Tags: Jamie Dimon | US Economy | Washington | Gridlock

JPMorgan CEO Dimon: Washington Gridlock Slowed US Economy

JPMorgan CEO Dimon: Washington Gridlock Slowed US Economy
(Getty Images)

By    |   Friday, 18 September 2015 10:33 PM

Washington's inaction on the debt ceiling crisis, government shutdowns and immigration have slowed America's economic growth, JPMorgan Chase & Co. Chief Executive Jamie Dimon told NBC News' "Meet the Press" in an interview to be broadcast on Sunday.

Dimon said the economy would have grown faster without the Washington gridlock, but said he did not blame the government as it is elected by the people.

"If we want people in Washington to collaborate, let's elect people who are going to collaborate," he told moderator Chuck Todd.

Dimon, however, said he gave "enormous credit" to several current and former Washington officials for stopping the recession from getting worse.

He cited former President George Bush, President Barack Obama, former U.S. Treasury Secretary Henry "Hank" Paulson, former U.S. Treasury Secretary Timothy Geithner and former Federal Reserve Chairman Ben Bernanke.

"And I think if they had not taken a lot of those actions, it likely would have gotten worse," he said. "And they didn't want to take the risk, nor do I think they should have.”

Meanwhile, U.S. economic growth for the second quarter is likely to be revised slightly higher next week after data showed a more robust pace of consumer spending than previously estimated.

The Commerce Department's quarterly services survey, or QSS, showed consumption, including healthcare spending, increased at a faster pace than the government had assumed in its second estimate of gross domestic product published last month, Reuters reported.

JPMorgan said the data suggested second-quarter consumer spending could be raised by at least five-tenths of a percentage point to a 3.6 percent annual rate when the government publishes its third GDP estimate later this month.

The QSS suggested second-quarter GDP growth could be raised to a 3.9 percent pace from the 3.7 percent rate reported last month, JPMorgan said.

However, other prominent experts agree that the U.S. economy isn't as robust as it really should be.

Economic expert Bert Dohmen warns Newsmax TV that while the Federal Reserve won't raise rates anytime soon, the U.S. central bank will actually be forced to launch more economic stimulus because America is weaker than economists will admit.

"Our work showed that the economy would be weakening in 2015 instead of strengthening and therefore we think the next big move by the Federal Reserve is going to be stimulus instead of raising interest rates," Dohmen, president and founder of Dohmen Capital Research Institute Inc., told "Newsmax Prime."

"We still stick by that. The economy is much weaker than economists think," he said.

© 2021 Newsmax Finance. All rights reserved.


   
1Like our page
2Share
StreetTalk
Washington's inaction on the debt ceiling crisis, government shutdowns and immigration have slowed America's economic growth, JPMorgan Chase & Co. Chief Executive Jamie Dimon told NBC News' "Meet the Press" in an interview to be broadcast on Sunday.
Jamie Dimon, US Economy, Washington, Gridlock
417
2015-33-18
Friday, 18 September 2015 10:33 PM
Newsmax Media, Inc.
 
Newsmax TV Live

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved