When it comes Wall Street bailouts, bank executives seem to have no problem with socialism.
But how about for education, health care, and infrastructure? For those things that the working class cares about, socialism is bad, according to one of the world’s most prominent Wall Street CEOs.
“Socialism has failed where it’s been tried and ultimately leads to an ‘eroding society,’ J.P. Morgan Chase CEO Jamie Dimon said Wednesday.
With democratic socialist Sen. Bernie Sanders among the leaders in the Democratic presidential race and other candidates espousing similar-sounding ideas, the head of the nation’s biggest bank by assets said the idea of socialist control of the means of production would be detrimental to the U.S.
‘I honestly don’t think they understand what socialism is,’ Dimon told CNBC . . .
[He] said that socialist governments traditionally have done a poor job allocating capital and end up backing politically popular endeavors and “bridge to nowhere” projects.
‘Once you do that, you will have an eroding society,’ he said.
‘They do need to fix inner-city schools, infrastructure, health care,’ Dimon added. ‘We can fix all of those in a capitalist society.'”
Former Labor Secretary, Robert Reich, called out Dimon for his hypocrisy:
“Jamie Dimon, CEO of one of the biggest banks in America, thinks socialism will lead to an ‘eroding society’. Interesting.
Remember when JPMorgan Chase was fined $13 billion for mortgage fraud that helped spur the 2008 financial crisis?
Remember when Dimon’s bank then got a $25 billion taxpayer-funded bailout in 2008 after causing the crisis?
Remember when his bank raked in a record $3.7 billion in profits in 2018 thanks to Trump’s tax cut?
Remember when JPMorgan Chase used those savings to buy back $55 billion in stocks instead of boosting workers’ pay?
Someone should remind Dimon that America has socialism for the rich, and harsh capitalism for the rest.”
5years8months3days on January 24th, 2020 at 09:34 UTC »
Just waiting for that trickle down......any day now I'm sure of it.
shillyshally on January 24th, 2020 at 02:10 UTC »
I've told this story before about my Dad who lived in Newt's district when Newt was Newt.
My Dad worried about the stream a few yards from the house flooding. The gov came out and reinforced it with stone, not Lowe's stone, real stone. The grass that was damaged was resodded, twice. Not grass seed, sod.
When he'd start in on Those People and welfare, I'd remind him of rich folk welfare and he would chuckle cause you know, ain't that funny?
Eleanor0219 on January 24th, 2020 at 01:25 UTC »
'Remember when JPMorgan Chase was fined $13 billion for mortgage fraud that helped spur the 2008 financial crisis?
Remember when Dimon’s bank then got a $25 billion taxpayer-funded bailout in 2008 after causing the crisis?
Remember when his bank raked in a record $3.7 billion in profits in 2018 thanks to Trump’s tax cut?
Remember when JPMorgan Chase used those savings to buy back $55 billion in stocks instead of boosting workers’ pay?
Someone should remind Dimon that America has socialism for the rich, and harsh capitalism for the rest.”