Jamie Dimon, chief executive of JPMorgan Chase, was interviewed by the Financial Times about his take on 2009. In “JPMorgan chief says 2009 will be bleak“, Mr. Dimon says, “we expect consumer loans and credit cards to continue to get worse.”
Mr. Dimon suggests the bursting of the credit bubble will change the banking industry by forcing a return to the traditional banking business of advising and lending.
I wonder, though. Isn’t the advice and lending behavior of banks part of what got us into this? It sounds like more of the same.
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