JP Morgan Chase & Co. CEO Jamie Dimon warned of an economic “hurricane” headed toward the United States.
“You better brace yourself,” he says:
Jamie Dimon says there's a "hurricane" coming for the US economy and that "you better brace yourself" https://t.co/s1eoshKIoh
— Bloomberg (@business) June 1, 2022
Watch for yourself:
JPMorgan CEO Jamie Dimon says there's a "hurricane" coming for the US economy and that "you better brace yourself" https://t.co/InCDVUx7Cz pic.twitter.com/LWFzjhxWR1
— Bloomberg (@business) June 1, 2022
Transcript:
It’s a hurricane. Right now, it’s kind of sunny. Things are doing fine. Everyone thinks the fed can handle this.
That hurricane is right out there, down the road, coming our way.
We just don’t know if it’s a minor one or super-storm Sandy or Andrew or something like that.
And you better brace yourself.
He warned back in May that “there were storm clouds looming over the US economy”:
Dimon, who said in May that there were storm clouds looming over the US economy, said he wanted to change that assessment given the challenges faced by the Fed as it braces for an unprecedented environment https://t.co/c6Kxikakry
— Bloomberg (@business) June 1, 2022
And now it’s a hurricane:
“I said there were storm clouds, big storm clouds. It’s a hurricane,” Dimon said at a conference Wednesday https://t.co/c6Kxikakry
— Bloomberg (@business) June 1, 2022
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But he doesn’t know if it’s a minor storm or a major one like Sandy that hit the New York City metropolitan area or Andrew which destroyed a chunk of South Florida near Homestead (Miami got lucky):
“Right now it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle it. That hurricane is right out there down the road coming our way. We don’t know if it’s a minor one or Superstorm Sandy. You better brace yourself” https://t.co/c6Kxikakry
— Bloomberg (@business) June 1, 2022
He did say “bright clouds” are out there, whatever that is. We’ll assume he meant “bright skies”:
Still, he noted the strength of the consumer, rising wages and plentiful jobs as the “bright clouds out there”
Full story: https://t.co/c6Kxikakry
— Bloomberg (@business) June 1, 2022
So, how many in America are actually ready for this storm?
"You better brace yourself" he says, to 300 million people who absolutely cannot afford to brace themselves under any circumstances. https://t.co/ytv2S9CzNW
— Craig Harrington (@Craigipedia) June 1, 2022
Yep:
Let's note Dimon has been far more accurate than any expert in the Biden administration. https://t.co/dih6aKgOjM
— Pradheep J. Shanker (@Neoavatara) June 1, 2022
And it will be impossible for team Biden to discount what he’s said because the White House has used Dimon as an expert in the past:
Jamie Dimon, the CEO of JPMorgan Chase: pic.twitter.com/rdRhz2cBcH
— President Biden (@POTUS) October 7, 2021
Editor’s note: We’ve corrected a typo in the headline of this post.
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