Jamie Dimon: "It's Embarrassing As An American Listening To This Stupid Shit We Have To Deal With"

Tyler Durden's picture

One month after Goldman CEO Lloyd Blankfein trolled Donald Trump, when on June 9 in only his 4th ever tweet, the chief executive sarcastically said on Twitter "Just landed from China, trying to catch up.... How did "infrastructure week" go?" moments ago Jamie Dimon, in very uncertain terms, lashed out at the gridlock in Washington in general, and - according to some - president Donald Trump in particular (despite Dimon's subsequent clarification that that was not the case).

During today's earnings call discussing JPM's Q2 beat, which however masked another sharp drop in the company's trading revenue, Dimon - fresh from a work trip overseas, 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.

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.”

Well, JPM shareholders for one. As for Jamie Dimon fixing the US, we would advice against holding one's breath.

That said, Dimon was clear to point out his frustration wasn't aimed at Trump. The JPM CEO said "gridlock in Washington isn’t likely to harm U.S. growth rates because they are already muted by bad policy" and in a follow up question, Dimon was asked by a reporter if he was frustrated with the Trump administration.

No,” Dimon responded. “That was frustration with you.”

* * *  

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.

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BaBaBouy's picture

We must help the Plebes ...

FrozenGoodz's picture

Never been more embarassing to be an American ... the less they get accomplished the better most have accepted 

NoDebt's picture

"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 shove a broom handle up their ass, same as usual?

 

Hooter Shaker's picture

Junked Frozen...I've been embarrassed for a lot of shit....but I've NEVER been embarrassed to be an American!

tmosley's picture

Even Dimon is getting pissed of at the lugenpresse.

Shit is getting too funny.

froze25's picture

Has Frozengoods commented on any article that didn't have the work "Trump" in it?

null's picture

It's not like the antifa contract-temps get to decide where they "express themselves" at. These folks work as directed, as a good Stalinist should.

_triplesix_'s picture

FrozenBalls was strangely silent on the Lynch treason article. Go figure.

Mr Hankey's picture

What are you   proud of? The military? Literacy  rate? Diabetes rate?Infant mortality? Diversity? Go ahead.Pick a metric, any metric .Thats what I thought. The military. 

ProstoDoZiemi's picture

He is such a hypocrite and more importantly a complete Dildo.

He chose to do nothing when asked by Trump to serve his country and you know..... "attempt" (I say attempt as you all know our political climate isn't the greatest)...... to make changes...

NukeChinaNow's picture

Well, I can state with utmost certainty, that when the kenyan and the wookie claimed the seat that I, for the FIRST TIME in almost 40 years, was embarrassed by the half -breeds pretending they were as good or better than Americans.

History will prove me right. I won't be here to see it but neither do I give a rat's arse.

Mud huts or cathedrals?

lmao

 

youngman's picture

So Jamie..are you going to raise your savings rate to say...7%...that would help the average Joe on the street doncha think

mary mary's picture

Amen.  Biggest problem Americans have is zero interest rate paid by banks on Americans' savings.  Janet?

Having said that, I agree with Jaime Dimon's complaints in his previous article.

Mr. Universe's picture

The Biggest problem Americans have is the Federal Reserve, the IMF and BIS. The mindset that has been drilled into our heads has been, let your money work for you, gain interest, compound. It's all based on a LIE and FRAUD. Americans should work hard for real money, invest capital in other hard working Americans or yourself. Fuck the financial sector scam.

MANvsMACHINE's picture

Didn't Trump want Jamie as his Treasury Sec?

Bunga Bunga's picture

'Anonymous sources' told that WaPo. Go figure.

venturen's picture

and your bets FAIL....you fail....not get rescued like the current criminal gang on Wall STreet!

Bay of Pigs's picture

Fuck that. Dimon deserves a firing squad.

He is the worst America has to offer to the world.

GUS100CORRINA's picture

Jamie Dimon: "It's Embarrassing As An American Listening To This Stupid Shit We Have To Deal With"

My response: While I agree with JD's comment in principle, we need to define the TERM STUPID SHIT!!

My definition of STUPID SHIT ...

1. Russian Investigation

2. Assignment of special prosecutor Mueller

3. Low Savings Interest Rates

4. FEDERAL RESERVE (END THE FED)

5. Hillary NOT IN JAIL and walking around like some sort of DEMON godess who is ABOVE THE LAW

6. US DEBT

7. BANK DERIVATIVES BOOK IN THE 100's of TRILLIONS of DOLLARS

8. PROGRESSIVE LIBERAL PERVERSIONS of ALL KINDS

9. DEMOCRATS in GENERAL with SPECIAL FOCUS ON PELOSI, WATERS, SCHIFF, WARREN

10. US SENATE BEHAVIOR IN GENERAL !!!!

What is your list of STUPID SHIT ... look forward to seeing it!!!! 

null's picture

#10 is probably a little over the top, these jokers were not even actually elected at first ... and the #9 probably makes #10 seem worse than it is.

Manthong's picture

 

If only a lousy million or two of us marched into D.C. carrying we could get that bad 17th Amendment repealed… as well as the 16th and FRA, all of which was foisted upon us in 1913 when a nickel would buy you what a fake FRN "dollar" does today.

I wonder how many “average Americans” own the 300+ million firearms out there.

 

Hmm..

You heard it here first... "The Million Carry March".

 

..the last I looked there were way more angry muttering red counties in the US than the loving flower-child blue ones.

 

..and I am not a gambling man but I bet I know where most of the guns are.

 

venturen's picture

you forgot Corzine not going to jail

yogibear's picture

The banksters like Jamie like shoving it up further.

Son of Loki's picture

These banker's dicks must be sore from screwing the American middle class.

 

Is poor Jamie worried the free fed money will end?

saveUSsavers's picture

This MOFO COCKROACH wan5ts one thing! REPATRIATION$$$$

FOR BUYBACKS ! Fumigate the cockroaches

thinkmoretalkless's picture

It's embarrassing as an "average" American that the likes of Jamie aren't in jail.

NukeChinaNow's picture

Give it time.

We will all be judged according to our sins...THANK GOD!

buttmint's picture

Jamie..

how about abolishing ObamaCare and EPA for starters. Then have banks allow a $5-20k loan to businesses and people with a decent track record.

There's no liquidityin US economy and you know it.....

thisandthat's picture

Where does he say any of that?

All he says about average Americans is "it's hurting the average American that we don't have these right policies" and "We won't do what were supposed to for the average American".

Obviously is talking about corporate taxes, but to make them competitive to allow growth and job creation.

Forbes's picture

Jamie Dimon just woke up from eight years of slumber under The Zero, now finally noticing ZIRP to finance annual trillion dollar deficits doesn't stimulate growth higher than 1-2%. But don't you dare examine the trading revenues at JPM...

BOZO. 

January Jones's picture

I believe the quote was, "We won't do what we're supposed to for the average American."

Bill of Rights's picture

Another trump thread another cunt post....

FrozenGoodz's picture

Though it's been a mindless lackluster effort to date, it's not going to get any easier to defend him ... just a heads up

Looking forward to it

TahoeBilly2012's picture

"Stupid shit"?? You mean versus "criminal shit" like you pump out everyday mother fucker!

Bill of Rights's picture

And yet another stupid cunt post. In Trump only threads.. you truly are a nut case.

null's picture

Could you be any more obvious about being Jealous about the Fact that your team could not win even after committing felonies numbering in the Thousands ... while the rough-around-the-edges Trump not only won ... but Won by running one of the most ethical campaigns in the past 100 years.

Slightly considering defending Your Fellonious team because I am afraid that the Media has burned up their political wing and we now risk a one party system ...

froze25's picture

Eventually they will have to turn over the voting data as Federal Funds were used for the machines as well as the Servers that store the data. Also the data that is sought is readily available to anyone that does a FOIA request to their local county Board of Elections. That data is used to create the walking list that local parties use to "door knock". on those list you see the persons name, party affiliation, what past elections they voted in, address, phone numbers (sometimes). Once the rolls are examined and the corruption is brought to the light the Leftist will have very serous issues winning a election in any area that is considered a battle ground district. Also the illegals that voted now are felons ripe for deportation.

TahoeBilly2012's picture

Bill of Rights just posted on HuffPo "Hey guys come on over to Zhedge and like my posts, this is really getting these Liberty types down...it's working"

devnickle's picture

You truly are a feckless piece of shit.

cheech_wizard's picture

Looking forward to someone doxxing you.

Standard Disclaimer: Because then the real fun begins.

 

null's picture

Embarrassed in front of ... like who?

Sounds like you are trying to impress people who are more worried about which hand they wipe their ass with than anything actually substantive, such as an "American."

Tejano's picture

It's embarrassing to live under the yoke of state sponsored usury with JewAmie and his tribe sucking the productive class dry and destroying the institutions that made possible the wealth they are ruthlessly extracting. Usury and tax farming - they've had a lot of practice and they are very good at it.

KimAsa's picture

Jamie Dimon go take a long walk off a short plank into a fiery pit of lava, fucking thievster.

BabaLooey's picture

Fuck off dickweed.

Jesus H. Trolling Christ with a sledgehammer - each of your posts reeks with stupidity. 

Go lick Soetero's balls.

Michael Musashi's picture

LOL! Jamie is such a giant turd. Name a country that isn't $ucked just as bad as the USA! I lived in Asia for 20 years--I left a liberal, came home a conservative. There's a good reason for it too, because libtards and their corporatist masters like Dimon are completely $ucking up the planet and humanity.

What matters most is family, community, and faith (whatever that may be for the individual). Nothing else matters! If these pillars of society are stable then the world will be fine. None of these function properly with government, NONE!

Dimon is protected be the government. This is what scares him about Trump and populism. He can be mad or embarrassed about it all he wants, but reality is people have become wise to his bull$hit and all the $uckers like him.

All hail Trump and populism! It must be working when $uckers like Dimon are complaining....

GatorMcClusky's picture

So does he support auditing the FED? Gold standard?