The Chief Executive Officer of the biggest bank on Wall Street, Jamie Dimon, said on Wednesday the US economy still looks pretty good and he thinks the current growth momentum can continue further.
According to Reuters, Jamie Dimon argued there will be a downturn at some point. Asked to assess the chances the U.S. economy would dip into a recession, he said that was a certainty. But he could not say when that might happen.
He said growth for now looked robust as more jobs were being created, wages were rising, consumer credit was strong and the rest of the world was performing relatively well. “I think it should be OK through 2018 and part of 2019,” Dimon said, adding the economy looked “pretty good.”
The CEO criticized certain regulations, which are critical to keeping the economic engine running.
“If you have an idea to build a bridge, it takes 10 years to get the permits … it is a disgrace and it needs to be fixed,” Dimon said.
Reuters further informs that as head of the biggest U.S. bank, Dimon is often seen as the face of Wall Street. Lately, he has turned more of his attention to advocating for public policies to boost the economy, including infrastructure and job skills training.