Last Updated on January 17, 2025
JPMorgan CEO Jaimie Dimon may not say it outright, but it’s obvious; he is relieved that Donald Trump won a second term to become the 47th President of the United States.
After four years of record inflation, rising prices, and abysmal markets under the Biden-Harris economy – with their focus seemingly more about progressive social initiatives than economic performance – many of the finance world’s most respected voices are expressing relief and excitement about President Donald Trump’s return to the White House.
When Donald Trump won in 2016, establishment economists and media warned us of the impending doom his policies would mean for the economy. The stock market would collapse, they said. The economy would be in shambles, they shouted. Contrary to their warnings, however, the stock market boomed, inflation was stagnant, and the American economy saw some of its greatest numbers in decades.
In a recent CBS Sunday Morning interview, JPMorgan Chase CEO Jamie Dimon elucidated his thoughts regarding the outcome of the 2024 election. “People wanted kind of more pro-growth and pro-business policies. They didn’t want to be lectured to on social policies, continuously,” Dimon stated.
According to Dimon, Donald Trump’s victory should come as no surprise. The American people, he says, “were angry at the, what do they call it? The state, the swamp – ineffective government.”
While Dimon, who describes himself as “barely a Democrat” did not openly endorse Donald Trump for president, he seems to be a fan of many of the ideas coming from Trump’s team – including the Department of Government Efficiency.
The waste and mismanagement of billions in citizen paid taxes could be mitigated if government departments provided regular reports to the American people, argued Dimon. “Dear taxpayer, you gave me $50 billion. I told you I was going to do X. Here’s what I did. Here is the outcomes.”
Canadian politician, investor, and business mogul Kevin O’Leary has been vocal in his support of Donald Trump, even taking serious recent calls by President Trump to annex Canada – a nation plagued with high taxes, and economic mismanagement under the now defunct Trudeau administration.
Though not advocating for Canada to literally become “the 51st state”, O’Leary sees viable economic benefits in a Canadia/America union, in light of the incoming administration. President Trump’s talk of Canada becoming a state, Leary argues, is not the primary point of what President Trump is signaling. “The signal is, let’s explore an economic union. If you don’t understand that you don’t understand Trump”, Leary said this week in an interview with The Morning Show, Canada.
O’Leary has gone on record stating that Donald Trump’s policies would “save” a US economy that has been suffering under Biden. On election night O’Leary declared that Democrats owed Trump a “thank you very much” because, whether they know it or not, their lives will benefit from his presidency, as in 2016.
Since President Trump’s re-election, and a week before his inauguration, we are already seeing the markets respond with positive surges. If President Trump, the sequel, is anything like the first installment, we have good reason to believe that good times for America’s economy, and our wallets, are here again.