by Pam Martens and Russ Martens, Wall St On Parade:
On January 17, Jamie Dimon stunned CNBC viewers when he launched into what sounded like a TV commercial for Republican Presidential candidate and 91-count indictee Donald Trump. Dimon stated:
“Take a step back, be honest. He was kind of right about NATO, kind of right about immigration. He grew the economy quite well. Tax reform worked. He was right about some of China…He wasn’t wrong about some of these critical issues.”
Dimon also said that Democrats need to be more respectful of their fellow citizens that identify as MAGA Republicans.
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Former U.S. Labor Secretary Robert Reich was one of the folks who caught Dimon’s act and published a sharp retort, writing:
“Kind of right about NATO? Trump wanted the U.S. to withdraw from NATO — and may get his way if he becomes president again. This would open Europe further to Putin’s aggression.
“Kind of right on immigration? Even the conservative CATO Institute found that Trump reduced legal immigration but not illegal immigration. Trump refused to grant legal status to children of immigrants born in the United States or who grew up in the U.S. He banned Muslims from America, and when the Muslim ban was found to be unconstitutional, banned people from Muslim countries. He fueled the flames of nativism by describing poorer nations as ‘shit holes’ and has used Nazi terms to describe foreigners as ‘poisoning the blood’ of Americans.
“Grew the economy quite well? In fact, under Trump the economy lost 2.9 million jobs. Even before the pandemic, job growth was slower than it has been under Biden. The unemployment rate increased by 1.6 percentage points to 6.3%. The international trade deficit Trump promised to reduce went up. The U.S. trade deficit in goods and services in 2020 was the highest since 2008 and increased 40.5% from 2016. The number of Americans lacking health insurance rose by 3 million. The federal debt held by the public went up, from $14.4 trillion to $21.6 trillion.” (Read Reich’s full column here.)
What has caused Jamie Dimon to appear to be auditioning for the job of advance man for Donald Trump and his MAGA followers?
Dimon is Chairman and CEO of the largest Wall Street mega bank in the United States, JPMorgan Chase. Under Dimon’s tenure, the bank has the dubious distinction of having admitted to an unprecedented five felony counts brought by the U.S. Department of Justice as well as being labeled the riskiest bank by its regulators.
Now Dimon is in a pitched battle with federal banking regulators over their proposed new rules that would make JPMorgan Chase hold more capital against its riskiest trading positions. (This is, after all, the bank that secretly used deposits from its federally-insured Chase Bank to gamble in derivatives in London and lose $6.2 billion. The notorious scandal, known as the “London Whale,” occurred just two years after Congress had passed the Dodd-Frank financial reform legislation in 2010 — legislation that was supposed to rein in the reckless activities of the Wall Street mega banks which had brought on the worst financial crash in the U.S. in 2008 since the Great Depression of the 1930s.)
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