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 5/10 Good --- weblogs.baltimoresun.com http://weblogs.baltimoresun.com/business/hancock/blog/index.xml
| Economic navigation and sightseeing ... |
Tuesday, May 13, 2008 --- 72 days ago http://weblogs.baltimoresun.com/business/hancock/blog/2008/05/jpmorgan_chase_rec
| Here's JPMorgan Chase's Jamie Dimon, speaking at a conference today:
JPMorgan Chase & Co.'s chief executive said Monday that while the crisis in the credit markets appears to be three-quarters over, he believes a U.S. recession is just beginning.
"Even if the capital markets crisis resolves, it does not mean that this country will not go into a bad recession," said CEO James Dimon, whose bank saw its first-quarter profit fall by half due to the recent collapse of the U.S. mortgage market. "The recession just started."
"We don't know if it's going to be mild or severe," he continued, speaking at a conference in New York hosted by Swiss bank UBS AG. "We're thinking there's a third of a chance that it's going to be pretty bad ... closer to the 1982 recession than the very mild recessions we had in 2001 and 1990."
Dear Mr. Dimon: If the recession gets as bad as the 1982 downturn, the problems in the credit markets will not turn out to have been three-quarters over.
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