JP Morgan CEO Jaime Dimon Tells 60 Minutes That Economy Will Prosper for ‘Next 100 Years’
JP Morgan Chase CEO Jaime Dimon expressed a sunny outlook on the economy, telling 60 Minutes correspondent Lesley Stahl that “this is the most prosperous economy the world has ever seen.”
“This is the most prosperous economy the world has ever seen and it’s going to be a very prosperous economy for the next 100 years,” he said.
“The stock market is going through the roof, and yet manufacturing production is down over the past year. Wage growth is slowing. So, when you look at the state of the economy right now, what do you see?” Stahl asked. “Do you see petering out?”
Dimon expressed optimism, saying “the consumer, which is 70% of the U.S. economy, is quite strong. Confidence is very high. Their balance sheets are in great shape.”
“While business slowed down, my current view is that, no, it just was a slowdown,” Dimon continued.
Dimon also rejected uncertainty as a reason for economic slowdowns.
“There’ve been like 50 or 60 international crises since World War II. Only one really affected the global economy in the short run,” he said, naming the 1973 oil crisis. However, he did signal a note of caution about President Donald Trump’s trade war with China, which has made heavy use of tariffs.
“The risk of tariffs was that it ends up being more a trade war as opposed to a quietly negotiated thing. It has to be resolved,” Dimon said.
Watch above, via CBS News.
Have a tip we should know? email@example.com