JPM Chase CEO Jamie Dimon shares his concern for the “average American”.

JPM Chase CEO Jamie Morgan said today that, “we would have to get our act together, do what we’re supposed to do to the average American

Do TO the average American??

What, like foreclose on homes JPM Chase can’t demonstrate it owns except through the production of fabricated documents?

During today’s earnings call discussing JPM’s Q2 beat, which however masked another sharp drop in the company’s trading revenue, Dimon – unloaded on everything that’s holding U.S. businesses back.  

“It’s almost an embarrassment be an American citizen traveling around the world and listening to the stupid shit we have to deal with in this country and at one point we have to get our act together. We won’t do what were supposed to for the average American.”

He continued: “since the Great Recession, which is now 8 years old, we’ve been growing at 1.5 to 2 percent in spite of stupidity and political gridlock, because the American business sector is powerful and strong. What I’m saying is that it would be much stronger growth if there were more intelligent decisions and less gridlock.”

Dimon’s outburst was prompted by a Wall Street analyst who asked if clients were beginning to worry about D.C. dysfunction and a lack of progress. Dimon countered by saying that the economy has grown despite years of bad policy, and that it would continue to grow regardless of the US political climate.

In an earlier call, Dimon said the media should focus on the major issues the nation faces rather than the vagaries of the firm’s Wall Street trading businesses: “the USA has to start to focus on policy which is good for all Americans and that is regulation, tax, education, we have to get those things done.”

Dimon has become a vocal critic of the US economic and social situation, devoting an entire section of his April annual letter to the problems in the US, saying “Something is Wrong’ with America” and offering several ideas of what needs to be fixed.  Dimon should start by addressing the issue that the Mega Banks should not be above the law and .

Of course, this being Jamie, he took advantage of the shocking moment to tell analysts and journalists to focus on the “bigger picture” instead of the decline in the company’s sales and trading results:

“Why you guys don’t write about it every day is completely beyond me. And, like, who cares about fixed income trading in the last two weeks of June? I mean seriously.”

Shareholders maybe?

The JPM CEO said “gridlock in Washington isn’t likely to harm U.S. growth rates because they are already muted by bad policy.”  JPM Chase is behind the largest financial crime ever executed and has taken no responsibility while knowing he should be in prison for the crimes that have destroyed America’s working classes.

 

* * *  

The full transcript of the exchange in question below, courtesy of FactSet:

Q: That’s great thank you if I could follow up at the bigger picture question, Jamie you’ve been correct me if I’m wrong pretty vocal about believing the underpinnings of the economy are healthy and strong and not buying into the full secular stagnation argument. But at what point does political dysfunction and political paralysis really start to dent that confidence. And because you’ve also indicated we do need structural reform to lift trend growth whether it’s infrastructure whatever it is, can you just comment on that. And I guess as an adjunct to that, what are your conversations with clients like and is there a risk that is materializing that clients are also starting to become more frustrated with the lack of progress politically?

A: I would look at it the other way around since the great recession which is now eight years old we’ve been growing at 1.5% to 2% despite the stupidity and political gridlock. Because the American business sector is powerful and strong and is going to grow regardless if they want to feed their kids and want to buy home they want to do things the same as American businesses. What I’m saying is it would be much stronger growth had we made intelligent decisions and that gridlock. And thank you for pointing it out because I’m going to be a broken record until this gets done we are unable to build bridges unable to build airports not graduating.

I was just in France in Argentina Israel Ireland we met with the Prime Minister of India and China. It’s amazing to me that every single one of those countries understands that practical policies to promote business growth is good for the average citizens of those countries for jobs and wages and somehow this great American free enterprise system we no longer get it.

My view is corporate taxation is critical to that. By the way regarding capital brings overseas which is why the $2 trillion overseas benefiting all these other countries don’t like that so if we don’t get our act together we can still grow. It’s just unfortunate but it’s hurting us: it’s hurting the body politic, it’s hurting the average American that we don’t have these right policies. So no in spite of gridlock we will grow at 1 % or 2%.

I don’t buy the argument that we are relegated to this effort we are not this administration can make breakthroughs in taxes and infrastructure ready for reform we have become one of the most bureaucratic confusing litigious societies on the planet. It’s almost an embarrassment be an American citizen traveling around the world and listening to the stupid shit we have to deal with in this country and at one point we have to get our act together. We won’t do what were supposed to for the average American and unfortunately people write about this like corporations is not corporations competitive taxes are important for business and business growth which is important to jobs in wage growth and we should be making that along to every single one of you every time you talk to a client.

9 Responses

  1. sounds like someone at least preparing for when it hits the fan looking for something to plea with as the criminal sentences start to eventually get handed down although its sad our children who were not old enough to understand will be the beneficiaries as we will all be dead before our largest crime ring who allows this behavior they have floating our whole country the banks and large servicing companies figure they have bought america ,something bought with ill gotten gains should be seized and sold at auction and pooled to try and make restitution to the victims of their crimes .

  2. We run away from communist era to confront worse than communist taking everything we paid and build for! US big propoganda in overseas the more setlers than in anywhere else! Throw vulnrable on the street without bulletin I just got the summons to quit on our Bakersfield resident/Kern Cty. I’m by the lawyer door in Sacramento hope he give me case no

  3. Sorry bout that sikofcity. I hear ya. I have an auction date of 8/25/17. I’m sick of it and I’m so angry because I’m living it and people like Dimon just shrug it off and doubtful they loose any sleep. He needs to be behind bars along with all the big banks. I’m not going down without a fight even though I’m exhausted by all this. This country makes me sick. I can’t muster the help from anyone. Sad.

  4. “Everyone has a plan until they get punched in the face.”
    Mike Tyson
    Mr. Dimon was punched.

  5. Mr. Damon left destitute millions of American lives and families withhis despicable lie, cheat and steal busines practices whichhe,like Putin, personally orchestrated. Damn him to HELL

  6. See my exchange with Dimon in 2009:

    Richard Davet
    2009 JPM Shareholder’s meeting
    Exchange with James Dimon CEO and Chairman

    As you know, for years, the Bank has been and continues to be major players in its mortgage business in what has come to be known as the “Government Sponsored Enterprise (GSE) Business Model”.
    In September of 2008, Treasury Secretary Paulson declared that, and I quote, “these enterprises pose a systemic risk”. Your mortgage business goes 90%+ to Fannie Mae on a daily basis.
    Much has been written about the GSE flawed business model, including a Wall Street op-ed by George Soros which calls the models “hopelessly conflicted” and “it simply doesn’t work”.
    ? 1, When do you and the Board intend to disclose to shareholders the consequences of the Bank’s vigorous involvement with this fatally flawed business model?

    ? 2 Isn’t this business a little like your running a house of ill repute while knowing that all your ladies have aids and what are you doing to your client base?

    ? 3, What would you say to the skeptics that are out there that think that all players involved with the GSE Business Model are engaged in a simple criminal scheme, albeit of a dimension that we have never seen before, that a prosecutor would call “theft by deception” with the American taxpayer as the victim?

    Pay close attention to question # 3. All of the questions and answers were struck from the podcast going to shareholders worldwide. Why?

  7. Jamie Dimon is an absolute psychopath, freak!

  8. Jamie Dimon is still trying obfuscate the big picture that the mega banks are the enemy of Americans and the middle class. They need to be taken down.

  9. That’s for sure. Our home was just foreclosed judicially today after 8 long years of litigation with fabricated docs reverted back to Wilmington trust as successor trustee for Citibank on behalf of bogus bear stearns 2007sd1 trust

    Sent from my iPhone

    >

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