ABC News: Dimon: Recession Could Be Worse Than Market Crisis.
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Dimon: Recession Could Be Worse Than Market Crisis
JPMorgan CEO Jamie Dimon says economic recession could be worse than markets crisis
By MADLEN READ
The Associated Press
NEW YORK
The economy's downturn could end up being worse than the recent crisis in the financial markets, JPMorgan Chase & Co. CEO Jamie Dimon said Wednesday at a banking conference.
"We think (the recession) could be deep; we don't know how deep," Dimon said. "We think the economy could be worse than the capital markets crisis."
He said the government's actions to pump cash into the financial system have been "powerful medicine" to help fix the dislocated financial markets. But even an eventual normalization in the markets "may not stop us from having a deep recession," Dimon said.
Many people still can't get financing, he said. And the troubles are so widespread that companies all over the world are stuck with bad investments on their hands and running for cover. Referring to billionaire investor Warren Buffett's adage about finding out who's been swimming naked when the tide goes out, Dimon said: "There are people swimming naked everywhere."....
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ABC News: Dimon: Recession Could Be Worse Than Market Crisis.
