Chase CEO Jamie Dimon and billionaire hedge fund founder Ray Dalio admit they got warnings on US economy wrong -- for now
Source: Business Insider
Mar 9, 2024, 8:29 PM EST
Chase CEO Jamie Dimon and billionaire hedge-fund founder Ray Dalio appear to be hedging on their doom-and-gloom predictions for the US economy after warning for some time that a recession was imminent.
In September 2022, Dalio told MarketWatch that, as stocks and bonds suffer, the US will likely slide into a recession in 2023 or 2024.
Around the same time, Dimon told CNBC that while the US economy was "actually still doing well," he believed that runaway inflation, high interest rates, and the war in Ukraine could cause the US to go into a recession in "six to nine months."
Many high-profile investors, billionaires, and economists anticipated a painful economic storm in the US, but the economy has so far defied expectations amid strong jobs reports, cooling inflation, and high consumer spending. "I was bearish on the economy," Dalio told The Wall Street Journal. "I got it wrong."
Read more: https://www.businessinsider.com/jamie-dimon-ray-dalio-us-economy-recession-predictions-wrong-wsj-2024-3
SunSeeker
(51,771 posts)elleng
(131,240 posts)bucolic_frolic
(43,393 posts)The hope and hype has some basis. Economies grow when innovation drives industries (AI), when government policies support manufacturing, when social programs and jobs stabilize the masses. Joe Biden inherited a nascent rebound and he took it to the hoop.
sop
(10,274 posts)HariSeldon
(457 posts)Ford_Prefect
(7,927 posts)the growth enough to initiate a decline. Many of these big investors made market bets on such a decline which could have effectuated one.
lonely bird
(1,692 posts)Should be in jail because of what his bank did.
BumRushDaShow
(129,742 posts)He's been the biggest blowhard the past 3 years about what he thinks will happen.
NanaCat
(1,358 posts)Far longer than that. He was one of the masterminds bringing down the economy back in 2007.
FakeNoose
(32,833 posts)This was his way of doing it. What an asshole!
sop
(10,274 posts)Dimon and his Wall Street friends want another round of Republican tax cuts for the wealthy, and further deregulation of their industry.
They never say anything unless it's calculated for their own interests.
jvill
(224 posts)These guys never pay the price for making these kinds of self-serving "predictions."
NanaCat
(1,358 posts)Every time he makes a daft prediction about the economy.
He'll learn to shut his gob, soon enough.
Johnny2X2X
(19,213 posts)These supply sliders have blond spots. They only view the economys health in terms of how the rich are doing at the expense of the poor. They were blind to the fact that the economy was doing well because the working port and the middle class were seeing huge wage growth. The economy does best when working people have money to spend. And real wages are up since before the pandemic which means people have more to spend.
Joe Biden and dems get it. When you. Old up working people and the working poor, the economy benefits the most.
Midnight Writer
(21,819 posts)maxrandb
(15,367 posts)than take economic advice from Jamie Dimon.
SouthernDem4ever
(6,617 posts)LudwigPastorius
(9,206 posts)In the mean time, I hope your shareholders or partners are making note of what economic wizards you are.