Dear Friends:
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon made two big pronouncements as the Trump administration starts reshaping the government: “The United States of America is truly an exceptional country,” and “it is clear that something is very wrong.”
Understands Anger
But on Tuesday, reasons for concern kept coming. Labor market participation is low, Dimon wrote. Inner-city schools are failing poor kids. High schools and vocational schools aren’t providing skills to get decent jobs. Infrastructure planning and spending is so anemic that the U.S. hasn’t built a major airport in more than 20 years. Corporate taxes are so onerous it’s driving capital and brains overseas. Regulation is excessive.
“It is understandable why so many are angry at the leaders of America’s institutions, including businesses, schools and governments,” Dimon, 61, summarized. “This can understandably lead to disenchantment with trade, globalization and even our free enterprise system, which for so many people seems not to have worked.”
‘Secret Sauce’
Still, 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,” he said.
“We need trust and confidence in our institutions,” he concluded. “Confidence is the ‘secret sauce’ that, without spending any money, helps the economy grow.”
BUT: There's more to it than that, kids!
As a society there is a great chasm between the United Stated of America and the rest of the World, as exemplified by their movies and entertainment, and yes, even their health care, gun laws and religious fervour!
Here's an example:
My wife is Scottish and likes to watch British movies and dramas, while I watch American action movies.
The difference is a direct reflection of these two societies!
The British movies my wife watches are mainly concerned with character development and plot, while leaving the violent and gory scenes to your imagination.
American movies, on the other hand, are mostly about violence and mayhem with minimal emphasis on plot or character development,. (For the most part.)
This would also help explain why there is also so much of a gun problem across the entire country. (In other words: "If ya weren't used to it ......, ya wouldn't be doing it!")
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon made two big pronouncements as the Trump administration starts reshaping the government: “The United States of America is truly an exceptional country,” and “it is clear that something is very wrong.”Here’s the start of his diatribe: "Since the turn of the century, the U.S. has dumped trillions of dollars into wars, piled huge debt onto students, forced legions of foreigners to leave after getting advanced degrees, driven millions of Americans out of the workplace with felonies for sometimes minor offenses and hobbled the housing market with hastily crafted layers of rules."
Understands Anger
But on Tuesday, reasons for concern kept coming. Labor market participation is low, Dimon wrote. Inner-city schools are failing poor kids. High schools and vocational schools aren’t providing skills to get decent jobs. Infrastructure planning and spending is so anemic that the U.S. hasn’t built a major airport in more than 20 years. Corporate taxes are so onerous it’s driving capital and brains overseas. Regulation is excessive.
“It is understandable why so many are angry at the leaders of America’s institutions, including businesses, schools and governments,” Dimon, 61, summarized. “This can understandably lead to disenchantment with trade, globalization and even our free enterprise system, which for so many people seems not to have worked.”
‘Secret Sauce’
Still, 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,” he said.
“We need trust and confidence in our institutions,” he concluded. “Confidence is the ‘secret sauce’ that, without spending any money, helps the economy grow.”
BUT: There's more to it than that, kids!
As a society there is a great chasm between the United Stated of America and the rest of the World, as exemplified by their movies and entertainment, and yes, even their health care, gun laws and religious fervour!
Here's an example:
My wife is Scottish and likes to watch British movies and dramas, while I watch American action movies.
The difference is a direct reflection of these two societies!
The British movies my wife watches are mainly concerned with character development and plot, while leaving the violent and gory scenes to your imagination.
American movies, on the other hand, are mostly about violence and mayhem with minimal emphasis on plot or character development,. (For the most part.)
This would also help explain why there is also so much of a gun problem across the entire country. (In other words: "If ya weren't used to it ......, ya wouldn't be doing it!")
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