JPMorgan CEO Jamie Dimon Calls Fitch’s decision to downgrade the U.S. government’s credit rating ‘Ridiculous’

JPMorgan Chase & Co. (JPM) Chief Executive Jamie Dimon criticized Fitch’s decision to downgrade the U.S. government’s credit rating, calling it “ridiculous.”

“I would point out to the rating agencies if I could that there are a bunch of countries rated higher than us, like AAA, but they live under the American enterprise military system. To have them be AAA, and not the U.S., is kind of ridiculous,” Dimon said in an interview with CNBC.Dimon says the U.S. should have the highest credit rating in the world. “This is the most prosperous nation on the planet…with the best military, the best economy,” Jamie Dimon said. “It should be the highest-rated credit in the world.”

“It doesn’t really matter that much” because it’s the market, not rating agencies, that determines borrowing costs.”

“There’s a lack of transparency [of rules] made by lot of people in ivory towers,” he said. “They’ve never been in the real world. I’d like to see them in the boxing ring.”

Jamie Dimon says proposed capital requirements for banks would make small-business loans more expensive and make it harder for people with lower credit scores to get mortgages.

Dimon remains more worried about geopolitical uncertainty around the war in Ukraine as well as efforts by the U.S. Federal Reserve to fight inflation by hiking interest rates and reducing its balance sheet in a policy known as quantitative tightening.

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