Jamie Dimon says that President Donald Trump ought to get some credit score for the financial system.
“When President Trump was elected, confidence skyrocketed,” the JPMorgan Chase CEO advised ABC Information’ Rebecca Jarvis in an interview that aired on Sunday’s “This Week.” “Professional-business, pro-competitive taxes, pro- some regulatory reform, and that has helped the financial system. It is inconceivable for me to tease out how a lot, nevertheless it has helped the financial system.”
“He ought to take some credit score for that.” Dimon added.
Jarvis requested what grade Dimon would give the president on financial coverage.
“I would say fairly good,” he stated. Jarvis pushed him: “B+? A-?
“Yeah, one thing like that,” Dimon stated.
Dimon spoke with Jarvis privately after a panel at JPMorgan Chase’s New York headquarters that was the middle of an argument final week.
Through the public occasion, Dimon stated he “may beat Trump” in a presidential election.”I am as powerful as he’s, I am smarter than he’s. I might be tremendous.”
He later stated in an announcement that he mustn’t have made the remarks “I am not working for President,” he stated.
However that did not cease the president from firing off an offended tweet directed at Dimon: “[H]e would not have the aptitude or ‘smarts’ & is a poor public speaker & nervous mess – in any other case he’s fantastic,” Trump tweeted Thursday morning. “I’ve made a number of bankers, and others, look a lot smarter than they’re with my nice financial coverage!”
Along with his evaluation of President Trump’s affect, Dimon additionally stated the subsequent time the financial system goes south, it will not be the fault of banks.
“The banking system could be very, very, very wholesome,” he stated.
His feedback come simply over 10 years to the day after funding financial institution Lehman Brothers filed for Chapter 11 chapter.
Dimon stated regulators need to take a victory lap for the protections which have been put in place because the collapse.
“There might be a recession in the future,” he stated. “Nevertheless it will not be the banking system” that causes it. “It’s going to in all probability be one thing else.”
Dimon stated he acknowledged folks have been harm by the recession and offended with banks for partaking within the dangerous mortgage lending practices that triggered the financial meltdown.
“Some [banks] triggered the issue and I perceive that the American public seems to be at it and it is unfair, and it was,” Dimon stated.
And plenty of of these banks have been then aided by the US authorities.
“Banks bought assist. I imply I feel the federal government did the suitable factor, I wish to give full credit score,” Dimon stated. “However not all of the banks wanted that. And all these banks, together with JPMorgan, continued to lend cash on daily basis to all their shoppers nonstop all over the world.”
Dimon was requested how he, as the top of one of many world’s largest banks, may assist ease that anger.
“I can not,” he stated. “There’s nothing I can do. All I can do is serve my consumer in all places all over the world, do good issues.”
CNNMoney (New York) First revealed September 16, 2018: 2:59 PM ET