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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Thebighouse's picture

He is obummer's brother.

A complete liar and pimp.

BrigstockBoy's picture

You know what's embarassing? Reading about the massive fines JPM has been slapped with over the last ten years. The last accounting I saw was from the end of 2014 and the number was $35 Billion. They've rigged just about everything you can rig in banking. How's that for some stupid shit, Jamie?

Dr. Acula's picture

>They've rigged just about everything you can rig in banking

Don't forget how fractional reserve banking is inherently fraudulent. It makes no sense that bailment fraud is allowed for some fungible goods (e.g. money) but it is illegal for other goods (e.g. grain in grain elevators).

 

purdySun's picture

Would like public verification on when, where and how those "fines" were paid . . . and specifically, To Whom.

BrigstockBoy's picture

Here's a suggestion. Type 'JPM fine' in a search engine and hit enter. You'll be presented with a slew of hits.

I've seen a number of additions post 2014 including:

A $264 Million fine, reported 11/17/2016, for corrupt hiring practices in Asia.

A $360 Million fine, reported 12/7/2016, for interest rate manipulation.

A $675 Thousand fine, reported 2/27/2017, for late reporting of fixed income transactions.

A $900 Thousand fine, reported 1/11/2017, for supervision failures.

A $55 Million settlement, reported 1/18/2017, of a lawsuit alleging discriminatory lending practices to minority borrowers.

I could go on but I'm bored.

QIG's picture

WHAT ABOUT A NEW RULE FOR CAMPAIGN FUNDS?

 

"The money has to come from voters in their districts, period". No outside or corporate or "pooled" funds coming from outside their own district.

 

Would not this stop the blatant greed and corruption and the control over congress by Corporations?

 

They would be working then for their "real" constiutuents, instead of for European Bankers, Foreign Governements and Special Ingtersts, and Corporations.

 

How about that rule?

monad's picture

What does he mean "almost", Yogi?

KFBR392's picture

Jamie. No. Shit. Please stop stating the obvious and please put your considerable money where your mouth is. hey if u really care about all the little guys and gals endorse the breakup of your firm to increase competiition and lower real costs for consumer while giving back power to consumer? what the fuck happened to antitrust policing in this country????

Chippewa Partners's picture

Mr. Jamie "we've been growing at 1.5 to 2 percent in spite of stupdity" Dimon.  

When the spigot is now turned off it is all selective memory.  If printing trillions to bail out irresponsible, reckless, racketeering, price fixing, money launering, uber leveraged, derivative infected, systemically fraudulent too big to fail bankers is a good thing why wonder what anything bad might be?

The Fed is like the Vatican, there never will be an audit.

 

alpha-protagonist's picture

Fuck you, Dimon. You're only in it for you. Judgement day is approaching and I sure hope that law enforcement and the military side with the plebes.

TalkToLind's picture

What does he mean we?

Sir John Bagot Glubb's picture

From the mouth of one of the great crony capitalists of all time.  JP Morgan is virtually an arm of the government.  The Greeks call it "kolo kai vraki" meaning they are as close as your ass is to your underwear.  Among other things, the rumor has always been that JP Morgan secretly executes trades for the Exchange Stabilization Fund so no one knows the government is manipulating markets.  Gold is a good example.  JP Morgan does the PPTs monkey hammer naked shorts, particularly every time the Federal Reserve Chairman speaks.

 He's  just trying to get JP Morgan off the hook when the shit hits the fan and its investors and bank depositirs are livid.  The fucker can say, "I told you so.  You all should have listened to me!"

wally_12's picture

I believe the "Government" is an arm of J.P. Morgan!

WrongNumber's picture

I disagree. JPM isn't on the hook for anything. They are but one card in a very large house. If he gets to the point of having to "be on the hook" the cards have fallen and his culpability will matter not. 

Sir John Bagot Glubb's picture

 You are probably right but with a guy like him it is about image.

aloha_snakbar's picture

Fuck you Demon....go gargle some nutsack...

Binnie's picture

He's mad because his lackeys, Clinton, Schumer and Gillibrand are irrelevant.  The senators from New York no longer matter.  Nice try Jamie. With your power you could have done a lot to correct the environment.  That leads me do believe you instead did much to create this environament.

WrongNumber's picture

2 thoughts....

This reads as posturing as a result of not getting your way. It is not a general statement about our politics. This was a public statement about someone. Either greasing the skids or letting them know he isn't happy. Either way, the comment has nothing to do with "Americans". He is so far above "citizenship" this is almost comedic.

Second, If I recall correctly he is a Billionaire...I don't think anything but his ego and his unending greed are impacted by events in American politics at this point. Again, see point #1.

Gravatomic's picture

Good points, both. Extrapolate.

slyder wood's picture

More theater. This is all scripted shit right down to the obligatory mentions in podunk local news, to keep the divisiveness fresh and eye off the ball. Dimon makes a cameo, on cue. This is (((Hollywood)))/(((Media)))/((Banker))) entertainment.

onephoton's picture

What a Sham!!!! Jamie Demon... STFU !! WHAT ARE YOU DOING for the "average American"????

You are worth over a Billion Dollars !

JPMorgan Chase has over $2.5 TRILLION in Assets

Yet, there is only $2.5 TRILLION in total CASH + ALL Bank Accounts in USA....

YOU FABRICATE "MONEY"  at the expense of average Americans !!!!

What a hypocrite, as you rip off more americans than most banks on Earth combined!!

Puke PUke Puke you Slimy Demon

RougeUnderwriter's picture

According to Nineteen Eighty-Four by George Orwell, doublethink is:
“ To know and not to know, to be conscious of complete truthfulness while telling carefully constructed lies, to hold simultaneously two opinions which cancelled out, knowing them to be contradictory and believing in both of them, to use logic against logic, to repudiate morality while laying claim to it, to believe that democracy was impossible and that the Party was the guardian of democracy, to forget whatever it was necessary to forget, then to draw it back into memory again at the moment when it was needed, and then promptly to forget it again, and above all, to apply the same process to the process itself—that was the ultimate subtlety: consciously to induce unconsciousness, and then, once again, to become unconscious of the act of hypnosis you had just performed. Even to understand the word—doublethink—involved the use of doublethink.[4]

“ The power of holding two contradictory beliefs in one's mind simultaneously, and accepting both of them… To tell deliberate lies while genuinely believing in them, to forget any fact that has become inconvenient, and then, when it becomes necessary again, to draw it back from oblivion for just as long as it is needed, to deny the existence of objective reality and all the while to take account of the reality which one denies—all this is indispensably necessary. Even in using the word doublethink it is necessary to exercise doublethink. For by using the word one admits that one is tampering with reality; by a fresh act of doublethink one erases this knowledge; and so on indefinitely, with the lie always one leap ahead of the truth.[5]

venturen's picture

says the guy who became a BILLIONAIRE THANKS TO THE RESCUE OF WALL STREET BY Bush, The FED and OBama!

 

Explain it to me Jamie...you borrow at ZERO PERCENT and Charge between 5-30%? Fully backed by GOVERMENT GUARANTEEE AS YOU MADE A BILLION DOLLAR

 

Please Explain it?

venturen's picture

If there was true karma....his plane would fall out of the sky with him in it

Bunga Bunga's picture
It's embarrassing for an American listening to this crime we committed, selling defaulting mortgages as AAA investments to the rest of the world.

Jamie, shut up. Yes, America is fucked, but not because of wrong politicians at the moment, but because of unsustainable debt which won't go away without a very ugly haircut.

He blames politicians for the problems he and his buddies helped creating. 

 

 

Deep Snorkeler's picture

Why Trump Was Elected

1. The opioid epidemic is the main reason Trump was elected.

2. Hillary likes to kill men and uses war as an excuse.

3. Trump distributes wealth-magic.

4. God made his narcissism real.

5. Anyone who demeans disabled people can't be all that bad.

6. High school insults really work.

7. Trump's greasy people are election geniuses.

 

WrongNumber's picture

@Zerohedge...

Why do you give this man''s comments publicity? He is just a man. No different than you or I. Why exalt him?

espirit's picture

Several reasons.

To vent rage and dispel unpure thoughts.

To remind everyone how transparent banking practices are.

To anticipate the timeline for resharpening pitchforks and pikes.

Need I go on?

Bernardo Gui's picture

These bankers are parasites and the ultimate cronies. Simon may as well work for the government since his bank wouldn't exist without bailouts and political protection. The business sector hasn't done shit except leech off of cheap debt.

grizfish's picture

Stupid Shit "IS" the SHIT situation created by the STUPID billionaires, such as Jamie and Bezos, as they raped the citizenry.  Now that they are wallowing in ill-gotten gains, they, all of a sudden act like they had nothing to do with the turmoil they created.  I hope the STUPID gazillionaires drown in their own SHIT.

robertocarlos's picture

Screw the shit out of the averag American is what he means.

NuYawkFrankie's picture

Ermm.. Jamie... it's embarassing having YOU as an American!

Herdee's picture

He really means that guys like hime along with the big banks need another big chance to really fuck over the average American worker and taxpayer one more time.

myopinion's picture

Never truer, more empty words spoken from an insider who is viewed as part of the problem.

Gohigher's picture

AWESOME JD !

So you will foster the anti-austerity, audit the FED, defund the 1% movement and rebuild the golden middle class goose ?? Constitutional money can't be far behind, eh ?

 

THe only pigs flying today are the fucking WAR  PIGS.

nathan1234's picture

Jaimie- you are the turd. What would you know about the average american or an average man around the world? They are just collateral damage for what you are upto.

Growth you quote is manipulated date and that comes after the trillions of debt you released to achieve it. . A chart showing debt and growth over the last 50 years will make you eat your own turds.

KickIce's picture

Hey Jamie, maybe if you asswipes would stop raping the world in our name we would recieve a better reception.

hanekhw's picture

Print more money and then print even more money.

 

If Adam Smith were alive today he'd have to change the title of his book to "The Wealth of Fiat Currency Nations"

Bay Area Guy's picture

I'm not embarrassed to be an American. I am, however, embarrassed when I have to talk about the American government and the TBTF industries that have been set up to bleed everyone dry.

As for Jamie, perhaps if you and your ilk hadn't destroyed the economy to begin with through your reckless lending to people you KNEW couldn't repay loans, maybe this country could have had robust growth. Perhaps if your lackey Obama had used Fedeal money for actual, you know, productive uses such as infrastructure improvement rather than giving it to his banister buddies like you, maybe this country would have more robust growth.

As it is, don't go crowing about how strong the American economy is unless you consider that negative real growth (meaning honest inflation adjusted growth) is strong.

I guess to put it succinctly Jamie, shut the hell up.

Fantasy Free Economics's picture

Take away the theatrics and virtue signaling and the United States provides a platform where citizens can go to mooch. It takes political power to mooch. Most Americans are pleased just to have the opportunity to moochh. Perhaps Dimon has lost some political power and now his opportunities to mooch are waning.

http://quillian.net/blog/are-you-out-mooched/

James Quillian

Fantasy Free Economics

loveyajimbo's picture

Glass-Stegal for us... tar and feathers for asslicks Jaime and Lloyd, then investigations and prison.

As an aside:  Sessions, why the fuck is Hillary still unindicted!?!?!?

null's picture

Not indicted because not enough actual honest government employees to convict, yet.
Plus, just like any criminal investigation, they will gather Most evidence while the guilty try to hide it, probably happening right now ...

Okay, that is quite optimistic but hopefully still reasonable.

moonmac's picture

First 4 Rules of Free Market Capitalism:

1) There’s no such thing as a bailout

2) Nobody is ever too big to fail

3) 0% interest rates are impossible

4) You can’t print money out of thin air

 Yes, I’m embarrassed we now live under a Crony Corporatist-Nanny Socialist System where both parties agree to screw over poor workers just to boost their own disgusting asset values.  

Madcow's picture

Mounting evidence we're not under Authoritarian Rule by sex criminals - 

https://www.usnews.com/news/national-news/articles/2017-07-07/south-dako...

 

 

VladLenin's picture

I'm only embarrased we haven't revolted founding fathers style

paulp's picture

Jaw drops.  Really Jamie, didn't you get your blowjob from chuck schumer and mitch mcconnell today?

Let's see, the financial services industry runs amok and blows up the economy and has to have hank paulson threaten tanks rolling in the streets to get you asswipes a bailout.

And since you genious' think the only way to put the economy back together again is with continuous free money from the FED we are coming up on QE infinity now.

And, since you guys can't run a sound financial system the depositors in banks will be bailed in and made stockholders when the banks that are paying squat for interest finally "invest" their free money in the next disaster.

Jamie, you really need to get out more.  Watching kiddie porn in your bathroom all the time has really affected your brain.

Jamie, you are part of the brokeness, stop bitching about it and use your connections to get the fucking government out of the way.