Jamie Dimon defends capitalism in annual letter: 'Socialism inevitably produces stagnation, corrupti

[mountaineer]

Jamie Dimon defends capitalism in annual letter: 'Socialism inevitably produces stagnation, corruption and often worse'
 Jeff Cox   | John Melloy   
Published 7 Mins Ago Updated 1 Min Ago
CNBC.com

J.P. Morgan Chase CEO Jamie Dimon released his annual letter to shareholders on Thursday and touched on many topics, including whether there is a recession coming, stock buybacks and recent criticisms of capitalism from the political left.

"When governments control companies, economic assets (companies, lenders and so on) over time are used to further political interests – leading to inefficient companies and markets, enormous favoritism and corruption," Dimon wrote in the letter, which was released along with the bank's 2018 annual report.

"Socialism inevitably produces stagnation, corruption and often worse ...  This would be as much a disaster for our country as it has been in the other places it's been tried," he added.

Dimon in his annual letter, which is required reading every year for Warren Buffett and others on Wall Street, acknowledges there are flaws with capitalism and that it should be combined with a strong social safety net.

"I am not an advocate for unregulated, unvarnished, free-for-all capitalism. (Few people I know are.) But we shouldn't forget that true freedom and free enterprise (capitalism) are, at some point, inexorably linked," Dimon said.

[mountaineer]

A contributor to The Federalist tweets:

Erielle Davidson   Verified account @politicalelle

Jamie Dimon’s defense of capitalism and criticism of socialism in his letter to shareholders signals the political Left is scaring people—even people who usually indulge the Left’s proclivities.
7:10 AM - 4 Apr 2019

[mountaineer]

He's doing a lot of talking lately.

Jamie Dimon: US 'absolutely' right to enter trade war, despite short-term economic toll
    * When asked if the U.S. should be in a trade war with China, J.P. Morgan's CEO said “absolutely we should have entered into it.”
    * “We’re better off dealing with it now, whatever that means for the economy,” Dimon said on stage at the Council on Foreign Relations Thursday.
    * Dimon said he wasn’t in favor of tariffs and “threatening,” but was in favor of resolving issues like intellectual property theft.

Kate Rooney   
Published 11 Hours Ago CNBC.com  ...  Article at CNBC

From the Motley Fool:

5 Things Jamie Dimon Just Said That Investors Need to Hear
JPMorgan Chase's CEO offered up his views on the banking industry, capitalism, cybersecurity, and more.
Matthew Frankel, CFP
Apr 4, 2019 at 4:19PM

Jamie Dimon, CEO of mega-bank JPMorgan Chase (NYSE:JPM), just released his annual letter to shareholders. In it, he covers a wide range of topics, including JPMorgan Chase's business strategies, current political issues, and cybersecurity.

Dimon is one of the most influential people in banking (and in business generally), so investors tend to take his comments rather seriously. ...  Article at Motley Fool

Among those five things are: cybersecurity may be the biggest threat to the U.S. financial system and the aforementioned "socialism is not the answer to our problems."