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JP Morgan CEO Jamie Dimon has never been one to shy away from the press. But barely two weeks after he boasted that he could defeat President Trump in a presidential race - inspiring speculation that the CEO of America's largest bank by assets is shadow-campaigning for the Democratic nomination - Dimon is once again making the media rounds, sitting for an interview with CNBC's Jim Cramer before delivering a widely reported address at the World Affairs Council in Philadelphia.
It was at this latter event that Dimon offered what was probably the closest he's ever come to a mea culpa for Wall Street's recklessness in the run-up to the financial crisis. With the US economy finally booming again after a tepid, nearly decade-long recovery, Dimon predicted that the public will require 25 years to get over the financial crisis and finally forgive Wall Street.
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Still, he believes the government "did the right thing" by casting moral hazard aside and immediately coming to the rescue of the struggling banks, leaving American consumers to shoulder most of the consequences for their reckless behavior.
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"It’s going to be 25 years," Dimon, the CEO at JPMorgan Chase & Co., said Monday at a event sponsored by the World Affairs Council in Philadelphia.
Still, the government "did the right thing" to avoid a disaster, Dimon said, adding that the economy was facing the risk of another Great Depression.
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Of course, as we have written extensively, not everyone agrees with Dimon's sanctimonious comments about how "right" the government was in bailing him out, and we suspect it will be a lot more than 25 years before he or the government is forgiven, as Michael Hudson recently noted:
Today’s financial malaise for pension funds, state and local budgets and underemployment is largely a result of the 2008 bailout, not the crash....
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