Dimon has it right. http://www.cnbc.com/2017/07/14/jpms-jamie-dimon-blows-up-at-washington-on-earnings-call.html Here audio at the link... or below is most of the rant. 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, and is going to grow regardless of — people wake up in the morning, they want to feed their kids, they want to buy a home, they want to do things, the same with American businesses — what I'm saying is it would be much stronger growth had we made intelligent decisions and were there not 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, we're unable to build airports, our inner city school kids are not graduating. I was just in France, I was recently in Argentina, I was in Israel, I was in 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 and growth is good for the average citizens of those countries, for jobs and wages, and that somehow this great American free enterprise system, we no longer get it. Corporate taxation is critical to that, by the way. We've been driving capital earnings overseas, which is why there's $2 trillion overseas benefiting all these other countries and stuff like that. So if we don't get our act together — we can still grow. It's 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'll grow at maybe 1.5 or 2 percent. I don't buy the argument that we're relegated to this forever. We're not. If this administration can make breakthroughs in taxes and infrastructure, regulatory reform —we have become one of the most bureaucratic, confusing, litigious societies on the planet. It's almost an embarrassment being an American citizen traveling around the world and listening to the stupid s--- we have to deal with in this country. And at one point we all have to get our act together or we won't do what we're supposed to [do] for the average Americans. And unfortunately people write about this saying like it's for corporations. It's not for corporations. Competitive taxes are important for business and business growth, which is important for jobs and wage growth. And honestly we should be ringing that alarm bell, every single one of you, every time you talk to a client.
Seriously? Argentina, India and France? Three of the most f'd up places you can imagine to do business. I don't have an issue with his main point, which is we can't build a freakin' bridge or dam or even a wall in this country anymore or that our corp tax structure is whack.
well it might be easier for a banker tied to the central bank than a typical business person. but... you are probably right about india. My father in law (after his time in the nuke plant building industry) ran a manufacturing plant in or near bangalore india for about 3 years. he said the corruption was so bad, he told his higher ups here in the states to just close the plant. When he announced the plant was being closed... the workers took a bunch of management hostage. I believe (can't say for sure) he had to pay the police to go in and end the hostage situation. (hopefully any the statute of limitations has passed on that one.)
Now that the republicans have blown what was supposed to be a slam dunk with a healthcare fix, let's see how bad they can look on tax reform. My bet is stupidity at epic proportions.
Dimon is embarrassed by the political situation. I am curious if he is more or less embarrassed than when he had to take a bailout from the political class in order to stay afloat.