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Ten years after the financial crisis, millions of Americans have lost their jobs, their homes or both.
JPMorgan Chase CEO Jamie Dimon told Rebecca News that some people in the public view it as unfair that the banks, which helped trigger the crash through high-risk loans, got a federal bailout.
"Some [banks] caused the problem and I understand that the American public is watching it and it is unfair, "said Dimon in an exclusive interview for" This Week ". "They're looking at it like Washington's elite banks … have somehow been bailed out [while] They suffered. And there is some truth to that. They have not seen the justice of the Old Testament. I understand why there is a lot of anger out there.
The crisis, the worst financial crisis since the Great Depression, was triggered by the bursting of a housing price bubble, fueled in part by the increased risk associated with mortgages. Real estate foreclosures soared and unemployment reached 10%. But despite allegations of irresponsible loans and misdeeds by some big banks, the US government helped bail out some of the biggest financial institutions and no bank executive was sued.
"All banks – the banks have received help – I mean, I think the government has made the right choice, I want to give full credit," said Dimon. And all these banks, including JPMorgan, continued to lend money every day to all their customers around the world. "
Now, with an unemployment rate below 4% and high consumer confidence, Jarvis asked Dimon how much credit President Trump deserved for the strength of the economy.
CEO of JPMorgan Chase said that Trump's policies have been beneficial. "When President Trump was elected, confidence soared – consumers, small businesses, big business – and because business-friendly and competitive taxes drove regulatory reform … and it helped to drive business." 39; economy. "
"It is impossible to determine how much, but it has helped the economy, just as President Obama has helped to prevent the economy from getting worse," said Dimon. "Yeah, he should take credit for that."
Eric Piermont / AFP via Getty Images FILE
Dimon added that the banking system is strong and that the collapse of a major institution like that of the investment bank Lehman Brothers in 2008 would not have been possible. "The banking system is very, very, very healthy. And the regulators should actually achieve a victory round because Lehman would not be happening today, "he said.
Dimon spoke to Jarvis after a public panel at JPMorgan Chase on Wednesday where he targeted Trump, suggesting that he could beat the president at an election.
"I said that before Trump was elected," you're not going to elect a wealthy New Yorker, "Dimon told the panel. It was completely wrong. And by the way, this rich New Yorker was actually making his money, it was not a daddy's gift … I'm as hard as he is, I'm smarter than him, that would be fine . He could hit me whatever he wants, it would not work for me, I would fight right away.
Subsequently, in his personal interview with Jarvis, Dimon retracted his remarks.
"I should not have said it," Dimon told Jarvis. "And I [did] more frustration and a bit of my machismo. But I should not have said it and so … it also proves that I would not be a good politician.
Dimon's remarks to the panel prompted a response from Trump, who criticized the banker for lacking "the ability or the spirit" to run for president.
The problem with the banker Jamie Dimon running for the president is that he does not have the aptitude or that he is "intelligent" and that he is a mediocre public speaker and a nervous brothel – otherwise he is wonderful. I've done a lot of bankers, and others, a lot smarter than they are with my excellent economic policy!
– Donald J. Trump (@realDonaldTrump) September 13, 2018
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