JPMorgan CEO Jamie Dimon stated he favors the abolition of the debt limit, warning about the negative effects of the drama surrounding the discussions to negotiate a debt limit increase.
JPMorgan CEO Jamie Dimon in Favor of Abolishing Debt Limit; States Getting Close to Default Can Cause Panic
Jamie Dimon, CEO of JPMorgan, stated that he favored abolishing the debt limit, giving the government the faculties to extend its debt without congressional action. Dimon also stated that even the drama surrounding the build-up to extending or not extending the debt limit could cause panic, as the U.S. economy is foundational for the world.
On the default itself, think of it in two pieces: the run-up to a default and an actual default. It’s even bad to have the run-up to default because that can question American debt ratings. We’re foundational to the economy of the world.Dimon, who has been at the helm of JPMorgan since 2005, is no stranger to the political aspect of the discussion, having also lived through the 2008 economic crisis.
This can cause panic. And you’ve seen, panic isn’t necessarily a rational thing. People panic. And when you see people panic — that’s ’08, ’09 again, and that’s really what you want to avoid.that the U.S. government could default as early as June 1 without Congress’s intervention.
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