J P Morgan’s Dimon: America ‘Almost an Embarrassment’
July 17, 2017
Jamie Dimon, CEO of JPMorgan Chase & Co., the nation’s largest bank, unloaded Friday about everything that’s holding back U.S. businesses.
“It’s almost an embarrassment being an American traveling around the world,” Dimon, 61, said on a conference call with analysts. He doesn’t like listening to the “stupid ****” Americans have to deal with, expressing frustration over the nation’s inability to invest in infrastructure and overhaul the tax code. “There would be much stronger growth if there were more intelligent decisions and less gridlock.”
Dimon heaped his ire on the U.S. media during an earlier call with reporters to discuss JPMorgan’s second-quarter results. Reporters should focus on the major issues the nation faces rather than the vagaries of the firm’s trading businesses, he said. The biggest U.S. bank reported record profit despite a 19 percent revenue drop for its bond-trading franchise.
“The United States of America has to start to focus on policy which is good for all Americans, and that is infrastructure, regulation, taxation, education,” Dimon said. “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.”
Dimon, his voice rising, reeled off statistics to highlight the nation’s failures: Half of the kids in “inner-city schools” don’t graduate; the opioid epidemic claims 35,000 lives a year; and the U.S. hasn’t built a major airport in 20 years, he said.
Dimon had just returned from visiting Israel, Ireland and France, where governments “deeply recognize” the importance of a competitive corporate tax scheme, he said.
While bemoaning policies that have restrained economic growth, Dimon, who’s a member of President Donald Trump’s advisory council of business leaders, stopped short of blaming the administration. Gridlock in Washington isn’t likely to further harm U.S. growth rates because they’re already muted by bad policies, Dimon said.
A reporter, in a follow-up question, asked the CEO if he’s frustrated with the Trump administration.
“No,” Dimon said. “That was frustration with you.”
The present rate of tax on corporate income was adopted in the Tax Reform Act of 1986 which was a Democrat bill in the 99th Congress — H.R.3838 – Tax Reform Act of 1986 that had 111 amendments and went through 245 actions before finally being signed into law. It was introduced and sponsored by 20 Democrats and one Republican.
February 2012 – Washington Post noted that Obama wanted to lower corporate taxes to 28 percent while banning numerous deductions and loopholes that save companies tens of billions of dollars a year on their tax bills. (Shouldn’t that congress which was Democrat controlled have handed him that on a silver platter at that time?)
August 2012 – TaxFoundation.org talked about “global territorial taxation”: “It is not by coincidence that the territorial system has gained so many adherents; it provides very real economic advantages over its worldwide counterpart. In the case of the U.S., a transition to territorial taxation would free the $1.7 trillion dollars currently locked out of the U.S, place U.S.-based companies on equal footing with competitors in every market, reduce complexity and compliance costs, reduce the incentive to reincorporate abroad, and could be accompanied by improvements to anti-abuse protections.” Even Heritage Foundation weighed in on this.
July 2013 – The Hill again noted Obama proposed a corporate tax cut by asking Republicans to agree to lower corporate tax rates and increased infrastructure spending as part of what he called a “grand bargain for middle-class jobs.” (But was it simply his way to set up Republicans as obstructionists? Again with heavily Democrat congressional bullying, this could have been done.)
May 2017 – Forbes wrote “His [Trump’s] plan would drastically cut the U.S. corporate-tax rate from 35% to 15%, a much-needed reform that would keep the U.S. a competitive place to do business and give businesses a stronger incentive to raise wages for workers. ” (Interesting concept that – lower taxes puts money back into businesses and could actually provide higher wages and stronger spending incentive in responsible businesses.)
In typical convoluted fashion, MSM has tried to make it seem that this quote was fuel to do more anti-Trump bashing. Point of fact–it is not. His comments echo the same disgust and anger expressed by the majority of Americans whether they are ardent Trump supporters or not.
We are tired of MSM collusion and determined efforts to stop this administration’s progress to bring back prosperity. We are tired of the downward death spiral that has been forced on us since WWII from the Democrat/socialists/radical communist groups and their mouthpieces whose plans are to destroy our country and move to a global government.
THE DEMOCRATS as I noted set up this ridiculous level of corporate taxes. The Republicans went along with them like sheep following their sheepdogs directions and we have been reaping what they sowed. It is only now after Trump was elected that our eyes have been completely opened to the whole sordid mess.
The illogical determination to tax every business out of existence or push them out of the country has bled this country dry of employment opportunities. We have been steadily starved of a multitude of investments by businesses and conservative-minded American investors, as well as responsible, motivated employees and individuals. These unrealistic goals and plans have produced years of welfare mongrels, drug addicts and beggars. Their actions have stymied and eliminated small businesses across the nation with their impossible pages of regulations, taxes, and government interference.
Socialists/communists simply do not get the fact that taking from the rich and giving to the poor only works so long before there is nothing left. Just as they believe that taxing and destroying the lower working levels by eliminating businesses and lack of employment has to be funded somehow otherwise people become of less value than chickens while their ideas and ideals are burned into ashes after the fires of socialist government hell ravages the land. At that point even the elitists who believe themselves safe at the top will ultimately find themselves being cannibalized.
Piggy banks when constantly drained are EMPTY of all but air even those of the most wealthy. The wealthy one might add that achieved that wealth in open markets of capitalism not socialism. Credit loans only last as long as the borrowers can pay the money back. There is NO FREE ride for life from childhood to death–even as the blame game rages, eventually someone is left holding the empty piggy bank. Of course, the obvious fact then becomes that everyone left is on equal footing but that then begs the question–how many will be left and who will do the work? Perhaps by then robots will rule the world like in Terminator?
Once that limit has been reached then expect to see the entire United States sleeping in abandoned buildings and alley ways along with long soup lines and conditions far worse than the Great Depression days. We have been seeing this destructive economic “Russian Roulette” play out around the world not once but many times in places like Venezuela, Mexico, North Korea, and the more successful Middle Eastern countries.
YET STILL COMMUNISTS AND LIBERALS HAVE NOT BEEN CALLED OUT FOR THEIR PART IN THIS DESTRUCTION.
The question is WHO will be left to bail the world out of desperation, murder and mayhem, starvation, pandemics, or build living quarters from materials other than broken down ghost town buildings — ALL AROUND THE ENTIRE WORLD?