J.P. Morgan Chase CEO Jamie Dimon released his annual must-read letter to shareholders on Thursday, bashed socialism, defended stock buybacks and talked about some potentially dangerous days ahead.
Dimon in his annual letter, which is required reading every year for Warren Buffett and others on Wall Street, acknowledges there are flaws with capitalism and that it should be combined with a strong social safety net. 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.
The letter featured both a look to the future and the challenges ahead, as well as a look back at the financial crisis and what lessons have been learned.
Actually that's literally capitalism.
This bickering between those two hosts is why CNBC viewership is way down. The one kid is a communist and the other older guy is opposite politically. This is business new channel not political channel...
Which is what we have now
unsolicited kosher harvard $1.3 billion dollar opinion
Dimon makes $35,000,000 a year running a bank. He’s always going to think capitalism is OK.
1) Lobbying = corruption! 2) Capitalism as it stands - deceptive, exploitative, ... - works only for the very few. How about 'Responsible Capitalism'? Service / Human-centric? A win-win is possible & more profitable. People are AWAKE. No fool to PR rhetoric nor fearmongering.
Capitalism inevitably produces market bubbles and manias, crashes and financial crises, and poses the risk of a new depression And when those things happen the Big Government comes to rescue capitalism
Why are we even having to have this discussion? Is our education system failing us that bad? Class action lawsuits make the college pay back your Student Loan. They've been preaching that Noamchomsky BS!
RobertNorCal I say to U ALL ► Fair Capitalism needs as basis Great Fair Socialism or Social Liberalism in the first place ► Without a Great Social Welfare System your so called capitalism fails because 'Buying Power of The Middle Class & Lower Class is crucial for spending in the stores'
Regulation is used to limit competition...
I believe it need to be a middle. Capitalism is not working let along socialism isn’t also, but Middle class wages haven’t grown at all for many years, I have but with inflation and capitalism have weaken buying power within the middle class.
This would be relevant... if only anyone was actually suggesting we do away with capitalism. This is just more anti-taxation scare tactics. Shameful.
Gonna miss the $31,000,000 paycheck, I guess.
Socialism and wealth redistribution is taxing blue states to feed and repair the red states. It's time for blue states to stop being the sugar daddy of red states. Red states should pay their own way.
He doesn’t know his ass from a hole in the ground.Only the rich made out with the tax breaks and you know that but you continue to lie about to keep you and your fat cats with all the money.Just remember all that money isn’t going to stop you from getting cancer.
Just another major thief in our country.
I am so sick of hearing about Jamie “fucking”Dimon.
Democratic capitalism. Nordic model. Forget the names. Just make Society more humane.
Oh who caused the GFC and the bad consequences including decades of slow growth? Can we generalise capitalism? Of course not! So don’t generalise with simple label it serves no purpose other than politics.
Send $ to Warren for President. PO Box 171375, Boston, MA 02116.
'When governments control companies, economic assets (companies, lenders and so on) over time are used to further political interests – leading to inefficient companies and markets, enormous favoritism and corruption,' Dimon wrote in the letter.
We had Corporate Socialism dominate this country from 1912-1937, and 1976-2019.
Monopolies, tax hoarding, unchecked crony capitalism creates stagnation and corruption as well. Corruption breaks all systems. If the private sector has a viable response to the difficulties presented by health care, income inequality, and the environment let's see them.
Cough cough wage stagnation is what is currently occurring. Dimon is in such a fantasy world.
Here’s another fact for the feckless, for decades small towns had volunteer fire departments that’s the communist model, dumbledims!
Maybe read about the history on interstates as in interstate commerce. It was called the FREEWAY for a reason, toll road dummies. I’m sick of having to relive failed polices of the early 20th century.
If you actually cracked a book once in a while you would read the history of the fire department. The capitalist model was employed but the property burned to the ground before a price was negotiated. People realized how stupid privatizing the FD was.
This is such nonsense. Corporate America is the biggest welfare queen in America. If tax dollars are used to subsidize your business then It isn’t capitalism. STOP LYING!
In any system there is,corruption can be so harmful particularly to economy if it surpasses the limits and run through the safe& lawful area of the economic projections.
There's a whole lot of corruption that belongs to a capitalist economy also in real life. A free market economy and capitalism sounds very good in text book terms ! IN reality niether exists .
He's absolutely right. But paying off politicians to keep your tax rates comical and the average persons health care costs unbearable leads to guillotines.
Who knew the big banks were run by Socialists.
Trump's a socialist? 🤨
Most governing societies have corruption, without a doubt, be it capitalism or democratic socialism, the corruption interests are always there. US is a capitalistic democratic socialist society a bit intertwined already. It needs updates like a computer, society cant function...
Yet social engineering takes place all the time. Obama did it with transgenderism, Democrats are doing it by unloading migrants on us, our kids are being indoctrinated to it in school, Hollywood does it with “Me Too” & “Toxic Masculinity”, Gay Pride, etc etc
Doesn’t seem to be stopping China of late
Did he send a copy to Bernie?
There's benevolent capitalism, where everyone wins some, and predatory capitalism where *eventually* the single-digit x%ers win *all*.
Cute coming from a person with over a billion dollar net worth while there are tens of thousands of homeless vets in America and the average American can't afford a $500 emergency. What a joke.
🏋️♂️
“Socialism inevitably produces stagnation, corruption and often worse,' & the same can be said of any form of government, including Capitalist Democracies. What all governments have in common is that they are run by fallible humans ......
So I guess the economic boom in the decades following FDR was fake facts?
He loved that bailout tho
socialism doesn't allow him to bankrupt the country and get bailed out
Let's not blame economic 'systems.' It is people who are corrupt. Period
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