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JP Morgan CEO Jamie Dimon: I Don't 'Buy' Recovery Had To Take So Long

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JAMIE DIMON
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JPMorgan Chase CEO Jamie Dimon continues on his campaign to let everyone know he's not happy with all this financial regulation.

On Tuesday, during a subsequent question-and-answer period following a speech by Federal Reserve chair Ben Bernanke, Dimon expressed his displeasure to Bernanke himself, saying the economic recovery didn't have to be this slow.

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

This is only the most recent example of Dimon slamming the government's motives. In March, Dimon, who in 2010 received a $20.8 million compensation package, claimed that new capital rules would be "the nail in our coffin for big American banks."

Dimon did say on Tuesday the government made some good decisions during the recession, citing the decision to scale back mortgage underwriting, which he says was one of the main causes of the financial crisis.

But he is also worried that the federal government might be going too far with new financial regulations. "Has anyone bothered to study the cumulative effect of all these things? Is this holding us back at this point?"

In return, Bernanke said he didn't accept the premise of Dimon's question. "Many people try to say that the single cause of the crisis was 'X,'" Bernanke said. "There was no single cause of the crisis."

Still, Bernanke admitted, "nobody's looked at [the cumulative effect of financial regulation] in all detail."

Watch the CNBC segment here:

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Filed by James Sunshine