 |
|
|
|||||
Jamie Dimon, the CEO of JPMorgan Chase, is sounding the alarm bell, warning investors that he is starting to see some similarities between today’s financial landscape and the lead-up to the 2008 financial crisis, nearly 20 years ago. Unfortunately, we did see this in ’05, ’06, ’07, almost the same thing,” Dimon said at the firm’s annual investor day in New York on Monday. “The rising tide lifting all boats, everyone was making a lot of money, people leveraging to the hilt. The sky was the limit.” “I dont know how long its going to be great for everybody,” he explained. “I see a couple of people doing some dumb things . . . they are just doing some dumb things.” While Dimon didn’t specify which competitors he was calling out, he says he worries about banks taking on risky loans again, and the high price of assets. Those factors come at a time when technology companies are lavishly spending billions in an AI arms race, much of which they are borrowing, to see who can dominate artificial intelligence in the future. What happened during the 2008 financial crisis? In a nutshell: At that time, banks were issuing risky loans to borrowers, and when new homeowners couldn’t make their payments, the effects led to crash of the U.S. housing market. That crash, in turn, created a ripple effect through the global markets that threatened a global financial collapse. Major U.S. banks teetered on the brink of disasterand notably, investment firm Lehman Brothers went bankrupt. The U.S. government made a decision to bail out some big banks, famously making the calculation they were “too big too fail,” spending some $700 billion to avoid a U.S. economic collapse. The fallout of all this eventually led to what is now known as the “Great Recession.” The Great Recession officially started in December 2007 and ended in June 2009, before a very slow economic recovery in the U.S, according to the Federal Reserve. Sparked by the 2008 financial crisis, it is considered the most severe economic downturn in U.S. history since the Great Depression.
Category:
E-Commerce
Ford is recalling nearly 413,000 Explorer SUVs in the U.S. The recall comes after federal regulators warned that a faulty rear suspension component called a “toe link” could restrict a driver’s steering control. According to a National Highway Traffic Safety Administration recall report, the recall impacts 2017-2019 Explorer vehicles, with the company estimated around 1% of the selected models are affected. The notice also explained that the recall is an expansion of previous NHTSA recall, number 21V537. “The root cause has not been fully determined to date,” a Feb. 20 report explained. “Some reports indicate vehicles experienced a seized CABJ”, which “will result in a bending moment on the toe link potentially resulting in fracture.” The report also said that drivers with impacted vehicles may hear a “clunk noise, unusual handling, and/or a misaligned rear wheel” indicating the issue is present. Ford says, per the recall notice, that it has not been made aware of any injuries associated with the steering issue. However, as of Feb. 20, there have been two accidents potentially related to the issue. The notice said that Vehicle Identification Numbers (VINs) associated with the recall will be searchable on NHTSA.gov beginning Feb. 25. It also noted that dealers will correct the issue “free of charge” and explained that owners should wait until they receive notification letters, which are expected to be mailed on March 9. Concerned vehicle owners can contact Ford Customer Service at 1-866-436-7332 with the recall number 26S08. The recall is far from the first to hit Ford recently. The company also recently opened another recall over a High Voltage Battery issue. “Ford Motor Company (Ford) is recalling certain 2023-2025 Ford Escape and 2023-2026 Lincoln Corsair plug-in hybrid vehicles,” the Feb. 17 recall notice explained. “A manufacturing defect in one or more of the high voltage battery cells may result in an internal short circuit and battery failure.” It also noted that the remedy is “under development.” Likewise, in 2025, the recalls seemed constant for Ford, with the brand breaking records halfway through the year for the most recalls of any automaker in a full calendar year. The brand has also seen more recalls over the past decade than all other auto brands, with 458 recalls from 2015 through 2024.
Category:
E-Commerce
The advice you get early in your career can disproportionately shape your future. I can recall two or three conversations from when I was a college kid who liked writing that melted away ambiguity and set my vague ambitions on a path into the fog like a compass. For the latest release by The Steve Jobs Archive, the group is making the advice of some of the most uniquely impactful people in the world available to everyone. Given that Jobs did not own many physical objects, the archive has served as more of a repository of ideas for the next generation to think different. Each year, the Archive takes on SJA Fellows. And each year, it gives these fellows a book of letters. The concept is modeled after one of Jobss favorite books, Letters to a Young Poet, a collection of letters that German poet Maria Rilke wrote to his aspiring mentee Franz Xaver Kappus. The Archive, meanwhile, taps its friends to pen similar inspirational notesauthored by a global network of marquee creatives. The Steve Jobs Archive has released its first two volumes of Letters to a Young Creator today on its website. Free to read and download to anyone who is curious, they contain advice from so many names you will knowincluding Tim Cook, Dieter Rams, Paola Antonelli, and Norman Foster. To mark the launch, were featuring the letter from Steve Jobss closest collaborator, Jony Ive. Through the beautiful, short note, Ive shares many of his dearest philosophies, and some of the ideological structure behind the duos unparalleled success. JONY IVE SAN FRANCISCO, CALIFORNIA, USA SEPTEMBER 11, 2024Hello! I thought it may be useful to reflect on my time working with Steve Jobs. His belief that our thinking, and ultimately our ideas, are of critical importance has helped inform my priorities and decision making. Since giving his eulogy I have not spoken publicly about our friendship, our adventures or our collaboration. I never read the flurry of cover stories, obituaries or the bizarre mischaracterizations that have slipped into folklore. We worked together for nearly 15 years. We had lunch together most days and spent our afternoons in the sanctuary of the design studio. Those were some of the happiest, most creative and joyful times of my life. I loved how he saw the world. The way he thought was profoundly beautiful. He was without doubt the most inquisitive human I have ever met. His insatiable curiosity was not limited or distracted by his knowledge or expertise, nor was it casual or passive. It was ferocious, energetic and restless. His curiosity was practiced with intention and rigor. Many of us have an innate predisposition to be curious. I believe that after a traditional education, or working in an environment with many people, curiosity is a decision requiring intent and discipline. In larger groups our conversations gravitate towards the tangible, the measurable. It is more comfortable, far easier and more socially acceptable talking about what is known. Being curious and exploring tentative ideas were far more important to Steve than being socially acceptable. Our curiosity begs that we learn. And for Steve, wanting to learn was far more important than wanting to be right. Our curiosity united us. It formed the basis of our joyful and productive collaboration. I think it also tempered our fear of doing something terrifyingly new. Steve was preoccupied with the nature and quality of his own thinking. He expected so much of himself and worked hard to think with a rare vitality, elegance and discipline. His rigor and tenacity set a dizzyingly high bar. When he could not think satisfactorily he would complain in the same way I would complain about my knees. As thoughts grew into ideas, however tentative, however fragile, he recognized that this was hallowed ground. He had such a deep understanding and reverence for the creative process. He understood creating should be afforded rare respectnot only when the ideas were good or the circumstances convenient. Ideas are fragile. If they were resolved, they would not be ideas, they would be products. It takes determined effort not to be consumed by the problems of a new idea. Problems are easy to articulate and understand, and they take the oxygen. Steve focused on the actual ideas, however partial and unlikely. I had thought that by now there would be reassuring comfort in the memory of my best friend and creative partner, and of his extraordinary vision. But of course not. More than ten years on, he manages to evade a simple place in my memory. My understanding of him refuses to remain cozy or still. It grows and evolves. Perhaps it is a comment on the daily roar of opinion and the ugly rush to judge, but now, above all else, I miss his singular and beautiful clarity. Beyond his ideas and vision, I miss his insight that brought order to chaos. It has nothing to do with his legendary ability to communicate but everything to do with his obsession with simplicity, truth and purity. Ultimately, I believe it speaks to the underlying motivation that drove him. He was not distracted by money or power, but driven to tangibly express his love and appreciation of our species. He truly believed that by making something useful, empowering and beautiful, we express our love for humanity. My sincere hope for you and for me is that we demonstrate our appreciation of our species by making something beautiful. Warmly, Jony Jony Ive Designer, LoveFrom Read more from Letters to a Young Creator here. Read more on the professor who shaped Jony Ive here.
Category:
E-Commerce
All news |
||||||||||||||||||
|
||||||||||||||||||