- JPMorgan CEO Jamie Dimon warned that negative talk about Trump supporters could hurt President Joe Biden’s reelection
- He said people voted for Trump because he was right about the economy, immigration and China
- In the past, Dimon has suggested he would run for political office after his term as CEO
JPMorgan CEO Jamie Dimon warned Democrats that negative talk about MAGA supporters could hurt President Joe Biden’s re-election campaign, saying Trump was right on several counts.
Dimon, a frequent Democratic donor, told CNBC on Wednesday that people voted for Trump because he was right about the economy, immigration and China.
JPMorgan’s boss has donated to the campaigns of several Democrats in the past, according to Federal Election Commission records. He donated $2,900 to Kyrsten Sinema in 2022, $3,300 to Jon Tester in 2023 and $3,300 to Katherine Clark in 2023.
Dimon – who is often seen as a voice of caution on Wall Street – has warned Americans to prepare for a recession this year, saying the economy and the way people interact with each other will influence the election.
“I think this negative talk about MAGA will hurt Biden’s election campaign,” Dimon said.
During an interview on CNBC, JPMorgan CEO Jamie Dimon warned Democrats that negative talk about MAGA supporters could hurt President Joe Biden’s reelection campaign.
Dimon, a frequent Democratic donor, said people voted for Trump because he was right about the economy, immigration and China
“When people say MAGA, they’re actually looking at people who vote for Trump and they think they’re voting – and they’re basically scapegoating them, that you’re just like him, but I don’t think they’re voting for him. Trump because of his family values.
“If you’re watching, just take a step back, be honest. He (Trump) is somewhat right about NATO. Sort of right about immigration. He made the economy grow considerably. Tax reform has worked. He was right about some things with China,” Dimon said.
“I don’t like how he said things about Mexico, I don’t like it – but he wasn’t wrong on some of these critical issues. And that’s why they vote for him. And I think people should have a little more respect for our fellow citizens.”
Dimon said, “I wish Democrats would think a little more carefully when they talk about MAGA.”
Last week, Dimon said rising prices, stagnant growth and massive government spending were among the factors linking the 1920s to the 1970s.
He said expected rate cuts this year are not guaranteed and a recession could still occur.
Bank CEOs including Dimon held a private meeting at the World Economic Forum in Davos, Switzerland, on Wednesday, Reuters reported.
The executives are said to have expressed concerns about the competitive risks of fintech companies and private lenders, and complained about burdensome regulations.
Dimon (center left) meets with Ukrainian President Volodymyr Zelensky (center right) on the opening day of the World Economic Forum in Davos, Switzerland
Last year, Dimon hinted that he might pursue a political career once he leaves his position as CEO
Another topic was navigating risk against a backdrop of geopolitical tensions, macroeconomic uncertainty and technological disruption.
Last year, Dimon hinted that he might pursue a political career once he leaves his job.
“I love my country, and maybe one day I will serve my country in some capacity,” he said in an interview with Bloomberg Television.
“Everyone knows I’m a patriot,” he added. “I’m a red-blooded, full-fledged, free-enterprise capitalist.”
Billionaire Bill Ackman – who led the successful campaign to get Harvard President Claudine Gay to resign – backed Dimon at the time and said he should consider challenging Biden in the primaries.