Investor CAFÉ

Will Jamie Dimon’s Rant Create Another Tea Party Movement?

“We have become one of the most bureaucratic, confusing and litigious societies on the planet…We need to get our act together.”

— Jamie Dimon, CEO, JPMorgan/Chase

The stock market has defied the Cassandras and continues to move higher, despite failure of the Trump administration to advance its agenda of cutting taxes and regulations.

We will be confronting Senator Mike Lee at FreedomFest this Friday, July 21, with this paramount question: Why can Democrats push through legislation (ObamaCare, Dodd-Frank) when they are in power but Republicans can’t?

Often the Democratic Party is called the “evil” party, and the Republican Party is called the “stupid” party. Both seem to be about right.

Last week, Jamie Dimon, the CEO of JPMorgan Chase, engaged in a rant not unlike what CNBC’s Rick Santelli did in 2009 after the financial crisis (which led to the Tea Party Movement). Dimon said what is on the minds of most intelligent Americans — we are fed up with the big-government bureaucracy that is strangling our economy. And both the Republicans and Democrats are at fault.

In discussing second-quarter earnings, Dimon said he was disgusted by the “slow growth” policies coming out of Washington since the financial crisis. “We have become one of the most bureaucratic, confusing and litigious societies on the planet,” Dimon said. “It’s almost an embarrassment to be an American citizen traveling around the world and listening to the stupid sh—t we have to deal with in this country.” He warned that “we need to get our act together” — specifically by rebuilding our infrastructure and our education system, and by cutting taxes and regulations.

According to Dimon, other countries are much more friendly toward business. “I was just in France, Argentina, Israel and 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….”

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