The live stream of Jamie Dimon's speech (see below) at the NY Economic Club opens with billionaire CEO JP Morgan Chase emphasizing the lack of activity by American entrepreneurs over the past decade from the Wall Street Financial Crisis:
"The formation of small businesses is lower than ever before in the United States in recovery.This recovery lasts ten years, just over 20 percent.It is the most anemic recovery from a serious recession we have ever had. being 40 percent. "
Yes, perhaps because Wall Street financiers have accumulated so much capital and credit since 2008 through huge federal subsidies.
Like the $ 700 billion Wall Street Bailout, the Troubled Asset Relief Program, which Nancy Pelosi and George W. Bush ally to help move on.
This is 140 times more money than the appropriation of boundary fences that has the government tangled in a 26-day record arrest.
Maybe it's because last year the federal government raised taxes for middle-high class income earners by eliminating the national tax deduction for state and local taxes
That's why House Speaker Paul Ryan (R-WI) and Senate Majority Leader Mitch McConnell (R-KY) had to resume promises that the tax of the republics would not raise taxes on any American
And this ended up being a tax hike on a layer of income earners that those small business entrepreneurs aim to squeeze into a small ss success.
Starting a small business and really turning it into something that is really flourishing involves taking risks and venturing over time, and working, and money, and energy, towards the possibility of a big profit.
But taxes increase as this reduces the reward for taking all those risks and being able to bring something truly valuable to the market. This is suffocating for entrepreneurship.
And in the meantime when Wall Street banks assume exorbitant risks, if they do not pay, the financial industry gets a big bailout from the federal government on the back of a small business.
Perhaps it is because of the monetary monetization of the Federal Reserve bank in the expansion of the adjusted monetary base by a factor of almost 5 times from 2008 to 2015.
To lend all those new money to the banks of Wall Street at a discount.
A radical experiment with the money of a nation to put it in the most charitable terms. And what you see described in the chart above by the Federal Reserve Bank of St. Louis is one of the main reasons why so much money has been saved from institutional finance and cryptocurrency.
Who drove in an ironic way the creation of many small businesses by enterprising engineers and entrepreneurs of cryptocurrency. In 2017, cryptocurrency startups achieved nearly a billion dollars in venture capital in 300 different agreements.