everybody wanting to come here it is it a serious long- term problem. >> lou: we appreciate it. thank you for being with us w w. thanks for being us. good night from new york. maria: welcome to a special one-hour edition of "wall street week." the program that analyzes the week that was and helps position you for the week ahead. i'm glad you are with us. coming up, we have a blockbuster program. an interview with jamie dimon and ken frazier and heather b recollection sch. but first look at the headlines from main streets to wall street. the dow jones industrial average, the nasdaq and s & p

500 reaching uncharted highs once again. friday a big day for financials, jpmorgan, wells fargo and blackrock reporting earnings. blackrock had a solid report beating the street, raising its quarterly dividend by 50%. oil at $70 a barrel for the first time in three years. analysts pinning the rise on oil spries. that's bad for drivers. the e.i.a. announced gasoline prices will be on the rise with the average pump price reaching

2.63 a gallon. walmart announced this past week it's raising the minimum wage to $11 nationwide. it's also spring every hourly employee with a one-time bonus up to $1,000. visa announced it's raising its 401k match to 10% of base pay. bitcoin having a digital rollercoaster week. a south korean 0 officious announced his government is going to ban crypto coin currency. but it's 1,000 percent increased since january of last year. apple's battery controversy not

going away. apple was asked why it wasn't more transparent about its deliberate slowing of batteries. thune wants a response by january 23. david marcus is with us. it's good to see you, david. i know you are bullish on stocks, but you have moist of your money in europe? >> yes. we are a global fund. we can go anywhere in the world. over the last two years u.s. market has been so strong we have been taking the money out of the u.s. and investing in europe. and we focus on restructurings and turnarounds and transformations. european countries are so farther doing it now, you are

seeing breakups. and they are interesting for other companies to buy. we have over 70% of our assets in europe today. just look at one company at a type finding quirkily idea that really are misunderstood in the market. and as more investors see what these companies are becoming, the stocks gets revalued. maria: we'll hear from jamie dimon, the ceo of jpmorgan. europe, they are growing again. expectations are 2%. >> absolutely. even though the growth rate is a lower number, 2%.

the fact is it's 2% up from nothing before. so it's huge. so the mentality in the companies and board of these companies. it's so different than it was. i have been investing in europe for almost 30 years now. this is almost as good as when i first started because you have such a wave of change. we own vivendi. it's $38 bill market cap. they own universal music. and they have other assets. but for 10 years it was the biggest dog out there. it went down for 10 years. then four years ago a new shareholder came in and he has been so violently aggressive to turn it around. now they have all this content. he doesn't know where it's all going. they even have a stake in

spotify. maria: what about the euro rising? does that put a wrench into things when investing in europe? >> we look at the currency how will it impact the companies and their business. so our view is we are stopping. we want to live or die because the stocks actually work. maria: in the u.s. right now given the valuation gains, $7 trillion in the last year. what do you want to do in terms of sectors that have not kept up? is there anywhere to hide? do you like energy and healthcare? these are the areas that have not been as strong as technology. >> we are not always the most of sector driven. but energy is sort are of just picking its head up. we want to look at the areas that have not worked. healthcare. you have big companies spinning

off healthcare assets. the german company se siemens is spinning off their assets. maria: they will do a deal or buy back stock. >> the amount of money out there is huge. tax reform will increase that, and money is coming in. companies are buying growth. where they don't have product offering, they are buying their old competitor for that item. you have companies here like dow and dupont that merngd. and their plan is to break up into three or four companies. so they become powerhouses in certificate gories. you don't have to -- powerhouses in certain categories.

maria: david, it's good to have you on the program. jamie die moins next. >> announcer: he's arguably the most of powerful bank ceo on wall street and he's talking to maria. he tells maria how he thinks tax he tells maria how he thinks tax reform will (whispering) with the capital one venture card, you'll earn unlimited double miles on every purchase, every day. not just airline purchases. think about all the double miles you could be earning. (yelling) holy moly, that's a lot of miles! shh-h-h-h! ( ♪ ) shh! what's in your wallet? man: shh-h-h! stay at la quinta. where we're changing with stylish make-overs.

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maria: it will be a big week next week for earnings. jpmorgan reported net income of $.4 billion in the third quarter. for the year, 2017, jpmorgan earned $24.4 billion. i spoke with jamie dimon at the healthcare conference in san francisco giving fox

business rare insight into the industry, and politics in washington. jamie dimon: there are almost 2,000 individual meetings. the beauty of this if you go back to the beginning. it was 10 companies, now it's almost 500. the total market cap is $5.2 trillion. that to me is an amazing uplifting thing. maria: you are seeing companies talk about new innovations and get help in the sector. jpmorgan, largest bank, millions in credit cards, how would you characterize our seeing. jamie dimon: from our business

lines and other data, it's clearly accelerating. you see it in household incomes and capital investment. and it's helped by the fact that rest of the world is growing, too. but the american economy looks like it's strengthening. maria: why? what's behind that? jamie dimon: this is my own personal opinion. we were growing slow for a long time. animal spirits are back. markets are higher. i think you are seeing more people come back to the workforce. you will see rate increases. we wanted for the average american. so confidence is up. the rest of the world is surprising people, too. maria: the tax legislation is signed into law. what do you feel is the impact of this. when you talk about a 21%

corporate rate down from 40%. that's a big deal. jamie dimon: one of the mistakes people make is that it will have an impact tomorrow. so if you go back 20 years ago, the world was 40%, and we were 40%. now the world is 20% and we are 40%. by most of measures, capital, and price waterhouse estimated 5,000 companies that would have been headquartered here are headquartered overseas. it was a huge disadvantage. you will see companies doing things in the short run like increasing wages and one-time bonuses. but over time, that retained

capital used grow businesses, competition. and over time it will be good for america. maria: you talked about some of the savings being come meet away because you would lower costs. how much would be come meet away and what are you planning. jamie dimon: helping cellular growth in america. i think we'll having a double effect. but the fact is that competitive taxes is good for america it will become a one-time benefit. remember when we say that, that means it will go to consumers. more inover vision and more r & d and higher wages. that is exactly what americans

want. maria: what about the rollback in regulations? you see all these changes. new people in different agencies, regulations coming down, what kinds of impact has thanked had, and what does that mean for your cost basis. jamie dimon: there is no caution in my mind. it got worse and worse and worse. in other industries, if i speak to some of my friends in the media, mining, telecom, they are seeing the benefit. we haven't seen it yet in financial services. but this is a vast bureaucracy which is like sand in the engine. to reduce some of that, not roll back good regulations. we need to protect consumers. the american public when they go to the dmv and va, that's what's

been happening more and more in the united states. one example i find bad. 12 years on average to approve a bridge in america. in canada and germany it stakes two years. 12 years. and there was already an existing bridge falling down. so we lost some of that can-do ability that was american. if we just kill some of the bureaucracy. a small company in upstate new york. 5,000 rules and regulations. one day we are going to take a deep breath and create a efficient, competent way to regulate and not allow every state and city to throw rules on top of rules. maria: much of the expense at corporate has been going to hiring lawyers and compliance

experts. that's god to be good for the bottom line. jamie dimon: we just need as a country to do a better job balancing those two. maria: are you more poised to use extra savings from the tax plan and rollback in regulations to buy back stock and create new jobs? >> our dividend will consistently go up like the always has. primary thing is always use your capital to grow. that's why we are here. that's investing in communities, countries, going to countries around the world. we opened 20 commercial banking branches in the united states in the last 20 years. regulators want banks to hold their capital. a lot of it was held for regulatory purposes. but at one point banks use it to

grow. you can't turn growth on and off. some will do buyback. but in the right circumstances over time capital will be used to grow businesses. maria: will this be translated to jobs? jamie dimon: yes. the branches in commercial banking, those branches will have 10 people each. if we are successful through innovation on the internet or mobile bank we have to add people in digital. we added thousands of people in digital to serve our clients. the number one thing for joins a healthy, vibrant economy. a healthy vibrant economy descriefs jobs and wages -- drives jobs and wages. cutting some of the bureaucracy, the infrastructure. we have to fiction that. inner city education.

half the kids don't graduate. that's not good for productivity. >> announcer: despite an economy that's booming, real estate has had its shaffer problems. jamie dimon says there is ♪ let your inner light loose with one a day women's. ♪ a complete multivitamin specially formulated with key nutrients plus vitamin d for bone health support. your one a day is showing. the markets change... at t. rowe price... our disciplined approach remains. global markets may be uncertain... but you can feel confident in our investment experience around the world. call us or your advisor... t. rowe price. invest with confidence.

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>> announcer: more maria's exclusive conversation with jpmorgan's ceo jamie dimon. maria: you have been spending a lot on technology over the years. you said to me at some point you would spend a billion on cyber.

jamie dimon: cyber is a big deal. we'll do of what we have to do to protect ourselves and our clients. technology, i look at it as table stakes. we'll roll out a couple projects. if they don't work we'll try something different. you will be able to do more and more moving money and buying things. we'll have self in directed investing. we have great teams of people doing it. they are having fun doing it. they report to senior people and the american. you wants it. maria: people say there are be more robots and people. how do you calm people down to say my job is going to be replaced by a robot. jamie dimon: technology has

taken 20 million people off the farms. back breaking hard work. it's not that they lost their jobs, they went and did other things that is productive in society. it's why my daughter's kids are hopefully going to live to be 120. education is better. there are some negatives. that's always been true. when the car came along the horse and buggy business died. think of government and business collaboration to help people displaced, training, relocation. training assistance. but don't stop telling. some of the jobs replaced are back-breaking jobs. you will have people involved in news and analysis. maria: you have been involved medication in a way to make sure

they have the skills they need. jamie dimon: the economy is doing quite well. so obviously that fakes us dramatically. we have all these new things coming down and it helps our clients. maria: you report earnings this week so i know you can't talk in terms of figures. but we just hit dow 25,000. you always had a great head for market. jamie dimon: we build people, products, systems. i don't worry about stock prices, the weather, change in the gdp. if i have a bad week, that doesn't make the restaurant bad fit' a snowy week. the way to look at the market, if we have a couple years of good growth, that could justify

when you are seeing the market spread. the stock market is too high. the stock market is a reflection of expectations. maria: the question is the fed. they are talking about four interest rate hikes potentially in 2018. $50 billion slowly but surely getting to $4.5 tri. hotri -- $4.5 trillion. jamie dimon: 4% is possible. the fed won't act not knowing what's going on. a strong economy will swaw -- wl

dwarf higher rates. if you have a strong economy, i'm not sure it's consequential. there might be a point in time when the fed isn't facing a favorable outcome. inflation is too high, it's faster than people think. that's when it gets tough to be a fed. maria: it sounds like you are comfortable with monetary policy slowly going away and fiscal policy taking its place. you have an economy that seems like it's firing on all cylinders, but you have trading unpressure, loan growth not where one would expect. jamie dimon: when it comes to large corporations, they have a choice. they can get from overseas. but you are right, in the middle

market where you would expect to see more growth today you haven't. it may just be a typing issue looking at the short run. real estate is okay. mortgages is fine. obviously it would be affected by rates going up. the economy is healthy. >> how do you get more lending and housing for those lower fico core people? >> that's a great question. i have been beg our government for years that because of service and costs -- there are 3,000 requirements to service a mort gaining it's hugely costly and risky to the servicer. it costs more money to produce loans. a lot of lenders make loans to lower income, self-employed

prior defaults. we have so many people involved in the housing policy. they have got to get in a room and finish that. if they do that the cost of mort gainings will go down for everybody. jp more fans economy estimated if we had don't right thing, not going to subpipe, just opening up the requirements we might have been doing a half trimore a year. a year. that alone is .2% growth a year. that's one of the first things the administration can do to help immediately. make mort gainings more accessible and cheaper for everybody. >> announcer: jamie dimon hasn't always been the president's biggest advocate. ok, so with the award-winning geico mobile app, our customers have 24/7 access, digital id cards, they can even pay their bill- (beep) bill has joined the call.

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maria: you are the chairman of the business round table. what does business want to see in terms of policy. jamie dimon: the first thing was competitive tax reform. they said we need for america to stay competitive. we got that. the next things are on the administration's agenda. infrastructure reform. it's complex. faa and highway state taxes and local. education. smart regulation. and while we do this, we should do things to help the people america left behind. i think we should expand the earned income tax credit. maria: the criticism on both side is getting in the way. the infrastructure plan. do you think these two sides can

work together and get something done? jamie dimon: i don't know. but they should. if they are americans and patriotic. infrastructure, democrats and republicans all want. bra are you prepared to finance some of these infrastructure programs? jamie dimon: if you say the highway tax credit, they will get more building into highways. financial institutions, we'll do more financing. but we would have to change the policies and procedures to get that done. maria: that's jobs. jamie dimon: so is the mort a gaining thing. if you do infrastructure a million to 2 million jobs. well-paying jobs. maria: what would a denationalization of fannie and

freddie do? would you expect a change? jamie dimon: i think it's hard to do. to me it's not whether fannie and freddie are public. in america you have public or private is not important. by the's important it be protected from political interference. when fannie and freddy were created. maria: they took away the salt deduction. you are a new yorker. you lots ability to deduct the state and local taxes. was that the right move? jamie dimon: it should never have been there. the american public, 80% of the

cash benefit goes to people who make over $500,000 a year. in new york, my state, we spend more money than the federal government. of course. that was meant to be part of the federal system. by increasing the standard deduction, i haven't seen a real analysis. it's the 30% making over $200,000 that won't get to keep it. maybe they will change it. answer that question but start yelling and screaming about what's good for me. especially if you are a patriot. we have all these flaws in the system as people protect their own special interests. maria: it will be more expensive

for you and me before it was right thing to do. jamie dimon: they also cut the top tax rate. by the is what it is. maria: with you were asked recently what you thought his tenure would be and you said another 3 1/2 years. jamie dimon: i wish i hadn't said it. that's not my job. my job is to get good public policy done and help finance cities. i'm not a political expert. maria: you don't know if he will be a one-term president or not. jamie dimon: of course not. but the things about the democrats. they will not have a chance in my opinion if they don't have a strong centrist pro business person. the american public is not clamoring for more government.

they are angry about the bureaucracy and the va. pet projects for people. so both sides are right. we have done a lot of things in america that didn't work. but we haven't analyzed what didn't work and try something different. maria: you are right, there is no centrist candidate. what about oprah? jamie dimon: i didn't see the speech, i heard she did a great job. jamie dimon: the block chain is real. you can have crypto dollars. the bitcoin was what the government -- i have a different opinion than people. i'm not interested that in the subject. i'll leave that to everybody else to figure out. maria: 30% of millennials say

necessity would rather invest in bitcoins than bonds and stocks. i don't know. that's the thing, young people are into bit coins. real quick on markets here. with this tax plan and savings on corporate america, would you expect the flow to continue and pick-up in ipos? jamie dimon: i think so. most of companies want to grow and expand. that's mostly natural to state. so i think you will see that. and having a competitive tax rate it will enhance that a little bit. they have been lower than most of people think.

i think there will be a point in time where it will go faster than people think. but it wouldn't surprise me if sometime in the next 6 to 9 months, because of a strong economy, that's so kay. maria: you mentioned the rest of the world growing. jamie dimon: china is accomplishing 6 to 6.5. but the second largest effectively is europe. no one would expect europe to be growing at 3% and it is. this new french president is young, dynamic, he wants to fix the problems. he's pro business and pro enterprise. he realized you can't help your countrymen by damaging the economy. maria: our special thanks to

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maria: one of the great debates and challenges in the healthcare industry is how to get affordable drugs to the consumer while protecting the company's bottom line. the fda is helping to speed up the drugs approval process. >> i think importantly what everybody is trying to figure out. and i do think the debate and discussion has evolved quite a bit the last 12-18 months.

at the moment they look uninsured until they reach this deductible. plus getting the benefit of their insurance as they do on the medical side of the house if they get a treatment or explanation of benefits. maria: we had allege interview yesterday that said as soon as people get their tax refunds check, that's when they go the doctor. so they are putting off going to the doctor because they don't have the money. >> we have to insure that the consumer gets the benefit of the insurance. the supply chains competitive. we are paying rebates into the system. every pharmaceutical company is paying rebates into the system. but they are not being transferred to that patients.

so the patients is not getting a benefit of a rebate or the negotiating that's taking place. maria: let me talk to you about the new fda commissioner, dr. gottleib, is he moving the approval process along getting drugs out there? he had a focus on come snreks generics. he talked about wants to go focus on the first to market generics that are important for the consumer and the patient and the system. we have seen a rise in generic approvals and an uptick. maria: we have been talking about the tax plan and what that means for the bottom line of corporations. you pack inquired meda.

are you interested in using some of that savings to do another big deal this year? >> we have been steadfast on paying down our debt. our balance sheet has never been stronger. we just finished a $billion dollar share repurchase program. maria: i also spoke with the ceo of merck. and when i spoke with ken frazier he gave me an update on the progress they are making in the fight against cancer. >> if the american cancer society put out data showing the death rates of cancer has declined by 25% since 1991. a large part of that is the kind of treatments we have. these are the leading killers.

prostate cancer. keytruda is approved for newly diagnosed lung cancer patients. maria: you have got such an incredible performance with that drug. but people want to know if you need to make that business bigger. you have got a tax plan putting more money in your pocket in terms of corporate. >> the most of important thing about the tax plan is it puts american companies on an even playing field with our outside u.s. competition. that's really important. with respect to the money that can be repatriated at reasonable rates, i don't think it will change our strategy. we have always been a company look for good science and acquisitions that would allow to

us innovate. i don't think that's going to change our strategy. before in the united states we had access to enough capital to do the kinds of deals merck was looking for. maria: the last time we spoke we were in an environment where bio techs were soaring. we were joke about how expensive they had become. they have come down a bit. is it time for you to acquire a bio tech and make that technology base bigger? >> we'll continue to look for those opportunities. but we want to do it in a financially disciplined way. i think valuations have to be consistent with creating long-term value for your shareholders. if you overpay for an asset it's hard to make money on it. maria: how can you not overpay

when prices are up significantly right now. >> we had a drug for ovarian cancer. we spade $1.5 billion and 3/4 of the payment is tied to sales or approval milestones. maria: amazon securing getting into the prescription drug business. is amazon the new company to worry about within healthcare? >> we are in the business of inventing new drugs. that's the distribution side. it could be helpful depending on how it rolls out. the critical issue is the one we talked about before. how do we get more efficiency in the distribution system.

maria: our thanks to merck ceo ken frazier. "wall street week" comes back in one moment. smile dad. i take medication for high blood pressure and cholesterol. but they might not be enough to protect my heart. adding bayer aspirin can further reduce the risk of another heart attack. because my second chance matters. be sure to talk to your doctor before you begin an aspirin regimen. stay at la quinta. where we're changing with stylish make-overs. then at your next meeting, set your seat height to its maximum level. bravo, tall meeting man. start winning today. book now at lq.com sthi, tom. ings ]ay. hey, how's the college visit? you remembered. it's good. does it make the short list? you remembered that too. yeah, i'm afraid so. knowing what's important to you... it's okay. this is what we've been planning for.

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maria: a look at some of the events coming up that could impact your wallet. the markets are closed monday for martin luther king, jr. day. then there is a full week of earnings. a huge week for big bank ex. goldman sachs, charles schwab, and bank america. on the political front the

threat of a government shutdown looms. politicos have to agree on military spending, perhaps a daca deal. we'll see if that includes the funding for the president's wall. join us the founder of private equity group cliff hutchins. tune into the fox business network next week. we'll be open for business. thanks for joining us. i will see you next time. building a website in under an hour is easy with gocentral...

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♪ ♪ paul: welcome to "the journal editorial report," i'm paul gigot. the trump administration keeping the iran nuclear deal intact for now. the white house announced friday that the president will again waive nuclear-related sanctions on iran but will add economic sanctions on iranian leaders and businesses for their support of terrorist groups across the middle east, making clear that this will be the last waiver he'll issue, giving congress and our european allies until may to modify the agreement. john bolton is the former u.s. ambassador to the united nations and a fox news contributor. ambassador, welcome. >> glad to be here. paul: so the president s