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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Hurricane Baby's picture

Not to mention pissing away the value of the CHF by bolstering that of the dollar and euro.

UnShocked's picture

Seeing how Jamie is the head of JP Morgan he should be embarrased just on that account alone. Then since the Banksters finance most of the World governments, they've paid for what we get.

bunnyswanson's picture

Hypocrisy is off the charts.  Nuance and MModal, the largest medical records/health information operations are owned by ....an equity arm of JPMorgan Chase & Co. called One Equity Partners." Nuance was hit by Petya attack this past week and due to urgent need of medical records during in-hospital stays, worked was farmed out.  They have not yet fully recovered their ability to operate in major medical facilities; patient reports had to be redictated by the doctors several days later. 

"Government investigators have found that JPMorgan Chase devised "manipulative schemes" that transformed "money-losing power plants into powerful profit centers," and that one of its most senior executives gave "false and misleading statements" under oath."

NGOs are attending city hall meetings.  This is where the action is and if you want your country back, just show up. 

http://forum.mtstars.com/mm-Does-JP-Morgan-own-us-478573.html

 

https://www.forbes.com/sites/sarahcohen/2014/08/29/nuance-faces-challeng...

desertboy's picture

Appropriately incoherent mumbling from a parasite. When the hypocrisy becomes so acute, coherence becomes difficult.

FreeEarCandy's picture

Well, we all know what Dimon is all in a huff about. He's over extended in this overpriced market and he is starting to see that tax cut dwindle as they throw money at Obama Care (i.e. soon to be Trump Care).

oncemore's picture

If this fucking bastard dual citizen does not like US, he has to relocate to Tel Aviv and take his bank with him.

Victory_Garden's picture

Allow please to ire-editate that for you.: As an American, it is disgusting to listen to and Know about your nasty shit, jamee diamund.

Oh and ah, FARK YOU and your farkin puppetmasters in banksterville londoncity of barkus garkus tharshy shat!

Hey dorkasaurus, have you and that carkasaurus cheney got the next false flag hoax event planned yet? When and where will it be, arsebite jamee? Everybody knows you and those other evil ziobastards are up to no good and when or IF it happens, they will all look towards you and them with that Swing of the Double-edged Sword of Truth, and Justice. There are so very many that are hard spring cocked and long thirsty to water the Tree of Liberty. You and cheeny are high up on, The List.

https://www.youtube.com/watch?v=Lin-a2lTelg

And another thing, how about turning that darn fake sun down so the gall darn off the scale UV AB and C!!! doesn't kill off the planet sooner, rather than later. Fark, turn the dam thing off! Let the darker real sun shine, let the people see the planet of crossing, perhaps the others too.

What are you and those ziotoads from hell trying to do? Fry the planets people with radiation from so many directions, so many sources? Take the isreaally caused attack on fuckushima that caused that ONE ELE to start. Add that fake sun, moar from the dark side, moar volcanisim release, methane too, and weza getten fried lik lice...fried rice for everyone!

The big one coming from the dark side of the earth? How about that "like a thief in the night" thingy, anyways?

Most especially you farkin arsehole jammee dulman, stop shooting nukylaser like pulses towards sun spots at well planned perfect times to cause CME's. Turn off that cern thingy, also. The CME that is coming in now might be pretty darn special. We almost took a direct hit last night, you arseholes. Just stop it, nasa. Stop manipulating nature to further your dammed population elimination agenda. Tell those farkin crazy whacked out banksters in londoncity hole of turdly shats to stop terrorizing the world, for Pete's sake. Evil is NOT alright. Evil lost the War on Evil.

There is ONLY ONE WAY for this world and her people to survive the coming earth changes and that is as one life force all thinking, saying, and doing the exact same positive thing at the right time, even if it is all saying the one word “Yes!” all together as one voice of mankind. Talk about kinetic lifeforce energy. Focus that and it might have positive consequences, as opposed to the well known negative ones. That is what those beings on Atlantis and further back Lemuria could not do. Remember? You reckon we all can get it right during the end of this Epoch of Time?

A machine has no spirit...no natural lifeforce energy.

 

When the Man Comes Around…

https://www.youtube.com/watch?v=k9IfHDi-2EA

 

 

.

Cathay Kid's picture

when you own people you can talk to them like this.

Redneck Makin-tosh's picture

Talking of stupid shit, should the quoted phrase

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

be interpreted as an admission of historic failure, a promisse of future failure or a reminder to self to trust what I like?

bagpiper's picture

Who put the turtle on the fence post Jaime?

So, why don't ya just destroy yer bank and Go Galt?.

 

Ink Pusher's picture

 

"Jamie Dimon: "It's Embarrassing As An American Listening To This Stupid Shit We Have To Deal With"

LMFAO, try being an actual AMERICAN for a day you greedy parasitical JPM clown.

Or better yet; put yourself in my shoes for 60 seconds and view the unholy fucking mess you've created from North of 49.

TeethVillage88s's picture

Repost:

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.

- Teethvillage

Last of the Middle Class's picture

"stupid shit" like tapering QE? or like going dovish after giving several hawkish statements. Get caught with your puts down Jimmy? LMFAO!

Blurb's picture

Let's see... Dimon. So, when did he get out of jail? 

 

Oh... 

ronaldwilsonreagan's picture

Drumpfs boss is trying to tell him something.

Hurricane Baby's picture

The only thing Americans need to be embarrassed about is that Dimon, and others like him, is still raking in money and traveling the world instead of locked up in a Federal penitentiary with his assets seized.

Once that situation is corrected, a lot of this other stuff should fall into place.

Global Douche's picture

DAMN! Upvoted, and I would give at least a thousand more if I could.

Karl Marxist's picture

Nothing will happen. Trump is one of them (Mnuchin as Treas. Sec.) and Sessions is a doddering old man.

NotBuyingIt's picture

Doesn't Hymie Dimon have dual citizenship? "American In Name Only" AINO....

hangemhigh77's picture

What's embarrassing is that Jamie Dimon is an American.

Karl Marxist's picture

No, he is a man with no country. And "earnings" must be understood as "theft."

hangemhigh77's picture

Since Jamie is so short they'll save wood building the gallows to FUCKING HANG THIS FUCKING LITTLE PRICK.

sheketebaka's picture

The entire economy is a war machine and the financial sector, like most other things, was built by the Department of Defense for the purpose of national defense.  Mr. Dimon owes every dollar he has to the full faith and credit of the Federal Government, and could probably be out of business within 30 secconds if the Federal Reserve wanted to 

The system shall not fail Sir, and you are welcome to write a letter to your Congressman or set sail.  Would you like to buy some uranium?

https://www.treasury.gov/connect/blog/Pages/Examining-Swap-Spreads-and-t...

Bruno de Landevoisin's picture

 

Jamie,

What's really "embarassing" is how we let you and your ilk bring America to its knees promoting avaricious Globalism and financial racketeering.....  

And, to think we subsudized your grossly over-compensated arrogant ass.

fuck you and your self-serving crooked callous cabal 

Downtoolong's picture

 

Of course, Dimon hasn’t a shred of criticism for the Fed, even though it has reduced financial markets  to the biggest joke they have ever been throughout history, and robbed middle class savers of hundreds of billions of dollars with its monetary policies.

 

hangemhigh77's picture

Hey Jamie, I hope you choke on the next cock you suck.

Weirdly's picture

The debt salesman wants more debt to sell.  What a surprise.

ZIRPY's picture

A real American would have went after the Press for their non-stop Russia hysteria. THAT is what's really embarassing.

mary mary's picture

"Sleep, now...."

surf@jm's picture

But Jamie........

Stupid Shit is what we have been spoon fed in government schools, and is the type of politician the deep state allows to win elections.......

Arn`t you a deep state patriot?......