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We already know Jamie Dimon is worried about the impact and potential cost of all of this new regulation that’s being introduced by global financial policy makers.”No one has considered the cumulative effect of all these changes taking place all at once,” Dimon wrote in his letter to JP Morgan shareholders.
In addition the regulation itself, he points to timing and lack of coordination as being costly to the global economy.
“You cannot prove this in real time, but when economists 20 years from now write the book on the recovery, it may well be entitled, It Could Have Been Much Better.”
Here’s the excerpt from his annual letter to JP Morgan shareholders:
Recently, we have begun to achieve modest economic growth around the globe, somewhat held back by certain natural disasters such as the tsunami in Japan. But I have no doubt that our own actions – from the debt ceiling fiasco to bad and uncoordinated policy, including the somewhat dramatic restraining of bank leverage in the United States and Europe at precisely the wrong time – made the recovery worse than it otherwise would have been. You cannot prove this in real time, but when economists 20 years from now write the book on the recovery, it may well be entitled, It Could Have Been Much Better.
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