Jamie Dimon Says California Is a Bigger Risk Than Greece

JPMorgan Chase CEO Jamie Dimon, who has become Wall Street's most trusted eminence, in the wake of John Mack's retirement from Morgan Stanley and Lloyd Blankfein's implosion at Goldman Sachs, told shareholders that California's debt crisis is of greater concern than Greece's credit drama.

He reasoned that there will be no domino effect if Greece defaults. But if California goes under, it could lead to a wave of defaults by smaller states. Besides, it looks as if they EU will bail out Greece anyway.

Seems reasonable enough. But just to be safe, can we worry about both? It's not as if worrying is a zero-sum game. We can create new worry with the same ease that the Fed prints money.

Why stop with Greece and California? There's plenty of room to worry about sovereign credits from around the world.

Let's not forget:

The U.K.—The credit crisis hit the U.K. at least as hard as the U.S., and the U.K. has delayed the expiration of some stimulus programs, while the U.S. forges ahead.

Spain—Its housing market makes the U.S. look good.

Ireland—subject to numerous credit downgrades during the last year.

The United States—The deficit is running more than 10 percent of the GDP, which is nearly as bad as Greece, where the debt is 12.7 percent of GDP.