Ronald Reagan liked to tell a joke, during the Cold War, about an American and Russian arguing about freedom in their countries. The American says he can go into the Oval Office, pound the desk, and say he doesn’t like the way the President is running the country. The Russian replies that he can do that too: Any time he wants he can go into the Kremlin, pound on the desk, and say he doesn’t like the way the American President is running his country.

We thought of that joke upon reading that Jamie Dimon, the JP Morgan Chase CEO, apologized this week for joking about China’s Communist Party. “I was just in Hong Kong and I made a joke that the Communist Party is celebrating its hundredth year. So is JPMorgan. I’d make you a bet we last longer,” Mr. Dimon said Tuesday at an event in Boston.



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