JPMorgan Chase CEO Jamie Dimon slammed the “stupid sh*t” going on in Washington and said “it’s almost an embarrassment being an American citizen” thanks to the gridlocked swamp in DC, CNBC reports.
“It’s almost an embarrassment being an American citizen traveling around the world and listening to the stupid s— we have to deal with in this country,” Dimon said on a conference call Friday.
“Since the Great Recession, which is now 8 years old, we’ve been growing at 1.5 to 2 percent in spite of stupidity and political gridlock, because the American business sector is powerful and strong,” he added. “What I’m saying is it would be much stronger growth had we made intelligent decisions and were there not gridlock.”
Dimon said that US has become “one of the most bureaucratic, confusing, litigious societies on the planet”
“It’s hurting the average American that we don’t have these right policies,” he said.
More, via CNBC:
In response to a separate question, Dimon said government regulation on banks was preventing economic growth, by keeping certain home buyers and small startups from getting funding.
“The counterfactual would have been that a trillion dollars or 2 trillion would have been lent out had these rules been changed five years ago,” he said. “There’s a false notion that all this stuff didn’t hold back the economy. Yes, it did.”