JPMorgan Chase CEO Jamie Dimon must’ve thought he got off a spaceship after landing on another planet.
Dimon is a very smart man. On the other hand, radical left bomb-thrower Rep. Rashida Tlaib is a very stupid politician. They crossed swords on the second day of hearings conducted by the House Financial Services Committee when Tlaib asked Dimon whether his company funds new oil and gas products.
TLAIB: “Yes or no, does your bank have a policy against funding new oil and gas products? Mr. Dimon?”
DIMON: Absolutely not, and that would be the road to hell for America.
TLAIB: “Yeah, that’s fine. Sir, you know what, everybody that got relief from student loans [who] has a bank account with your bank should probably take out their account and close their account.”
Not that it would ever happen. Most student loan borrowers are smarter than Tlaib and are depositors and savers at JP Morgan-Chase for reasons other than their climate policies.
Dimon is also opposed to the Democrats’ student loan bailout plan. “I wish they had targeted the people who actually needed help,” Dimon responded.
Apparently banks now need to bow to Democratic policy priorities or risk lawmakers inciting a bank run. The good news here is that the vast majority of Mr. Dimon’s customers probably don’t take Ms. Tlaib any more seriously than anyone else does. Besides, isn’t the student-forgiveness plan supposed to be helping people so impoverished by college debt that they aren’t able to save?
This exchange and the broader point of Mr. Dimon’s testimony Wednesday highlight the extent to which climate-obsessed lawmakers and regulators pose a greater threat to the economy and financial system than changes in the climate. It’s a relief that some business leaders still are willing to say so.
Yeah. That too.
Fox Business News’ Larry Kudlow echoed the Journal and accused Tlaib of wanting a run on a major bank. The last time that happened, the U.S. came within hours of a financial collapse.
What she’s basically doing here is calling for a run on the bank. This is during a period when the Fed is rushing to tighten money and a potential financial crisis is out there, but because Jamie Dimon didn’t agree with the student loan bailout for the wealthy and defunding fossil fuels, she doesn’t care. Let’s bring down a big bank. No problem. Mind you, she’s on the Financial Services Committee. Fortunately, our banks are very well capitalized right now and will weather any monetary storm.
Then, there’s the issue of bank lenders providing credit to our fossil fuel industry. There’s been so much pressure from the woke climate crowd to stop loans. Well, wait a minute. In California, we’re not going to have any gas-powered cars in 10 years, but if you happen to own an EV right now, you’re not allowed to recharge the battery. Why is that? Because there’s not enough electricity. Why is that? Because they’re closing down fossil fuels, especially natural gas, but hang on. Rashida Tlaib wants the banks to do her far-left bidding by preventing loans to natural gas producers. Make sense?
Of course not. But that’s not even the scary part. That such a financial dunce sits on the congressional committee that regulates our banks probably keeps Fed chair Jerome Powell up at night.
And the scariest part of all is that the Democratic Party is full of financial, historical, and cultural dunces from end to end, from sea to shining sea. I give you the collected (collective?) wisdom of Rep. Alexandria Ocasio-Cortez:
There are quite a few countries that are really struggling because young people, under the burdens of capitalism and living under a society that’s increasingly concentrating wealth among the rich. We’re not having kids, or we’re not having kids at the same rate and we actually need immigrant populations to help balance things out.
Forget the immigrants. I firmly believe in more lovemaking. Less marching, more making love. That’s the best way to increase the population. Making more little capitalists is exactly what we need — if only to drive AOC and her radical-left chowderhead friends insane.