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JPMorgan CEO Appreciates $2 Trillion Stimulus But Also Predicts Recession In Future

Jyoti Singh by Jyoti Singh - 06:18 PM Apr 08, 2020
JPMorgan CEO Appreciates $2 Trillion Stimulus But Also Predicts Recession In Future

The CEO and Chairman of JPMorgan, Jamie Dimon, appreciated the initiative taken by the US Government in the wake of COVID-19, at the same time he slammed it for not having a pandemic playbook.

In the crypto community, Dimon is popular for his sarcastic statements for Bitcoin. In September 2017, when the Bitcoin was going to experience a rise in its value, Dimon called it a fraud. While comparing it with tulip bulbs, Dimon stated that Bitcoin is worse and it would not end well, but a few months later, apologized for the same. He even appeared to be a fool because, after his statement, JPMorgan released its own crypto coin JPM Coin.

Jamie Dimon Praised Government’s Initiative

Recently, while praising the federal government’s initiative, Dimon wrote an annual letter JPMorgan’s shareholders, stating,
“We applaud the speed with which the federal government and the Federal Reserve (the Fed), as well as other central banks around the world, put together a stimulus package and other funding benefits to help individuals, businesses, and state and local entities across the United States and beyond.”
He also condemned the government by saying that for not being prepared for this type of sudden crisis. In the letter, he mentioned that the government should have a pandemic playbook which should involve detailed and non-biased solutions for the problem. The playbook would not only help the present generation but also the future if this kind of crisis again emerges.

JPMorgan Assumes Recession

Dimon added that the outbreak of COVID-19 pandemic has affected the global economy very badly and JPMorgan is assuming the in the near future the recession would hit which would be quite similar to the Great Recession of 2008.

Earlier, Dimon was wrong about Bitcoin but, being a veteran player in the business, he could be right about the recession. A report states that if Dimon’s prediction regarding economic crisis comes true then it would be beneficial for Bitcoin, as it would attract more investors than ever before.

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About The Author
Jyoti Singh

Jyoti SinghGraduated from GGSIPU and did PG Diploma in English Journalism from IIMC. Last worked at Business News and Information Services Ltd. for more than one and a half years as a sub-editor.

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