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 generally identified among the many crypto group 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 stated:
“It’s worse than tulip bulbs. It received’t finish properly. Somebody goes to get killed.”
A number 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 package deal 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 velocity with which the federal authorities and the Federal Reserve (the Fed), in addition to different central banks around the globe, put collectively a stimulus package deal and different funding advantages to assist people, companies, and state and native entities throughout america and past.”
On the identical time, Dimon criticizes the federal government for lack of a “pandemic playbook” and its normal unpreparedness for the disaster:
“There ought to have been a pandemic playbook. Likewise, each drawback I famous above ought to have detailed and nonpartisan options. As now we have seen in previous crises of this magnitude, there’ll come a time once we will look again and will probably be clear how we — in any respect ranges of society, authorities, enterprise, healthcare methods, and civic and humanitarian organizations — might have been and shall be higher ready to face emergencies of this scale.”
The Nice Recession over again?
Dimon moreover declares that JPMorgan is working beneath the idea that the upcoming recession shall be not less than as dangerous because the Nice Recession of 2008:
“…we do not know precisely what the long run will maintain — however at a minimal, we assume that it’s going to embody a nasty recession mixed with some sort of monetary stress just like the worldwide monetary disaster of 2008”.
Though Dimon is likely to be improper on Bitcoin, he is aware of a factor or two in regards to the financial system. Ought to his prediction in regards to the impending financial disaster come true, Bitcoin might change into extra enticing than ever earlier than.