Interest Rates

Dimon: Crunch May Be Over, But Recession Looms 

While the effects of a mortgage-led credit crisis may be waning, the long-terms effects of a U.S. recession are just beginning, according to remarks delivered Monday by JPMorgan Chase & Co. [stock JPM][/stock] chief Jamie Dimon. Dimon said that he expects the U.S. to run through a recessionary phase similar to that of the early 1980s. That recession began in July 1981, and was at the time the worst recession since the Great Depression — a position that the current crisis and subsequent economic downturn seems determined to assume.