Speaking in the burned-out ruins of the Los Angeles area’s formerly beautiful Pacific Palisades neighborhood, JPMorgan Chase CEO Jamie Dimon slammed the Democrats in the state and locality for blocking rebuilding of the neighborhood with various regulations that get in the way of those who would rebuild.
Mr. Dimon’s comments on the matter came when he appeared for an exclusive video interview with FOX 11 reporter Elex Michaelson in the remnants of Pacific Palisades. The two visited a JP Morgan branch that had been burned down by the fire, and Dimon commented on how the severe regulations are making it difficult to rebuild, saying that infamous bureaucratic “red tape” ought to be called “blue tape” because the Democrats are responsible for it.
Speaking about the massive bureaucratic and regulatory headaches in the way of rebuilding as the two visited the facility that was burned down in January and is still far from rebuilt, Dimon told Michaelson, “I changed the name of ‘red tape’ to ‘blue tape’ because it’s the Democrats who seem to want more and more regulations.”
Continuing, he explained that while good regulations are undoubtedly needed and a net positive, endless reams of new regulations that get in the way of productive economic activity are a big problem and very much not a positive. He said, “We need good regulations. We need good food. We need good financial assistance. It’s just not more, more and more. You see it in everything, permitting and licensing.”
Further, Dimon added that the raging wildfires that did so much damage should have taught lessons to those in charge of governing, and that efficient government should be a bipartisan priority. He told Michaelson, “There are lessons to be learned. And whether you’re a Democrat or Republican, you should be saying, I want an efficient government.”
Returning to the matter of out-of-control bureaucracy, he explained that the regulatory types are in the way of doing anything at all, making it hard to complete a project. He said, “I’d have it right here. I have sanitation, fire, police, roads, insurance, local, state, federal, government in the room with charts. Because it’s a huge management problem. And government doesn’t put top people who can run projects into management. It’s too often politicians or academics who’ve never run anything.”
Then, getting back to the specific issue of the Pacific Palisades fire and rebuilding the JP Morgan branch office, Dimon said, “The reason we’re here is to come look at the Palisades, look at our branch, thank our people here, understand the issue a little bit better, thank our people for what they did.”
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Dimon then explained that a great deal of further help is needed as the rebuilding effort tries to claw its way forward, saying, “We did a town hall this morning. You know, it’s devastation and we want to be a part of rebuilding it. You learn what’s going on. I think it needs a lot more work and a lot more help.”
Watch Dimon here: