[JPMorgan Chairman and CEO] "Iraq war one factor to blame for economic meltdown"

The war was definitely a factor in the economic meltdown, but even without the war, with the way banks are going crazy over credit default swap and subprime mortgages, the meltdown would probably happen anyway with our without the war.

 

I don't think the war had anything to do with Americans' propensity to over-indulge on items that they can't afford.

Everyone tries to live like The_Conquistador, when in reality, they should be living more like a man with far less beauty, intellect, and charm.

 

Those of us secure in our masculinity and inherent self-worth can all have a good laugh at this.

 

I thought it was supposed serve as "War stimulus" like the jingos were parroting in '02.

 

Well, it worked for Iraq, aren't they still running a surplus?

 

The toll is up to 650 billion now right? So that 650 of deficit spending hurt us but the 720-1.5trillion we spent on the medicare benefit had nothing to do with it.


does not compute to blame the Iraq war but I agree that deficit spending is gonna kill us in the end.

 

You belive the war had absolutely nothing to do with it, but in another thread, you blamed blacks for paying for houses they couldn't afford.

Do you even live in the U.S?

 

Frank Raines is pulling Jamie's strings.

 

All I can say is, DUH!

 

The opinion of a banker is null and void regarding the economy.

The economic crisis is a debt crisis so it is caused fundementally by the Fed, the govt. and consumer debt.

That would translate bankers, politicians and greedy consumers in no particular order.

 

Come on man! My Di@# is huge....I drive a Corvette......have a 19 year old girlfriend.....so what? Wanna hang out?

This is apple to oranges! Despite the fact Iraq is killing this nation physically....and emotionally....and financially ....

This economy is a different beast. Nothing to do with it. At all.

Jamie Morgan has been invited to suck it. Cordially!

 

Really? and somehow, the opinion of someone who post on the internet is more significant and vaild regarding the economy ?

 

Wait - because some banks did stupid things, the head of the most successful bank in the country (one that didn't need rescuing) doesn't know anything about the economy? WTF?

 

Yeah obviously people taking out sub-prime loans had very little to do with it compared to the 650B we spent in Iraq.

 

the total subprime loan debt was around $1.3 trillion, about 20%-25% or so are in default.

Do the math kiddo. You still think that cost (which is more than $650 bb) is not significant in comparison? If so I've got some ARM's you might be interested in.

 

And a chunk of that was speculators that planned to flip condos or homes in a month or two, as opposed to poor people with bad credit.

 

<span id="IWC" zF="8">###</span>
<a href="http://zfacts.com/p/447.html" id="zF14">Iraq War Cost</a>
<script type="text/javascript" src="http://zfacts.com/giz/G14iwc.js"></script>

 

I've seen estimates of the overall cost, at the end of the day, being up to 1 trillion (notice your counter is counting).

Anyway let's assume that 650 bb is right.

Assuming a default rate of 30% (higher than currently) on 1.3 trillion please do the math and tell me why your post doesn't suck donkey nuts? because I'm doing some math, and it ain't working out for you.........