since about june 2015, as i recall, and doing so effectively. as he will, i'm sure, tomorrow night. good to see you, ed, thank you. >> thank you. lou: we thank you for being with us, good night from new monday, maria bartiromo is next. maria: happy weekend and welcome to the program that analyzes the week that was and helps position you for the week ahead. this weekend coming to you from san francisco. i'm maria bartiromo, with this very special edition of the program. coming up my exclusive interview with jp morgan chase chairman and ceo jamie dimon. this week i hosted mornings with maria from the jpmorgan annual healthcare conference here in san francisco. this conference is the most well -attended event in the entire business world. close to 500 companies presenting, 9,000 people from biotech, big pharma, insurance,

the health systems in attendance the combined market value of the company that this event totaling some $5 trillion. also this week we've got news that fewer people are dying from cancer. good news there we're going to talk about that at the conference i was able to sit down with jamie dimon to get his possessor on everything from market volatility to china trade to whether or not we are seeing an economic slow down and the impact of tax cuts. i began our conversation by asking him if he's concerned about the possibility of a slow down in the economy. >> yes, i think you had kind of the narrative in october that things were doing very well, global synchronized growth, imf said maybe one of the best years ever all of a sudden you've got data from germany, japan and slow down in the united states but it looks to me like a slow down. sentiment changed dramatically a whole bunch of different reasons , but it's still growing and the united states is still growing 2.5% we just had good wage data so it's very possible

we have a slow down, a big shift incent itment maybe people take a deep breath and things open up a little bit. maria: but when you look at all asset classes having declined whether it's stocks, bonds, you've got energy, and even as the federal reserve is raising interest rates, you've got the 10 year going lower and then the in version of the two and five year. do these things not worry you? >> not a lot because i think that sometimes, i'd say the same thing for other asset prices too , stocks in america are 18.5 times pe, and now they're 16 sometimes it's a good reason for that. slower growth is a good reason people do have concerns about rising rates and concerns about trade. i think trade has caused a lot of volatility in the marketplace so some types that adjustment is reasonable and prices are now more reasonable and like high yield we had no bond issuance in december. i guess is you'll see something happen soon and the markets open up if they take a deep breath and it looks like there will be growth, not like we're going into a global recession.

we'll have slower growth and maybe expected a couple months ago. maria: i'm glad you mentioned that because there was no high yield debt issuance in the month of december the first time that's happened in a decade. i remember during the financial crisis, which you lived through and you led with such great leadership, it was the debt markets that got us into trouble yeah but as the deleveraging the liquidation of debt markets not the lack of issuance, so my view is that december things slow down, people got scared, the issue didn't want to issue, spreads gapped out that'll probably change. maria: how long can the credit markets stay this tight before you actually do see it as a worry sign? >> for a while. i'm really not worried about it. i think just having, look at the other way around credit spreads were abnormally low for a long time. this is more maybe a little bit of a normalization and you and i both know that the tip of the speer is ipo's and high yield so when people, when sentiment changes dramatically those are the first two areas where people cut back and they open up over

time. maria: you were pretty positive on the tax cut plan, when this was first enacted. has that been one of the big positives in terms of creating some stimulus for this economy? what's your take in terms of how we got here? >> so i think the tax plan is really important for the american public to understand you need a competitive business system. you need it permanently to compete in the globe so we at america 40 years ago were at 40% federal and state, they came down to 25%, we stayed at 40. the result of that was cumulative that over time companies ended up moving overseas and people and research and it was a huge mistake so my view is it should be competitive it also provides stimulus in the short run. some companies people complain about stock buybacks but some people raise wages, open plans, acquisitions, all good things. the other thing about stock buybacks which i find so confusing is if a company can't use the capital they have and they buyback stock or increase dividends that's simply re

circulating capital. it goes to a higher and better use and people shouldn't complain about that. we don't always know what that use is going to be but that's a good thing but not retain capital they don't think they need. maria: it's more activity. and you want to see that so what are your thoughts on what we're hearing now for example, alexandria ocasio-cortez? she thinks the top end of earner s should pay as high as 80 % tax rates. >> it i always separate the corporate and business side which need to be competitive with the individual side and so you know people have all different theories about individual side and what maximizes returns and stuff like that, so i'm not, i don't get involved in that debate because i'll leave it up to the politicians. that is actually less important for economic growth and the business side. maria: the top 10% already pay 80% of all of the tax. >> they do, but in america, a lot of payroll tax regressive, real estate tax, so you look at the big picture anyone could say we should relook at this and

make it better and more efficient and fair. maria: are you saying you wouldn't mind to see the top end pay 80% in taxes? >> no. maria: you wouldn't mind that? >> no i'm not saying that. maria: just to be clear because that would be double where we are right now. almost double certainly. let me ask you about china because this is the trade fight that is really the subject of the day, certainly for this administration. has it impacted your business? the trade fight with china? >> not directly. so first of all the trade fight, there are legitimate complaints about trade with china which have been laid out in detail by the administration. i think the chinese understand that by the way and it's important we fix that all of the business people i know say its got to be fixed. i think we have generally the support of japan and europe so we need to do this. you could argue how it gets done but it doesn't directly affect us but it affects our clients so if we look at 100 companies some are highly effective and some aren't affected at all that's why you see all of the different news some people saying it's changing everything. it does change supply chains, confidence, i think it's causing

some of the volatility that you see in the marketplace, and certain people have to hold back decisions because if you'll build something and you don't know what the trade deal is with mexico, china, vietnam et cetera , you may wait so i do think it slows down some types of capital investment over time but we do need to face the issue maria: you've had an incredible 20 years at jpm in terms of market share the leader in the industry and yet the competitive landscape is changing as a result of the rising of china, what's your take on that? i don't think people are worried about chinese banks coming in stealing your customers in america, but what about the global marketplace? the chinese banks want that market share and we have a new report out that says the top five global banks are chinese. 13 of the top 50 are chinese. years ago i wrote about the chinese competition in my chairman's letter about they're coming and dick cheney called me and said what are you complaining about that for do you really mean it and i said i mean it so those banks talk about earning twice as much

money as us in terms of assets, twice the size, they have a huge home market, they have a traffic reason to go overseas, they will be huge competition for us so i do think that's legitimate but again, you know me. we'll have competition from everywhere the big chinese banks are successful, orphin tech companies this would be competition so my job is to do the best job i can for my company knowing that it's coming , whether it's the chinese or not which is very important when it comes to chinese competition is that we not compete with the chinese so certain american regulations make it harder for us to compete with the chinese and at one point the regulators will say we don't want to put a jpmorgan or any other american bank in the position where it's disadvantaged. maria: you can't go to china and open up a bank and own it right? >> no we've applied for a license and i still hope when all of this gets settled we actually get a license to build 100% owned major investment banking, do everything we can do

in hong kong, london, singapore, new york, that we can do in shanghai, effectively. maria: but right now you're going to have to go in as a joint venture 49% down right? >> we have limit limited ability what we can do there but the chinese told us they will open up this is one of the things people complain about. they have all of these industries that have not opened up and said publicly, they said it to individuals, companies, that they are going to start opening up those companies soon so in effect i know companies that got their license so they are actually doing some of that today. maria: don't go anywhere more of my exclusive interview with jpmorgan ceo jamie dimon coming up next. >> amazon is everywhere and soon it might be in the financial world. when you're in my shoes you have to assume they're good. >> more of maria bartiromo's exclusive interview with jamie dimon, next. -we're in a small room. what?! -welcome. -[ gasps ]

a bigger room?! -how many of you use car insurance? -oh. -well, what if i showed you this? -[ laughing ] ho-ho-ho! -wow. -it's a computer. -we compare rates to help you get the price and coverage that's right for you. -that's amazing! the only thing that would make this better is if my mom were here. what?! an unexpected ending!

maria: well the intersection of healthcare and technology one of the biggest themes in the country, and certainly a theme here at the jpmorgan healthcare conference in san francisco. one name at the forefront of that is amazon. a recent piece in the wall street journal titled jeff bezos and jamie dimon, best best of frenemies explores what is shap ing up for a competitive relationship. i asked jp morgan chase chairman and ceo jamie dimon about that story and the impact that amazon is having on his industries. >> we're friends i have enormous respect and trust in jeff and they are going to do what they want to do so i always tell people whether it's jeff competing, but it could be anyone out there, fintech companies, foreign companies when you're in my shoes you have to assume you're coming you have to assume they're good and get your people to work inside so we can win in the marketplace and i'm not going to win by being scared i'm going to win by working hard and doing the things that we need to do so some of these people are already

in they have amazon pay and people already have a lot of different things they are working on our job is to do the best we can and remember we'll collaborate or compete with anybody out there. maria: the federal reserve is trying to normalize interest rates now raising rates from these rock bottom levels that we were at. is the fed doing the right thing in your view? how many fed hikes do you think we should see in the year ahead and how many might we see? >> i remind people years ago, the fed didn't forecast and all that type of thing, or raise rates effectively 200 basis points on a sunday night. no one completely knows the future so the fed has to be data dependent and that is both interest rates and maybe how they manage the balance sheet a little bit. they are very bright people i have enormous respect for chairman powell and they will look at the situation and adjust it accordingly but my own view is if we had good growth raising rates normalizing so 3% of the shortened is a good year. now obviously if we're not growing rapidly and raising

rates that's not as bad because of in population so that's the judgment calls have to make, once they do it but the american public is far better off with having good growth and rates going up a little bit than not good growth and rates not going up. maria: but the problem is the feds doing it two-pronged raising rates on the one hand but unwinding this enormous balance sheet and remember when the balance sheet was $750 billion they took it up to $4.5 trillion it was good for banks and the economy when they were adding all of this stimulus , its got to be bad they are taking it away, no? >> i think the better way to look at it is we don't know exactly what it did so you can hypothesize it raised prices, financial prices et cetera, it probably did and our best economist can maybe raise the 10 year rate by 1% and stock price a little bit, but you're absolutely correct. we don't know exactly what it did so it's hard to know exactly what the raisers is but remember the fed doesn't have to do everything. they can stop. they can change their mind, they have a lot of tools, so i'm not worried about it they are navigating this change.

going to what i call a more normal environment. that normal environment in my view will one day mean they're not forecasting rates they will simply become the world that will always be data dependent working a lot of different things that react to that. maria: so what does this environment feel like then to you because you've seen so many cycles and i remember back in the 90s when the fed raised rates twice by 50 basis points and then 75 in one shot and then that year, i believe it was 94, the market soared, so how do you compare this period that we're in right now? >> people sometimes just worry too much. like all these years we've had enormous growth in the american economy and we've lived through very tough times i go back to the 74 recession, the 82 recession and things that look dramatic weren't nearly as bad like the 87 market crash or even the internet bubble where it didn't destroy the american economy it caused a huge pause or something like that and i look it as we're just slowing down a little bit. a lot of concerns a lot of geo political issues sentiment

went from kind of global synchronized growth to maybe we'll go into a recession so it doesn't look like that's taking place. i think it is just a slow down and that you had good jobs data recently so data comes out around the world in january and february, and it's not so bad people may take a deep breath and markets will open up and there will be a recession one day so when people say is there going to be a recession? yeah i don't know when it is but there will be one and something will trigger it and it'll be a little bit different than last one. maria: you don't think markets indicating a recession is on the rise? >> no markets are over reacting to short-term sentiment around complex issues. maria: what about the money supply? >> i should have said some of it is a rational response, so stock prices are 18, and now they're 16 you think there would be slower growth, higher chance of recession, higher chance of a trade war that is a rational adjustment. you shouldn't say that's irrational. we would probably say that's pretty irrational. you'd pay less under that

environment because the future is very different than it was before. maria: jamie you haven't talked about your own plans what are you thinking in terms of your succession? you are probably the most popular, the most effective leader in the country if not the world. >> i don't know about that. maria: do you have a succession plan? >> yeah, first of all it's not up to me 100% up to the board when the board meets like every time this is an issue that comes up both my succession and succession for the key players out there. we have fabulous people in the company so if you talk to a lot of buy side, sell-side, i have a lot of people to run this company and i think we're blessed, so when the time comes, of course the circumstances of the time will matter et cetera, but we have great people and so they are doing a great job. i do less what they do. they are out there making decisions driving the world and coming up with products and services and growing organically et cetera, so i'm quite comfortable that we'll be okay. maria: a lot of people talk about your cfo, mary ann lake.

would you like to put a woman as the ceo as your successor? >> i think mary ann is exceptional. i have two co-presidents daniel and gordon who are exceptional and there are a bunch of other people in the company. maria: stay right there more of my exclusive interview with jamie dimon, coming up next. dysfunction in d.c. and jamie dimon doesn't like it. >> when businesses don't get paid, things don't get paid. there's brushing...and there's oral-b power brushing. oral-b just cleans better. even my hygienist said going electric could lead to way cleaner teeth. and unlike sonicare, oral-b is the first electric toothbrush brand accepted by the ada. oral-b. brush like a pro.

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...well almost anything. leave no room behind with xfi pods. simple. easy. awesome. click or visit a retail store today. maria: welcome back from san francisco, this weekend, jp morgan chase chairman and ceo jamie dimon has never been shy about weighing in on politics, as well as business.

the government shutdown was on his mind. >> i'm not a politician and i'm not, i took terrible, because it's 800,000 people aren't getting paid and that becomes cumulative, businesses don't get paid, things don't get paid and you should know that jpmorgan immediately put out plans to help people who are hurt so if you're one of those folks out there, you're jp morgan chase client we're going to help you. call in and we'll get you help deferring payments. maria: so if you're not getting paid and you're a chase customer , you're going to help them? >> not charge fees and certain things, help you through that. maria: that's a big deal. >> it's a big deal, so this shutdown is not good but my bigger complaint is that america maybe because of bipartisan politics has been unable to do a lot of things that need to be done so you had some. you had some tax reform that some regulatory reform but infrastructure, we put a man on the moon in eight years, our schools are not graduating people we don't have enough programs, we don't have a trade

deal, we don't have a immigration deal, and these things are holding back our country and hurting all americans and i really believe these are the reasons we have 2% growth, not a new normal our own bad policy across a broad spectrum of things, and then we need to fix it. maria: how do we fix it? how do you break this of all of this hate by the way? >> i don't know. maria: leadership. yeah, but it works. something, it's a democracy. this is not the first time. we've had it before, so if you listen to warren buffett he talks about the great resiliency of america. its always been resilient. it always finds a way and it was winston churchill saying americans always do the right thing after they've exhausted the possibilities. i'm comfortable i just wish happiness sooner rather than later and these are complex issues. if you spoke to democrats or republicans we all want better infrastructure. but we just haven't gotten them done, and we end up fighting and yelling and screaming at each

other and without collaboration and communication and people compromising, democracy is compromising. maria: jamie as i sit here talking about all of this i'm remembering that you've been around and leading during some of the toughest times, housing bust, the worst financial crisis , the european debt crisis you've learned a lot over the years, when you look back at this incredible career, tell me how you are feeling? >> i love my company. i love what i do, and i'm probably going to write a book because i have all of these things i want to get out. i write my chairmans letters every year and they are a precursor to some of the books, but you point out that that's the amazing thing. look at this country. even mankind people started to recognize mankind is better and better and better every century for the last 3,000 years. child moral mortality is coming down. more people have homes, roofs over their heads, shoes, more people are educated.

the world has gotten better and better and we focus on the problems we forget the positives it doesn't mean there aren't people suffering there are and i do think that business and government should focus on that that does cause a lot of problems there are a lot of unfair things still happen in the world but the world itself has done amazingly well. maria: are you going to run for president? >> no. maria: why not? >> i don't want to. maria: my thanks to jp morgan chase chairman and ceo, jamie dimon. more wall street right after this.

maria: welcome back coming up next weekend right here on the program, ceo john castle, my special guest, we'll talk hedge funds and where money is moving right now plus i'll see you this weekend on sunday morning futures over on the fox news channel sunday morning futures live at 10 a.m. eastern join us for a special program this

weekend and then every weekday start smart tune in right here on fox business, weekdays, 6:00- 9:00 a.m. eastern for mornings with maria. hope you'll join us meanwhile have a great rest of the weekend everybody that'll do it for us again next week.r watching i'll >> hello and welcome once again to the wall street journal at large. well this week, you could be forgiven for thinking that we're living through a real life enactment of the movie groundhog day. the details may change a little each day, but the fundamental reality seems to stay the same. the alarm wakes us each morning to the same story. parts of the federal government are once again shut down. president trump and democratic leaders in congress are wide apart over funding for a border wall. the day unfolds with the script writers perhaps setting a few new elements and oval office ads