JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon used his annual letter to shareholders to provide his outlook on a post-Brexit world, internal changes the company must adjust to, and give his thoughts on what is wrong in an otherwise amazing United States.
Dimon, leader of world’s most valuable bank and a counselor to the new president, used his 45-page annual letter to shareholders on Tuesday to list ways America is stronger than ever -- before jumping into a much longer list of self-inflicted problems that he said was “upsetting” to write.
While I disagree with the notion that we MUST become more internationally collectivist, Dimon points out a lot of agreeable problems. Many of these are common sense to the rest of us, but are mostly ignored by the political class:
- Skyrocketing corporate taxes drive human capital and jobs overseas
-Regulation is excessive in almost every industry
-United States has wasted trillions in useless wars and requires a foreign policy overhaul
-Failed immigration policy which fails to retain numerous much-needed advance degree holders
-A Justice system that criminalizes American citizens with felonies, many times for only minor infractions
-A housing market weighted down by bureaucratic layers and rules
Finally, Dimon points out something that I'm very passionate about. Educating the populace. The Democratic, left-leaning populace, left to its own devices in 2016 overwhelmingly wanted a socialist to be their candidate at the same time that Venezuela burned. Dimon points out that people are losing their confidence in a system that has brought so many out of poverty. The free market is responsible for the most wealth created than any other system yet known to man.
The U.S. is paying the price for bad decisions, and “something has gone awry in the public’s understanding of business and free enterprise,” -Jamie Dimon
The letter in it's entirety is embedded below.
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