‘This is the most prosperous economy the world has ever seen’ says Jamie Dimon — and it’s going to continue

‘This is the most prosperous economy the world has ever seen’ says Jamie Dimon — and it’s going to continue‘This is the most prosperous economy the world has ever seen’ says Jamie Dimon — and it’s going to continue

While many investors may worry about the effects that the U.S.-China trade war, Brexit and Middle East tensions are having on the global economy, Jamie Dimon has this advice: Relax. The chairman and chief executive of JPMorgan Chase & Co. JPM, +0.29% told “60 Minutes” on Sunday that today’s world is no more unpredictable than it has been in the past, and that in the post-World War II era, only one global crisis has truly affected the global economy in the short run — the 1973 oil embargo, which set off a global recession. In a wide-ranging interview with CBS News’s Lesley Stahl, Dimon said he’s optimistic about the U.S. economy. “The consumer, which is 70% of the U.S. economy, is quite strong,” he said. “Confidence is very high. Their balance sheets are in great shape. And you see that the strength of the American consumer is driving the American economy and the global economy. And while business slowed down, my current view is that, no, it just was a slowdown, not a petering out.” In September, Dimon said he does not expect a resolution to the trade war before the 2020 election, but he also doesn’t think a recession is coming anytime soon. Read: The biggest risk facing the stock market in the coming year isn’t trade jitters or the election, Deutsche Bank warns In Sunday’s interview, Dimon acknowledged institutional mistakes were made by the banking industry during the lead-up to the 2008 financial crisis ...
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