One of the most influential people in finance told CNBC that the Democratic plan to smear Trump supporters may eventually blow up in their faces. JP Morgan and Chase CEO Jamie Dimon spoke with the channel’s “Squawk Box” crew about the former president and offered some hard truths that many liberals may not want to hear.
Dimon claimed that the Democrats have created the “MAGA” label to accuse Trump supporters of following the former president’s moral compass rather than listening to their underlying concerns.
In 2022, for example, Joe Biden labeled many of those who supported Trump to be a “semi-fascist.”
The Daily Caller reported on the details.
Speaking from Davos, where the World Economic Forum is underway, Dimon said several outside factors could impact the U.S. economy going forward.
“How do you see the U.S. economy playing itself out over the next 12 months? This is an election year. We talked about what just took place in Iowa, and trying to understand how the American public is going to feel about the economy may ultimately dictate how the president is decided,” host Andrew Ross-Sorkin asked.
“Yes, I agree with that. I think it is a mistake to assume that everything is hunky-dory. When stock markets erupt, it’s kind of like this little drug we all feel, like it’s just great. 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 which I still question if we understand exactly how it works, I don’t think we do,” Dimon said.
“If I was the government, I would be preparing for what I’m going about that assuming things aren’t good. And I also just want to point out, I wish the Democrats would think a little more carefully when they talk about MAGA, you know, and if you travel this country, you know. And the country is unbelievable. We took a bus trip this year, Leslie Picker was on. Spokane and Boise and Bozeman. People are growing. They’re hungry to grow, they’re innovating. It is everywhere, it’s not just Silicon Valley. We got this great hand, but when people say MAGA, they’re actually looking at people voting for Trump and they think they’re voting — and they’re basically scapegoating them — but I don’t think they’re voting for Trump because of his family values. If you look, 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, tax reform worked. He was right about some of China. I don’t like what he did —”
"I don't like how Trump said things, but he wasn't wrong about those critical issues. That's why they're voting for him. People should be more respectful of our fellow citizens," says @JPMorgan CEO Jamie Dimon. "I think this negative talk about MAGA will hurt Biden's campaign." pic.twitter.com/WKnDjBvefO
— Squawk Box (@SquawkCNBC) January 17, 2024
This past November, Dimon appeared to identify Nikki Haley as the best person to lead the country.
The New York Times wrote at the time that the former U.S. ambassador to the United Nations “got an unexpected call from Jamie Dimon, the chief executive of JPMorgan Chase. Mr. Dimon said he was impressed by Ms. Haley’s knowledge of policy details and her open-minded approach to complex issues raised in the Republican presidential race, according to a person familiar with what they discussed. Keep it up, he told her.”
Haley is running a close race against Trump in New Hampshire, the next primary contest of 2024.