By Zach Scheidt
This post My Lunch With Jamie Dimon, CEO of J.P. Morgan appeared first on Daily Reckoning.
“It’s not a Republican thing… It’s not a Democrat thing… It’s simply the right thing to do!“
That’s what Jamie Dimon, CEO of J.P. Morgan Chase (JPM) and a member of President Trump’s business advisory council, had to say at our closed door lunch this week in Miami.
It was a lively conversation touching on everything from politics to the U.S. economy, to interest rates, inflation, the stock market, technology, cryptocurrency, and even Jamie’s bout with cancer nearly four years ago.
So today, I’m going to bring you into this exclusive meeting and fill you in on what America’s most powerful banker had to say about all of these exciting and important issues…
On Trump’s Tax Cut and Economic Policies
“We got a new tax bill for this year… Are you happy about that?”
James Casey, the Head of Debt Capital Markets for J.P. Morgan asked the question over the clink of silverware on plates as lunch was served.
“Yeah I am!!” laughed Jamie.
“How can you keep a straight face and tell me that we should have an uncompetitive corporate tax rate here in the U.S.?”
I liked that quote so much I had to send a lunchtime tweet to fill you in. But apparently I can’t eat and tweet at the same time, so there was a bit of a typo. Apologies…
Jamie went on to talk about how cutting the tax rate on corporations is “simply the right thing to do.”
Today, companies are already bringing business back to the United States. They’re hiring more workers — and creating good jobs. They’re increasing wages, investing in new facilities, paying larger dividends to shareholders, buying back shares of stock and telling investors to expect higher earnings.
The tax cut is doing exactly what it’s supposed to be doing. And America is all the better for it.
On The Strength of the U.S. Economy
“The economy is far better than we were expecting last year,” Jamie said as I cut into my steak salad.
I nodded my head in agreement… After all, I was at this same conference last year and I can tell you that the mood among investors and the management teams they came to see is significantly more positive than it was in 2017.
“The U.S. economy could easily grow three percent this year.”
Jamie went on to talk about how tax reform is leading to strong growth. And at the same time, international growth is improving quite a bit as well.
There is a lot of potential for more upside surprises in the U.S. So even though investors are optimistic right now, there’s plenty of room for new unexpected opportunities.
On the risk side of the equation, there aren’t nearly as many potholes to worry about. Banks are far less aggressive and leveraged than they were during the last bull market and households are in better shape than before with far less debt.
The overall economic recovery has taken a long time, but …read more
Source:: Daily Reckoning feed
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