Tags: Dimon | America | democracy | economy

JPMorgan's Dimon: 'America Is in Extraordinarily Good Shape'

By    |   Tuesday, 24 June 2014 09:50 AM

JPMorgan Chase CEO Jamie Dimon has a message for the country's naysayers: you're wrong.

"America is in extraordinarily good shape," he told CBS Moneywatch. "We have the best military on the planet, the best universities, the widest and deepest capital and financial markets."

Dimon's not just shilling for his own industry. "I'm talking about venture capital and private equity. We've got an unbelievable innovative workforce. I'm not just talking about the CEOs, but across all levels, from the factory floors to top executives."

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He's impressed by the country's work ethic. "And we're very vibrant in large, middle and small businesses. Some countries aren't."

Even our political system draws praise from the banking titan. "We have very low corruption," he stated.

"You may laugh at this a little bit, but we have a functioning democracy. You may not like what's going on sometimes, but the fact is it's a strong democracy, and we will have a democratic future."

Dimon noted that he isn't worried about inflation, stating, "There are too many other things to worry about."

On the problem side, Dimon recommends immigration, education and energy reform along with better infrastructure planning.

As for the pessimists, some experts say the economy may never rebound to the strength it exhibited prior to the 2008-09 financial crisis.

Even Treasury Secretary Jack Lew is concerned. In a recent speech, he noted that economic growth is now seen averaging 2.1 percent a year for the coming decade, down from the 3.4 percent average from 1948 to 2007.

"Many today wonder whether something that has always been true in our past will be true in our future," Lew noted.

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Economy
JPMorgan Chase CEO Jamie Dimon has a message for the country's naysayers: you're wrong.
Dimon, America, democracy, economy
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2014-50-24
Tuesday, 24 June 2014 09:50 AM
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