JPMorgan Chairman and CEO Jamie Dimon praised the U.S. authorities for fast motion within the wake of COVID-19, but he criticized it for not havin
JPMorgan Chairman and CEO Jamie Dimon praised the U.S. authorities for fast motion within the wake of COVID-19, but he criticized it for not having a “pandemic playbook.”
Dimon is usually identified among the many crypto neighborhood for his derisive statements about Bitcoin (BTC). In September 2017, Dimon known as Bitcoin “a fraud” proper earlier than its historic peak. On one other event he mentioned:
“It’s worse than tulip bulbs. It gained’t finish effectively. Somebody goes to get killed.”
A couple of months later, he acknowledged regretting these statements. (And when JPMorgan subsequently introduced the JPM Coin, it made Dimon look a bit foolish.)
Dimon praises the stimulus bundle however criticizes the federal government
Within the annual letter to JPMorgan shareholders, Dimon goes on to reward the federal authorities and the Federal Reserve on its immediate response to the present financial disaster:
“We applaud the pace with which the federal authorities and the Federal Reserve (the Fed), in addition to different central banks all over the world, put collectively a stimulus bundle and different funding advantages to assist people, companies, and state and native entities throughout the USA and past.”
On the similar time, Dimon criticizes the federal government for lack of a “pandemic playbook” and its basic unpreparedness for the disaster:
“There ought to have been a pandemic playbook. Likewise, each downside I famous above ought to have detailed and nonpartisan options. As we have now seen in previous crises of this magnitude, there’ll come a time after we will look again and it will likely be clear how we — in any respect ranges of society, authorities, enterprise, healthcare techniques, and civic and humanitarian organizations — might have been and will likely be higher ready to face emergencies of this scale.”
The Nice Recession once more?
Dimon moreover declares that JPMorgan is working beneath the belief that the upcoming recession will likely be at the very least as dangerous because the Nice Recession of 2008:
“…we do not know precisely what the longer term will maintain — however at a minimal, we assume that it’ll embrace a foul recession mixed with some type of monetary stress much like the worldwide monetary disaster of 2008”.
Though Dimon is perhaps mistaken on Bitcoin, he is aware of a factor or two in regards to the economic system. Ought to his prediction in regards to the impending financial disaster come true, Bitcoin could change into extra engaging than ever earlier than.