(Jacob Bruns, Headline USA) JP Morgan Chase CEO Jamie Dimon claimed at the Berstein conference that America is heading straight for a brutal recession, as the Biden administration’s domestic and foreign policies continue to produce dismal results.
Dimon cited massive inflation rates plus the skirmish between Russia and Ukraine as reasons for what he believes to be an impending crisis, the Daily Caller reported.
Americans have developed a false sense of security due to the protections attempted by the United States Federal Reserve, according to Dimon,
“Right now it’s kind of sunny, things are doing fine. Everyone thinks the Fed can handle this,” the big finance CEO said. “That hurricane is right out there down the road coming our way.”
Dimon did, however, express some doubt as to the degree of the coming economic storm.
“We just don’t know if it’s a minor one or Superstorm Sandy. You better brace yourself,” he said.
According to Dimon, he is preparing his bank for potentially “bad outcomes” despite the fact that the banking system, in his opinion, is in “great shape.”
National Economic Council Director Brian Deese appeared on CNN recently and refused to rule out a recession.
Deese claimed that the “economy is in a transition from what has been the strongest recovery in modern American history to what can be a period of more stable and resilient growth that works better for families.”
The director also noted that families have been hit especially hard by the challenges, namely inflation, but remained optimistic about the global economic position of the United States.
“There’s no doubt we face serious global challenges, inflation first and foremost among them, and it’s hitting families hard.
“But there’s also no doubt that the United States is in a better position than any other major country around the world to address inflation without giving up all the economic gains that we’ve had,” Deese said.
