Jamie Dimon Says Our Economy Is on Drugs
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Maybe Jamie Dimon was listening to my podcast yesterday. Yep. The CEO of JP Morgan Chase worried the U S economy is on a sugar high. No kid. Verbatim from what I said on my podcast yesterday. Yeah. He gave a pretty harsh assessment of the U S economy and basically talking almost.
the same types of things that we’ve been hitting on here on the program saying the lower third of earners should be pissed off about their status. Yeah. Andrew Ross Sorkin asked him at this Deal Book Summit why perceptions of the economy are poor and recent polling despite some of the positive indicators and talked about inflation and what it’s doing to lower earners.
If you look at the United States, yes, you know, almost all time low employment, but inflation is hurting people. The bottom third, I kind of think they have a right to be pissed off. I would be a little pissed off if I were them. And again, he went into something that I’ve written about on several occasions over the years in regards to ridiculous government policies that don’t do anything, stretching all the way back to Lyndon Johnson. And I quote, we’ve been talking about trying to help those lower income citizens now since Lyndon Johnson.
and it’s almost still where it was before. You know, I think we’ve made a lot of mistakes. As Diamond’s master of the obvious statement there, but again, it’s true. And he’s talking about how the country has done a terrible job of taking care of the bottom 30% of earners. And he says here, you’re all wealthy and you have money and stuff like that, but their average wages are 15 to $20 an hour.
They’re the ones who lost their jobs in COVID. They’re dying five or six years younger than the rest of us. They’re the ones who don’t have medical insurance. They’re the ones where their schools don’t work. They’re the ones dealing with crime. What the hell have we done as a nation? And he talked about, again, sugar high, he called it drugs as well yesterday. He said, talking about all of the COVID stimulus. So the economy’s had a little bit of drugs.
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injected directly into the system, basically going after Trump and Biden. And he was very caught. Don’t be too optimistic about the economy. He said the economy, when people look at the current economy and things are going good, we’ve had a bit of drugs injected directly into our system called fiscal stimulation, the largest we’ve ever had in peacetime and quantitative easing, the largest monetary stimulation to different things, different effects.
but they are drugs running through the system and they create this kind of sugar high and we are in a sugar high. Yeah, corporate profits are up because people are spending a lot of money. Where do they get the money? The government gave it to them. Well, of course profits are up. So I’m quite cautious about the economy. I’d be a little careful about that just because it feels pretty good today. Again, Jamie Dimon.
basically a watchdog on Wall Street, Markowski Investments Echo Chamber. He’s not wrong. He’s arguably one of the best CEOs in the country. And I’m gonna be honest with you, again, my competitor, yeah, again, they are much more ingrained. I go after big Wall Street firms all the time, but the guy runs a hell of a ship over there. And again, if he were to say, hey, you know what? I’m gonna run for president. Yeah, I vote for him. Watchdog on wallstreet.com.
