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BumRushDaShow

(129,742 posts)
Sun Mar 10, 2024, 05:11 AM Mar 10

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

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Chase CEO Jamie Dimon and billionaire hedge fund founder Ray Dalio admit they got warnings on US economy wrong -- for now (Original Post) BumRushDaShow Mar 10 OP
They denied reality for over a year. About time they finally pulled their heads out of their asses. nt SunSeeker Mar 10 #1
'Swell' elleng Mar 10 #2
WealthTrack segment this week calls this the Roaring Twenties bucolic_frolic Mar 10 #3
"The only function of economic forecasting is to make astrology look respectable." - John Kenneth Galbraith sop Mar 10 #4
Now this made me lol HariSeldon Mar 10 #12
None of them discuss the widely held expectation that the GOP would find ways to crash the economy, or at least dent Ford_Prefect Mar 10 #5
Jamie Dimon... lonely bird Mar 10 #6
👆👆👆THIS BumRushDaShow Mar 10 #7
Oh, he's been a pretentious prat NanaCat Mar 10 #15
He has spent the last 3 years trying to throw shade on Biden's leadership FakeNoose Mar 10 #8
They're not predictions, they're attempts to manipulate markets to achieve a desired political result. sop Mar 10 #9
exactly Locrian Mar 10 #11
Will they pay a price? Will they be asked to predict it again tomorrow? Or next week? jvill Mar 10 #10
Make him lose 25% of his stock options NanaCat Mar 10 #17
Political blind spots Johnny2X2X Mar 10 #13
They will still vote for Trump. Midnight Writer Mar 10 #14
I would rather go Christmas fishing with Scott Peterson maxrandb Mar 10 #16
Well if Dump's elected he'll make honest men out of them SouthernDem4ever Mar 10 #18
Well, keep on predicting a downturn and one day you'll be right. LudwigPastorius Mar 10 #19

bucolic_frolic

(43,393 posts)
3. WealthTrack segment this week calls this the Roaring Twenties
Sun Mar 10, 2024, 06:47 AM
Mar 10

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)
4. "The only function of economic forecasting is to make astrology look respectable." - John Kenneth Galbraith
Sun Mar 10, 2024, 07:23 AM
Mar 10

Ford_Prefect

(7,927 posts)
5. None of them discuss the widely held expectation that the GOP would find ways to crash the economy, or at least dent
Sun Mar 10, 2024, 07:56 AM
Mar 10

the growth enough to initiate a decline. Many of these big investors made market bets on such a decline which could have effectuated one.

NanaCat

(1,358 posts)
15. Oh, he's been a pretentious prat
Sun Mar 10, 2024, 05:45 PM
Mar 10

Far longer than that. He was one of the masterminds bringing down the economy back in 2007.

FakeNoose

(32,833 posts)
8. He has spent the last 3 years trying to throw shade on Biden's leadership
Sun Mar 10, 2024, 09:49 AM
Mar 10

This was his way of doing it. What an asshole!

sop

(10,274 posts)
9. They're not predictions, they're attempts to manipulate markets to achieve a desired political result.
Sun Mar 10, 2024, 10:05 AM
Mar 10

Dimon and his Wall Street friends want another round of Republican tax cuts for the wealthy, and further deregulation of their industry.

jvill

(224 posts)
10. Will they pay a price? Will they be asked to predict it again tomorrow? Or next week?
Sun Mar 10, 2024, 11:05 AM
Mar 10

These guys never pay the price for making these kinds of self-serving "predictions."

NanaCat

(1,358 posts)
17. Make him lose 25% of his stock options
Sun Mar 10, 2024, 05:50 PM
Mar 10

Every time he makes a daft prediction about the economy.

He'll learn to shut his gob, soon enough.

Johnny2X2X

(19,213 posts)
13. Political blind spots
Sun Mar 10, 2024, 12:27 PM
Mar 10

These supply sliders have blond spots. They only view the economy’s 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.

LudwigPastorius

(9,206 posts)
19. Well, keep on predicting a downturn and one day you'll be right.
Sun Mar 10, 2024, 11:26 PM
Mar 10

In the mean time, I hope your shareholders or partners are making note of what economic wizards you are.

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