Tag: jamie dimon
Beyond Trump's Latest Crazy Pardon, Glimpses Of A Post-Trump America

Beyond Trump's Latest Crazy Pardon, Glimpses Of A Post-Trump America

Trump 2.0 continually impresses everyone for its craziness. The latest venture into the absurd was Trump’s preemptive pardon of Democratic Rep. Henry Cuellar (D-TX), who had been indicted on charges for accepting bribes from foreign actors.

The pardon is not especially surprising, since Donald Trump finds a corrupt politician as irresistible as he might have found an attractive woman in his younger days. The Trumpian absurdity part of the story is that Cuellar immediately turned around and said that he wants the prosecutors investigated. In Donald Trump’s America the greatest crime is enforcing the law against a Donald Trump ally.

Who knows where Cuellar’s request will end up? Most immediately, he apparently went to Jim Jordan, the head of the House Judiciary Committee with his case. This likely means some serious hyperventilation and screaming, but not much else.

It’s not clear that anyone in the Justice Department will pick up on Cuellar’s insistence that prosecuting him should be a crime and start investigating their colleagues. The refusal of Justice Department lawyers to carry through blatantly political prosecutions has been a source of encouragement. This shows both that they have a bit of a moral compass, and also that they are thinking of a post-Trump world, where a clown show prosecution of a Trump enemy is not something good to have on your resume.

The refusal to prosecute was very public when Trump’s pick for acting United States attorney for the Eastern District of Virginia, Lindsey Halligan, could not get any of the career lawyers in the Justice Department to sign off on the prosecutions of former FBI director Jame Comey and New York Attorney General Letitia James. She had to take up the task herself even though she had never prosecuted a case before. Such refusals are likely playing a role in the Justice Department’s refusal to date to press an antisemitic prosecution of liberal billionaire George Soros or whack job conspiracy indictments of Barack Obama and Hillary Clinton.

Rats Leaving the Ship

It’s not just Justice Department lawyers who can give us some hope of a post-Trump world where democracy survives. Jamie Dimon, the CEO of JP Morgan, recently said that he was refusing to make a contribution to Trump’s ballroom monstrosity because he was concerned how a post-Trump Justice Department might view it.

This comment should be taken very seriously. JP Morgan is by far the largest bank in the country, which Dimon has run for two decades. Also, Mr. Dimon is an astute businessman who clearly puts business above politics. Early in 2024 he gave Trump a pseudo-endorsement when he famously said that he thought the economy would do fine regardless of whether Trump or Biden won. That he is now thinking of a world with a normal Justice Department is huge.

It’s not just Dimon who is thinking about a world beyond Trump. A near record number of Republican members of Congress have announced their retirement. Some, most notably Marjorie Taylor Greene, are not even finishing out their terms.

It’s understandable that many would be unhappy with their jobs. Most of them are not morons. They know they are being asked to repeat inane lies in support of Donald Trump and whatever whack job thing he says or does. That can’t be lots of fun.

On top of this, politicians do understand election results. They see a shift of double-digits away from Republicans in elections across the country. They also see the polls showing Trump’s popularity going through the floor. That does not sound like a good environment to seek re-election even when Trump has gerrymandered districts to favor Republicans.

Collapsing Conspiracy Theories

Trump also has the problem that many of the MAGA team’s guiding lies are coming undone. The most notable one is the Jeffrey Epstein scandal. Many Trump backers really believed that Donald Trump was the white knight who was going to smash the child trafficking pedophile ring being run by Hillary Clinton and other evil Democrats.

Now that he is sitting in the White House, he is doing everything possible to keep secret the files related to the country’s most notorious child sex trafficker. Trump’s denials of his ties to Epstein are becoming ever more absurd. Only the most extreme cult members can find them credible at this point. Trump was clearly a close friend of Epstein’s and likely partner in at least some of his activities.

And it’s not just the child sex trafficking conspiracy that’s sinking under the weight of reality. Trump’s FBI team managed to finally nail down a suspect in the January 6th Capitol pipe bomb case. (Congrats to them, seriously.)

The top levels of the MAGA cult, including current deputy FBI director Dan Bongino, had been pushing whack job conspiracies about how the pipe bombs were part of an FBI inside job. Now it seems that the suspect was just another January 6th insurrectionist supporting the stolen election story. The big question now is whether he qualifies for Donald Trump’s blanket pardon of his mob.

The other Trump conspiracy at risk is the story of Jack Smith’s weaponization of the Justice Department. The Republicans are boasting about how they have subpoenaed Smith to testify in secret hearings where they can then publish selected excerpts from his testimony.

Smith has volunteered to testify in public. Republicans are scared to death to let Smith speak in public and let everyone hear about his by the book investigation of Donald Trump’s effort to overthrow the government. For the moment, Smith’s public testimony has not been a major demand from Democrats, but there is always the possibility some members of the party could wake up.

Healthcare and Affordability: Reality Still Matters

Finally, the Trump gang does have to deal with some real-world problems that are not going away. Health insurance premiums are about to rise a lot for tens of millions of people, unless Trump and the Republicans in Congress do a 180 and agree to extend the subsidies for the exchanges under Obamacare.

Wages for millions of workers, especially low-paid ones, are also not keeping pace with inflation. Trump might insist that tariffs don’t affect prices, but they do. We just got new data on import prices for September, showing again that exporters are not eating the tariffs. The labor market has also weakened substantially, with the unemployment rate for disadvantaged groups like Black workers and young people rising sharply.

And even Trump’s big issue, immigration, is not going well for him these days. While most Americans might have been happy to see the pet-eating rapists and murderers sent back to where they came from, it’s clear that violent criminals are a tiny fraction of the people being nabbed by ICE. The overwhelming majority are people who have committed no criminal offense whatsoever or a minor offense like shoplifting.

No one thinks we are safer as a country when they see ununiformed masked men grabbing gardeners and food truck operators off the streets. The hardcore racists might applaud this sort of crackdown on people guilty of not being white, but thankfully, even a majority of Trump voters don’t fall into this category.

Trump’s Caribbean war crimes are also not playing well. Using advanced weaponry to blow up small boats that are thousands of miles from the U.S. does not make sense as a drug interdiction strategy. Killing survivors from the initial strikes makes even less sense. The whole thing becomes even more absurd when Trump issues a pardon to a notorious drug trafficker who the Justice Department spent years investigating and convicting.

MAGA Is Melting Down

It’s too early for big celebrations, but it does look like the wheels are coming off the Trump juggernaut. When the AI bubble bursts, likely taking crypto with it, and Trump’s rich buddies become considerably less rich, the rats will all start fleeing.

But we can’t sit around and wait for the big crash, which could still be some time in coming and likely won’t be all at once. We need to bolster the forces of democracy every way we can. That means supporting defectors, even if they might be awful people, and doing whatever we can to resist. Look forward to seeing everyone at No Kings III.

Dean Baker is a senior economist at the Center for Economic and Policy Research and the author of the 2016 book Rigged: How Globalization and the Rules of the Modern Economy Were Structured to Make the Rich Richer. Please consider subscribing to his Substack.

Reprinted with permission from Dean Baker.

Protestors demand fair wages in Minneapolis, MN.

To Fix The Labor Shortage, Start With The Wage Shortage

A recent newspaper article had an astonishing headline: "Labor shortages end when wages rise."

Gosh, Captain Obvious, what an amazing discovery! Someone notify the Nobel Prize committee, for this revolutionary revelation about How-Things-Work surely will win this year's prize in economics. Better yet, someone notify Sen. Mitch McConnell and that whole gaggle of Republican governors whose theory of labor economics begins and ends with the medieval demand that workers be whacked with a stick to make them do what the bosses want.

At issue is the furious complaint by restaurant chains, nursing homes, call centers, Big Ag, and other low-wage employers that they have a critical labor shortage. It seems that millions of workers today are hesitant to take jobs because there's no affordable child care, or the jobs they're offered expose them and their families to illness and death from COVID-19, or the work itself is abusive and demeaning... or all of the above.

Business chieftains wail that, with the economy reopening, they've been advertising thousands of jobs for waiters, nursing assistants, poultry workers, and such, but they can't get enough takers. So, the Congress critters and governors who obsequiously serve the corporate powers have rushed to their rescue. Shouting, "Whack 'em with a stick!" these mingy politicians are stripping away jobless benefits for America's workers, trying to leave them with no choice but to take any crappy job they're offered. It gives new meaning to the term "workforce."

In fact, the bosses themselves already have an honest way to get the workers they need without calling in government muscle: Offer fair wages! As the owner of a small chain of restaurants in Atlanta notes, the struggle to find the staff he needs suddenly turned easy when he stopped lowballing wages, going from $8 to $15 an hour. Not only did he get the workers he needed, but he says, "We started to get a better quality of applicants." That translated to better service, happier customers, and more business.

The real economic factor in play here is not wages; it's value. If you treat employees as cheap, then that's what you'll get. But if you view them as valuable assets, then that's what they'll be — and you'll all be better off.

At a recent congressional hearing on America's so-called labor shortage that corporate bosses have been wailing about, mega-banker Jamie Dimon, CEO of JPMorgan Chase, offered this insight: "People actually have a lot of money, and they don't particularly feel like going back to work."

Uh... Jamie... a lot of money? Most people are living paycheck to paycheck, and since COVID-19 hit, millions of Americans have lost their jobs, savings and even homes. So, they're not exactly lolly-gagging around the house, counting their cash.

Instead of listening to the uber-rich class ignorance of Dimon (who pocketed $35 million last year), Congress ought to be listening to actual workers explaining why they're not rushing back to the jobs being offered by restaurant chains and poultry factories. They would point out that there is no labor shortage; there's a wage shortage.

More fundamentally, there's a fairness shortage. It was not lost on restaurant workers, for example, that while millions of them were jobless last year, their corporate CEOs were grabbing millions, buying yachts, and living large. Yet more than half of laid-off restaurant workers couldn't get unemployment benefits because their wages had been too low to qualify. Then there's the high risk of COVID-19 exposure for restaurant employees, an appalling level of sexual harassment in their workplace, and demeaning treatment from abusive bosses and customers.

No surprise, then, that more than half of employees said in a recent survey that they're not going back to those jobs. After all, even a dog knows the difference between being stumbled over and being kicked!

So rather than demanding that government officials force workers to return to the old exploitative system, corporate giants should try the free-enterprise solution right at their fingertips: Raise pay, improve conditions, and show respect. Create a place where people want to work!

For a straightforward view from workers themselves, go to the advocacy group, OneFairWage.site.

To find out more about Jim Hightower and read features by other Creators Syndicate writers and cartoonists, visit the Creators webpage at www.creators.com.

JPMorgan CEO Blasts American Media, Washington In Bizarre Conference Call

JPMorgan CEO Blasts American Media, Washington In Bizarre Conference Call

Wholly unsurprisingly, JPMorgan Chase CEO Jamie Dimon made financial pages headlines for abstractly criticizing Washington bureaucracy and the American media during a conference call with reporters on Friday. The call was meant to detail the bank’s record-breaking second quarter earnings.

“It’s almost an embarrassment being an American citizen traveling around the world and listening to the stupid shit we have to deal with in this country,” Dimon — who’d recently returned from an overseas work trip — complained, repeatedly banging on the table.

“The United States of America has to start to focus on policy which is good for all Americans, and that is infrastructure, regulation, taxation, education,” he went on. “Why you guys don’t write about it every day is completely beyond me. And, like, who cares about fixed income trading in the last two weeks of June? I mean seriously.”

Dimon, a major Democratic donor worth $1.16 billion as of this writing, endorsed a theoretical 10% tax hike for top income earners in 2015 before refusing an offer to be President Trump’s treasury secretary.

Asked by one reporter on Friday if his criticism was aimed at the Trump administration, Dimon said “No,” adding, “That was frustration with you.”

Photo: Steve Jurvetson via Wikimedia Commons

Why Donald Trump’s Favorite Targets Are His Republican Comrades

Why Donald Trump’s Favorite Targets Are His Republican Comrades

Donald Trump has inspired so much fear among his Republican comrades that he no longer has to issue harsh tweets when they misbehave. They do it themselves.

Newt Gingrich was once himself revered as House speaker but has since become a Trump fawner. When Gingrich recently opined that Trump was no longer interested in “draining the swamp,” the sky fell on him.

In a James Bond movie, an oaf like Gingrich would have been quickly eliminated in a baroque manner. But Gingrich fell on his belly and begged forgiveness.

“I goofed,” he tweeted. “Draining the swamp is in, @realDonaldTrump is going to do it, and the alligators should be worried.”

Evan McMullin, who ran as an independent in the 2016 election, issued a wry tweet on the groveling: “Newt is learning the public prostration required of authoritarian loyalists. The dear leader often changes his mind but he’s always correct.”

During the campaign, Trump famously slandered Sen. Ted Cruz. He implied Cruz’s wife is ugly and accused his father of having helped assassinate John F. Kennedy. Then, in a startling display of total submission, Cruz endorsed Trump for president.

Trump has always taken a sadistic pleasure in humiliating those who disagree with him, and his favorite targets are frightened Republicans. He will be starting his administration with Republican majorities in both houses of Congress and wants obedience.

Trump has a team of enforcers ready to go after Republicans harboring stray thoughts. His hotheads are ready to issue dire threats against independent thinkers, with Breitbart amplifying the smears.

As campaign surrogates, both New Jersey Gov. Chris Christie and former New York Mayor Rudolph Giuliani disgraced themselves trying to cover for Trump’s birther lies. Neither emerged with a job in the administration.

By contrast, Trump is quite accommodating to the New York financiers he’s naming for key positions. The bankers and hedge funders may be into money, but they tend to be fairly liberal on social issues. Gary Cohn, No. 2 at Goldman Sachs and Trump’s pick to head the National Economic Council, is a Democrat.

When JPMorgan Chase CEO Jamie Dimon declined Trump’s offer to head the Treasury Department, an unnamed Trump source let loose that the president-elect “doesn’t respect him.” Chances are Dimon could not care less, but note that Trump himself didn’t make the negative remark. Note also that Dimon has since become a Trump business adviser.

As for his views on policy, Dimon has spoken positively of a $15-an-hour minimum wage for New York City. He just announced that Trump will not expel 11 million undocumented immigrants from the country, adding, “President-elect Trump is different from candidate Trump.” And guess what. Not a peep of displeasure from Trump — and no abject apologies from Dimon, no apologies at all.

In Trump world, one treats financial titans with the utmost respect. He and they are in relationships likely to result in mutual profit.

Republican lawmakers under brutal surveillance must surely resent Trump’s warm ties with a Democrat, incoming Senate Minority Leader Chuck Schumer. A fellow New Yorker, Schumer knows what Trump is all about, and Trump knows it. Besides, Wall Street is a hometown employer.

Schumer has offered loud support for Trump’s proposed $1 trillion infrastructure program. Conservatives are supposed to be against such big spending, but most Republicans will probably cave once “pressure” is applied.

But Schumer also announced he wouldn’t help Trump devise a shrunken version of Obamacare. Yet no threat has been hurled down from Trump Tower, only invitations.

Conservatives with spine will resist Trump’s break with doctrine. The other Republicans will adopt a pose of servility. And they’re the ones Trump will have fun with.

Follow Froma Harrop on Twitter @FromaHarrop. She can be reached at fharrop@gmail.com. To find out more about Froma Harrop and read features by other Creators writers and cartoonists, visit the Creators webpage at www.creators.com.

IMAGE: Gage Skidmore via Flickr

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