Jamie Dimon, the chief executive of JPMorgan Chase is thinking about a lot more than his bank’s earnings these days.
One a pair of calls Friday — ostensibly to discuss the Wall Street firm’s better than expected results — Dimon went off on the US’s political gridlock.
At one point, Dimon went so far as to say on a call with analysts that it was “embarrassing” to travel the world as an American citizen “listening to the stupid shit we have to deal with.” He cited recent trips to France and Israel, saying those countries understood the importance of investing in education and infrastructure.
“The USA has to start to focus on policy which is good for all Americans and that is regulation, tax, education, we have to get those things done,” he said on an earlier call.
He was pressed on the political situation in the US on several occasions, with one Wall Street analyst asking if clients were beginning to worry about dysfunction and a lack of progress in Washington D.C. Dimon flipped the question, saying that the US economy had grown despite years of bad policy, and that it would continue to grow regardless of the political climate. It could just grow faster.
Dimon taken the opportunity on a number of occasions in recent months to highlight problems in America, including its failing education system, stifling bureaucracy, and high levels of incarceration and opioid deaths. He has set out some solutions along the way.
These issues are much bigger than quarterly results, according to Dimon, and he urged journalists to see the bigger picture.
“Who cares about fixed income trading in the last two weeks in June,” he said. “I mean seriously?”
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