“We have become one of the most bureaucratic, confusing and litigious societies on the planet…We need to get our act together.”

— Jamie Dimon, CEO, JPMorgan/Chase

The stock market has defied the Cassandras and continues to move higher, despite failure of the Trump administration to advance its agenda of cutting taxes and regulations.

We will be confronting Senator Mike Lee at FreedomFest this Friday, July 21, with this paramount question: Why can Democrats push through legislation (ObamaCare, Dodd-Frank) when they are in power but Republicans can’t?

Often the Democratic Party is called the “evil” party, and the Republican Party is called the “stupid” party. Both seem to be about right.

Last week, Jamie Dimon, the CEO of JPMorgan Chase, engaged in a rant not unlike what CNBC’s Rick Santelli did in 2009 after the financial crisis (which led to the Tea Party Movement). Dimon said what is on the minds of most intelligent Americans — we are fed up with the big-government bureaucracy that is strangling our economy. And both the Republicans and Democrats are at fault.

In discussing second-quarter earnings, Dimon said he was disgusted by the “slow growth” policies coming out of Washington since the financial crisis. “We have become one of the most bureaucratic, confusing and litigious societies on the planet,” Dimon said. “It’s almost an embarrassment to be an American citizen traveling around the world and listening to the stupid sh—t we have to deal with in this country.” He warned that “we need to get our act together” — specifically by rebuilding our infrastructure and our education system, and by cutting taxes and regulations.

According to Dimon, other countries are much more friendly toward business. “I was just in France, Argentina, Israel and Ireland. We met with the Prime Minister of India and China. It’s amazing to me that every single one of those countries understands that practical policies to promote business and growth is good… for the average citizens of those countries, for jobs and wages….”

Dimon said it was time to end the gridlock in Washington and eliminate all the unnecessary regulations, taxes and excessive welfare that is going to bankrupt America.

You can listen to Jamie Dimon’s statement here: https://www.youtube.com/watch?v=phL-UDaZzBg

What’s amazing is that Dimon is no partisan Republican — in fact, he donates mostly to the Democratic Party. His bipartisan attack on Washington included Democrats, who are uniformly obstructionists to tax and regulatory reform.

Is anyone listening? Jamie Dimon’s rant deserves widespread support by all citizens.

In case you missed it, I encourage you to read my e-letter from last week about the respective roles luck and skill play in your success.

You Blew It!

Why Can’t Republicans Win on Capitol Hill?

“When the righteous are in authority, the people rejoice: but when the wicked beareth rule, the people mourn.”

— Proverbs 29:2

Over 2,000 wealthy investors and concerned citizens are meeting here at the Paris Resort in Las Vegas for FreedomFest. A major issue here is why Republicans have failed to pass the legislation they were elected to do — repeal and replace ObamaCare, reform an overloaded bureaucracy and cut taxes.

They have control of the White House and Capitol Hill, so what’s stopping them? Investors have been expecting health care and tax reform since the Nov. 8 election.

Back in 2009-2010, the Democrats faced a similar situation. The Democrats controlled both houses and Obama was president. They had razor-thin majorities, yet they were able to push through two expensive pieces of legislation: The Affordable Care Act (which was anything but affordable) and the Dodd-Frank Wall Street Reform and Consumer Protection Act (which simply raised prices and reduced choice — not a single community bank has been created since 2010).

To do so, the Democrats had to involve the “nuclear option,” to get around the Republicans’ filibustering. And they did it.

So what’s wrong with the Republicans’ efforts to do the same, only this time reduce the size and influence of government? They were able to join together to appoint Judge Neil Gorsuch to the Supreme Court. So why not replace ObamaCare?

Apparently, the Republicans are simply not as well organized. There are too many RINOs — Republicans in Name Only — in the party.

We have plenty of Republicans in power at FreedomFest, including Senator Mike Lee and Representatives Justin Amash, Thomas Massie and Andy Biggs, and we are going to ask the tough questions.