JP Morgan Chase CEO Jamie Dimon says US debt default would be ‘moral disaster’

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DENVER — It would be a “moral disaster” if the United States were to default on its debts and become unable to pay its obligations, JPMorgan Chase & Co. CEO Jamie Dimon said at an appearance in Colorado Thursday evening.

The U.S. is the financial linchpin of the world, and the economic effects of the U.S. defaulting could be “potentially catastrophic,” he said at a dinner for the University of Colorado Denver Business School.

“It will dwarf Lehman,” Dimon said, referring to the 2008 collapse of the investment bank Lehman Brothers, which contributed to the beginning of a global financial crisis.

http://www.washingtonpost.com/business/jp-morgan-chase-ceo-dimon-says-us-default-would-be-moral-disaster/2011/05/20/AFOwcV7G_story.html

[one...two...tree 2,762]

You can't make an omelet without breaking an egg. - milton friedman

[I AM NOT THAT GUY 5,715]

When did godless capitalists start worrying about morality?

[Obama 2012 1,714]

JP Morgan Chase worried about the peasants?

Not likely.

They are 100% + part of the reason we are in the mess we are in to begin with going back 100 years.

[scandal 951]

DENVER — It would be a “moral disaster” if the United States were to default on its debts and become unable to pay its obligations, JPMorgan Chase & Co. CEO Jamie Dimon said at an appearance in Colorado Thursday evening.

The U.S. is the financial linchpin of the world, and the economic effects of the U.S. defaulting could be “potentially catastrophic,” he said at a dinner for the University of Colorado Denver Business School.

“It will dwarf Lehman,” Dimon said, referring to the 2008 collapse of the investment bank Lehman Brothers, which contributed to the beginning of a global financial crisis.

http://www.washingtonpost.com/business/jp-morgan-chase-ceo-dimon-says-us-default-would-be-moral-disaster/2011/05/20/AFOwcV7G_story.html

I agree that Dimon is one of the least qualified people in America today to talk about morality.

However, in this instance, he is 100% correct. Defaulting is unthinkable.

[Obama 2012 1,714]

I agree that Dimon is one of the least qualified people in America today to talk about morality.

However, in this instance, he is 100% correct. Defaulting is unthinkable.

People vote for Obama. That is unthinkable (well, have you seen the average drone out there, maybe not).

Defaulting? Not raising the debt limit won't cause that. Continued spending oblivion will though. Figuring who owns a large portion of our debt, it won't ever happen like the fear mongers make it out.

[luckytxn 2,265]

JP Morgan Chase worried about the peasants?

Not likely.

They are 100% + part of the reason we are in the mess we are in to begin with going back 100 years.

Very good. Someone has been reading up on history and the start of the Federal reserve and fiat money.