Video: JPMorgan’s Dimon Takes on Fed Chairman Bernanke

Mike Brownfield / June 08, 2011

The U.S. economy continues to drag, but why’s the recovery going so slowly? The 13.9 million unemployed Americans aren’t the only ones who want to know.

Yesterday, following a speech by Federal Reserve chairman Ben Bernanke (who described the economic recovery as “frustratingly slow”), JP Morgan Chase CEO Jamie Dimon grabbed the microphone and asked Bernanke whether excessive government regulations are hampering the growth. Dimon said:

I have this great fear that someone’s going to write a book in 10 or 20 years, and the book is going to talk about all the things that we did in the middle of the crisis to actually slow down recovery. I don’t personally buy the argument that because it was a financial crisis it has to take a long time coming out . . .

Has anyone bothered to study the cumulative effect of all these [regulations], and do you have a fear like I do that when we look back and look at them all, that they will be a reason it took so long that our banks, our credit, our businesses and most importantly job creation start going again? Is this holding us back at this point? (more…)