Dimon Dismisses Economic Fears, Preaches Optimism

JPMorgan CEO Jamie Dimon thinks everyone in the financial industry needs to stop thinking so grim.

The banking giant leader addressed the crowd at Fortune’s Global Forum this week where he shared his views on the state of the world economy and how the U.S. fits into the mold. And in typical Dimon fashion, he was pretty blunt.

“Don’t be so damned depressed,” Dimon said. “We have all become risk experts and are afraid of our own shadow at this point. Move on. The world is going to be fine.”

He rattled off some comments about how the U.S. economy is on the mend, noting that the world economy was poised to double in size in the next 15 years. And then, of course, he got a zing in at Washington. Dimon has always been quick to criticize regulators, Washington and their role in the financial market, and he kept that tone up a bit.

He specifically commented that the U.S. economy would grow quicker if Congress would pass more reform toward programs that help boost our economy. Instead, he noted, the focus has been too much about the Federal Reserve and rising interest rates. But he also noted that those rates should be raised now, rather than later, to instill some confidence.

“I would argue that would reduce uncertainty,” he said.

In terms of regulations, Dimon has recently come out and discussed his thoughts on big banking regulation and why he won’t fight it anymore. In an interview last month — which discussed everything from earnings to economic growth in China and Europe — he shared his thoughts on big banking regulation post-financial crisis. Which, to him, means abiding to what the regulators have to say, regardless of what the bank thinks is best.

“It’s impossible for a bank to fight the United States government,” Dimon said. The alternative would be to do battle in court and have to pay anyway, he said.

He also spoke to the concept of a unified regulatory system, which he said would be a good move for big banks like JPMorgan. He recognized that the financial crisis tainted some consumers’ views of the financial industry and emphasized that all he can do is be honest and follow the regulations thrown at his bank.

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