In DAVOS, Switzerland at the 2024 World Economic Forum, while wearing a Ukrainian flag pin, JPMorgan Chase CEO Jamie Dimon said he remains cautious on the U.S. economy over the next two years because of a combination of financial and geopolitical risks. After Trump dominated the Iowa Caucuses Dimon says, “I wish the Democrats would think a little more carefully when they talk about MAGA.”
Transcript
CEO Jaime Dimon: “I think it’s a mistake to assume that everything’s hunky-dory. And, you know, and when stock markets are up it’s kind of like this little drug we all feel. Like it’s just great, you know, but remember, we’ve had so much fiscal monetary stimulation, so I’m a little more on the cautious side that we are facing a lot of things in 20 and over 24 or 25. And you mentioned Ukraine, the terrorist activity in Israel, the Red Sea. Quantitative tightening, which I still question if we understand exactly how it works. I don’t think we do. How QE actually works. What the effect of negative, zero rates was for all this time. And obviously the politics. And, you know, and then the Ukrainian wars affecting oil, gas, food, migration. So, you have all these very powerful forces that they’re going to be affecting us in 24 and 25. So, if I was the government, I would be preparing for what I’m going to do about that, assuming things aren’t good.
And I just also want to point out. I wish the Democrats would think a little more carefully when they talk about MAGA, you know. And you, if you travel this county, and the country’s unbelievable. We took our bus trip this year and Leslie Picker was on. Spokane, Boise Boseman. People are growing. They’re hungry to grow. Their innovating. It’s, it’s everywhere. It’s not just Silicon Valley. So, we’ve got this great hand. But when people say MAGA, they’re actually looking at people voting for Trump and they think they’re voting, and they’re basically scapegoating them, that you are like him and, but I don’t think they’re voting for Trump because of his family values. If you like, just take a step back, be honest. He’s kind of right about NATO. Kind of right about immigration. He grew the economy quite well.”
Andrew Ross Sorkin: “China virus.”
CEO Jaime Dimon: Tax reform worked. He was right about some of China . . . I don’t like what he did . . .
Andrew Ross Sorkin: Like I said, China virus when he did . . .
CEO Jaime Dimon: He made money . . . I don’t like how he said things about Mexico I don’t like, but he wasn’t wrong about some of these critical issues. That’s why they’re voting for him. And, and I think people should be a little more respectful of our fellow citizens. And when you guys have people up here, you should always ask the why. Not like it’s a binary thing, you’re supporting Trump you’re not supporting Trump. Why are you supporting Trump?”
Andrew Ross Sorkin: “It’s hard to hate 75 million of your fellow American, isn’t it.”
CEO Jaime Dimon: “I agree. And you know, the Democrats have done a pretty good job. With the deplorables, hugging on to their Bibles, and their beer, and their guns. I mean, really. Like could we just stop that stuff and actually grow up and treat other people with respect and listen to them a little bit. And, I do think the economy will affect, I think this, this negative talk about MAGA is going to hurt Biden’s election campaign . . .”
