Economic Hurricanes and Bare Essential Budgets

Are we heading into the eye of a recession storm? Plus, advice on how to prepare for one.

In My Humble Opinion

Are we barreling toward an economic hurricane? Umm, kinda, probably.

Have you seen WeCrashed on Apple+ or listened to the podcast of the same name from Wondery? The show is about the creation of WeWork and the eventual ousting of founder Adam Neumann and his wife Rebecca Paltrow (yes, as in related to Gwyneth). Sorry for the spoilers, but that’s super old news at this point! 

Anyway, viewers of WeCrashed might’ve clocked several scenes with Jamie Dimon. (Well, an actor portraying Jamie Dimon.) Dimon is the CEO of JPMorgan Chase. He’s held the position since 2005 — which notably means that he was at the helm during the Great Recession. He’s the only current CEO of a Big Four bank (Chase, Bank of America, Wells Fargo and Citi) to hold that distinction. 

Why all the preamble? Well, Jamie Dimon is no stranger to making big proclamations that get media attention — such as calling Bitcoin ‘is a fraud’ — but his latest one may come across your social media and news feeds if you follow any financial accounts. 

“You know, I said there’s storm clouds but I’m going to change it…it’s a hurricane. That hurricane is right out there, down the road, coming our way,” he added. “We just don’t know if it’s a minor one or Superstorm Sandy or Andrew or something like that. You better brace yourself.”

This isn’t terribly reassuring thing to hear from the CEO of a financial institution.