Jamie Dimon, CEO of JPMorgan Chase, isn’t shy about calling it how he sees it. In a wide-ranging interview on Sunday Morning, he spoke about income inequality, the state of the economy and what’s broken – and what’s not.
“The wrong part is that the bottom 30% didn’t do better,” Dimon said when asked about skyrocketing wealth among billionaires. “Not that the top 0.1% did so well.”
It’s a bold statement coming from one of the world’s wealthiest CEOs. Dimon himself is a billionaire. But he insists the key to fixing inequality is growing the economy for everyone. “You can wail at the moon. That’s not going to grow the economy,” he added.
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Dimon’s leadership has taken JPMorgan Chase to new heights. Over 20 years, he’s doubled the number of employees to 320,000 and added nearly $3 trillion in assets. The bank now processes $10 trillion a day. But despite this success, Dimon is “cautiously pessimistic” about the economy.
“People are angry,” he said. “They’re angry about ineffective government. They’re angry about immigration. There are legitimate issues.”
Dimon sees a disconnect between what’s happening on paper – low unemployment, a roaring stock market – and what many Americans feel. While the economy appears strong, he says many are still struggling, especially those at the bottom.
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Billionaires And The Big Picture
Dimon didn’t hold back when discussing the ultra-wealthy. Asked whether the system is broken with billionaires “growing like poppies,” he was careful not to demonize success. “What we need to do is fix it for everybody,” he said.
He acknowledged there are unfair systems at play but stopped short of blaming the wealthy entirely. If he were “king for a day,” he said, he’d change the tax laws, though not in ways some might expect.
Dimon had mixed feelings about Elon Musk, the world’s richest man. He praised Musk as an “extraordinary talent” but called his influence on politics “odd.”
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