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Analyst: Government 'hurting instead of helping,' backs Dimon's comments

  • Jeffery Harte said Friday on CNBC's "Power Lunch" he "enjoyed" hearing JPMorgan's Jamie Dimon express his frustration about gridlock and bureaucracy in Washington.
  • He called America's tax code "extraordinarily complicated" and said it is "driving companies and jobs out of the country."
  • Not everyone was impressed with Dimon's rant. James Pethokoukis of the American Enterprise Institute called it "cheeky."

Jeffery Harte understands where Jamie Dimon is coming from.

The Sandler O'Neill analyst said Friday on CNBC's "Power Lunch" he "enjoyed" hearing JPMorgan's Dimon express his frustration about gridlock and bureaucracy in Washington when his bank reported earnings Friday morning.

"Jamie was voicing some frustration many have, including myself," Harte said about the government's delay in legislating tax reform. "They can't find the time or money to get around to [tax reform] but they can get around to all these side political issues."

He called America's tax code "extraordinarily complicated" and said it is "'driving companies and jobs out of the country."

Dimon was asked by an analyst Friday morning on an earnings call about Washington's impact on the economy.

"It's almost an embarrassment being an American citizen traveling around the world and listening to the stupid s--- we have to deal with in this country," Dimon said in response.

However, not everyone was impressed with Dimon's rant. James Pethokoukis of the American Enterprise Institute, who appeared later in the show, called it "cheeky."

"We have to admit it's a little bit cheeky for a banker to complain about incompetence in Washington for slow growth when one reason growth has been so slow in recent years is because of a major financial crisis that Wall Street may have had some role in," he said.

Pethokoukis also said past societal changes that have benefited the United States are no longer as strong, hampering growth that a gridlocked Washington is only making worse.

"The U.S. has benefited from some very strong wind at its back, both from technological change and demographics, and those winds aren't blowing right now," he said.

He went on to say people shouldn't be too surprised after electing a "novice" as president that big items on the president's agenda have yet to be accomplished.

"We elected a president who is not interested in policy," Pethokoukis said. "You're not going to have legislation coming out of Congress without presidential leadership."

Harte agreed.

"There's a lot of frustration out there that the government isn't really helping the average person or U.S. company be competitive globally," he said. "It's almost kind of hurting instead of helping."

— CNBC's Evelyn Chang contributed to this report.