Jamie Dimon predicts a ‘major recession’ is on its way
In this article CNN desribes the letter of one of the most influential bank CEOs in the world – Jamie Dimon – to shareholders. He expects a “bad recession,” he wrote in the letter released Monday, saying that in the most adverse scenario, gross domestic product could plunge at a 35% annual rate in the second quarter and that a downturn would last through the rest of the year. The unemployment rate would spike as high as 14% in this environment.Those numbers are really very grim and while we hope this scenario will be averted, we should not that CDS debt insurance is only possible by utilizing innovative collateral.
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