Jamie Dimon's dire warnings for Wall Street and the US economy.

JPMorgan CEO Jamie Dimon has warned of potential widespread panic if lawmakers fail to strike a debt deal, saying it could affect contracts, collateral, clearing houses, and clients. While he doesn't anticipate a US default, he acknowledged the clock is running down and has put together a "war room" at JPMorgan to plan for contingencies. Dimon also called for regulators to end the chaos in the banking crisis and have humility in acknowledging their role in the problem. In other news, home sales could crash 23% in the event of a US default, and Microsoft is the stock to buy as it leads the charge in the AI arms race.