Jamie Dimon: The 5 Reasons Everyone Is So Gloomy About The Economy

BusinessInsider reports that Jamie Dimon is shockingly optimistic about the U.S. economy. He says that everyone has a negative outlook for 5 reasons:

Greece
Japan
Oil
Politics
Fiscal deficit

"That explains it," he says. He told the Australian recently, "We are in this kind of malaise of some sort. Some of that is understandable. There are real issues that we are facing from Japan, oil, Greece, politics, fiscal deficit, and that explains it."
Of course, with a list like that, who wouldn't be down on the economy? Everyone suspects that a Greek default would set-off defaults in Spain, Portugal, and whichever country is next on the list. And Spain would be a catastrophic default. Political issues are setting off debate about whether or not the U.S. might default on its debt, a scary suggestion that Dimon has admitted he's "praying" will never happen. The fiscal deficit needs to be cut, yet negotiations are going nowhere. It looks freaking terrible out there.

But Dimon says that's exactly why you should be optimistic. Not because it can't get worse, but because, "People are reacting at the moment to every short-term stimulus. If you look at the basics, the big picture, America still has one of the mighty economies in the globe."

The U.S. has "deep capital markets, innovation, capital expenditure, greater work ethics and great universities and that hasn't changed…

Read the rest at http://www.businessinsider.com/jamie-dimon-explains-the-5-reasons-everyone-is-gloomy-about-us-economy-2011-6