""It would be an economic disaster," Dimon told the Davos audience, suggesting it would remove credit lines to 80% of Americans."
""I have a great idea," Dimon said. "Since there's a huge disagreement on this one ... I think we should test it.""
""The people crying the most won't be the credit card companies. It'll be the restaurants, the retailers, the travel companies, the schools, the municipalities-because people [will] miss their water payments, this payment, that payment""
Jamie Dimon advocates avoiding binary conclusions about the economy and foreign policy and favors measured, experimental approaches when outcomes are uncertain. He warns that a 10% cap on credit-card interest rates could lead banks to close or drastically reduce 74–85% of open accounts, potentially removing credit lines for up to 159 million cardholders. He predicts knock-on effects on restaurants, retailers, travel companies, schools, and municipalities as consumers miss payments. He expresses confidence that JPMorgan could survive such a cap while arguing that broader economic harm would be likely without testing first.
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