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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Goldennutz's picture

99% of the plebes don't know who the fuck Dimon and Blankfiend are. A lot of them probably heard of Uncle Warren and know he's loaded but that's about all they know.

Batman11's picture

Helping America.

Capital controls to keep US investment capital in the US.

Otherwise the wealthy will carry on investing in Asia where wages are lower as housing, health care and education costs are so much lower.

It can be the American century or the Asian century.

You choose.

(It's probably too late already though)

 

Batman11's picture

New Zealand real estate acquired to run away when it all goes wrong.

Check.

 

Laughing.Man's picture

It's very much an Eurasian century.

Batman11's picture

The EU is a dog.

The West is finished, luckily they built up Asia before they went down.

Luckily for Asian people.

 

 

 

arby63's picture

There will be no such choice because the premise is false. As much as I like Asia in general, I always temper this "Asian Century" nonsense by asking myself where they sell their goods. 

Batman11's picture

That is a problem.

No one wants to admit demand is today's issue.

Warren Buffet has 73 billion, but how many cherry cokes can he drink in one day?

Warren Buffett is a demand side disaster area.

Things look different when demand is the problem and they don't want you looking at things that way.

 

Cozy Vanilla Sugar's picture

Correct - it flies in the face of the avg ZH reader's free market religion - but the end result of a capitalist free market is extreme concentration of wealth and declining aggregate demand.

This can only be cured by capitalist choice (debt jubilee / helicoptor dumping cash in poor neighborhoods / raising wages despite lower profits etc.) or through cramdown on capitalists by a governing authority  (extreme taxation of the rich / massive goods and wage inflation / etc.).

Rufus Temblor's picture

You know what's more embarrassing: having Jamie Dimon travel the world using a US passport and calling himself an American.

MGA_1's picture

I'm sure it's embarrassing unless the same people are bailing out your firm.

el buitre's picture

The quickest way to end Jaime's embarrassment is to try and convict him of capital fraud and put him in front of a firing squad.  The Morgue was the only bank that Madoff had and was his custodian.  Jaime was fully aware that Bernie was not taking any of this Ponzi income and investing it other than his personal overseas dark funds.

pparalegal's picture

Jamie asked why? Because the capitalist hating communist/ socialist/ Bolsheviks have successfully taken over education and  government operations and are still handing out candy to corrupt cronies (like, oh, I can't guess who) and fifty million and growing daily demanding little takers. 

redmudhooch's picture

"the stupid shit we have to deal with in this country"

Try walking in our shoes for an hour. This asshole should be in prison.

Free Shit for Banksters: GOOOOD

Free Shit for anyone other than Banksters: BAAAAD

Goldennutz's picture

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

 

WTF????

 

C'mon Jamie you POS you are still screwing us so what's the problem?

Scrimpy's picture

JEWmie (I'm not a jew but my wife and kids all are) Dimon....Shabbos Goy for the jew world order.

 

The MF'er should be flayed...

devo's picture

She sounds like a lucky gal.

GoBadgers's picture
"It's Embarrassing As An American Listening To This Stupid Shit We Have To Deal With"

 

I said this very thing to myself in 2008 when I was told we were going to bail out Chase.

devo's picture

Every time this guy speaks the most vile shit barfs from his mouth. It's like he ate roadkill raccoon before the interview.

MrSteve's picture

Your comment demeans raccoons. The New Testament says it is what comes out of a man's mouth that makes him unclean, not what he puts in it. JD had no mean words when the banks were making billions and billions off zero interest rates....

rwe2late's picture

Among other countries Dimon visited and praised for their "practical" economics  are Argentina and India.

We need hardly imagine why he mightt especially like Argentina and India as investment opportunities.

Argentina with a 40% inflation rate and government issued 100-year bonds.

And "cashless" India with Monsanto-directed agriculture policies.

ClickNLook's picture

Imagine how much more embarrassing this is to the people who have zero hedge, zero savings, ever growing rent and who can't afford traveling abroad.

And most of all, who voted for Trump to see the "Change", which was promised by the last and the current presidents.

null's picture

Exactly.
Your not caring about the Quality of the "change" is why the current POTUS has to spend time to get the House back in order. Sorry that Other "change" didn't work out for you, choose wiser next time, many did in 2016.

Death By Cold Steel Report's picture

What the avg grazing cow doesn't understand is that the people without a hedge are organizing in a violent fashion.
The cancer that once only stayed inside certain areas is now showing in rural rich areas, and affluent areas.

devo's picture

If the private sector is so awesome, why have UPS lost/smashed my last 3 packages, and meanwhile the post office has lost one package my entire life? Why is China, mostly deregulated, a complete cespool of cancer, humans eating dogs, air you can't breath, water you can't drink? This 12 year old "Free market is awesome!" mentality is so old. I used to be a Libertarian until I began reading ZH. Thanks, ZH, for showing me the light via your propaganda/insanity/12 year old boy logic.

LeftandRightareWrong's picture

Coming from an industry (that almost buried the world in 08/09) leader.

Rebelrebel7's picture

It sounds like J.D. is basically saying, " Pay no attention to the man behind the curtain!"

Is anyone surprised that the male labor force participation rate has drastically declined since the cost of living has risen so much that the majority of American women are now required to work, simply to provide for their children?

Corporate and personal income taxes could be abolished in addition to capital gains and estate taxes and spending reductions would not be necessary if Congress were to resume it's responsibility of Article 1 Section 8, Clause 5 of the constitution and coin money and regulate the value thereof.

We cannot reduce the national debt without destroying the economy since the money supply is based on government debt.

Dimon is correct that the wars are killing people and the economy. Less guns, more butter!

Small business startups are falling because e set one realizes how financially strapped the 99% are. The velocity of money has slowed to a crawl.

just the tip's picture

it's embarassing that this fuck is still wasting oxygen.

theprofromdover's picture

Sorry, is Ole Jamie unable to understand that him and his Wall St pals destroyed the great American Free enterprise system?

Cozy Vanilla Sugar's picture

Did Dimon have a stroke mid-diatribe or does FactSet need to check their voice-to-text software?

Rambling like Thump. 

To Hell In A Handbasket's picture

The right-wing fools and their Reganite brainwashing, of the Nirvana of the free markets and globalism, have just realised over the last few decades, that they have been scalped by international finance, allowed by their own fucking politicians.

Now the desperate fly-over-states are pissed at Jewboy Dimon, because he let down the middle classes. Don't all you Trumpettes fucking realise as I've repeatedly stated, that Dimon and his ilk have been scalping the fucking world for a long time and you're only pissed off now, because they are feeding on you?

  • The death of the American middle classes is well deserved IMO, for you fucks said nothing when cunts like the Dole family was lording over the small South and Central American middle classes and peasants, while they and the banks ran Banana Republics and bled them dry. But who cares about them, as long as Americans have jobs? Was the short-sighted thinking. 
  • You fucks said nothing when the USSA based financial parasites and corporations raped Africa. In fact given many of the comments on here, many people enjoy it.
  • You fucks said nothing when these parasites tore the MENA and the middle east a new arsehole.
  • Most of you fucks castigated Greece, under the banner of anti-socialism, when these same parasites raped and gutted her, as it didn't affect you.
  • As for the Ukraine when it first started? You idiots were anti-Putin and Russia at first, until it had to be pointed out that it was the Jews like Nuland & Co, who was behind it, fostering white vs white civil war, who were going to place an IMF/World Bank debt yoke around her neck, then gut her out. And how did we know and predict it from the beginning? Because this is their standard playbook.
  • Most of you fucks only care about yourselves and failed to understand, this same behaviour would inevitably fall on you and like the short-sighted fools most of you are, you failed to see it coming until its too late

Well my friends, join the fucking club you helped create. The 2 heads of the Hydra is in America/Wall Street and the UK/City of London. When a snake begins to eat itself, the head is always the last to be consumed and that is America and it's middle classes.

The USSA is a mess, because it is a contradiction, a lie and a parasite living on other peoples resources at a discount, based on the privilege of the dollar, MIC and Energy corporations theft/war stealing other nations energy reserves and rare earth metals..

The world in general has no empathy for the plight of the USSA middle classes, as you are hypocrites and had no empathy for their suffering at the hands of your government, corporations and financial vampires. So suffer with the other groups your lack of conscious condemned.

"GOD DAMN YOU ALL TO HELL!" Planet of the Apes. https://www.youtube.com/watch?v=CsbYx6hevoQ

SilvaDolla's picture

You know, Dimon spoke of "education", but what he probably meant was more of the same indoctrination.

See, in American public high schools economics is a half-year course (about 4 months) and they taught us trite things like how to balance a checkbook, how loans to individuals work. They taught us that money was just a tool and how to use it in our everyday hamster wheel lives.

They did NOT teach us about the way fractional reserve banking works or that explain WHY the dollar is the world's reserve currency. They never told us the cost of that paid in blood.

So, you can sit there all high and mighty, saying that "Americans deserve it because they said nothing and did nothing", but the fact remains that, even still, most Americans don't understand that the economy is just a ticking time-bomb based on mvke beLIEve....and when I try to explain it to some they just look at me cross-eyed and smile because the REALITY is so uncomfortable that their brains lock down and they can't (or won't) even try to process the information.

Because "Education".

Sorry there aren't enough of us awake to wake all the (m)asses. Some of us were just born under the same boot and have to figure it out for ourselves that we've been getting fucked by our own Uncle Sam.

Regards.

prymythirdeye's picture

Ya, Jamie, the economy would grow even more if we didn't have a phony, fraudulent, criminal banking system.

Fuck off asshole.  Go ram those presidential cufflinks into your eyeballs.

any_mouse's picture

Someone mentioned the velocity of money is near zero.

Actually, it is moving. We do not get to touch it.

Money comes from the source (Public Debt) and goes to the sinks (corporations).

More people on EBT? JPMorgan makes more money from transaction fees.

Who needs a Recovery?

VooDoo6Actual's picture

All rigged World Chaos scripted Kabuki Theater. Jaime Dimon is a traitor & part of the Globalist algorithm. Ashamed & disgusted at the igonorcnce & hubris of many people for this comiing & planned Black Swan event that is beyond obviously planned & orchestrated opposed to prophesized. Ignorance is always the toll & weapon of choice. Time is neigh - tick - tock.

learnofjesuits's picture

Vatican masonic order of jesuits Illuminati rule the world for centuries, they are building theirs New World Order - one government, one religion, global socialism-technocracy, depopulation(because overpopulation destroying biosphere) - check Georgia Guidestones also who has funded it, "order out of chaos"- they create a crisis and than they resolve it towards NWO.

Important people in a society works for them, they are giving careers for obedience, we are living in a social pyramid system managed by jesuit masonic order.

Just learn why jesuits were suppressed for 200 years in western countries and were allowed to return only a few decades ago - also in USA (there is a pattern easy to recognize). They escaped to Russia and Columbia and created in an underground Illuminati masonic sect.

Society of Jesus was the most powerful intelligence agency - of Vatican - and they still are, all national intelligence agencies are controlled by jesuits, rest is a theater and actors.

First Rothschild Nathan was rescued by jesuits from a camp and they made him theirs banker, he was not a smart Jew that become extremely rich, but he was just working for most powerful intelligence agency, also Soros is Christian Knight of Malta same as Rothschilds, Rockefeller, Brzezinski..., and Bush and Clinton are Skull and Bones - it is also an jesuit organisation and jesuit symbol, deceased Rockefeller read Bible every day.

Templars were bankers and later jesuits took that buisness, it is that simple.

Jesuit masonic order works by an undercover organisatios in order to hide.

Holy Spirit = Lucifer, Vatican is Luciferian from beginning, they just could not tell it openly to the public so they created Holy Trinity.

google "Vatican Nervi hall interior photo" and see Pope sitting in a mouth of a big serpent

google "putin hand sign horns" and see gallery of all those politicians (Bush, Obama, Clinton, Putin, Ahmadinejad, Sarkozy, Hollande, Ron Paul, Trump...), famous people, "Alex Jones" - they all work for jesuit Illuminati masonic order

learnofjesuits's picture

Bill Hughes, "The Secret Terrorists and The Enemy Unmasked

"The Rothschilds were Jesuits who used their Jewish background as cover their sinister activities.

The Jesuits, hands Rothschilds and financier Nicholas Biddle, sought to take control over the banking system of the United States. "

 

Napoleon Bonaparte; 1769-1821; emperor of the Frence

“The Jesuits are a MILITARY organization, not a religious order. Their chief is a general of an army, not the mere father abbot of a monastery. And the aim of this organization is power – power in its most despotic exercise – absolute power, universal power, power to control the world by the volition of a single man [i.e., the Black Pope, the Superior General of the Jesuits]. Jesuitism is the most absolute of despotisms [sic] – and at the same time the greatest and most enormous of abuses…”

 

Abraham Lincoln (1809-1865; 16th President of the United States

“The war [i.e., the American Civil War of 1861-1865] would never have been possible without the sinister influence of the Jesuits.”

 

Marquis de LaFayette (1757-1834; French statesman and general. He served in the American Continental Army under the command of General George Washington during the American Revolutionary War.)

“It is my opinion that if the liberties of this country – the United States of America – are destroyed, it will be by the subtlety of the Roman Catholic Jesuit priests, for they are the most crafty, dangerous enemies to civil and religious liberty. They have instigated MOST of the wars of Europe.”

 

Edmond Paris (Author of the book The Secret History of the Jesuits)

“The public is practically unaware of the overwhelming responsibility carried by the Vatican and its Jesuits in the starting of the two world wars – a situation which may be explained in part by the gigantic finances at the disposition of the Vatican and its Jesuits, giving them power in so many spheres, especially since the last conflict.”

 

R. W. Thompson (Ex-Secretary, American Navy)

“[The Jesuits] are the deadly enemies of civil and religious liberty.

 

Fyodor Dostoyevsky (1821-1881; famous Russian novelist)

“The Jesuits…are simply the Romish army for the earthly sovereignty of the world in the future, with the Pontiff of Rome for emperor…that’s their ideal. …It is simple lust of power, of filthy earthly gain, of domination – something like a universal serfdom with them [i.e., the Jesuits] as masters – that’s all they stand for. They don’t even believe in God perhaps.”

 

"The Jesuit Order, therefore, stands before us as the embodiment of a system which aims at temporal political domination through temporal political means, embellished by religion, which assigns to the head of the Catholic religion - the Roman Pope - the role of a temporal overlord, and under shelter of the Pope-King, and using him as an instrument, desires itself to attain the dominion over the whole world."

Count von Hoensbroech, 1911, German Noble and ex-Jesuit

 

Pope Clement XIV (Who had “forever” abolished the Jesuit Order in 1773)

“Alas, I knew they [i.e., the Jesuits] would poison me; but I did not expect to die in so slow and cruel a manner.” (1774)

 

“Above all I have learned from the Jesuits. And so did Lenin too, as far as I recall. The world has never known anything quite so splendid as the hierarchical structure of the [Roman] Catholic Church. There were quite a few things I simply appropriated from the Jesuits for the use of the [Nazi] Party.

Adolph Hitler (1889-1945; Nazi leader and chancellor of Germany from 1933-1945)

 

"The Fuhrer had come to power, thanks to the votes of the Catholic Zentrum, only five years before, but most of the objectives cynically revealed in 'Mein Kampf were already realized; this book, an insolent challenge to the western democracies, was written by the Jesuit Father Staempfle and signed by Hitler. For—as so many ignore the fact—it was the Society of Jesus which perfected the famous Pan-German programme as laid out in this book, and the Fuhrer endorsed it."

Edmond Paris, 1965 French Historian The Secret History of the Jesuits. Page 138

 

“The Jesuits wrote the first 25 rites of Scottish Freemasonry in then College de Clermont in Paris in 1754”

The True origin of Scottish Rite Freemasonry According to the Masonic 

Quiz Book: Ask Me Another, Brother by William Peterson

 

en.wikipedia.org/wiki/Adolfo_Nicolás

Obedience to Rome

After receiving a message from Pope Benedict asking the Society of Jesus to affirm its fidelity to the magisterium and the Holy See, the Congregation presided over by Nicolás responded, "The Society of Jesus was born within the Church, we live in the Church, we were approved by the Church and we serve the Church. This is our vocation... [Unity with the pope] is the symbol of our union with Christ. It also is the guarantee that our mission will not be a 'small mission,' a project just of the Jesuits, but that our mission is the mission of the Church."

SRV's picture

Right on Jamie... just don't see how you're able to put up with that $30,000,000 a year you skim off the top of the US economy for YOURSELF... not to mention untold $billions to keep the rest of your criminal friends on WS from talking!

Yup, life's a bitch & then ya die Jamie... is it time yet?

DrumpFired's picture

Mr. Dimon is not to be trusted The banks have screwed US again but no one knows it yet. The only analyst and finaicial writer left in the US who has an actual proven good record is Shep Wave. Their charts calls from past twitter https://t.co/f3mU9N8rc4         

punkster's picture

A lot of traders on here use them and they have been the only thing on ZH who has been right as far as market fluctuations. 

brains's picture

"What I'm saying is that it would be much stronger growth if there were more intelligent decisions and less gridlock."

The problem isn't decisions and gridlock, it's that the government is making decisions it has no business making in the first place. You know, things like "regulation, tax, education".

punkster's picture

gridlock?   for now your reasoning is wrong.  but you are right and no one willknow you are right until things come crashing down. 

The Duke of Skiatook's picture

Fuck you Jamie, you can go eat a bag of dicks. 

What’s embarrassing is bankster bail outs, QE to infinity, the concept of TBTF, etc.  Shut your pie hole before you piss us off enough to have a torch lit pitchfork party on your front door bitch. 

 


Klatschman's picture

Well, the rich look for DC handouts, the poor look for DC handouts and the Amerian people are fed up as well. That is why Trump beat the shit out of all the POL's.

Conax's picture

Total hypocrisy proudly on display. Such chutzpah is valued very highly by the tribe.  That's why he got the big desk and the cuff-links of authority.  All Hail Hymie Caesar.

DarthVaderMentor's picture

He's right. We are too litigious. Too many lawyers and judges. On the other hand, I never heard him complain when the Federal Reserve extended a tit for him to suckoff QE money to save his bank!

Restless Boomers's picture

Jamie & Lloyd the squid are nothing but Jew, Kike, shyster banksters who will soon enough be barking from hell.

nevertheless's picture

America 2017, thank you Jewish Hollywood, Zionist Wall Street, Zionist Washington...Take them into our nation, and they turn our nation into savages. 

https://www.youtube.com/watch?v=HQTi3qAu2Sc

And the idiots that give them the power, those who believe Trump, or Obama is anything but a whore to those same interests.