During the Institute of International Finance Membership meeting in Washington D.C. on Friday, JPMorgan Chase (JPM) CEO Jamie Dimon said there isn’t a lot that will keep the U.S. economy down.
But the one thing that could derail the recovery:
The $3.2 trillion nonbank financial system, or “shadow banks.” Per CNBC:
When asked what keeps him up at night, he said nonbank lending poses a danger "because no one is paying attention to it." He said the system is "huge" and "growing."
Nonbank lending was a contributing factor in the financial crisis due to firms lending money to low-quality borrowers who then defaulted on mortgages in droves.
"I'm a real long-term bull on the U.S. economy,” he added.
