American society—and really Western society more generally—has been so badly eroded and atomized that we elected Donald Trump president (and similar charlatans to similarly high office), and are probably going to do it again. In spite of his occasional disagreements with the leader of the decreasingly free world, Jamie Dimon doesn’t seem to have noticed that what used to be civilization has already been scoured to its savage bedrock, because he sees a bigger threat to something which is already gone.

He said that socialist governments traditionally have done a poor job allocating capital and end up backing politically popular endeavors and “bridge to nowhere” projects.

“Once you do that, you will have an eroding society,” he said.

Note the future tense in his renewed assault on socialism, and also this shot at millennials, delivered, as it would have to be, from the slopes of Switzerland, otherwise echoing with potshots at 17-year-olds.

“I honestly don’t think they understand what socialism is,” Dimon told CNBC during a “Squawk Box” interview at the World Economic Forum in Davos, Switzerland.

Be that as it may, it’s clear their understanding of—and growing distaste for—capitalism is defined by the financial crisis bailouts, like the $25 billion in taxpayer money taken by one JPMorgan Chase, and their aftermath, a fact of which Dimon appears at least distantly aware. And while those bailouts and all they’ve wrought may be pushing the youngs towards socialism, they’re a not-insubstantial factor in pushing the olds (the much-hand-wringing-inducing “white working-class voter”) into the arms of Trump.

Dimon was careful not to make the mistakes of certain peers (and his own previous missteps) in naming names. Still, two people are pretty sure they can read between those lines, and they have things to say about it.

And those were before they heard about these 31.5 million other reasons Dimon, who’s already got 1.7 billion-plus, might be a little gun-shy about socialism.

JPMorgan Chase & Co Chief Executive Officer Jamie Dimon got a half-million-dollar raise for 2019, bringing his total compensation for the year to $31.5 million, the company said in a filing on Thursday…. The bank said it was based on its strong performance last year and “over the long term,” according to the filing. The bank said its board of directors considered the bank’s business results, risk controls and conduct, client, customer and stakeholder focus and teamwork and leadership when determining Dimon’s pay.

JP Morgan CEO Jamie Dimon takes on socialism, says it will lead to an ‘eroding society’ [CNBC]
Sanders, Ocasio-Cortez hit back at JPMorgan CEO over comments on socialism: ‘That’s funny’ [The Hill]
JPMorgan board raises CEO Dimon’s pay to $31.5 million [Reuters]

Related