JPMorgan Chase CEO 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 America, is kind of ridiculous,” Dimon said in an interview with CNBC on Wednesday.
Credit rating firm Fitch downgraded the U.S. government’s long-term foreign currency default rating from AAA to AA+ on Tuesday. The move drove stocks lower on Wednesday.
The Dow Jones Industrial Average dropped 311 points, or 0.9%. The S&P 500 declined 1.2% while the Nasdaq Composite fell 1.9%.