It is clear that the Federal Reserve will continue raising interest rates to fight inflation. The Consumer Price Index last week showed that the annual inflation rate was 8.3 percent.
Jamie Dimon, CEO of JPMorgan Chase, and other Wall Street CEOs presented testimony before Congress on Thursday. Dimon has another method to fight inflation. Perhaps Congress should listen to career politicians instead of listening to successful CEOs.
Senator John Kennedy (R.-LA) spoke to the panelists.
I don’t like to brag about expensive places I have been to, but I did go to the grocery store the night before. The American people are being sucked under the weight of inflation like fish.
He asked Wall Street CEOs to answer:
“Now that we know the actions of the Federal Reserve on the monetary side, I would like to ask you your thoughts on what we should do on the fiscal side (we mean the federal government).”
Dimon replied:
“I think that a little less fiscal expenditure would be good,” pointing out that the U.S. has spent 30% of its GDP in the past two years, a move he called “literally unparalleled.”
We hear nothing but the Biden administration claiming that the “Inflation Reduction Act”, which will cost billions, will lower inflation.
Kennedy asked Dimon, continuing if the government should “get off the back of American people in terms of regulation,” and Dimon said:
“I think that would be beneficial, especially for small businesses. While I don’t wish to complain about large companies, I encourage everyone to bring 10 small businesses to lunch to find out what it was like living with federal, state, and local regulations, even if they only have one store. That could be a huge help.
Dimon pointed out that the federal government should consider taking steps to increase the supply side. These include taxation, regulation, and immigration, as well as infrastructure and health care. Dimon concluded his remarks by saying that “if you do some of these things, you can help grow the economy through its inflation.”
Per Fortune, Dimon stated:
“Rather than tax cuts, taxation should be adjusted to stimulate more growth.”
JPMorgan Chase CEO Jamie Dimon confirms that the ESG agenda is hurting the American economy and that MORE oil and natural gas production is needed: pic.twitter.com/16DLzHr0Td
— Consumers’ Research (@ConsumersFirst) September 21, 2022
Senator Elizabeth Warren (D.MA) also received an apology from Dimon. Warren asked Dimon questions during the Senate hearing:
Dimon was told by her that she didn’t receive any information from her. Is it because you don’t keep track of the fraudulent Zelle transactions reported by your customers? Is it because you keep track of fraudulent transactions and know the exact number?
CNN Business:
Dimon responded, “I deeply regret if we haven’t given you the numbers that you requested.” He said that there is only a small amount of fraud in the service. Warren asked Dimon for more details and Dimon promised to send them to Warren by the end.
“Terrific,” Warren said. “We’ll get there by the end of today once nobody’s around to discuss it.”
The hearing highlighted the fact that Dimon and other successful CEOs should be heard by the government because they clearly have not succeeded in what they tried for the past two years.
This exchange was also held with Rep. Rashida Tlaib, D-MI:
🚨 Rep. @RashidaTlaib asked all major bank CEOs to submit to her ESG agenda and stop funding fossil fuels.
Their response?
JPMorgan Chase CEO Jamie Dimon: “Absolutely not and that would be the road to Hell for America.” pic.twitter.com/rGX7EjrVZj
— Consumers’ Research (@ConsumersFirst) September 21, 2022
