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Company Conference Call Audio: JPMorgan CEO Bashes Government's Slow Progress And "Stupidity"

“It’s almost embarrassing being an American citizen … and listening to the stupid sh** we have to deal with in this country,” the chief executive officer of JPMorgan Chase complained on Friday.

The Hill reported that the corporate executive, Jamie Dimon, was referring to the inability of Congress and the Trump administration to enact legislation concerning tax reform, infrastructure improvements and other matters. In an earnings conference call, Dimon told investors in the world’s biggest bank: “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 it would be much stronger growth had we made intelligent decisions and were there not gridlock.”

The CEO claimed that during his recent travels, he learned that officials in other countries are more committed to funding vital programs. “I was just in France, I was recently in Argentina, I was in Israel, I was in Ireland,” he recalled. “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 (are) 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.”

Dimon, who chairs the Business Roundtable that lobbies Congress, continued: “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.” According to CNBC, the executive alleged that the United States has turned into “one of the most bureaucratic, confusing, litigious societies on the planet.”

During a press conference, Dimon maintained that federal regulations for banks are impeding economic expansion by preventing some home buyers and new small businesses from qualifying for government assistance. “The counterfactual would have been that a trillion dollars or 2 trillion would have been lent out had these rules been changed five years ago," he said. "There’s a false notion that all this stuff didn’t hold back the economy. Yes, it did.”

In the conference call, Dimon declared: “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. … 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. 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.”

The situation in the nation’s capital “is unfortunate,” according to Dimon. He explained: “It’s hurting us, it’s hurting the body politic, it’s hurting the average American that we don’t have these right policies. … 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.”

Source: The Hill, CNBC
Photo: YouTube

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