JPMorgan Chase CEO Jamie Dimon is trying to offer Democrats and the media political wisdom about Donald Trump.
Speaking on CBNC’s “Squawk Box,” Dimon warned on Wednesday that constantly attacking Trump, his supporters, and the “Make America Great Again” agenda will ultimately backfire on President Joe Biden and the Democratic Party.
“I think this negative talk about MAGA is going to hurt Biden’s election campaign,” Dimon predicted. “I wish the Democrats would think a little more carefully when they talk about MAGA.”
The billionaire banker was referring to the Democratic Party’s habit of mocking Trump supporters as “deplorable” or simple-minded Americans who hug “their Bibles and their beer and their guns.”
“Can we stop that stuff and actually grow up and treat other people respectfully and listen to them a little bit?” Dimon said. “I think people should be a little more respectful of our fellow citizens.”
In fact, Dimon suggested those in the media need to be more introspective and they need try to understand why so many Americans support Trump.
For Dimon — who personally identifies as someone with a “Democrat heart and a Republican brain” — the reasons why Americans support Trump are clear: Trump “wasn’t wrong” about some of the most pressing issues impacting America and the world today.
“When people say MAGA, they’re actually looking at people voting for Trump and they’re basically scapegoating them — that you are like him — but I don’t think they’re voting for Trump because of his family values,” Dimon said.
“If you just take a step back, be honest: He’s kind of right about NATO. Kind of right about immigration. He grew the economy quite well,” he explained. “Tax reform worked. He was right about some with China. I don’t like how he said things about Mexico— but he wasn’t wrong about some of these critical issues. And that’s why they’re voting for him.”
During his interview, Dimon also provided his economic forecast and warned against wearing rose-colored glasses.
“I think it is a mistake to assume that everything is hunky-dory,” he said.
“When stock markets are up, it’s kind of like this little drug we all feel, like it’s just great,” he continued. “But remember, we’ve had so much fiscal monetary stimulation so I’m a little more on the cautious side that we are facing a lot of things in ’24 or ’25 and we mentioned Ukraine, the terrorist activity in Israel, the Red Sea, quantitative tightening … and obviously the politics.”
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