Elon Musk backs JP Morgan CEO Jamie Dimon’s suggestion made during burned-down California branch visit

Tesla and SpaceX CEO Elon Musk has extended his support for JP Morgan CEO Jamie Dimon's criticism of Democratic regulatory policies. The tech billionaire, who’s also a senior advisor to the US President Donald Trump, showed his support while replying to Dimon's comments about “blue tape” regulations during a visit to a California branch affected by the Palisades wildfire on the social media platform X (earlier Twitter). Musk endorsed Dimon’s proposal by commenting with a simple "True" on an X post that also includes a part from an interview with Dimon, where his criticism focused on how excessive regulations hinder business recovery and growth after natural disasters.In the video, Dimon can be seen giving an interview during his visit to the JP Morgan branch in California that burned down during the Pallasides wildfire in January. He also greeted the employees of the branch and took photos of the ruins that are left of the branch. He says: “The reason we're here is to come, look at the Palisades, look at our branch. Thank our people here, you know, understand? That is a little bit better. Thank our people before they do. We did a town hall this morning.”You know, it's devastation, and we want to be a part of rebuilding it. You learn what's going on. I think it needs a lot more work, a lot more help.”When asked about the lessons he thinks the state can learn from business, Dimon said: “I changed the name of red tape to blue tape, because it's the Democrats who seem to want more and more regulations. We need good regulations. We need good food and good financial assistance. It's just not more and more, and you see it in everything, permitting and licensing. There are lessons to be learned, and whether you're a Democrat or republican, you should be saying I want an efficient government. Even the Palisades, if you want to get this bill, I would have a Palisades rebuilding building with everyone in the room. Literally, I have it right here. I have a sanitation, fire, police, roads, insurance, local state, and federal government in the room, which would cause one of the problems because it's a huge management problem.And, you know, the government doesn't put, you know, top people can run projects into management. There are too often politicians who were academics who've never run anything.”