Jamie Dimon claims JP Morgan's chief economist is wrong about the economy: Dimon Predicts 4% Growth.

Dimon said he expects the “competitive tax rate” to encourage deal-making on Wall Street, pointing to Europe which he said is on pace to grow at a 3% rate. A reading of gross domestic product is slated for Jan. 26.

‘If we have a couple of years of good growth, that could justify the markets where they are. Four percent economic growth this year is possible’ , said Dimon.

J.P. Morgan’s chief U.S. economist Michael Feroli’s forecast for early GDP readings lands below his boss’s much loftier expectations, even factoring the tax cuts: “We boosted our 1Q18 real GDP forecast from 2.0% to 2.5%…following the recent passage of the tax package."

Meanwhile, Dimon also said he regretted calling bitcoin a “fraud”, but also said that he believed that blockchain, or distributed-ledger technology behind cryptocurrencies, is “real” but still thinks that digital assets like the No. 1 digital asset in the world is hyped.

“The issue, he said, is “what the governments are gonna feel about bitcoin as it gets really big, and I just have a different opinion than other people. I’m not interested that much in the subject at all.”

I fail to see how tax-cut "deal making" is going to do a damn thing for the economy. Here's what it will do:

  • Over-leveraged companies will buy other over-leveraged companies at ridiculous prices.
  • Companies will buy back more of their shares are at absurd prices.


As for a couple years of growth justifying the stock market, Dimon is full of more than hot air.

Finally, Bitcoin is a bubble, but it isn't a fraud. Dimon is the fraud.

Mike "Mish" Shedlock

Bitcoin vs Dollars: Which One is a Fraud? Which One is a Ponzi Scheme?

Jamie Dimon, JP Morgan CEO, made quite a headline splash last week when he proclaimed “Bitcoin ‘is a Fraud“.

Checking in On Rickards' Bitcoin Crash Prediction

In February, Jim Rickards predicted Bitcoin would plunge to $200 on April 17. Let's compare to actual results.

SEC Charges Musk with Fraud, Seeks to Bar Musk from Being CEO of Public Company

Tesla founder Elon Musk has been charged by the SEC with securities fraud. The SEC seeks to bar him from being CEO.

Criminals Drop Bitcoin for Monero

Criminals now prefer Monero over Bitcoin because Bitcoin can be traced.

Bitcoin Bandwagon Roundup: $91,000 by 2020; Fud; Trainwreck; Criminals

Bitcoin is in the news again today, and as typically the case, you can find any opinion you want.

Six Current or Former Deutsche Bank Managers Charged with Fraud Related to Monte dei Paschi Dvates.

Deutsche bank shares recovered from a plunge to all-time record lows on Friday on a “save the day” news leak that the US department of Justice would reduce its mortgage-manipulation fine from $14 billion to $5.4 billion.

Debt to GDP: Only 4 Major Countries Worse Off Than the US

Of major nations, only Japan, Greece, Italy, and Portugal have debt-to-GDP ratios higher than the US.

Bitcoin Silliness, Myths, and Fatal Flaws

Over the past months or so I accumulated a number of articles regarding Bitcoin and ICO (initial Coin Offerings) myths and hype.

Bitcoin Supporters Cannot Answer One Simple Question

What would happen to the price of Bitcoin if the US did not allow merchants and banks to make Bitcoin transactions?