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

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.

Comments

surf@jm Jul 15, 2017 9:10 PM Permalink

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?......

Downtoolong Jul 15, 2017 12:39 PM Permalink

 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. 

Bruno de Landevoisin Jul 15, 2017 12:43 PM Permalink

 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 

sheketebaka Jul 15, 2017 11:58 AM Permalink

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-…

Hurricane Baby Jul 15, 2017 10:08 AM Permalink

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.

TeethVillage88s Jul 15, 2017 7:56 AM Permalink

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

Ink Pusher Jul 15, 2017 7:52 AM Permalink

 "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.

Redneck Makin-tosh Jul 15, 2017 7:13 AM Permalink

Talking of stupid shit, should the quoted phraseWe won't do what were supposed to for the average Americanbe interpreted as an admission of historic failure, a promisse of future failure or a reminder to self to trust what I like?

Victory_Garden Jul 15, 2017 5:29 AM Permalink

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-a2lTelgAnd 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  .

FreeEarCandy Jul 15, 2017 1:13 AM Permalink

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).

UnShocked Jul 14, 2017 11:34 PM Permalink

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 UnShocked Jul 15, 2017 8:26 AM Permalink

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-challen…

In reply to by UnShocked

navy62802 Jul 14, 2017 11:25 PM Permalink

Dimon probably spends alot of time in foreign nations, mostly throughout Europe. And I imagine he faces these sorts of questions all the time. Those who have not travelled extensively abroad will not understand what Dimond is talking about. But he is right. This seditionist charade we are witnessing is extremely embarrassing to any American who travels abroad.

Hurricane Baby navy62802 Jul 15, 2017 10:04 AM Permalink

You know what? FUCK the rest of the world. None of them have their shit together either. Even Switzerland isn't Switzerland anymore.

What's happening in America is a spectacle only due to its relative scale. But can anyone here name a country not facing its own increasing entropy, anomie, dysfunction? No.

Are countries with their own corruptly managed fiat-money, demographic crisis, impoverishing tax profiles, and emasculating social engineering, really in a position to criticize the US? How about laws criminalizing questioning of the holocaust, and punishing those who not only fight back against their invaders but who merely utter factual statements about them and their acts? Am I supposed to take the opinions of those in such countries seriously?

The whole world lives in glass houses. Drop the fucking rocks already.

In reply to by navy62802

uhland62 navy62802 Jul 15, 2017 12:41 AM Permalink

Spiegel just reported great trading numbers for the Eurozone. How on earth do they do it?Someone wrote a couple of years ago that some Australian government department used to have about 100 desks monitoring US business, now it's only four. Monitoring Asia and China yields more. When travelling Australians also make sure to mark their luggage as Australian to ensure they are not taken for Americans.There'd have to be a course correction in the US; pumping up the US/Russia rivalry is not it. 

In reply to by navy62802

Grouchy-Bear navy62802 Jul 14, 2017 11:38 PM Permalink

I am an American living in Russia. I have traveled to dozens of countries in the last few years and find what you comment about, to be the truth. That is a big issue, Americans do not travel the world. Yes some do, but most sit at home and garner their knowledge from the boob tube. Russians travel, Chinese travel and Europeans travel much more than Americans do...I have never found very few Russians who do not have both their internal passport and an international passport. They just seem to expect it is natural to get  a travel passport to see the world. Same goes for many Europeans, they have international passports and when you travel to Turkey, Tunisia, China and so on and so on. You see Britain's, Germans, French and on and on. But that American is rare to be found.... Even the Canadians travel the world...It is also safer just to travel as a Russian, for traveling as an American is getting less secure all the time and all due to our government.... Forget the old days of having bank accounts in other countries, they will simply not allow you to open an account anymore. Not worth the issues... Americans need to get out of the country more and see the world, but I am not sure that now the world wants to see Americans...

In reply to by navy62802

Victory_Garden Jul 14, 2017 11:22 PM Permalink

THIS ARSEHOLE...is one of the unholy shatbags that is responsible for the way people view america now. Here is the irony of stupidity that no one wants to embrace.:It's called, pure satanic luciferianism. It is, what the Great Deceiver(satan/lucifer) does. They actually expect you to believe their outlandish radical lies. People have believed these lies since TV was invented. What a tool to mind-kontrol people. Lies pushed all ways imbecilic to further the evil agendas of murder, profits from constant never ending woars, and population ELIMINATIONEverybody knows an evil contemptible criminal by the lies they tell. Zionist jews do it, muslims do it, mexican gang members do it, democrats do it, paid off or blackmailed politicians do it, hard core criminals do it, even religious leaders like the satanic jesuit pope does it. You know a satanic luciferian arsehole when these lies are so ridiculous, they do more to point right back at the liar as the real criminal or evil doer, than anything else can. Only the extremly stupid even battle with them, as has been the farkin normal for so long now. They tie up the justice seekers with the most evil vile lies and dis/mis-information possible to detract from those that are actually so darn guilty, they stink of the dead arseholes buried for centuries. Take the clintons, bushes, commie, pedodesta, and the rest of narly ilk from the pigs butthole of hades for your best shinning examples of how satanic/luciferians really are. Everybody knows these scumbags are guilty as hell, but all seem to be affraid of these evil things.ALL LIARS AND CONFOUNDING DECEIVERS SHOULD NOT BE ARGUED WITH, AND SINCE RATIONALITY IS NOT SOMETHING THEY WILL EMBRACE, THEY SHOULD ALL JUST BE SHOT...RIGHT FARKIN NOW!END THIS DISTRACTIONARY HORSEWASH AND BULLSHAT OF LIARS THAT COSTS SO MUCH ENERGY, AND GETS HONEST PEOPLE ARGUING WITH THEM TRYING TO FIND THE ELUSIVE TRUTH. THE TRUTH IS, THEY WILL NEVER EVER BE ABLE TO TELL THE TRUTH, OR TO ACTUALLY BE RATIONAL. ALL THE EVIL SATANIC PHAGGOT LUCIFERIANS KNOW HOW TO DO IS TO CAUSE CHAOS FOR SATAN/LUCIFER. IT IS THEIR WAY. ANYONE THAT WASTES TIME ARGUING WITH A SATANIC/LUCIFERIC EVIL LYING DECEIVING NIGGER, IS JUST STUPID. THE PATIENTS OF A RATIONAL NATION IS COMING TO AN END. EXECUTIONS FOR SATANIC LUCIFERIN LIARS ARE COMING...SOON!ALL THE GALL DARN HORSESHAT AROUND RUSSIA IS THIS KIND OF BABBLE SQUAWK CHAOS RHETORIC AND DIS/MIS-INFORMATION TO TAKE THE ATTENTION OFF THE GUILTY. THAT GOD DAMMED JEFF FARKING SESSIONS BETTER GET OFF HIS ARSE AND TAKE THESE EVIL LIARS AND DEVILISH DECEIVERS DOWN, BEFORE THEY TAKE THE WHOLE WORLD DOWN. THESE EVIL LIARS AND WICKED NASTY SMELLY ARSE DECEIVING SCUMBAGS ARE THE SATANIC/LUCIFERIC DEEP STATE. SATANISIM/LUCIFERINISM IS THE COMMON DENOMINATOR OF ALL THESE EVIL THINGS FROM HELL THAT HIDE BEHIND SO MANY MASKS AND DRESS WITH FUNNY LITTLE PURPLE HIPPIE TIES. THEY ARE THE ENEMIES OF THE ENTIRE WORLD AND PEOPLE SHOULD NO LONGER FALL FOR THE EVIL SATANIC/LUCIFERIC DIVIDE AND CONQUER METHODOLOGY OF THESE ZIO FARKTARDS FROM SATAN/LUCIFER’S ARSEHOLE.WHEN YOUR HEART TELLS YOU THESE HORRID THINGS ARE LYING, LISTEN TO IT AND DESTROY THE EVIL THAT IS LYING TO YOU WITHOUT ANY MERCY. JUSTICE IS TOO GOOD FOR THIS KIND OF TRASH. THIS IS THE PROBLEM IN THE WHOLE WORLD NOW. TOO DAM MANY EVIL SHAT EATING SATANISTS/LUCIFERIANS.WAKE THE GALL DARN HELL UP PEOPLE AND STOP PLAYING SATAN/LUCIFERS RING AROUND THE ROSY GAMES THAT MAKES YOU ALL SUCKERS FOR THIS KIND OF TRIPE. THEY ARE KILLING YOU ALL!Why is this so farkin hard for the mass mind to understand? IT IS A WAR ON EVIL!!! Nothing moar, nothing less. Stop dressing the pig, and start slaughtering the lies and deceptive horsewash that is constantly barfed up upon you all.  +

Cassandra.Hermes Jul 14, 2017 9:58 PM Permalink

JP Morgan just reported a profit of $7.03bn for the second quarter, 13% higher than last year. It has made $26.5bn over the past 12 months, a record profit for a US bank. But ZH read it "which however masked another sharp drop in the company's trading revenue" it is because Jamie Dimon is critical to Trump and all Republican controlled Washington or may be because Dimon turned down Donald Trump’s offer to become treasury secretary,

Cassandra.Hermes Ross123 Jul 15, 2017 8:48 AM Permalink

Quoting him "We need infrastructure reform, We need corporate tax reform. We need better skills and education. If we don’t focus on these things, we are hurting average Americans every day. 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."

So he is saying we should forget Trump controversial issues travel ban, the wall and the Obamacare's 60 efforts to repeal and focus on less controversial like corporate tax reform. better skills and education, not healthcare law that benefit only rich, so if you don't read Trump, i do! Dimon is businessmen he would not get into fight with Trump

In reply to by Ross123

Is-Be Jul 14, 2017 9:36 PM Permalink

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

"We're" Jamie damnit! Not "were"!Once more fuckup like that and we're docking your weekly paycheck one million dollars.

The Old Man Jul 14, 2017 8:18 PM Permalink

1 or 2 % is the banks, wall street, channel stuffing and MIC. If we want to grow we have to have a better free enterprise system and intuitive ideas that make and ensure growth! Not short sighted HFT that makes money by machine and screws everyone else. Not manipulation of price. Not inflated, bullshit, heavenly PE's. Not the fastest,  bestest, shit for hardware military machines.  And while we don't do dat snuggly up to the rest of the planet, the world is gearing up to be a fucking world, because that's what's happening, sorry to say. And we are still divided and crony about it. Like old men turning their noses up to change; unless it's good for them, of course. Until everyone here comes to their senses and realizes that competition will destroy us, as it almost already has, we are simply toast. Stupid, if you prefer that term. And turning into a third world nation isn't hard. It's LAZY and precipative of the wants and needs of our leaders and what they want, not the people of the United States of America. I don't like Dimon. Or the other cronies of his ilk. But he makes a point. Shit, or get off the pot! When it comes to the world, we've always been the ones to follow, rather than lead over the last 60 years. And exactly WHERE ARE WE NOW?????? The Old Man

GeoffreyT Jul 14, 2017 7:48 PM Permalink

Dimon is - like all parasites - misdirecting when he says

"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."

First of all, he's relying on the measurement of flows (income, GOS etc) with no reference to what is going on in the balance sheet. Give me twenty trilllion dollars of money at 0% and my income number would spike like a motherfucker.Second, it relies on the schlubs being convinced that growth above zero equates to rising living standards. Not so. Growth in line with population growth does not result in rising living standards.And finally, he relies on public ignorance of the distribution of whatever headline growth there has been. Such growth as there has been, has been distributed very specifically: look at any chart of income groweth by household percentile, and you will see that all of the growth in household income in real terms has gone to the top decile. (If you drill down into the numbers for the top decile, you will see that the vast bulk of the real gains have gone to the top percentile). Imagine if 99% of all of BofA's NPAT came from one division that had recently borrowed $20 trillion: that would not be a sign of a structurally-sound company. (Leave aside that the 'division' of the economy that's growing receives the bulk of its revenue from inter-divisional transfers). Do not pretend that Dimon doesn't know this: he's not stupid, and he's not incompetent. He's sating what he's saying in order to