JP Morgan Chase boss Jamie Dimon condemned the state of US politics on Friday, saying political gridlock is hurting the US economy, and called Americans must get our act together or risk limiting themselves to 1.5% to 2% growth.
It would be much stronger growth had we made intelligent decisions and were there not gridlock, he said. Mr. Dimon said it was almost an embarrassment to be an American citizen at the moment.
The bank boss has pushed for investment in roads, bridges and other infrastructure and called for lower corporate taxes.
President Donald Trump had promised to prioritize those policies, but his agenda has been derailed by conflict-of-interest issues and the investigation into his presidential campaign's ties with Russia.
Republicans have been divided among themselves over healthcare reform, causing uncertainty in one of the largest sectors in the economy.
American businesses are strong enough to continue to grow without progress in Washington, said Mr. Dimon, who has taken US politicians to task before.
But he said major problems needed fixing, including education and infrastructure.
We have become one of the most bureaucratic, confusing litigious societies on the planet, he said. It's almost an embarrassment being an American citizen travelling around the world and listening to the stupid [stuff] we have to deal with in this country.
Mr. Dimon said he has been overseas in countries, including France, Argentina, Israel, Ireland, 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, he said. And somehow in the great American free enterprise system, we no longer get it.
Dimon heads America's largest bank. He made the remarks as the firm reported a 13% year-on-year rise in quarterly profit. Profits at its consumer and community banking unit contracted, amid pressure on home loans. But they climbed at the firm's commercial banking and the firm's asset and wealth management division.
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Every now and again I return for a quick read. Same old same old. However, I do think the Cloon and Rockhopper should have a drink.Jul 17th, 2017 - 03:17 pm +2
Trump is bringing himself down. Now one in the USA is challenging Trump's legitimacy as being elected. However, they are concerned about Putin's hand up Trumps ass and the concern of democratic destabilization. Trump is intellectually challenged and his ego keeps him way over his head.
More troubling is that the GOP is so power greedy and they refuse to state the obvious. While this is a short term disaster for the USA and her allies, at the end of the day, the GOP is shot off both feet. Though I must admit I never thought that 33% of the voting pubic was outright imbeciles.
I started my military career with Carter, well, technically Ford, but he was not elected so he does not count. At any rate, I thought Carter was one of the worst presidents, man was I wrong!.Jul 18th, 2017 - 04:27 pm +2
The GOP is not satisfied until they have shot off every tow. Aside from stealing the SCOTUS seat and reversing EO's, they have accomplished nothing! Also, I've said this for decades, addressing healthcare insurance is not reforming and fixing healthcare.
No the Jersey whale is claiming the Russian meeting was illegal. Trump is burning many bridges, soon the only one left will be in Siberia.
If Dimon wishes to know what true embarrassment could be, he should try passing himself off as an argentine.Jul 18th, 2017 - 10:19 pm +2