from Waverly Iowa, to L.A. in 1910. A hundered years ago this year. I was just on the Wartburg college site tonight looking at our home we donated to the college in 1930. It is used for faculty offices now. Any way, my brother and family think I'm nuts too. It pains me to think of what will happen to them money wise and their safety. I also know I'm a softy and have planned accordingly. Lucky Dog! I feel for you in regards to family. Some close friends have come to the same conclusions you and I have though.
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