NEW YORK -- JPMorgan Chase & Co.'s chief executive said Monday that while the crisis in the credit markets appears to be three-quarters over, he believes a U.S. recession is just beginning.

"Even if the capital markets crisis resolves, it does not mean that this country will not go into a bad recession," said CEO James Dimon, whose bank saw its first-quarter profit fall by half due to the recent collapse of the U.S. mortgage market. "The recession just started."

"We don't know if it's going to be mild or severe," he continued, speaking at a conference in New York hosted by Swiss bank UBS AG. "We're thinking there's a third of a chance that it's going to be pretty bad ... closer to the 1982 recession than the very mild recessions we had in 2001 and 1990."
JPMorgan Chase CEO: Recession Just Beginning

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I have to agree. Mainly because of the fuel situation. It ain't gonna get any better, no matter who gets elected. In fact, it's going to get worse. We refuse to produce our own, and their are no alternatives on the horizon. We are in trouble. If fuel continues to go up, it will shut everything down. Neither candidate has a clue on this.