"I think the American economy is much stronger than what people think. I think you may be a little surprised and I hope I'm right about that," said Jamie Dimon, chief executive of JP Morgan Chase which figures among the very big banks that emerged almost unscathed from the 2008 crisis. He feels that JP Morgan will be as lucky and as smart this time too.
It's always possible that there can be nasty surprises like a large mortgage loss that has been hidden so far. "But banks today have twice as much capital. There are no off balance sheet vehicles. All the bad actors are gone," said Dimon who thinks that Greece will eventually be restructured and that itself would not create any damage to institutions around the world.
Dimon is not too bothered that consumers are not really spending in the US. "They don't have to. All they have to do is stay where they are. Incomes are going up, they are saving 5% now. They actually have much better savings now. If consumer income goes up, they spend 95% of it, you can actually see growth." It's hard for people to sense that things are "still so bad".
that's one big ass pull you got there Dimon
gee i wonder why people are saving money right now in the middle of an economic crisis...
he's the guy i posted a thread about a few days ago about canada trolling him into a rage
canada's really looking good lately. passing through the recession without flinching, laughing in the face of global warming, etc. i'd move there if i weren't stubborn + already living in America's Canada