Name: JP Morgan CEO Says Banking Crisis Not Over; Economist Breaks Down Reasons Why
Uploaded: 2023-04-06T19:24:34.000Z
Description: The CEO of JP Morgan, Jamie Dimon, said the U.S. banking crisis is not over, that it will linger for years, and that America is moving into a “vicious cycle.” NTD speaks to Vance Ginn, the president of Ginn Economic Consulting, for analysis.

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The CEO of JP Morgan, Jamie Dimon, said the U.S. banking crisis is not over, that it will linger for years, and that America is moving into a “vicious cycle.” NTD speaks to Vance Ginn, the president of Ginn Economic Consulting, for analysis.

Ginn points to several factors that contributed to this. Those are years of low-interest rates, liquidity injected by the Federal Reserve, and excess spending by Congress which adds a lot of treasury securities debt into the marketplace.

This is passed on to the banks, he says, and to get a higher rate of return, the banks were taking riskier investments. This creates a boom period but it also leads to a bust, according to Ginn. He warns of more bank failures as a result, in addition to a prolonged period of economic slow growth and a recessionary period, which could hit Americans hard given inflation and fewer jobs in the marketplace.

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