People thought they were going to make a lot of money. And then at one point, it got too hot, and the government wanted to knock it down. Trying to get it up and then knock it down, both were a mistake. And part of the reason, some people think, is that they wanted to equitize some of their companies. A healthy stock market helps equitize companies and reduce the country's debt burden.
Jamie DimonIf the government wants to do social policy, it should not be done in a quasi-public company. If you have a mortgage guarantee company which is done by the U.S. government, it should be guaranteed by the originators, i.e., the shareholder.
Jamie DimonEconomies of scale are a good thing. If we didn't have them, we'd still be living in tents and eating buffalo.
Jamie DimonIt's an advantage for both parties to have the other. It also creates good stability of earnings. Our business mix means we have a diversified earnings stream, which is one of the things why we got through the tough times so successfully.
Jamie DimonWe see very broad-based, moderate, growth. Most of the sectors are quite strong. I don't see any major potholes, and I believe [the economy] is strengthening.
Jamie DimonWhen you leave people behind, and those people who are left behind, it's not their fault, it's the leaders of the institutions. There's always going to be an elite. You can have an elite in a communist society. It is the leaders, something went wrong, and the leaders collectively are responsible.
Jamie Dimon