The banking crisis that nearly triggered the collapse of the U.S. financial sector in 2008 and continues to cause after-shocks around the world was a routine occurrence, the head of one of the investment banks that helped cause it suggested today.
Here’s what Jamie Dimon, CEO of bailout beneficiary JPMorgan Chase, said during testimony before the Washington commission that’s probing the causes of the crisis:
It’s not a surprise that we know we have crises every five or ten years. My daughter came home from school one day and said, ‘daddy, what’s a financial crisis?’ And without trying to be funny, I said, ‘it’s the type of thing that happens every five, ten, seven, years.’ And she said: ‘why is everybody so surprised?’ So we shouldn’t be surprised…
Got it? Even Dimon’s daughter can grasp that these things happen every few years and we shouldn’t blame people like Dimon and his colleagues!
If only we stopped to listen to the intuitive wisdom of children…
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