iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
19,445 Blog Posts

Jamie Dimon Is Full of Shit — Poor People Have Always Been Left Behind

This is the brand of lip service I enjoy most, just like white people being racist against white people and black people just sit back and say to themselves “damn those people are crazy.”

Here’s Jamie Dimon, CEO of America’s largest and most prominent bank telling people that poor people, mind you, have been left behind. This is a person who is literally part of the process of quarantining money away and out of the hands of poor people — responsible for low wage-cucking jobs and holds incredible away over US policy.

So now because Dimon is making sympathetic statements regarding the plight of poor people, said impoverished will then spare him the rope — should that day ever come?

I don’t think so.

Truth is, and this is a hard pill to swallow, poor people are poor, mostly, because they’re not smart. Sure, Uncle Joe is plenty street smart — but he doesn’t have old money being passed down to him and he wasn’t brought up with privilege, the best schools, even the best looks — because on a long enough time frame (wait for it) great looking women marry rich men who then produce good looking kids, athletic, and strong — smart and motivated. The recent college scandal, in a way, was good press for rich folks — because it made poor folks feel better about their plight — making them believe everything was rigged.

It’s all in the bloodline, stupid.

The truth is a much harder stone to ingest. They never had a chance, generational trauma and poverty casts a significant pall upon any bloodline. Money is rarely gotten with luck, and is most readily accumulated by people who have good habits, discipline in the manner of life — the way they spend and earn, and the modes of entertainment — the people around them feed into this machine that create an environment of success and this works almost in perpetuity until collapses occur.

I’d rather not delve into the politics of how this is happening, but merely stating why it does. Smart people evolve and adjust to their environment. Dumb people place themselves into danger and permit melancholy to manifest itself and ominously allow self-destructive habits to wreak havoc. In spite of what you might see on TMZ, the vast majority of alcoholism and drug addicts are ravaging poor neighborhoods today, irrespective of race.

So thank you very much Jamie Dimon for telling us poor people are being ‘left behind’, a condition that has been a dominant factor in the biggest pyramid scheme of all time — life.

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42 comments

  1. juice

    I’m sure it has nothing to do with poor people having to pay 20% on their credit cards, not to mention paying fees upon fees for banking services, whilst those that can afford higher rates and fees pay next to nothing.

    Or for ex: placing cheap mercury fillings in the cavities of the sugar-eating hordes, which time-releases dementia and all sorts of physical and psychological ailments, keeping them in the gutter forever just trying to survive, not to mention passing mercurial symptoms to their babies if the mother is mercury-toxic.

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    • Dr. Fly

      What kind of insanity are you spewing?

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    • sierra water

      Beautifully written Juice. The mercury fillings epidemic is the most disastrous evil doing onto the poor in modern history. A true travesty.. I have only, beautiful porcelain fillings and am banking coin on a continuous basis… Truth to Power!

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  2. it is showtime

    1. Two americas was John Edwards line, 12 years ago, old news
    2. Plutocracy.
    3. Survival of the fittest [ignore 1&2]

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  3. ferd

    Bloodline’s an important factor, but not the only one.

    Evidence suggests that continued engagement, learning, and struggle play an important role both inter- and intra- generationally. The very privileges and easy access which successful parents pass on, tends to make their offspring dumber. See GWB.

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    • Dr. Fly

      IQ is 80% DNA.

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      • ferd

        DNA matters a lot. And importantly, the DNA that you pass on is seemingly changed by your behavior. If you are behaving smart …all else equal …your kids will be smarter. If you are coasting on your trust fund …your kids will be dumber.

        Arguably, welfare, food stamps, the victim-hood industrial complex, all tend to keep people dumb and keep their kids dumber than would otherwise be the case. It’s not your fault. I’ll get you some reparations. Vote for me.

        So certainly, survival of the fittest does not fully explain the DNA programming that we pass on to our kids. Why are baby boomers much less likely to have fully emerged wisdom teeth than their parents? There’s some unexplained mechanism other than survival
        …will?
        …they’re more trouble than they’re worth?
        …a socially spread recognition that we will never again have to chew raw mastodon meat?

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      • numbersgame

        “IQ is 80% DNA.”

        93.367% stats on the internet are made up

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  4. MSGT HARTMAN

    Democrats give money to dumb folks to get their vote, revitalizing a ghetto, outreach programs that are unaccountable and then there’s the outright cash money grants.

    Of course they run right out and spend it on drugs, hookers, guns and cars restarting the crime/welfare cycle. Let’s run an experiment; take away all welfare and instead offer jobs. Watch entire cities burn down fighting for that last piece of free pie, that last bone thrown into the yard.

    Republicans pay for white collar welfare by increasing military, R&D, and science expenditures. The kids get to go to a nice school and become productive citizens who in turn pay taxes to keep the welfare programs running smoothly.

    If George had known this he would have told his troops in Valley Forge to go home to their families and grow old peacefully.

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    • one-eighty

      The sad thing is, people actually believe this horseshit.

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      • MSGT HARTMAN

        I can’t help it if you were born dumb and broke.

        But the good thing about ‘Merica is you can work hard and make a lot of money. Don’t need to be rich or have a degree to sell a lot of used cars.

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        • numbersgame

          The “born broke” is the part of the equation that you missed. No one is saying that privilege, money, and/or connections is *necessary* for success, but it helps.

          It also helps if you live in the suburbs and can smoke pot all you want, but you live in an urban area and get frisked and thrown in jail. Good luck getting a job with a criminal record. Dangerous neighborhood? Well, you can’t get a gun for protection – your a ex-con now. Heck, in most states, having a drug-offense means ***you can’t even open a marihuana dispensary***. Talk about a rigged system.

          As for your fairy-tale stereotypes about Republicans and their “productive citizen” kids, you need to visit Kentucky, West Virginia, etc. Hint: most welfare recipients aren’t inner-city minorities.

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  5. acehood

    Authored by a white guy in Princeton.

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    • Dr. Fly

      No need to be racist, just because you disagree.

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    • acehood

      Pointing out you’re white is racist?

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      • Dr. Fly

        You’re attempting to minimize my message accentuating my race and the fact I live in an affluent area — creating a straw man.

        Let me repost the first paragraph so you can think about it.

        This is the brand of lip service I enjoy most, just like white people being racist against white people and black people just sit back and say to themselves “damn those people are crazy.”

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        • acehood

          Not minimizing it all. You don’t understand the irony of how your race and affluence shapes your views.

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          • Dr. Fly

            How could you say that, without knowing my picture? Anyone who reads me knows that I grew up poor, in a non gentrified part of Brooklyn — didn’t get any money passed down to me — had to pay for my Grandfather’s burial with my credit card.

            Don’t think you know me by where I live today.

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          • numbersgame

            Fly, if it’s all genetics/bloodline/IQ, then why weren’t your parents and grandparents rich if you are such a genius?

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  6. heckler

    Equating intelligence and wealth is fallacious and wrong. It seems as though Fly has bought into the myth of meritocracy hook, line, and stinking sinker. In america, if you’re rich you are a good and decent person. If you’re poor you are morally miserable.

    This obviously has to change. If my generation runs this country the same way as the Boomers have (who, btw, all think they are super smart and gifted) we are fucking doomed.

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    • Dr. Fly

      It seems you’re not casting your opinions based on facts, only idyllic emotion. Go do some research and then come back well prepared to debate.

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    • bronze28

      well , being Canadian… I CERTAINLY HOPE SO because no way do I want to believe that he comes from Canadian genes. The Man-Boy is a complete DUFUS and he only go to where he is because of his smile and his father’s name.

      Matter of fact, he also has a PH.D…….. I.E. …. PAPA HAS DOUGH.

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  7. one-eighty

    The main problem is that there are not enough ordinary wage earning jobs around where someone can make enough money to provide for their family, put their kids through school, and retire.

    There are a lot of normal hard working people struggling to get by, the working poor. They aren’t lazy, addicted, or stupid, and these are the people who Dimon should be concerned with. They deserve more opportunity than the system gives them now.

    Ho could start by making sure that his own pay is no more than 20X the pay of a teller.

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  8. ferd

    Frog/Heckler, The association of financial and career success with IQ is well established – – although it is not discussed in “polite” company. But the malleability of IQ is an interesting subject and a beacon of hope for the less endowed.

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    • frog

      The theory of IQ tests was that they were supposed to measure native ability, irrespective of culture or education. They didn’t work out that way completely. But attempts to revise them to make them more that way haven’t worked out great either.

      Also, there are many early biological effects that are not genetic e.g. hard street drugs or pharmaceuticals or alcohol affecting the fetus in the womb, and in childhood the effects of toxins in local air, water, food etc. The air in the inner city where the rent is cheaper, for example, is often more polluted than that in the suburbs.

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      • Dr. Fly

        I really have no interest in an IQ debate. To deny that smarter people lie atop the pyramid of civilization is wholly cognitive dissonance on your part.

        Poor people are largely very stupid. Rich people, on the whole, are much smarter. Are all rich people smarter?

        NO

        We are talking large numbers here, not small anecdotal experiences.

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      • Dr. Fly

        Daddy the hotdog vendor will never produce a boy who becomes a brain surgeon.

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        • metalleg

          I agree with most of what you say although it is possible that daddy the hotdog vendor could produce a son who becomes a brain surgeon.

          For instance, what if daddy was a brain surgeon but lost his medical license because he was caught doing drugs and then in order to make ends meet, he had to sell hotdogs?

          In that case, the hotdog vendor could potentially have a brain surgeon for a son.

          Am I right or am I right?

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          • Dr. Fly

            Of course cases like that is possible — BUT IT IS LOW PROBABILITY. You’ve all been sold on the idea that ‘anyone could be President’ and this reality is really hard for you to accept. I get it.

            But this should not be depressing, but freedom. Do what you’re meant to do. Find it and crush it.

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        • one-eighty

          “Daddy the hotdog vendor will never produce a boy who becomes a brain surgeon.”

          Are you contradicting your own life story there Fly?

          Given equality of opportunity, equality of expectations and equality of confidence in the future, a kid from a poor family will do as well as a kid from a rich family, especially if you control for parental stupidity.

          In other words, economic position is a poor proxy for IQ.

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    • heckler

      I would gladly read up on IQ malleability. We are very plastic I know a lot of greedy smug rich boomers who are fucking this country into the ground. Let’s change their IQ

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  9. rangersfan

    It all comes down to genetics, when was the last time you saw an East Asian, South East Asian asking for change on the street or drugged out….crickets

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    • rangersfan

      Ill through in Muslim non black as well.

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      • MSGT HARTMAN

        III through a baseball to first base for an easy out.
        I threugh the baseball to first base and the runner was called out.
        I have throughn the baseball many times to the first baseman.
        I was throughing the baseball yesterday to my brother.

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    • numbersgame

      rangersfan, a lot of that is selection bias + cultural habits, not genetics

      selection bias: do you think the stupid Asians manage to save enough and have the risk/reward balls to fly to a country on the other side of the world? Many of them come here for grad school – which usually means rich or connected parents – the US isn’t paying for their education. In other words, the Asians you see in the US are often the cream of the crop. Wait for a couple generations and you’ll see what happens.

      cultural habits: Americans tend to overemphazie atheletics as opposed to education. Asians emphasize grades much more. For example, India has several billionaires, but how many Olympic gold medalists? (China is a different story in this regard becuase of the government-run sports programs, not the parenting style.)

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