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JPMorgan CEO Complains About "The Stupid Sh** We Have To Deal With" In America

The federal government’s “stupidity and gridlock” are preventing action on pressing issues like tax reform and infrastructure upgrades, according to JPMorgan Chase’s Jamie Dimon.

The Hill reported that on Friday, the CEO of the biggest bank on Earth explained in an earnings conference call: “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. It’s almost embarrassing being an American citizen … and listening to the stupid sh** we have to deal with in this country.”

Dimon, the leader of a group of prominent CEOs known as the Business Roundtable, added: “What I’m saying is that it would be much stronger growth if there were more intelligent decisions and less gridlock. We need infrastructure reform. We need corporate tax reform. We need better skills and education. If we don’t focus on these things, we are hurting average Americans every day.”

In the second quarter of 2017, JPMorgan reported a 13-percent increase ($7 billion) in profits. Earnings per share rose to $1.82, beating industry analysts’ prediction of $1.58.

CNBC reported that Dimon described the United States as “one of the most bureaucratic, confusing, litigious societies on the planet.” The corporate executive argued that the situation “is hurting the average American.” During a press conference on Friday, he accused the news media of highlighting JPMorgan’s quarterly reports rather than the national economy. Responding to a reporter’s question, Dimon maintained that government regulations are hurting home buyers and newly created small businesses. “The counterfactual would have been that a trillion dollars or 2 trillion would have been lent out had these rules been changed five years ago,” he said. “There’s a false notion that all this stuff didn't hold back the economy. Yes, it did.”

In the conference call, Dimon lamented that the United States is “unable to build bridges, we’re unable to build airports, our inner-city school kids are not graduating.” He told investors: “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.”

Dimon continued: “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. … 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.”

Source: The Hill, CNBC
Photo: YouTube

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