Jamie Dimon Earnings Call Rant

[Read the Footnotes]

http://www.cnbc.com/2017/07/14/jpms-jamie-dimon-blows-up-at-washington-on-earnings-call.html

 

Here's an excerpt:

 

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, and is going to grow regardless of — people wake up in the morning, they want to feed their kids, they want to buy a home, they want to do things, the same with American businesses — what I'm saying is it would be much stronger growth had we made intelligent decisions and were there not 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, we're unable to build airports, our inner city school kids are not graduating.

I was just in France, I was recently in Argentina, I was in Israel, I was in 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 and growth is good for the average citizens of those countries, for jobs and wages, and that somehow this great American free enterprise system, we no longer get it.

 

Corporate taxation is critical to that, by the way. We've been driving capital earnings overseas, which is why there's $2 trillion overseas benefiting all these other countries and stuff like that. So if we don't get our act together — we can still grow.

It's 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'll grow at maybe 1.5 or 2 percent.

 

I don't buy the argument that we're relegated to this forever. We're not. If this administration can make breakthroughs in taxes and infrastructure, regulatory reform —we have become one of the most bureaucratic, confusing, litigious societies on the planet.

 

It's almost an embarrassment being an American citizen traveling around the world and listening to the stupid s--- we have to deal with in this country. And at one point we all have to get our act together or we won't do what we're supposed to [do] for the average Americans.

And unfortunately people write about this saying like it's for corporations. It's not for corporations. Competitive taxes are important for business and business growth, which is important for jobs and wage growth. And honestly we should be ringing that alarm bell, every single one of you, every time you talk to a client.

[rogermunibond]

IOW in the race to the bottom on corporate taxes, Ireland is way out in front and the US is way behind.

[John Hjorth]

If you read the JPM 2016 shareholder letter by Mr. Dimon carefully, nothing of this will be a surprise to you. It's all covered in the shareholder letter, however phrased more politely, but at the same time not in any way disguised.

 

This is about his own personal integrity, and the integrity of the bank that he is responsible for running. He is to me indeed in his very own league, and he just speaks up, frankly and candid.

 

There is nobody around - anywhere - to ask him to shut up, as I see things, - and he knows that. Just like Mr. Buffett.

[Gregmal]

Dimon is a champ. Hands down one of the best CEOs/leaders in the world. He is 100% right.

[rb]

Yep, pretty much agree with everything he says.

 

Let me offer a sage vision: Things won't improve any time soon.

 

It sure would be sweet to have a Sherman Antitrust Act for politics and take those parties and cleave them off into 2 or 3 pieces.

[John Hjorth]

I found

on YouTube - without the *<beep>* inside it.

 

Much more entertaining than reading the excerpt. lol.

[boilermaker75]

 

It sure would be sweet to have a Sherman Antitrust Act for politics and take those parties and cleave them off into 2 or 3 pieces.

 

I completely agree. It is like there are two quantum states and nothing else. Often I do not like either of these quantum states.