Jamie Dimon is the CEO and chairperson of JPMorgan Chase. He is optimistic about the nearing of the end of the foreclosure crisis. It is rumoured that he would be the next secretary of the USA Treasury. He reached Columbus on 24th November with words of hope. Dimon gave the assurance that the economy would soon be alright. He was of the firm view that there was the mere 5% or at the most 10% chance of the economy worsening during a short period adding that the key to the recovery was of course confidence. Speaking at a luncheon gathering of Columbus Chamber at Hilton Columbus in Easton Town Center he said, “This country's had enormous ups and downs in the past, but the strengths remain. And I believe we will be back.”
Chase employs 15,000 persons in central Ohio. Its important operations are from Polaris, Easton and Westerville. In last June Chase declared that within 3 years it would strengthen its staff by another 1,100. Dimon is posted in New York. He said that the consumers are eager to spend and there are many firms ready with cash but are holding back, for the recovery to show up before they take the jump and stretch out. He said, “America is poised. It takes a little guts sometimes to grow.”
Dimon forecasted that the lending sector would soon increase and this will allow for consumers to spend more than anticipated during the forthcoming winter holidays.
The general tone of his message was of optimism. However he did not fail to lash out at the unscrupulous buyers of residential units who were largely to blame for the foreclosure crisis. He said, “About 20 (percent) to 30 percent of the mortgages are fraudulent," Dimon said. "People lied about their income or about living (in the houses they purchased).” He was also critical about the many who had taken undue advantage of the cash-for-clunkers scheme of the government and of the $8,000 tax deduction programme that targeted first time nest builders. He clipped, “The government is learning what we know -- that a lot of people want something they don't deserve”.
About the economic recovery Dimon said that the people should be realistic. He said, “No one knows the future. There’s too much stimulus money in play.” In other words the economy just could not get worse.
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