“The thing about the Democrats is they will not have a chance, in my opinion. They don’t have a strong centrist, pro-business, pro-free enterprise person. The American public is not clamoring for more government. They were angry about the Great Recession, they blamed banks, they blamed Washington, but they’re also angry about the bureaucracy,” said Jamie Dimon, CEO of JP Morgan. (Yes, the bank).
During an interview on FOX Business’ Wall Street Week, Dimon explained his current endeavors in Washington, expressing no interest in running for president. But he did give President Trump a glowing approval, as far as the economy goes.
Dimon is chairman of the Business Roundtable, which represents some of the biggest names in business (including several other large banks). This group aims to make the US more business friendly in order to make our country more competitive with other nations.
This is very much in line with President Trump’s economic vision for the US.
In the past, Dimon has described himself as “barely” a Democrat. His trips to Washington have been occurring more frequently since Trump’s election. Dimon has been lobbying lawmakers about a range of business and economic issues, including changes in corporate taxes, immigration policies, and mortgage finance.
But, Dimon wasn’t always a fan of the president’s.
Last November, Dimon stated at a luncheon in Chicago that President Trump would only serve one term.
Asked at a luncheon hosted by The Economic Club of Chicago how many years President Donald Trump would be in office, Dimon said: “If I had to bet, I’d bet three and a half. But the Democrats have to come up with a reasonable candidate … or Trump will win again.”
Dimon now states that he regrets conveying such negative sentiment about the president and his policies. And that’s probably due to the fact that Trump has already accomplished much of what Wall Street was looking for.
Late last year President Trump eradicated many Obama-era restrictions on businesses, loosened regulations, or decreased the federal stronghold on the market.
And the president’s moves have more than paid off for Wall Street.
According to the Federal Deposit Insurance Corp, commercial banks generated $157 billion in profits in 2017, the highest level ever. Banks are making lots of loans, and stock prices keep hitting one record high after the next. Investors are happy. Banks even more so.
That was also for 2017. With the passage of Trump’s tax reform, in addition to fewer regulations, businesses on and off Wall St. will see profits soar. This increase in profits means an increase in jobs and pay.
This type of economic activity increases productivity and leads to higher wages. This also creates a virtuous cycle, complete with rising consumer confidence and increased consumer spending.
When businesses do well, the market shows it by extending the benefits to the workers and the communities that house the workers. When business is good for business, it’s good for everyone.
This, so far, has already been reflected in real life. Since the passage of the tax bill, several major companies have increased their bonuses or salaries for employees. The stock market has been very kind to investors, and this past holiday season saw record sales for retailers.
Naysayers were giving credit to former president Obama, saying that the American economy has only thrived due to Obama era policies that were still in effect when Trump took office.
Democrats and the Left have done an excellent job of trashing Trump’s policies, issuing hysterical, hyperbolic claims over the supposed dangers of deregulation and vilifying the tax bill.
However, spending on capital goods accelerated sharply over the first three quarters of 2017, growing at 6.2 percent annually.
Unemployment levels have reached record lows, the number of food stamp recipients has decreased, and new home sales have skyrocketed. All of this occurred has under Trump.
Obama’s economic policies were an abysmal, yet planned, failure. The Democrats M.O. is to destroy the economies of any place they are in charge.
It’s the business-friendly economies in Republican strongholds, like Texas, that stimulate economies. The California exodus is a good example of this. Texas is full of transplants from other states, but no state has sent more of its former residents than California.
Dimon was speaking the truth when he stated that the Democrats have no chance of winning in 2020. If quality of life and standards of living keep increasing in the US, citizens will respond by keeping Trump in office for another term. Americans will also want Congress to be mostly Republican.
And if that happens, it will be at the hands of the Democrats themselves. Maybe, if the Left showed more concern for Americans, then Americans would be more inclined to vote Democrat. This slow, painful demise of the Democratic Party is occurring because it never represented American values in the first place.