Something is wrong with the US: Dimon

JPMorgan Chase & Co Chief Executive Officer Jamie Dimon has two big pronouncements as the Trump administration starts reshaping the government: “The United States of America is truly an exceptional country," and “it is clear that something is wrong."

In his annual letter to shareholders he notes that America is stronger than ever. Here's the start: Since the turn of the century, the US has dumped trillions of dollars into wars, piled huge debt onto students, forced legions of foreigners to leave after getting advanced degrees, driven millions of Americans out of the workplace with felonies for sometimes minor offences and hob bled the housing market with hastily crafted layers of rules.

Labour market participation is low, Dimon wrote. High schools and vocational schools aren't providing skills to get decent jobs. Infrastructure planning and spending is so anemic that the US hasn't built a major airport in more than 20 years.