Jamie Dimon Quotes About Economy
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Over the longer term, China will grow by about 6% or 7% per year. The Chinese authorities usually react pretty quickly to unfolding economic events, and you've seen them recently change a whole bunch of policies to be more conducive to growth. They have the power and capability to macromanage the economy - to accomplish their growth objectives - which means they're pretty much going to come close to what they say is going to happen.
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They'll [China] probably be a fully developed nation. The road there just is not going to be that easy. You're going from a macromanaged, top-down economy to a market-managed, micromanaged type of economy, with all the potential corruption issues, SOE [state-owned enterprise] reform, and market reform that come with it.
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The yen is trading where it's trading because people are guessing about people's future interest rates, dollar and yen and about the future growth potential of the economies. And, if this policy works, then the yen will probably strengthen.
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I don't like the term "universal bank." The Chinese government legitimately wants to have a very strong economy. When they talk about SOE reform, they know that's part of it.
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Economies of scale are a good thing. If we didn't have them, we'd still be living in tents and eating buffalo.
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JP Morgan always has higher capital liquidity, that is partially to make up for mistakes and problems and obviously its a tough economy. We support an oversight committee, we supported some of the compensation, new compensation rules, though we already follow most of them. We support a lot of it.
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If the economy grows, housing gets better, quicker.
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I completely agree with the concept that American citizens shouldn't expect that a failure of a bank would cost them money, or that it would hurt the economy.
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More people are working, lending is up and savings are up. These are all positive signs for a strengthening economy.
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No one can forecast the economy with certainty.
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We see very broad-based, moderate, growth. Most of the sectors are quite strong. I don't see any major potholes, and I believe [the economy] is strengthening.
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I also believe that most of the emerging economies have a fairly large amount of foreign exchange reserves, relative to 10 years ago.
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[That is] hard to predict, [it] could be either September or December [2016] I personally think the sooner the better because that would be a good sign that the Fed believes the economy is significantly stronger.
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I don't think that [normalization] necessarily is going to damage the emerging economies.
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The real story in housing will be a recovery in the economy that will drive a recovery in housing, When people are working, when there are more jobs, more households forming and people go back to buying cars, they're going to want their apartments and homes. And that's when you'll start to see a recovery in home prices.
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Part of the concept of the euro zone was to establish a common market. The banks were going to bank across all their countries like we bank across states. But that concept got killed for a whole bunch of reasons that I won't get into. That was a good concept, by the way. It may yet return, because there are huge economies of scale in banking. That's another thing people don't quite get.
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Usually, something that is fairly expected is already factored in. I also think that you have to think that America is raising rates because the economy is getting stronger.
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