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JPMorgan Chase CEO Jamie Dimon: Socialism a ‘big mistake’

FoxNews.com columnist Liz Peek, former investment banker Carol Roth, former Pennsylvania governor Ed Rendell (D) and Kaltbaum Capital Management President Gary Kaltbaum on JPMorgan Chase CEO Jamie Dimon’s claim that the U.S. won’t see a recession for the next few years.

JPMorgan Chief Executive Jamie DimonOpens a New Window. warned at a quarterly meeting of the Business Roundtable (BR) that socialism would be a “huge mistake.”

“When government owns and controls companies used for political purposes, not economic purposes, it usually means jobs and votes and can lead to huge deterioration,” said Dimon, who chairs the BR.

The executive says the U.S. remains the most prosperous in the world, but policies need to be fixed to improve growth. The past 10 years the U.S. economy has grown by 20 percent, but should have grown 40 percent coming out of such a deep recession, amounting to $4 trillion in lost GDP, according to Dimon. Policies, including health care, infrastructure and immigration are holding back the U.S. economy, he says, not secular stagnation. “It’s a disgrace and needs fixing,” said Dimon.

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