But Dimon and JPMorgan are doing their bit to make sure average Americans experience the full consequences of harsh capitalism. Although federal regulators waived overdraft fees for big banks when the economy took a dive in 2020, Dimon and JPMorgan refused to waive overdraft fees for borrowers struggling to make ends meet amid pandemic lockdowns. Dimon and JPMorgan reaped $1.46 billion in overdraft fees - the most of any big bank.
RT @ewarren: Jamie Dimon still doesn’t get it. Federal regulators automatically waived overdraft fees for big banks last year, but those ba… at
— Virginia Witmer (@virginia_witmer) February 23, 2022Dimon is a registered Democrat and a major fundraiser for the Democratic Party. He warns that income inequality is dividing America, and laments that a "big chunk" of Americans have been left behind. Announcing a $350m program to train workers for the jobs of the future, he expressed concern that 40 percent of Americans made less than $15 an hour.
If Dimon were serious about the problem of widening inequality, presumably he'd use his lobbying prowess to help raise the federal minimum wage and to make the refundable Child Tax Credit permanent. He'd also try to make it easier for workers to unionize, and to raise taxes on the super-wealthy like himself. Do not hold your breath.
Dimon isn't really concerned about widening inequality. He's not really concerned about socialism, either. Nor about any of the other crises hitting America, which expose Americans to more economic uncertainty and insecurity than the citizens of any other advanced economy. His real worry is that one day America might end the type of socialism he and other denizens of Wall Street depend on - bailouts, regulatory loopholes, subsidies, and tax breaks.
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