(Big League Politics) – JPMorgan Chase CEO Jamie Dimon believes that another round of COVID-19 lockdowns would be a “huge mistake” and is encouraging state and federal governments not to push for them.
Dimon made his comments during an appearance in Detroit on Thursday where he was attending an opening of a Chase bank location in Corktown, an area in the beleaguered town that is undergoing a revival of sorts.
He believes that mass hysteria is hurting the low-income workers who depend on a working economy to make ends meet.
“I think if we shut things down again, I think it’s a huge mistake for the United States of America, and there’ll be a death knell for tens of millions of businesses,” Dimon told Crain’s Detroit.
Dimon explained how the COVID-19 lockdowns have exacerbated inequality, and another round of lockdowns could send society spiraling out of control for minorities.
“When bad things happen, the lower-income people suffer more, even more true in COVID because in COVID the people who lost their jobs were the bottom 20 percent,” he said.
“We haven’t had racial equality in this country ever. And we’ve tried so many times and we’ve failed, and so we basically said what we’re going to do is double down. And I was gratified, it wasn’t just us. You saw the (Business Roundtable with heads of nearly 200 large companies) … mostly white CEOs, not solely, but, raise their hands and say, we’ve got to do something. This is too much, too long,” Dimon added.
Big League Politics has reported on how Dimon talked about the inequality being caused by COVID-19 lockdown policy last year:
“Monolithic banking firm J.P. Morgan confirmed what should be obvious by now: COVID-19 lockdown policies help globalist elites and China-owned corporations amass more political and economic power.
Although it has had a negative impact in the short term, the reemergence of lockdowns and resultant growth weakness could bolster the above equity upside over the medium to longer term via inducing more QE and thus more liquidity creation,” J.P. Morgan managing director Nikolaos Panigirtzoglou said.
“This doesn’t mean that any fiscal stimulus post US election would not have implications for markets. It would, but more in terms of how steep the yield curve or how broad the equity bull market is going to be post the US election, i.e. whether it would encompass value and traditional cyclical sectors or continue to be more narrowly focused on high quality and growth oriented stocks,” JP Morgan said in their full statement.
“It also means that the virus resurgence and the reemergence of lockdowns and growth weakness could bolster the above equity upside via inducing more QE and thus more liquidity creation,” they added.
J.P. Morgan understands that the Federal Reserve and big government will bail them out when times get tough, but small businesses will die, and competition will be crushed. The wonks at Zerohedge offered the technical definition of this incredibly evil economic system that is emerging out of the pandemic.
“Yes – JPM did in fact state what “tinfoil blogs” had been saying for over a decade: that the worse the economy gets, the better it is for risk assets as the Fed has no choice but to step in and keep bailing out bulls as the alternative – a full-blown market crash – is simply an inconceivable scenario for a country where private sector financial assets now represent a record 6.2x the GDP and where household net worth which is mostly in financial assets, has never been larger,” they wrote.“
Wall Street may have made a big mistake backing Biden and the Democrats, with the radical Left and the public health establishment hellbent on crippling the American economy.