Despite continued reports of low market numbers from several large companies in the technology sector, JP Morgan's CEO Jamie Dimon has made it clear he is not worried about the stock decline and even calls the economy "strong."
Even with the tech sector lagging behind and Facebook reporting its biggest one-day loss in Wall Street history, Dimon suggested that the system should not be leveraged as it was in 2007, and that the problems reported by technology giants , are "company-specific".
"The economy is looking pretty strong, consumers are in good shape, their balance sheets are in good shape, there are no potholes, lending is flawless, capital spending is rising, more people are returning to work, unemployment can be one Post-war low reach point this year … that's all positive, "Dimon told CNBC's Wilfred Frost in an interview on Monday.
"And we do not have the leverage in the system we had in 2007. There will always be some sort of problem, but that's not the problem today."
Dimon, one of the world's leading bank managers, was long Time a distinguished personage of the tech sector, and regularly travels to the West to meet with technology executives and venture capitalists in San Francisco Francisco and Silicon Valley.
Dimon also took on new technologies while at the head of JP Morgan: According to CNBC, about $ 3 billion, or nearly a third, of the company's investments in 201
The Dow Jones Industrial Average fell 0.57 percent on Monday, while the Nasdaq fell 1.39 percent. – March daily dips
Two powerful tech stocks, Facebook (FB) and Netflix (NFLX), missed out the goals of analysts in the second quarter. Facebook shares fell 2.19 percent on Monday while Netflix fell 5.7 percent.