Jamie Dimon Reportedly Warns US Debt Default Could Cause Financial Panic - $JPM
- 11 months ago
JPMorgan Chase CEO Jamie Dimon reportedly said the congressional impasse over the U.S. debt ceiling and a potential default on the national debt could create a financial panic.
"Panic isn't necessarily a rational thing," Dimon said during an interview with Punchbowl News, according to a Reuters report. "People panic. And (when) you see people panic — that's ‘08, ‘09 again, and that's really what you want to avoid," he said.
The veteran banker said there's a higher chance of a mistake because of the politics of the situation and that could have damaging economic consequences. "I hope, one day, we get rid of it," he said, reiterating a call to do away with the debt limit permanently.
"Panic isn't necessarily a rational thing," Dimon said during an interview with Punchbowl News, according to a Reuters report. "People panic. And (when) you see people panic — that's ‘08, ‘09 again, and that's really what you want to avoid," he said.
The veteran banker said there's a higher chance of a mistake because of the politics of the situation and that could have damaging economic consequences. "I hope, one day, we get rid of it," he said, reiterating a call to do away with the debt limit permanently.