J.P. Morgan Chase CEO Jamie Dimon released his annual letter to shareholders on Thursday and touched on many topics, including whether there is a recession coming, stock buybacks and recent criticisms of capitalism from the political left.
"Socialism inevitably produces stagnation, corruption and often worse – such as authoritarian government officials who often have an increasing ability to interfere with both the economy and individual lives – which they frequently do to maintain power. This would be as much a disaster for our country as it has been in the other places it's been tried," he added.
"I am not an advocate for unregulated, unvarnished, free-for-all capitalism. But we shouldn't forget that true freedom and free enterprise are, at some point, inexorably linked," Dimon said. A Democratic faction led by presidential candidate Sen. Bernie Sanders and echoed by freshman upstarts including New York Rep. Alexandria Ocasio-Cortez — both of whom identify as democratic socialists — have called into question the fundamental pillars of the U.S. system and have advocated new program that echo socialist ideals.
socialism: see trumpism
Funny that as that is what we have today.
amen
Wait, a Great Depression, several recessions. I’m confused.
Dimon is disengenous. Its all underpinned by neoliberalism. There id no sense of altruistic capitalism. You’re entrenched by it. Whether its failures of Venezuela or America its evident capitalism is unsustainable Nd disenfranchises the proles.
Thank You
Just ask yourself one question...who is talking about socialism? Socialism does not and will never work!!!
Tomorrow, I'm going out to look for an unhappy Mennonite.
He says, 'stagnant wages and lack of opportunity have left too many behind'. True for some but many do not take advantage of the opportunities that are there for them also. Need to address both. Glad he said what he did about socialism.
I still like your jacket.
Sure, because obviously we don't have 'stagnation, corruption and often worse' under capitalism.
you might have left some things out, 'Many countries are called social democracies, and they successfully combine market economies with strong social safety nets. This is completely different from traditional socialism.'
our website at may describe something worse than corruption! check out the video on the homepage. it's only ~7.5 minutes long.
No. Humans produce corruption. The only thing preventing it is a country that is willing to be governed by the rule of law. And even that doesn’t fully prevent corruption.
I don't think America will be socialist all around, but we do have Gov programs and keep the capitalism. It's weird to not point out the obvious problems of corruption in capitalism though, where cash rules over common sense, and us just as abused. It needs serious updating!
Why did you end the quote there? He actually said we need to shift more towards a social democracy....
Is Dimon suggesting we have socialism now because we sure have corruption & worse.
Thank you o genius for your original insights.
How would we know the difference?
the greediest of banksters!! not surprised one bit
The people want change and you can put labels on it but it’s coming the party is over
Sounds like now
Banker pays zero % interest to Feds while Students pays 7%. Banker keeps the profit and share the loses with taxpayers ( back in 2008 when crony capitalism failed).
This is proven time and time again.
But income disparity fosters revolution. Let them eat cake!
We don’t need state owned industries socialism, we need capitalism with some helpful accessories.....
This is a misleading headline (did you write it for Joe or Trump?) DIMON: Social democracies 'combine mkt economies with strong social safety nets. This is completely different from traditional socialism.....
One of the most corrupted system is USA from all the developed world! Here they call it Lobbies!
Millions dead.
Yes,of course,if you making $30 something million! His taxes should be 70%!
capitalism can do the exact same. i support capitalism.
Complacency causes these things. Greed causes these things. Supply side economics causes these things. Supply side removes the invisible hand and leads by greed. It’s in the F’ing definition.
The clarion call of the capitalist oligarch. No one is talking socialism except republican oligarchs that receive billions for their companies and millions personally for their lack of transparency and out right deceptions. They live simply to take your money for themselves.
Wait, isn’t this the guy that accepted $25B in TARP funds at JP Maorgan Chase in 2008? I guess that type of socialism is ok.
Lol
Do the successful Scandinavian countries have a form of socialism or a form of capitalism? Their ”happiness index” shows we have a lot to learn from them. The sooner we start learning rather than preaching, the happier we’ll be too.
coolerheadsprevail
Just look at the period between 2009 2016. Our economy was hamstrung.
It’s rather hard to defend socialism when we are seeing millions fleeing their impoverished nations.
Hehe...the last capitalist we hang shall be the one who sold us the rope. Karl Marx
Yet no banker was ever jailed for bringing the country to its knees.
Capitalism run amok is way worse. The rich are above the law. There will be a revolution once the MAGAmorons realize people on food stamps aren't the problem. Real problem is the rich writing tax laws and paying zero taxes.
& the banking industry had proved this well in 2008 crony capitalism isn't capitalism
So does capitalism
How does he explain THEE most corrupt administration in the history of our country?
Glad we don’t have any of that now
For capitalism to work properly unhindered competition is required. Government regulations cause barriers to entry in virtually every industry.
FuckWindmillCancer
9 Wall Street Execs Who Cashed In on the Crisis. Meet the moguls who made out like bandits. (NO JAIL TIME) BIG FAT BONUSES.!! 2008.!! TAX CUTS TO THE RICH DON'T WORK!! WHEN YOU DON'T PUT THESE SOB'S IN JAIL YOU GET MORE OF THE SAME.!!
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