Jamie Dimon, CEO of JPMorgan Chase, warned that the U.S. economy is headed toward serious trouble in the coming months.
The Wall Street titan made his comments at the JPM Techstars conference in London on Monday.
While he believes consumers will be on better footing than they were during the 2008 global financial crisis, Dimon still thinks factors are ripe for a recession and should be of concern.
“But you can’t talk about the economy without talking about stuff in the future — and this is serious stuff,” he told CNBC’s Julianna Tatelbaum at the conference.
Dimon noted inflation, quantitative easing, and the Russian war with Ukraine as causes for alarm.
“These are very, very serious things which I think are likely to push the U.S. and the world — I mean, Europe is already in recession — and they’re likely to put the U.S. in some kind of recession six to nine months from now,” he warned.
RELATED: (WATCH): Clueless Dem Rashida Tlaib Gets Absolutely Smoked By JP Morgan CEO Jamie Dimon After Demanding Divestment From Fossil Fuels
Of course, Jamie Dimon’s prediction seems strange considering the United States has already met the technical definition of a recession.
The U.S. economy has now shrunk for two consecutive quarters, meeting the definition of a recession that Democrats and President Biden’s own economic advisors have previously touted.
So is a recession coming or already here?
Jamie Dimon’s prediction of a recession follows a September jobs report which shows slowing job ‘creation’ and indicates the Federal Reserve is making little progress in its fight against soaring inflation.
Inflation remains at a 40-year high, with Americans paying higher prices for just about everything, while nominal wage growth is slowing.
RELATED: JPMorgan Chief Jamie Dimon Warns Americans: Brace Yourself For An Economic ‘Hurricane’
Jamie Dimon has been warning about an economic disaster brewing in America for some time. This past summer he warned of a looming economic “hurricane” heading our way.
“I said there were storm clouds. But I’m going to change it. It’s a hurricane,” Dimon warned analysts and investors during a financial conference hosted by AllianceBernstein Holdings.
“You’d better brace yourself,” he added. “JPMorgan is bracing ourselves and we’re going to be very conservative with our balance sheet.”
In his latest comments, Dimon also blasted the Biden administration’s approach to dealing with the energy crisis.
“Obviously, America needs to play a real leadership role — America is the swing producer, not Saudi Arabia,” he told CNBC.
Dimon’s comments are a reference to OPEC and Saudi Arabia very publicly embarrassing the President last week by slashing oil production by about 2 million barrels per day, despite Biden reportedly urging them not to do so.
The JP Morgan CEO said the administration should have been prepared to counter the effects of the Russia-Ukraine war by boosting oil production domestically.
“We should have gotten that right starting in March,” said Dimon. “In my view, America should have been pumping more oil and gas and it should have been supported.”
Dimon made waves last month when he publicly crushed the dreams of far-left ‘Squad’ member Rashida Tlaib during a House hearing in which she demanded a public pledge from top bank executives to divest from fossil fuels.
“Please answer with a simple yes or no, does your bank have a policy against funding new oil and gas products, Mr. Dimon?” Tlaib asked.
The JP Morgan CEO gave a swift and blistering response of the kind rarely seen in congressional hearings: “Absolutely not,” Dimon fired back, “and that would be the road to hell for America.”
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