In a veiled swipe Monday on the Trump administration, JPMorgan Chase CEO Jamie Dimon blamed poor planning for the COVID-19 disaster. In an annual letter to shareholders, Dimon stated, “As a nation, we have been clearly not geared up for this world pandemic, and the results have been devastating.”
Dimon predicted a “dangerous recession” because of the fallout. The worst-case state of affairs may see unemployment as excessive as 14% and gross home product plunging at a 35% annual fee within the second quarter, he warned. Even then, the bank — the most important by property within the nation — nonetheless plans to lend a further $150 billion to prospects, Dimon instructed shareholders.
Without naming President Donald Trump or different leaders, Dimon complained that the “present pandemic is just one instance of the dangerous planning and administration which have harmed our nation.” He pointed to “inside metropolis faculties” that “don’t graduate half of their college students,” and a well-being care system that’s “more and more pricey with a lot of our residents missing any entry.” Dimon additionally identified that America’s “social security nets are poorly designed,” and the “share of wages for the underside 30% of Individuals has successfully been happening.”
Dimon famous the “inclination of some … to finger-level and search for blame. I hope we are able to keep away from that.” He added: “We have to demand extra of ourselves and our leaders if we need to stop or mitigate these disasters.” Dimon held out hope for the longer term.
The “nation was not adequately ready for this pandemic — nevertheless, we are able to and ought to be extra ready for what comes subsequent,” he stated. “Completed proper, a disciplined transition would maximize the well being of Americans and decrease the time, extent, and struggling attributable to the financial downturn.”
He added: “I’m hoping that civility, humanity, empathy, and the objective of bettering America will break by. We have the sources to emerge from this disaster as a stronger nation,” The COVID-19 disaster is “forcing us to work collectively … and reminding us that all of us reside on one planet,” he wrote. “E Pluribus Unum.”