You name it, from American media failure in 2016 election to gerrymandering to voter suppression to America’s constitutional court ruling that money is free speech, to foreign meddling in America’s 2016 election, being Russia’s Putin, even the “Electorate System” that guarantees “Not Equal” weight Americas carry in voting, all say: “America’s Democracy is Broken.”
Often talked about as the cost of America’s broken and dysfunctional democracy is social justice, human rights, and freedom. But JP Morgan’s Dimon says: ‘Stupid’ political dysfunction poses risks for banks, Americans.
The risk is more real than uncertainty, as many research and study with empirical evidence backing, says Capitalism and Free Markets, are critical to optimizing business profits, and anti-free-market, like politics bought by Trump, such as in the canceling of TPP, is negative for business profit.
Closing the argument loop, but how did Trump come to power? Of course, Trump came to power from a flawed American democracy.
New York Times asks (source): Is American democracy broken?
There are precedents around the world for the kind of political jolt the United States experienced in November. They usually include a political firebrand who promises to sweep away a system rigged to serve the powerful rather than the interests of ordinary people. They usually end badly, when the popular champion decides to read electoral victory as an invitation to bend the institutions of democracy to the force of his will.
Most Americans, I’m sure, never expected to worry about that sort of thing in the United States. And yet concern is decidedly in the air. Did a combination of globalization, demographic change, cultural revolutions and whatever else just upend America’s consensus in support of liberal market democracy? Did American democracy just succumb to the strongman’s promise?
I’m skeptical that the United States is about to careen down the path taken by, say, Venezuela, governed by the whim of President Nicolás Maduro — the handpicked successor of the populist champion Hugo Chávez, who was elected in the late 1990s on a promise to sweep away an entrenched ruling class and proceeded to battle any democratic institution that stood in his way.
Still, the embrace by millions of American voters of a billionaire authoritarian who argues that the “system” has been rigged to serve a cosmopolitan ruling class against the interests of ordinary people does suggest that American democracy has a unique credibility problem.
USA TODAY Reports (source):
By Roger Yu and Kevin McCoy, July 14, 2017
JPMorgan CEO Dimon:
‘stupid’ political dysfunction poses risks for banks, Americans
America: Washington isn’t looking out for you.
That’s assessment of Jamie Dimon, the outspoken CEO of JPMorgan Chase, which on Friday kicked off U.S. banks’ second-quarter earnings season.
Never one to hem and haw, Dimon, who leads the nation’s biggest bank by assets, unleashed a tirade against the “stupid” political dysfunction in Washington, D.C. Friday in his earnings call, prompting strong reactions and his name to trend on Twitter.
“It’s almost an embarrassment being an American citizen traveling around the world and listening to the stupid s— we have to deal with in this country, and at one point we all have to get our act together or we won’t do what we’re supposed to (do) for the average Americans,” he said.
His remarks overshadowed revelations of rising revenues at his bank, Wells Fargo and Citigroup — which have seen consumer demand for their services grow amid a resilient job market and low-interest rates.
The Federal Reserve is expected to increase its key short-term rate in the coming months, which could muddy the outlook for interest income growth. Global investment banking demand remains tepid. And as Dimon reminded Wall Street, many of the promised reforms for the sector have not come to pass, keeping some companies from taking on debt to expand operations.