JPMorgan’s Dimon takes a swipe at Bidenomics as ‘political’ interference
The outspoken banking chief also says the government’s $5 trillion stimulus program is fueling inflation.
The boss of JPMorgan says that Joe Biden’s economic policies are making things worse for America.
Jamie Dimon, who is nearing 20 years as chairman and CEO of the Wall Street stalwart, says that ‘Bidenomics’ is an industrial policy that is being deployed for political reasons rather than purely economic ones.
Dimon has long been against industrial policies but has softened his stance recently saying that they can be useful in cases of national security, for example.
However, in an interview with The Economist he said that “’If it relates to supersonic missiles, I think we should do it. If it relates to holding down the Chinese people, I think we shouldn’t do it.”
Dimon is not sure about the president’s assertion that Bidemonics is a success: “…it’s a tough question to answer,” he told the publication.
What he’s more certain about is the negatives of the government’s $5 trillion stimulus program which included payments of $1,400 to most Americans as part of the American Rescue Plan during the pandemic. He believes it was excessive and is “causing inflation.”
Scrap working from home
As if taking a swipe at federal monetary policy wasn’t enough for one interview, Dimon also spoke about working from home.
JPMorgan’s managing directors are among the 60% of the firm’s headcount who are now back in the office, while 30% are in the office three days a week and 10% were already working from home before the pandemic.
Dimon would like to get more of his people back into the workplace.
“I do not believe you can be a leader and not be accessible to your people,” he said, adding that he wouldn’t be forcing people back into the office but: “If it doesn’t work, I don’t mind getting rid of it either.”
President Dimon?
Having criticized the current White House resident, the interview also touched on whether the billionaire business leader was prepared to put his money where his mouth is and run for office one day?
“I have never really believed I am particularly suited for it,” he said, pointing out how moving from business to politics is tricky, with a notable exception.
Not that he is hoping for second Trump presidency: “I would worry about another Trump presidency,” he told The Economist, adding that turning inwards would not be in America’s best interests.
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