America Has Been ‘Incompetent and Lazy’ – Opinion

Sometimes the truth is sometimes more beautiful than you think. It is really hurts — particularly when you’ve been told over and over that you’re on the wrong course, yet you steadfastly refused to change your course. Jamie Dimon from JP Morgan Chase gave some harsh, unsettling truths regarding the state of America during a call with clients.

Perhaps you’re already wondering about the qualifications of Jamie Dimon to authoritatively comment on a wide range of financial and geopolitical issues and their impact on the U.S. economy. Here ya go:

Dimon is a billionaire banker who has been the chairman and chief executive officer of JPMorgan Chase – the largest of the big four American banks – since 2005. He previously served on the Federal Reserve Bank of New York’s board of directors. Dimon for years has been one of a select few in his field who doesn’t rush to cable news outlets at every opportunity, but when he talks, people who ShouldListen Do listen.

This is not to suggest everyone on Wall Street or in other circles of power agrees with Dimon’s analyses or that he’s always right; I’m simply saying his views are measured and his opinions matter.

As reported by Yahoo Finance over the weekend, Dimon didn’t pull any punches as he offered opinions on a wide range of subjects during the freewheeling conference call with the bank’s wealthiest clients.

As Yahoo noted, Dimon is always “insightful, provocative, and never boring”. He ominously warned of “storm clouds” on the horizon for the U.S. economy and predicted that the odds favor either a “harder recession” or “maybe something worse.”

This is an economically strong country. Consumers’ balance sheets are in good shape. The same goes for businesses. You have to be creative when forecasting. Is there anything out there? Storm clouds are everywhere. Rates, QT, oil, Ukraine, war, China.

If you had to choose between soft landing or hard landing, I would say that 10% is the best. Harder landing, mild recession, 20%, 30%. Harder recession, 20%, 30%. Perhaps there is something more at 20%-30%. It is a bad mistake to say ‘here is my single point forecast.’

Smart approach — handicapping the odds of how the Biden economy ultimately plays out, including the ominous 20-30 percent tag on “something worse.” Noted economic wizard Joe Biden and his henchmen beg to differ, of course, continuing to insist that the economy is in excellent shape.

Dimon made extensive comments on inflation which Biden, a clueless jokester, insisted was at zero percent as of the end July.

This fiscal and monetary stimulus can distort the numbers. Do you remember a time when unemployment was falling in recession? [Inflation]About 8%. I don’t see it will dissipate that quickly. The Fed was at 4% as of last year. This is extremely unlikely.

You can ask, “How are you doing?” How do you see the future prospects of your business? ‘Oh, pretty good.’ If you ask them about their confidence, it is low.

Inflation, partisan politics and lots of anger over COVID-19 are all reasons I believe. Although I wish that there was a spirit of cooperation, it just seems like we have become more selfish. [CEOs’] biggest complaint is they can’t hire people.

Dimon pointed to China’s investment in Africa, from natural resources to human resources as an example of what the U.S. should be doing on the energy front and beyond.

See what China does in Africa, Asia. This is something we must do, too. America should be in a leading position. It is a common mistake. [with the]America First [thinking] we’re spending too much time and money on foreign ventures that don’t make sense. If we don’t do trade with Western allies, China is going to cherry pick every nation. They’ll give them 5G equipment for cheap. They’ll negotiate deals, lend money. They’re trying to do this in Latin America. We are our backyard.

On China’s view of America, Dimon said:

They kind of look at America and say, ‘You have been incompetent and lazy.’ There is truth to that. The infrastructure is a mess. Schools in inner cities have been neglected.

Dimon explained that part of the problem is the climate alarmist hysterics.

It is important to focus on the climate. That is the problem. The world is abandoning its coal-fired plants due to high oil prices. This is even more dangerous. Why can’t we get it through our thick skulls, that if you want to solve climate [change]It isn’t against the climate [change]America should increase oil and natural gas.

Noted climatologist Joe Biden, John “Existential Threat to Mankind” Kerry, Nancy “Mother Earth” Pelosi, and the Hollywood Looney Tunes crowd beg to differ. Perhaps Dimon should listen to them — instead of objectively and intelligently dealing with facts, and thinking for himself. [major sarcasm]

Finally, Dimon touched on one of my “favorite” topics: woke capitalism. Spoiler: Toss this one into the “provocative” category.

Neglecting the worst aspects of society is okay. Do not hire them. Do not take your car through any part of the town. I think it is a mistake because our society is worse off if we don’t lift up everybody. This is more than just woke capitalism. This is an excellent way to support our fellow citizens.

Travel the globe and you’ll see what works. There are apprenticeship programs in Germany and Switzerland. If you have generations of kids 17 to 25 with 20% unemployment, you can be sure you’re going to have a social problem.

Employment brings dignity and household formation [and] jobs reduce crime. If possible, everyone should help.

Jamie Dimon is a great guy to disagree with, but the opposite has always been true in household formation. Statistics have consistently shown that “household formation” — nuclear families — brings work ethics and dignity to children as they grow into adulthood, hence morals, values, and jobs, all of which lead to reduced crime. Young teens who lack strong father figures are more likely to wander the streets and become violent criminals.

One need only look at late 1950s statistics on Chicago’s Southside, compared to 2022 for ample proof.

Let’s get to the bottom of it:

In my not-so-humble opinion, Jamie Dimon is a quintessential example of America’s best and brightest. While I don’t always agree with his takes, two of which I identified in this article, his voice is among those I most admire; not only for his wealth of knowledge but perhaps mostly because of his objectivity and lack of hypocrisy — both of which are in short supply, these days, on both sides of the political aisle.

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