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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Codwell's picture

Fucking Jewme Dimon doesn't mention the biggest problem - the Fed and treasury giving his jew ass trillions of dollars at zero interest and him then loaning it to us at 5 10 25 percent intetest. Fuck him.

null's picture

It's moronic hyperbolic Jew-fetishes that have enabled exactly this Jaime and many others. Starting to suspect you know this, wink, wink.

Peacefulwarrior's picture

The real problem is Dimon is NOT loaning it to us!

markar's picture

Was that a Freudian slip, Jamie, when you said do what we should do TO the average American instead of FOR the average American?

vegas's picture

Dear Diamond Jim: How much of this "shit" is JPM responsible for? You act like you are a disinterested party, sitting on the sidelines getting taken advantage of by others; this is the exact same "Straw Man" your buddy Chalky Soetero used all the time when he couldn't get his socialist way with things. What a fucking douche bag loser ... take your bank and stick it in your ass.

 

www.traderzoogold.blogspot.com

Silver Savior's picture

Yes I am ashamed. Ashamed of the republican leaders. Setting us up for an epic fail. 

Feel the Bern!

Ignorance is bliss's picture

JPM supported Hitlary your Democratic nominee.

Stormtrooper's picture

Jump on board with the Convention of States movement Jamie.  We could use some extra funding to promote an Article V to the state legislatures who have not yet adopted the call for a Convention.  Then, the states can bypass the entire fed.gov and propose/ratify any Constitutional amendments that they choose to reign in the disaster called Washington, D.C.  Their "nuclear" option would be to ratify an amendment to abolish the three branches of fed.gov and start over.

So, come on Jamie.  Put your money where your mouth is.

GoldHermit's picture

Was he looking in the mirror when he made these comments?!?

Team_Huli's picture

Frustration at Trump???

From the start of Dimon's earnings call:  "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."

A CLEAR reference to O-hole!  Stupid reporter...

JackMeOff's picture

History has proven that all great Republics implode from within.

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

'All great Republics' eventually turn into Oligarchies! And NO, I won't Jack you off!

FU in Advance's picture

Damn!  Was it asking too much to have his throat cancer take out his vocal cords?

NotBuyingIt's picture

... or cancer of the dick and balls. That is, if the smarmy cunt has a dick and balls. Jury is still out....

PhiBetaZappa's picture

'To' the average American, huh. That's not a typo or misquote btw it's exactly how these scumbags think. 

A few average Americans must have a couple of pennies left in their pockets that these parasites haven't grabbed yet.

NotBuyingIt's picture

I caught that, too. Smarmy cunt thinks it's his place in life to "do to Americans." Why is this cunt still upright and walking around...

NotBuyingIt's picture

Fuck Dimon. He’s a smarmy cunt. JPM Chase is a smarmy “financial institution.” I have dealt with slimy Chase bank more than I EVER wanted to, and now I’m done.They are never getting any more Joosery from me.

 

Fuck Chase. The most DISHONEST bunch of psychopathic motherfuckers in the universe run the Home Mortgage department.

Chris88's picture

100% agree Jamie.

Chris88's picture

Downvotes you're faggots, tell me what Jamie said that was wrong.  Go on, FSA, tell me.  BTW retards, JPM was profitable during the crisis and was forced to take TARP money despite not needing it so other Banks were not singled out.  Further, none of you could understand, model, or value JPM so shut your fucking mouths you amateurs.

samsara's picture

"...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..."

 

Must look great sitting where he is sitting.   Sitting where WE are sitting it don't look that strong.

Fuckn asshole

Ignorance is bliss's picture

Yea..I'm sure Jamie Dimon has the Average American's best interests at heart. What a facist prick. Bail outs, fraud, too big too fail, too big to jail, and above the law. JPM and the rest of the mega banks are the complete definition of a facist takeover.

Latitude25's picture

This asshole has been a major partner in rigging all markets and now he thinks he knows how to fix anything.  String him up at on a lamp post.

GRDguy's picture

Man, who doesn't know when enough is enough, will never have enough.

That defines a sociopath.

CHoward's picture

Jamie - you're a tad late to the whole FUCKING DISCUSSION aren't you?!?!

Wahooo's picture

Whatever happened to that derivatives tramp at JPM?

GRDguy's picture

At a company involved in blockchain. 

Boing_Snap's picture

"Do what you're supposed to do for the average American" ????

What is that Jamie fleece them their entire life, and leave them out to pasture in their golden years?

Makes you want to puke, next time we occupy New York you'll be decorating the entrance of your office tower like a Christmas ornament.

Infinite_Trench's picture

Hey, Jamie "stupid fuck" Diamond, liquidatng or breaking up all the NY banks would be  good way to start and JPMorgan should be numero uno on the list. How's that cutting through red-tape and bureaucracy?

Fishy Rickster's picture

JP Morgan, is this the bank founded by Lord Rothschild in America through his cut-out, JP Morgan? 

Tell me more of this bank of Rothschild of which you speak.

Aireannpure's picture

You are embarrassing. Holding America's economy hostage. What a piece of work. 

Global Hunter's picture

I don't like Jamie Dimon but I read it that he is travelling around for meetings and everybody he meets wants to talk about POTUS and the shit the media is saying and he's actually fed up of it.  He probably doesn't like or support Trump but even he has enough.  He wants to get back to the business of usury and finding new ways to rip people off and take a cut and he wants to go to meetings to strategize how best to get it done.  Instead he has to hear people bitching about Russia this and Trump that.

Kinda funny really. 

roadhazard's picture

Please don't throw me in the American briar patch... oow ouch o0w.

frontierland's picture

Welcome to Clownworld:

Where Jamie Dimon is, worried about the average American...  

Quivering Lip's picture

Another altruistic billionaire looking out for the "average" American. Isn't that nice. How bout looking out for the above average American. What about us Jamie?

Seriously go back to hitting tennis balls in your "tastefully decorated" $20 million penthouse. What a stoke!!

PrometeyBezkrilov's picture

Two SOB's who were directly involved in bringing down the country are complaning now...What is this? Two globalist's bitches pretend that they suffer somehow?

SunTzu2U's picture

Jamie runs a criminal organization. When caught, they simply settle and pay fines to their "regulators" Fines totalled $35 Billion in 3 years (2012-15). The only rationale explantion is that they make more "fixing" markets than the fines they pay. Rigging markets is a business strategy for them.

GRDguy's picture

Why don't we call it lyin' and stealin'.

SidSays's picture

Criminal?

So it would seem...but...

Technically....no...

Not among..

All the Plenary's Men

Merely....

The Veneer of Justice in a Kingdom of Crime  

...for the chattle!

WROL...

Tick...

Tock...

GRDguy's picture

The stupid shit we have to listen to is that lyin' stealin' and killin' is being so handsomely rewarded

to so-called elite people such as jamie dimon. They're the main cause of what the press became.

Mena Arkansas's picture

Bet you ((( bankers ))) thought we had forgotten 2008. Not a fucking chance.

Plenty of us lost it all and have been paying for it ever since. And we blame YOU.

You better hope the wheels don't come off because YOU will be at the top of the list.

Don't think we will be distracted by the negro, mexican and "refugee" hordes.

We'll be coming for YOU.

NotBuyingIt's picture

A million upvotes for you! I wanna see this dicksucking fucknut's head on a spike. Literally.

cdskiller's picture

Dimon should already be in his 10th year of dealing with the stupid shit being said by his serial killer butt master in federal prison.

gmak's picture

ANd what are you "supposed to do" to the Average AMerican? Aren't you already doing it? I'm going long vaseline. Popcorn just isn't cutting it anymore.

swamp's picture

This self appointed God does not have to do anything for me but leave me alone to live and let live.
The bold presumption that he is in charge of "doing something" for me is straight up odious.

LawsofPhysics's picture

LOL!!! 

 

"Full Faith and Credit"

 

Tick tock motherfucker!!!

XRAYD's picture

"do what we're supposed to do to the average American"

 

Jamie You have been doing it TO "the average American" for fifteen years with your soul mates. They should be your Cell Mates. Calling it god's work does not make it so!

 

You are just like Oliver Twist, nothing is enough, and you always want MORE.  In the name of "the American people" of course!  So you and your ilk can skim your cut, and pass the tab on to avearage Americans for generations to come.

 

In case you have not notice, there is $30 TRILLION dollars on Central Bank Balance sheets! Why and how did the money get there and who is/will pay for it?

 

Hint, like the "turtle on the fence" - it did not get there by itself! Look in the mirror next time, you might find some answers.

This is the principle reason why there is no "growth" - other than China and India! The $4 Trillion that Bernanke/Yellen managed to create out of thin air, to buy you "securities" and keep you solvent instead of letting you price your products without a free market value of you "ass"etts!  This money shold be be in the REAL economy. Not to mention the interest of savers stolen from their rightful earners, by giving it a fancy academic name - "financial repression" instead of theft which it is. 

And thanks for your crocodile tears about average Americans.

FarCanal's picture
JP Morgan Insider Rats Dumping Shares As Bank Ups Buyback.

 

The most aggressive sellers have been CEO/Chairman, Jamie Dimon; General Counsel, Stacey Friedman (hmmm…); and CFO, Marianne Lake (hmmm…).

With JP Morgan’s announced 90% increase in its share buyback program, the shares will have an even bigger bid in the market from shareholders into which insiders can dump.

The question is – rhetorical, of course – why would these insiders be dumping shares if the outlook for the Company’s earnings, stock price and financial condition was positive?

 

http://investmentresearchdynamics.com/jp-morgan-insider-rats-dumping-sha...

Ntoxic8ingWave's picture

This fucknut believes he is in a postiion to speak about the average American...