August 10, 2011 by staff
“The S & P downgrade is only an opinion,” he says. Market leaders who know do not use the S & P to make decisions, he says. He added, “The U.S. must show fiscal discipline.” But, he says, “I have hope that we will” start doing it soon.
Then he took out the good ol ‘American spirit. “I think we have to do what Latin America used to do when things got tough … They got down to work … not a scapegoat. We need a coherent, consistent … Much of our policy is fully incoherent and inconsistent, made in the middle of the night. ”
The real time to feel good about his speech: this will happen … And the U.S. economy will fly with your mouth open.
Whether in a year, 6 months, nine months, he does not know, but he says I am very optimistic.
Regulation-wise, he says, we are changing all the time, he says – and what is the result? We do not know. No company would, he says. Of course it is a reiteration of what Dimon said Ben Bernanke, in June.
However, Dimon correct some misunderstandings of what he said. “Many of the regulations will hurt small banks.”
And “tax policy – only at the margin – is conducting business abroad.”
Regulations are making it harder for banks, he admits, but they manage. And what Meredith Whitney said this morning – that the banks are like zombie banks now – says nonsense.
He says he is completely comfortable with its exposure to the euro zone, and I think it’s going to be the worst.
Counterparty exposure is virtually the same credit risk, he says, and he’s not worried about it.
What is interesting is the comparison of their performance at this time yesterday to Brian Moynihan. Just look at how Bank of America is taking place right now to see how it went.
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