JPMorgan Chase CEO Jamie Dimon says the United States is suffering from a government "mismanagement" issue which has the potential to "kill us" and warned that spending will cause a crisis in the bond market, reported Bloomberg.
Dimon, the head of the nation’s largest bank, also said American officials shouldn’t assume China will buckle in the face of trade pressure.
"I would engage with China. I just got back from China last week. They're not scared, folks," Dimon said at the Reagan National Economic Forum on Friday.
"This notion they're going to come bow to America; I wouldn't count on that. When they have a problem, they put 100,000 engineers on it. They've been preparing for this for years."
"But what I really worry about is us," he added. "Can we get our own act together — our own values, our own capability, our own management?"
The amount of government mismanagement, he added, "is extraordinary — by state, by city, for pensions, and that stuff is going to kill us."
Solange Reyner ✉
Solange Reyner is a writer and editor for Newsmax. She has more than 15 years in the journalism industry reporting and covering news, sports and politics.