So where we left off
was this woman had – and I apologise, you’re going
to need to follow aurally – she had $2425 a month,
she rents a one bedroom apartment. She and her daughter sleep
together in the same room. In Irvine, California, that average
one bedroom apartment is going to be $1,600. She spends $100 on utilities,
take away the $1,700 and she has net $725. She’s like me, she drives a 2008
minivan and has gas – $400 for car expenses and gas –
net $325. The department of agriculture
says a low cost food budget, that is ramen noodles.
A low food budget is $400. That leaves her $77 in the red. She has a Cricket cell phone,
the cheapest cell phone she can get for $40.
She’s in the red $117 a month. She has after school childcare
because the bank is open during normal business hours.
That’s $450 a month. That takes her down to negative
$567 per month. My question for you, Mr Dimon,
is how should she manage this budget shortfall whilst she
is working full-time at your bank? – I don’t know that all your
numbers are accurate. – That number is a starter …
Is it generally a starter job? She is a starting employee.
She has a six-year-old child. This is her first job. – You can get those jobs
out of high school. – She may have my job
one day. She may but but, Mr Dimon,
she doesn’t have the ability right now to spend your $31m.
– I’m totally sympathetic. She’s short $567.
What would you suggest she do? – I don’t know. I’d have to think
about that. Would you recommend that she take
out a JP Morgan Chase credit card and run a deficit? – I don’t know and I’d have
to think about it. Would you recommend that
she overdraft at your bank and be charged overdraft fees? – I don’t know, I’d have to
think about it. So, I know you have a lot of … – I’d love to call her up and have
a conversation about her – financial affairs and see if we
can be helpful. See if you can find a way
for her to live on less than the minimum
that I have described? – Just be helpful. Well, I appreciate your desire
to be helpful but what I’d like you to do is provide a way
for families to make ends meet, so that little kids who are
six-years-old, living in a one bedroom apartment
with their mother, aren’t going hungry at night
because they’re $567 short from feeding themselves,
clothing – we allowed no money for clothing, we allowed no money
for school lunches, we allowed no money for field trips, no money
for medical, no money for prescription drugs. Nothing.
And she’s short $567 already. Mr Dimon, you know how to spend
$31m a year in salary and you can’t figure out how to
make up a $567 a month shortfall. This is a budget problem
you cannot solve.