June 10--JPMorgan Chase Chief Executive Jamie Dimon said Wednesday in Chicago that he doesn't "see any potholes to derail the American economy."
If Greece defaults on its loans and abandons the euro, initially it will cause "fear and panic" in the markets, he said in a speech to the Executives Club of Chicago. But, after the initial concern, "Europe will be better off," he said.
Leaving the euro "will be very bad for Greece" but will serve as an example to other European countries of "what not to do," Dimon added.
Japan should grow 3 percent for the quarter and continue that growth, he said. Although China could have some difficulty evolving into a consumer economy, he thinks the country will grow 6 to 7 percent for each of the next two years.
In the U.S., Dimon said, large and small businesses are in good shape. "Credit is among the best I've ever seen ... debt service is the lowest since 1985," he said. "10 million more consumers are working."
He said the nation needs to provide more educational opportunity for children in inner cities and "fix immigration" because it's "pure morality" and also "right for the tax system."
As for lawmakers dealing with bank regulation, he said, "don't hamstring me" so the bank can't compete with foreign competitors.
gmarksjarvis@tribpub.com
