10.11.2022 – You can’t talk about

You can’t talk about
economy without talk
about future stuff

According to Edward Helmore, in the article, US is headed for a recession, says head of JP Morgan Chase bank: ‘This is serious’:

The US and global economy is facing a “very, very serious” mix of headwinds that is likely to cause a recession by the middle of next year, warned Jamie Dimon, chief executive of JP Morgan Chase, the largest US investment bank, on Monday.

Dimon pointed to the effects of runaway inflation, sharp interest rate rises and Russia’s war in Ukraine, as factors that informed his thinking. But he added that the US was “actually still doing well” and consumers were likely to be in better shape compared with the global financial crisis in 2008.

“You can’t talk about the economy without talking about stuff in the future – and this is serious stuff,” Dimon told CNBC at a conference in London.

I have to get excited when I hear that Jamie Dimon, chief executive of JP Morgan Chase, uses those $20 economic terms like ‘stuff.’

According to Wikipedia, Mr. Dimon attended the Browning School, and majored in psychology and economics at Tufts University, where he graduated summa cum laude. At Tufts, Dimon wrote an essay on Shearson’s mergers; his mother sent the paper to Sandy Weill, who hired Dimon to work at Shearson during one summer break, doing budgets.

After graduating, he worked in management consulting at Boston Consulting Group for two years before enrolling at Harvard Business School, along with classmates Jeff Immelt, Steve Burke, Stephen Mandel, and Seth Klarman. During the summer at Harvard, he worked at Goldman Sachs. He graduated in 1982, earning an MBA as a Baker Scholar.

With all that resume I take my hat off to a feller who can boil down the current state of the economy into words I can understand and say: You can’t talk about the economy without talking about stuff in the future – and this is serious stuff.

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