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 usually identified among the many crypto group for his derisive statements about Bitcoin (BTC). In September 2019, 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 won’t end well. Someone is going to get killed.”
Dimon praises the stimulus bundle however criticizes the federal government
In 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 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.”
At the identical time, Dimon criticizes the federal government for lack of a “pandemic playbook” and its basic unpreparedness for the disaster:
“There should have been a pandemic playbook. Likewise, every problem I noted above should have detailed and nonpartisan solutions. As we have seen in past crises of this magnitude, there will come a time when we will look back and it will be clear how we – at all levels of society, government, business, healthcare systems, and civic and humanitarian organizations – could have been and will be better prepared to face emergencies of this scale.”
The Great Recession another time?
Dimon moreover declares that JPMorgan is working beneath the belief that the upcoming recession might be at the least as unhealthy because the Great Recession of 2008:
“…we don’t know exactly what the future will hold – but at a minimum, we assume that it will include a bad recession combined with some kind of financial stress similar to the global financial crisis of 2008”.
Although Dimon could be incorrect on Bitcoin, he is aware of a factor or two concerning the economic system. Should his prediction concerning the impending financial disaster come true, Bitcoin could turn out to be extra engaging than ever earlier than.