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Zero Hedge: Jamie Dimon Warns Of Coming “Bad Recession,” Repeat Of 2008 Crisis In Annual Letter

Article By:  Tyler Durden in Zero Hedge

Sounding a markedly more somber note about the global economy than he has in the past few years, JPMorgan CEO Jamie Dimon released his annual ‘investor letter’ Monday morning, warning the world that, from Dimon’s vantage point, at least, the US appears to be on the verge of a “bad recession” that could be exacerbated by “financial; stress similar to the global financial crisis of 2008.”

Though, leaving off on an optimistic note, he warned that while the challenge ahead might be great, he believes the US economy can emerge from it “stronger” than in the past.

“We have the resources to emerge from this crisis as a stronger country,” Dimon said in the letter. “America is still the most prosperous nation the world has ever seen.”

This, after sell-side banking analysts have spent the last two weeks telling CNBC’s audience that the banks are much better capitalized this time around (though excessive corporate debt is keeping some up at night).

“At a minimum, we assume that it will include a bad recession combined with some kind of financial stress similar to the global financial crisis of 2008,” Dimon wrote in the letter to shareholders. “Our bank cannot be immune to the effects of this kind of stress.”

The fact that the CEO’s 23-page letter is his shortest in more than a decade (since March 2008, just months before the global economy nearly collapsed) is hardly a surprise: Dimon suffered a sudden ‘heart tear’ requiring him to have sudden, emergency surgery earlier this month. The letter is roughly one-third the length of last year’s screed, where Dimon laid out his vision of a more ‘responsible’ and ‘equitable’ iteration of American capitalism, while also warning that ‘democratic socialism’ was not the way to go.

To read this article in its entirety in Zero Hedge, click here.

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