It's The Economy, Stupid!
Failures in the supply chain, pandemics, wars are out of our control. Economic news is not good and it can be scary to anyone who doesn't know how it works. Have you noticed that banks make a lot of money in a good economy, but make hella more money during downturns? Jaime Dimon, CEO of JPMorgan Chase, the largest U.S. bank by assets, said this to CNBC.
"We are effectively stockpiling cash, (over $500 billion) in order to benefit from rising interest rates and buy higher yielding assets."
P.S. JPMorgan Chase generated $50b+ in interest revenue alone in 2021.
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