Those of us who have been sceptical of the official narrative of the crisis of last fall got a powerful ally when JP Morgan Chase released its annual report. In a passage from his letter to investors that hasn’t gotten much attention, JP Morgan chief executive Jamie Dimon denies that the collapse of Lehman Brothers played the central a role in the crisis that it has been assigned. Indeed, Dimon implies that even if Lehman’s collapse could have been avoided or ameliorated by a government rescue, the global financial system would likely have gone into cardiac arrest anyway.
Here’s Dimon voicing the heterodox view of Lehman’s collapse:
“After Lehman’s collapse, the global financial system went into cardiac arrest. There is much debate over whether Lehman’s crash caused it–but looking back, I believe the cumulative trauma of all the aforementioned events and some large flaws in the financial system are what caused the meltdown. If it hadn’t been Lehman, something else would have been the straw that broke the camel’s back.”
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