Jamie Dimon says America ‘slept’ while China established itself as an economic powerhouse

34 comments

1. Slept is the new word for enabled.

2. Slept? Nonsense. US Republicans fought against every effort to promote clean energy and electric vehicles in the US during those same decades. Not surprisingly it’s those very industries – the biggest economic opportunities of the 21st century – that China now dominates the world in.

   Fortunately the US is now fighting back in a massive way with the Inflation Reduction Act and CHIPS bill. So much so that China is protesting Biden’s “unfair” trade practices to the WTO. We’ll see how it plays out over the next decade. The administration views it as a national security issue as much as an economic one.

3. Dimon has become less and less worthy of attention over time.

4. Slept is a weird word for purchased their manufactured goods

5. Most China data is fake. US slept during bush’s terms

6. *stole from its citizens and robbed them of their opportunities and healthcare FTFY

7. I think businesses saw an opportunity to enrich themselves by investing in an emerging economy. This came at the cost of investing in America. Now that paper dragon has grown enough to become a real dragon. China’s economy is now threatening the livelihood of the very people who invested in it leading them to become vocal.

   I would say it’s a case of capitalism working as intended. It allocated resources to the most profitable investment. It falls to citizens to elect governments who preserve the interests of its voters.

8. May I rephrase? Greedy US corporations shipped all the jobs overseas to make more profits for the shareholders. Now that they finished killing off most of the middle class let’s change the narrative and blame China!

9. Slept? We are still sleeping.

10. Slept? We were willing participants. We never should have given them the prosperity they now have. Should have left them the shit hole country they were.

11. They did.

12. As I recall all the businesses and manufacturing that moved to China allowed them to become a super power.

13. Slept? No it was by design. Chinese companies don’t build for the rot and hype economy. American ones do. And the result is that it makes CEOs rich and that’s what we want, right? I mean we’ve built the whole system to make them rich.

14. The American capitalist is obviously unconcerned, he is after all as Dimon knows well, seeking profits not accolades about the US economy’s position in the world.

    American capitalism feverishly sent 10 million jobs, the rest of them about 15-20 million more all of the while since those 90s, China stole most of the tech they have. That’s not playing defense because of the profits rolling

    Simon has run out his welcome in commentary on American society at large not otherwise giving a damn except for being a bit of silly attention whore.

    Plus, China has become a capitalist fascist economic power and that’s been the easy part controlling ALL of the money.

15. Economic powerhouse is a little dramatic.  China’s primary strengths are having zero respect for IP rights (im actually somewhat okay with that) and zero respect for human rights (that part sucks).  

    China seems to be trying to mimic the arc of Japan, but it’s attempting to do so without really innovating.  EVs are probably the thing we should actually be concerned about from a competitive standpoint.  Other than that it’s basically a big sweat shop making knock off products.  Sometimes for the OEM.

16. No, no you see that was the idea. China would do all the jobs “nobody else wanted to do”. So American’s could sit around and make art or do management for extremely high wages. Doesn’t even require an education.

    Leave all that nasty manufacturing and learning to those “other people”. Americans just want high end jobs.

    Yeah, America gets what they deserve on this front.

    BOTTOM LINE: Manufacturing is literally how wealth is created for the middle and lower class.

17. We were not sleeping we were handing out tax credits to people moving factories to China. 

18. Is this guy regarded? Wall St profited the most from out sourcing to China.

19. Investor-funded news media and globalist political parties slept.

20. Shup up Jamie. You told us impending doom in 2024 last year and didn’t pan out.

21. Edit: Jamie Dimon and other big corps were sleeping when China stole their lunch as they kept shipping jobs. Biden administration is trying to fix that fk up but this is making Xi uncomfortable.

22. Granting China most favored nation trade status back in 2000 would be the cause. Democrats and Republicans working together to fuck over the people

23. Jamie Dimon is as dense as a pet rock.

24. Huh? It’s been front and center in the US news, across all political spectrum, for decades. “China’s Rise” blah and now “China demographic collapse” Jamie Dimon happily generated $millions$ by trading on the offshoring of US manufacturing. Every time any of these big bank/trading firm CEOs speak they are protecting a position…their position.

25. Have been watching lots of different documentaries on the history of China.

    They have been pummeled for centuries.

    Mao gathered the people up and offered them strength and a fight. Not saying communism is good, or right, but they are now a powerhouse in less than 100 years. Before that they were frequently pummeled as a nation.

    Who would not want to become a stronger nation?

    Oh and all my Chinese friends are stellar humans who love their families and just want to exist.

    Capitalism wanted low cost, China stepped up. Cant fault them for that.

26. Oh Hell no, Republicans pushed it as hard and fast as they could. Jamie needs to get his head out of his butt and recall how much money American corporations made by dumping U.S. workers to let off-shoring work.

    Would his bank be profitable without globalization? C’mon, stop all the B.S.

27. Nixon started lifting trade restrictions and Reagan continued it, they knew it would cripple their biggest rivals backers ,the labor unions, while helping their buddies in the country club.

28. fuck Jamie Dimon, how about them apples

29. Jamie Dimon is wrong pretty much every time he opens his mouth. Just look at all his warnings about recessions and (alternatively) inflation over the past 4 years. Yeah, he should shut up. His record as a prognosticator is awful.

30. Wait so the eternal pursuit of profit and fat margins to return to shareholders and PE firms want it?

31. America didn’t sleep!

    America allowed its oligarch class to rob the country blind.

    American oligarch class gave away 200 years of industrial, technological and scientific know-how in exchange for 30 years of unrestrained financial exuberance in order to line its own pockets while ransacking the economic fabric of America…and bankrupting its citizens.

    American oligarch class = Current American Billionaires + the politicians who allowed to happen.

32. What a joke! It’s the American corporate owners who decided to deindustrialize America and outsource the jobs to other countries because the labor was cheap and exploitable! China became what it is today in part because of American business!

    Also, fuck Jamie Dimon.

    I’m a tad surprised industrialization didn’t make a comeback in America during/ after Covid when we seen how vulnerable we are as a nation and people when it was clear how dependent we are on China.

    The thing that drives me nuts is business leaders claiming they had to move jobs out of America because things would be too expensive for consumers. What they’re not telling you is that the only reason things would be THAT expensive is because the executives refuse to take a paycut from their already absurdly massive salaries and bonuses.

    The only thing stopping affordable American manufacturing is greed.

    CEOs and other executives make like 300:1 in terms of the lowest paid employees.

    In the 1950’s and ‘60s, that ratio was more like 40:1 or 50:1, ya know something reasonable.

33. The US spent time building its oligarchy, while China focused on expansion.

34. Slept and purposely leveraged a very cheap method of production for almost every consumer item known to man to maximize corporate profits. Oops…I said that out loud.