Banks are encouraging companies at every level of credit rating to consider issuing bonds now, before economic conditions get worse.

But stocks, unlike Treasuries, are trading as if it won't, according to the economist and investment adviser.

New European Union guidelines instruct banks to consider environmental impacts and climate change when making lending decisions.

JPMorgan's Dimon said "you could see a fairly rapid recovery" but cautioned that the Fed "can't prop up the stock market forever."