Jamie Dimon Photo source Company’s Website
Jamie Dimon, CEO of JPMorgan Chase, thinks that the American economy is starting to look much the same as it did in the 1970s. And this is not a good thing. Dimon also slammed San Francisco saying the California city is in “far worse shape than New York.”
“I think every city, like every country, should be thinking about what is it that makes an attractive city, you know, its parks, its art, but it’s definitely safety,” Jamie Dimon told Fox News.
As for the state of the US economy today, Jamie Dimon also told Fox News that he is concerned about the debt.
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“I look at a lot of things, and forget just economic models for a second, $2 trillion of fiscal deficit, the infrastructure and IRA act, the green economy, the re-militarization of the world, the restructuring of trade are all inflationary,” he told Fox’s Maria Bartiromo. “And that looks a little more like the 1970s to me.”
“So I think there’s a chance here that people should be prepared that inflation comes down but then bounces around three [percent] and maybe even bounces up a little bit,” Jamie Dimon added, “and those implied curves will change. Are people ready for that? I’m not sure.”
In the 1970s the American economy was a mess with high inflation and low growth. There was also a great deal of worldwide political instability that saw oil embargos which hurt the economy.
On the bright side, Dimon said, “Credit is normalizing, but it’s still lower. Stock prices are up. The consumer is in good shape. But the extra money that they got during COVID, trillions of dollars, that’s kind of running out.”
Jamie Dimon is an American billionaire business executive and banker who has been the chairman and chief executive officer (CEO) of JPMorgan Chase since 2005. He is considered one of the most powerful and influential people in the world.
Dimon was born in New York City in 1956. He graduated from Tufts University in 1978 and Harvard Business School in 1982. After working at Goldman Sachs and American Express, he joined Commercial Credit in 1988. In 1998, he became president of Travelers Group, and he oversaw its merger with Citicorp in 1999.
In 2005, Jamie Dimon became CEO of JPMorgan Chase. He steered the bank through the financial crisis of 2008, and he has since grown it into the largest bank in the United States by assets. Dimon is a controversial figure, but he is widely respected for his business acumen and his leadership.
