JPMorgan & Chase CEO Jamie Dimon said on CNBC's “Squawk Box” Wednesday that former President Donald Trump was right on important issues and tried to smear Trump supporters. He acknowledged that Democrats' attempts to do so could backfire.
Dimon, speaking at the World Economic Forum in Davos, said several external factors could affect the U.S. economy going forward.
“How do you think the U.S. economy will perform over the next 12 months? This is an election year. We talked about what happened in Iowa, but let's understand how Americans feel about the economy. “That may ultimately determine how the president makes decisions,” host Andrew Ross Sorkin asked.
“Yes, I agree with that. I think it's a mistake to think that everything is hunky dory. When the stock market soars, it's like a little drug that we all feel, like it's great. But remember, we've done so much fiscal and monetary stimulus that we're going to be facing a lot in 24 or 25. I'm a little more on the cautious side, and I mentioned things like Ukraine, terrorist activity in Israel, the Red Army, the sea, quantitative tightening, understanding exactly how it works. I still have doubts, but I don't think they understand,” Dimon said.
“If I were the government, I would prepare for what's to come, assuming the situation is not good. And I would point out that when Democrats talk about MAGA, and if you're going to travel in this country, a little bit more. I want you to think carefully. And this country is incredible. This year we went on a bus trip, and Leslie Picker was on it. Spokane and Boise and Bozeman. People grow up. They're hungry to grow and they keep innovating. It's not just in Silicon Valley, it's everywhere. We've got this great hand, but when people say MAGA , they're actually looking at people who are voting for Trump, and they think they're voting – and they're basically scapegoating them – but I think they're voting for Trump. I don't think I'm voting because of his family values. If you look at it, take a step back and be honest. He's right in some ways about NATO and he's right in some ways about immigration. He grew the economy very well and his tax reform worked well. He was right about parts of China. I don't like what he did–“
“I don't like the way President Trump speaks, but he wasn't wrong on important issues. That's why they're voting for him. People should have more respect for their fellow citizens,” he said. say. @JP Morgan CEO Jamie Dimon. “I think this negative talk about MAGA will reflect negatively on the Biden campaign.” pic.twitter.com/WKnDjBvefO
— Squawk Box (@SquawkCNBC) January 17, 2024
Co-host Joe Kernen added that Trump was right about the “China virus.” (Related: CNN host John Berman confronts Biden campaign's Spox on Trump's claims)
“I don't like what he said about Mexico, but he wasn't wrong on these important issues. That's why they're voting for him. And I think people should have a little more respect for our fellow countrymen. I think you should, and you should always ask “why” when you have people here. It's not like a binary: you support Trump, you don't support Trump. Why do you support Trump? ”
“It's hard to hate 75 million Americans –” Kernen interjected.
“I agree, and you know, the Democrats have done a pretty good job against 'deplorables,' clutching Bibles and beer and guns. I mean, really? Stop doing that, actually. Can't we all just grow up and treat other people with respect and listen to what they have to say a little bit? I think it's going to have an impact on the economy, but all this negative talk about MAGA is Biden. I think it will have a negative impact on the election campaign.”
Trump won the Iowa caucuses on Monday night in a massive landslide. Trump won 98 of 99 counties, losing Johnson County by one vote to former South Carolina Gov. Nikki Haley. Trump received 51% of the vote, followed by DeSantis in second place with 21.2% and Haley in third with 19.1%. Businessman Vivek Ramaswamy withdrew from the race after the results were announced.
On the other hand, the Biden camp concentrated It's an effort to smear Trump and his supporters as “extremists” and a threat to democracy. President Joe Biden himself claimed that if Republicans supported Trump, they would be embracing “semi-fascism.”
