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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Jus7tme's picture

Translation of what Jamie Dimon is saying into what it really means: (1) cut the corporate tax rate to zero so that corporations can pay my bank back the money they borrowed with untaxed repatriated profits, and PLEASE do it before the next crash. Meaning, better do it NOW! (2) get started on the infrastructure PRIVATIZATION *now* so that the top %0.1 can get their hands on some more profitable necessities (roads, bridges, water plants, sewers, utility grids, railways, schools, national parks, federal lands) with which  to extract tolls and fees from the general public. Sell to the people what they already own! What could be more profitable than that? At the same time, give me the bond (=debt) business to "improve" this infrastructure, so that the new owners of America can pay me interest which in turn is paid by the working class.

That sums it up.

LawsofPhysics's picture

Yes, the socialization of private losses and outright THEFT/FRAUD continues...

No matter, humanity has indeed experienced such "let the majority eat cake" monetary and economic experiments before, this one will end no differently.

veritas semper vinces's picture

Wow! One of the main causes of the "American embarracement" is embarraced now. Fake embarracement,fake outrage. Fake everything in this country.Starting with fake money.

As Kaiser Sousa would say: Death to the moneychangers! We would not be embarraced after we do this!

sgt_doom's picture

I am soooo embarrassed we live in the Land of the Lawless, when Dimon's sorry ass should have been jailed long ago, along with many, many more banksters, since EVERYTHING they did was illegal:  violated contract law, property laws, real estate laws, tax laws, etc., etc., etc.

Recommended Reading:

Chain of Title      by David Dayen

The Case for the Corporate Death Penalty     by Mary Kreiner Ramirez

Open Secret     by Erin Arvedlund

Survival of the Richest     by Donald Jeffries

halcyon's picture

No shit Jamie, how about starting... 30 years ago.

Now it's a bit too late for you and your crony buddies.

 

MFL5591's picture

THis scumbag and his TRIBE friends created the mess in this economy with their greed now he lashes out?  Fuck you Dimon and your tribal friends!  We know who did it and when it blows up, we know you were one of the ringleaders along with Bernanke!

Idaho potato head's picture

I didn't think it was possible for Dimon to be embarrassed, hmm amazing.

DontWorry's picture

"More bread and circuses for the mouth breathers, so they don't come for me with nooses, torches and pitchforks."

Xredsx's picture

Does anyone realize just how much of a slave to the system that we are? You might see it as a job but the role you play in this system. Really as an effect on "WHO" you are. The rules a nd role of your job does have an effect on your long term personality. And how many good decend people have a minimal paid job, carrying out this tyranny called government? Such as a traffic warden giving out fines, police officer. Or a poor soldier  A human being who is trained to kill and be used as cannon fodder with our tax. How much do they get paid? P oor souls.. Many died truly believed that they were doing the right thing,  and with the love of humanity in their hearts. But the days of war should be no more.. But we do have wars and its All for wealth and power..But its the sheep that fight and die. And the propaganda, it all starts with the schools. Never mind me though. Go back to being good Americans just like the man said. Go be human. You got to pay you tax just like the rest of the world. Because the rule makers have already condemned the future generations to 1000s of TRILLIONs of $$$$$$$$$$$$$$$$$$$$$$$... But TRUMP and BREXIT. Whats the truth?  Because they are both hanging on by their pinky finger... Or are they secretly winning?. Anyway,  the next stage of our evolution actually depends on it... I mean,  look at our youngsters.. Can you just imagine what life on earth would actually be like when they are the generation that the rules the nations? 

trgfunds's picture

This dude isn't an American. He is a supranational globalist. Funny how the number of digits in your bank account changes that eh?

Zorba's idea's picture

Ask not what your country can do for you...Ask what you can do for your country. Jamie, hello, hello, oh for fucks sake.

dark pools of soros's picture

Honey Dimon don't care

GunnerySgtHartman's picture

The true "stupid shit" is the bailout of these banksters and their incessant profits courtesy of Fed interest rate and QE policies.  Retards, all of them.

Give Me Some Truth's picture

Dimon wants "less gridlock" in D.C.

This means we need a whole lot more "gridlock."

Every piece of legislation and every bureaucratic rule that D.C. creates benefits JP Morgan Chase. Of this we can be sure.

wisehiney's picture

Ya didn't say anything when your nigger was in office.

Fuck you.

We are coming for your kind, soon.

decon's picture

Special lampost for Dimon.

Dewey Cheatum and Howe's picture

Dimon is nothing more than another fucking elitist kike.

Squid Viscous's picture

Hymie Dimon, I heard your daughters are great in bed!

Bryan's picture

Snarky banksters and politicians are a dime a dozen these days.  The internet has allowed them to show their true colors to the unwashed masses.  Ivory towers and pedestals are no longer their sanctuary.

Peacefulwarrior's picture

As soon as WE who Voted these Scum into office are done kickin our own asses then action to remove them will begin.

geeves's picture

Hmmmm, "do what we're supposed to do to the average American." What would that be Jamie Dimon? What exactly do you want to do *to* them?

Daves Not Here's picture

F them in the A with the D!

small axe's picture

America's top oligarch is positioning himself at a run for president of NWO.

Damn peasants just don't understand.

Moe Howard's picture

So far {{{[<they>]}}} have pushed Liberman, Sanders, now that punk suckerberger and this Squid out to try to get to the ulimate puppet position. They won't be happy until they get it. Why? They already have control of money, for the most part the supreme court, legislature by bribery and blackmail, the MSM, and most of the beaurocracy. They have a huge plantation army, supplimented by drone student loan zombies.

 

There must still be some power in the Puppet in Chief.  {{{[<they>]}}} want it bad.

Lost in translation's picture

Your day is coming, Jamie.

You won't escape popular justice.

Looking forward to seeing your lifeless corpse being dragged through the streets of Harlem, live on CNN, Mogadishu-style...

oddjob's picture

This inept scumbag should have been toast in 2008.

Akzed's picture

At one point, we would have to get our act together, do what we're supposed to do to the average American."

 

When a billionist talks about doing something to me, I get a li'l antsy.

geekz_rule's picture

glad someone else lasered in on that.. umm..

#HostLife  - because we have been turned into "hosts" (food source) (rent payers) for the 1% inbred parasites (leeches) (rent collectors)


#PerceptionIsACommodity - We are manipulated to "think" and "feel" about today's issues by repeated deceitful narratives and images. US State Media (MSNBC, Fox, CNN, ABC, WaPo, NYT, etc, spun for specific demographics) controls our "support" or "disapproval" for nearly everything. Manufactured Consent
P < P + I
Pausebreak's picture

Guess Dimon is upset since the QE spicket has been turned off.  Why wasn't he complaining 20 years ago?

Bill of Rights's picture

Stupid mother fucker we listened the stuttering lying asshole
For eight years where were you fuck face?

totenkopf88's picture

He said his rant was not directed at Trump- can't you read?

Bill of Rights's picture

Get fucked ... he's just covering his ass. Don't be such a simpleton.

Bavarian's picture

I concur with the title

SybilDefense's picture

I'm not embarrassed for myself, I'm embarrassed for these asshole who don't have the balls to govern in accordance with constitutional principles.  I truly believe that just because our leaders and MSM talking heads think they have us scammed, the other people in other country's are fighting these NWO globalists themselves.  I think all middle class peoples from all over the world have similar angst and most likely don't think what is happening to or in America has anything to do with people living here hoping the chain of broken promise politicians will one day deliver.  Just as we realize the N Korean people are probably a fairly decent lot, but that guy in charge over there, well him got to go.  As an individual I can only try to exemplify honesty and principled thought while hoping for a return to constitutionally sound action in lieu of interpretation.  I believe most people are good, but the same things that turn good people bad such as greed, power, money, lust (pizzagate) simply happen to be highly concentrated in one 'distict' of our country.  Embarrassed? Not personally, but hopefully post reset some of these scum will review their MSM comments and come to some epiphany like "wtf was I thinking"

Boca's picture

click bait, he didn't bash Trump, he bashed the Media

2_legs_bahhhhhd's picture

Pfffft, the only thing that should be bashed is his skull, with a 400 ounce good delivery bar. Anyone that apologizes for the criminal financial class, deserves what's coming to them....please lord,save the human race from these parasites.

TeethVillage88s's picture

Snowflake wants his toys back, wants curfew over, wants his permission to use golf clubs and to drive the car.

Jamie Dimon. Whiner. Muh Tax Break. MUH Trading Desk!

Pope, Treasury, FDIC, Comptroller of the Currency, SEC, FINRA, DOJ, FBI, DNC/RNC, US Congress, US Lobbyist, Chamber of Commerce, K-12 & University System,... Federal Reserve don't see a problem :

Jamie Dimon doesn't see a problem... Anywhere? Fuck you Jamie! I hope you get ass raped by an Illegal border worker.

- Exporting Tax Base of Individual Income Tax
- $10 Trillion in Wealth Lost in 2008-2011
- Manipulated Monetary & FISCAL Policy for 10 Years, perhaps 18 years back to 1999
- Exporting onshore Production both Services & Goods since 1979
- Importing Foreign Agent Lobbying Dollars at Increasing Rate
- Concentrating Money Flows to US Congress from Giant Tech & other Corporations & their Executives
- Increasing Money Flow Subsidies from Federal Govt & Increasing Federal Control & Influence on Local Economies
- Increasing Deficit spending & Overhead at Local & State Govts
- Exporting Jobs for Bread Winners & Middle Class & Young Adults... with using Slave Labor/Black Market Labor/Illegal Labor/Those with no Worker Rights

What could go wrong with killing off small business economy & Mid Cap Economy... and retail economy along with services & goods producing economy?

- Dimon says 'bad policies' stalling economic growth...
- Retail sales fall AGAIN...
- SENATE HEALTH BILL KEEPS OBAMACARE TAX...
- Monthly Federal Spending Tops $400B for First Time...

- Now all we need are Pension Short Falls... oops
- Now all we need are junk rated govts like Greece & the PIIGS... to loose our Public assets & govt Assets... oops
- Now all we need is FISCAL & MONETARY IMBALANCES OVER A LONG PERIOD to hide realities of Finance & Normal Economies... while calling for less banking regulation & fewer capital controls... when 1 out of 3 never recovered from Global Financial Crisis... and we have 10 years on Manipulated Interest rates & QE3 & $4.4 Trillion on Fed Balance Sheet.

oops.

Now all we need is Intel Agencies on Steroids & Global Spying on Steroids & $1 Trillion in Annual Spending on MIC.

Whoa. OOOPS.

new game's picture

gorillas every which way i look. plenty of currency, just not being put to the right use.

over 50 percent of current budget is put to use for destructive forces rather than productive uses.

destructive is; MIC, free shit to useless voters.

productive is; infastructure, balance of payments for financial stability.

so, yeah he is dirrecting his thoughts towards the cause of this mess. congress, but moar importantly the destructive forces of the deep state. of course j d won't talk of that, as he one of them...

totenkopf88's picture

These guys were given the world on a silver plate in 08/09 and it's still not enough 

exi1ed0ne's picture

With debt based money, exponential money growth is required.  Any number you quote will never be enough.

Robslob's picture

So nobody noticed his true feeling about Americans?

"At one point, we would have to get our act together, do what we're supposed to do to the average American."

swass's picture

Except he didn't say that. Not sure if ZH corrected or this was taken from an earlier comment on the article. He said for and not to.

null's picture

That is worse.
At least the "to" was honest.
The "for" is absurd, inappropriate in a capitalist society, and not remotely accurate.

G-R-U-N-T's picture

Intersting, that Dimon openly admits what we already know, namely the absolute imbeciles that inhabit the cesspool called Washington!

Justin Case's picture

His likes are the root cause of the current economic destruction. Refered to in plain english as financial FRAUD.

BustainMovealota's picture

Where was he between 2008 to mid 2016?