JP Morgan Chase 2009 Annual Report Download - page 36

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As we grapple with the enormity of the issues
facing the nation, we must not lose sight
of our strengths. America has successfully
brought these strengths to bear on crises in
the past – some much bigger than the current
one – and I am optimistic about our ability to
do so again.
America’s success as a nation requires a strong
and growing economy. A strong and growing
economy requires the right kind of govern-
ment policies and a private sector that is
innovative as well as responsible. Responsible
businesses can be both small and large – and,
in a global economy, it behooves America to
have large multinational companies that are
operating on a global stage. Creating a culture
that ties it all together requires a greater sense
of shared responsibility.
America’s success is not a God-given right –
it is something we always must work hard
to achieve.
The need for a strong economy and good
government
America’s success depends upon many
things, including good government (and the
strength of our exceptional military). But it
cannot succeed without a healthy and vibrant
economy. That is what allows us to share the
rewards of success, defend our nation, educate
our children and build a better future.
A strong U.S. economy, one with the ability to
continually improve and reform itself, depends
on good government. Bureaucracy is lethal,
and we cannot let it drain the energy, talent,
creativity, drive and goodwill of our citizens –
or those we encourage through our example,
many of whom come to work and innovate
in America. To thrive, our country and our
economy need:
• Legal clarity and consistency.
• The fair application and steadfast enforce-
ment of the rule of law.
• Trade policies conducive to growing the
American economy and the global competi-
tiveness of U.S. companies.
• Immigration policies that allow America to
attract the world’s best and brightest – an
essential ingredient of our success as a nation.
• Sensible and eective regulation that
protects investors and the public.
• A strong and ecient infrastructure (from
highways and bridges to electrical grids, etc.).
• The proactive promotion of economic
growth and rules that foster U.S. capital
accumulation.
• Policies facilitating job growth, as opposed to
those that inadvertently make it harder to hire.
Countries can have dierent social values
and objectives (though I believe most coun-
tries and most citizens would like to reduce
poverty and suering). But countries should
not confuse values and objectives with main-
taining a strong economy.
Healthy and growing countries can do
wonderful things for their people. And coun-
tries that fail to create healthy economies
frequently relegate their people to increasing
levels of pain and suering. Many countries
have professed wanting to help their people
but, instead, have damaged their countries and
hurt their people. Maybe the intentions were
real, but, even if they were, the road to hell is
often paved with good intentions.
Brazil is an example of a country that seems
to be successfully using pro-growth poli-
cies to expand its economy while using the
wealth from that economic growth to finance
important social programs. Over the last 20
years, Brazil has adopted many policies that
dramatically strengthened its economy. It
also bolstered its institutions, privatized its
businesses, improved the rule of law, left the
bulk of capital allocation to the private capital
markets and developed world-class companies.
IV. OUR RESPONSIBILITY AND AMERICA’S SUCCESS