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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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

ali-ali-al-qomfri's picture

It is difficult to get a man to understand something when his salary depends upon his not understanding it. -Upton Sinclair

 

This has been posted here many times before because it is so true.

fujd

Ban KKiller's picture

...along with my other favorite "and...it's gone!"

Coldfire's picture

Eat a bag of dicks, Jamie.

Snaffew's picture

but that would be his third bag of dicks today....can he eat that much?  i'm signing him up for nathan's dog eating contest next year---a shoe in!

libertyanyday's picture

and the LEFTY media keeps on printing regurgitated vomit about some made up russian deal.....they keep hounding me to buy a ' subscription' to their mindlessness. No thanks

There's picture

Made up? 

The 70 thousand votes that President Lielie got to win were not made up. They were provided by the San Antonio hacker department of the campaign.

Honest Sam's picture

Your proof for this please.

Or shut the fuck up, sit the fuck down, and look starightfucking ahead.

Peter41's picture

Something is wrong with America, it is being throttled by the Deep State, of which Mr. Dimon is a due paying member. His bank profits from its subsidization by the Deep State's tentacles and to the extent that he perceives that the Deep State is under attack by the administration, he undertsandably wishes to protect the Deep State, and that prompted his outburst.

cn13's picture

A bullet in the head would be too good for Dimon.

More dangerous than Bin Laden ever dreamed of being.

A financial terrorist.

iconic's picture

Haha. A jew that benefits from the jewish fraud money system that political sell outs to the jew burdened the "average American" with in 1913 is throwing a tantrum. Die and go to hell, Mr. Dimon, you and the rest of your luciferian mob of global gangsters, or repent, admit the fraud, an relinquish your grip on the economic throat of the "average American".

null's picture

You attend a synagogue with this asshole?
Tell him chai please ...

Snaffew's picture

is it really growth when you throw a trillion dollars of fresh debt a year at the problem, then don't count the debt, but count the "growth".  When you take the debt into account, then the growth becomes negative 3 percent.  That sure as fuck does not look like growth to me.  I must be fucking crazy!

macle's picture

F%co. off DEMON.

Despite 9 trillion in QE the US has the same GDP growth over last ten years as post 1929. 

1930: -8.5%
1931: -6.4%
1932: -12.9%
1933: -1.3%
1934: 10.8%
1935: 8.9%
1936: 12.9%
1937: 5.1%
1938: -3.3%
1939: 8.0%

When you average all of those years together, you get an average rate of economic growth of 1.33 percent.

That is really bad, but it is the kind of number that one would expect from “the Great Depression”.

2007: 1.8%
2008: -0.3%
2009: -2.8%
2010: 2.5%
2011: 1.6%
2012: 2.2%
2013: 1.7%
2014: 2.4%
2015: 2.6%
2016: 1.6%

When you average these years together, you get an average rate of economic growth of1.33 percent.

Heroic Couplet's picture

Trump, Junior contacting Russians, hoping for dirt on Hillary. What light does this shed on the Benghazi Hearings? That they were bullcrap. Second best is to contact a country on the other side of the world that sells weapon systems known to be 99.99% rust. Hilarious.

rwmctrofholz's picture

Trying to marry the Behghazi hearings to Trump Junior's meeting?

Time to throw more money at public schooling, it seems.

Silversinner's picture

First they steal your money,

then they blame you for being poor.

Nice try you piece of shit

BitchesBetterRecognize's picture

OMG -LOOK WHO'S TALKING ABOUT GETTING THEIR ACT TOGETHER!!!!   ONE OF THE MAIN ARCHITECTS & PROMOTERS OF THE CURRENT CANCER IN THE WORLD'S ECONOMY TALKING ABOUT "GETTING THEIR ACT TOGETHER!!! 

 

THOSE DOUBLEMOTHERFUCKERS ARE BRUTALLY & RECKLESSLY SHAMELESS!!!!  FUCK!!! 

hangemhigh77's picture

With friends like Jamie who needs enemies.

TabakLover's picture

Hey Jainie, I bet your paycheck has gone up for more than 1.5-2% a year since 2008.....ya schmuck.

ThrowAwayYourTV's picture
Jamie Dimon fer President!
Anteater's picture

Since Mil.Gov squandering our looted savings, SS and MC trust funds is the

only thing that's driving this febrile 1-2% growth rate, the solution is clearly

to increase taxes, increase withholding, reduce 'entitlements' (your access

to your SS and MC trust funds), and celebrate with more 401K ZIRP/NIRP!!

Jamie - Krugman 2020!!!

WolfgangCire's picture

america is fubar. no grip on reality. always has been since 1492. u reap what u sow. the natives are the only civilization to ever get it right. POW WOW!

Midnight Rider's picture

It's "grown" because we've put $1 trillion on the country's credit card evey year for the past 8 years. Take that away and what does Dimon have to say about our business sector being "strong and powerful"? More like our Titanium American Distress Card is shredding the card reader.

wide angle tree's picture

So this pompous ass wants a tax cut?

 

Yes, that is embarrassing.

 

 

Able Ape's picture

AMERICA is the land of the FREE...let me rephrase that: AMERICA is where the .1% are FREE to fuck over the 99.9%...that's all folks...FU Jamie-POO

https://www.youtube.com/watch?v=b9434BoGkNQ

 

Falconsixone's picture

 Average? Not thieving bastards? I could not care less what people around the world think of you. Maybe someone will kidnap you and we'll see what your really worth. Or just ring your average bell. 

Maestro Maestro's picture

 

 

It's embarrassing as a human being to listen to Americans.

 

USA=ISIS

Swamp Yankee's picture

OK; when THIS chud is making sense you know the end is near.

Bananamerican's picture

did he mention the FED?

 

No

hangemhigh77's picture

Jamie's an American? I thought he was a bankster.

TheABaum's picture

"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."

 

Like being lectured to by banksters. 

VWAndy's picture

 Say what you his head would look better on a stick.

Lucky Leprachaun's picture

As an American? As a  dual-citizen more like it.

Md4's picture

"We won't do what were supposed to for the average American."

Who encouraged and financed the outsourcing of the western economy, Mr. Dimon?

What set of policies can restore what several generations, two World Wars, and a hundred years of middle class toil gave us?

The Gladiator's picture

""It's almost an embarrassment be an American citizen"

"It's almost an embarrassment be an JEWISH citizen"

There Jamie. Fixed it.Sort of.

Jethro's picture

I almost posted the same thing.  HAHAHA

Cordeezy's picture

Yeah Jamie Dimon has all those average American problems on his mind.  I really relate to him and I am sure he relates to me

 

www.escapeamazon.com

 

The KY Wizard's picture

Fuck that talmud-zio-jew piece-o-shit -- I would love to stand that muthafucker against a concrete block wall and "get me some" 

null's picture

Why?
Every time you try, they do You instead.

Grandad Grumps's picture

Jamie "because I'm richer than you" Dimon has no right to speak for the American people.

The banks are parasitic criminal thieves and frauds. They do not speak for the people and should have no rights and no say in anything.

Nuff said for Mr. "because I'm richer than you".

apocalypticbrother's picture

It is embarrassing that filth like jamie dimone is free to be an american

apocalypticbrother's picture

It is embarrassing that filth like jamie dimone is free to be an american

The Dogs of Moar's picture

What's really embarrassing is listening to someone who knows what's
going on, pretending that he doesn't.

the cork's picture

.

dimon is the embarrasement.

When the mask of corruption is finally ripped off the wall street banking cartel, the world will see what a dirty self serving son of a bitch he is. Him and all his bankster buddies.

.

I say tar and feather the theiving bastard.

Joe Dirt's picture

Never hear this out of his mouth if Democrats ran Congress. Notice how he didn't name names. Everything calibrated for subliminal effect. 

The thing Mr. Diamond doesn't like is the argument is between centrist and right wing conservatives. Democrats sit in the back seat.

moman's picture

My dream :  Climb in to the octogan with Dimon, Blankfiend or Uncle (Ice cream eaten) Buffett, and just beat the dog piss out of them.....one at a time or all three.

arby63's picture

You just described the most potentially lucrative pay-per-view event in history.