by Calculated Risk on 5/12/2008 01:17:00 PM

Update: from Reuters: Long slump may follow crunch: JPMorgan CEO

Chase & Co Chairman and Chief Executive Jamie Dimon on Monday told bank investors ... the economy may face a longer-term challenge even as financial markets begin to function again, the "slower burn" of a recession that may rival the severity of the 1982 contraction, he said.

These challenging conditions, marked by tighter bank credit, new rounds of mark-downs, further capital infusions and asset sales by banks, could last through next year and into 2010, he said.

Earlier: Just some headlines from CEO Jamie Dimon on the wire for now.