E.G., The Hamburger Problem

Kyle Smith discusses the Left’s Hamburger Problem (HP) at NRO.  Kyle explains the phrase, coined by Josh Barro,  and why it is a problem for progressives as follows:

They ladle unto every decision, even the most mundane and trifling one, an unattractive glop of gooey political significance. They can’t resist warning the rest of us that we’re abetting the destruction of the planet every time we, say, tuck into a Quarter Pounder.

It is really worse than that because it means that progressives can’t wander off the reservation.  It is why minority conservatives are always under attack.  While Kyle was writing it a great example came up.  Jamie Dimon, JP Morgan CEO and Democrat, had a public rant about political gridlock.  Steven Hayward at PowerLine quoted it approvingly and asked, Dimon for President?

Naturally, the Left struck back because Dimon had suggested compromise.  At Vanity Fair, Bess Levin said that the Trump-Dimon Love Affair Was Getting Messy and William D Cohan explained: The Real Reason Jamie Dimon Went Berserk About America’s “Stupid Shit”. Jamie said, amongst other things:

I was just in France. I was recently in Argentina. I was in Israel. I was in 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 that promote business and growth is good for the average citizens.”

But William concluded that it was about JP Morgan rather than average citizens.  William notes that JP Morgan is doing well lately and that Jamie is doing well.  After trying the envy route, William notes that folks are trying to repeal Dodd-Frank and that this would be good for JP Morgan.  William puts it:

Couple that with an improving economy, higher employment and wages, and the prospect that the Trump administration stands ready, willing, and able to improve the well-being of those who make money from money—by attempting to reduce corporate tax rates, say, or allowing companies a tax holiday on repatriating profits held overseas; and repealing much of the Dodd-Frank financial regulation law that Wall Street has been trying to unwind ever since Barack Obamasigned it into law seven years ago—and it is hard to imagine a more favorable set of circumstances.

Sidebar: Perhaps William is the one with the crush on The Donald.  These do sound like great circumstances that we hope come to pass.  End Sidebar.

Eliminating Dodd-Frank is unlikely to help JP Morgan because Dodd-Frank is bad news for smaller banks and good news for banks like JP Morgan.  A strong economy is likely to be good for JP Morgan but will surely be good for the average citizens.

Next William goes off to complain about the Obama-era low interest rates being favorable to banks.  He says their raw materials are free.  But it also means that lending rates are low.  Bank profits are about the differences between those two rates.  William concludes:

Dimon wants Washington to end its continuous political gridlock and do things that will unleash the American economy to grow faster than the 1 percent to 2 percent annual G.D.P. growth-rate range that it has been stuck in for the past decade, what economist Larry Summers calls “secular stagnation.” Dimon rightly says that higher G.D.P. growth will help the average American, which of course will also help JPMorgan Chase (a fact he conveniently omits).

It doesn’t matter that William doesn’t make any sense.  What matters is that Jamie left the collective and needs to be reined in.  We hope he can continue to be the rarest of creatures, a serious leftist.  Otherwise, the HP will become worse.  It will be bad for Democrats but it will be bad for the country when there is only one choice.

 

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