now another respected economist is joining jamie dimon. after this. >> we need help out here, we have been struggling for years under obama. we need tax cuts. a couple extra dollars in my paycheck every week, we need jobs. these days families want to be connected 24/7. that's why at comcast we're continuing to make our services more reliable than ever. like technology that can update itself. an advanced fiber-network infrustructure. new, more reliable equipment for your home. and a new culture built around customer service. it all adds up to our most reliable network ever. one that keeps you connected to what matters most. >> we have become one of the most bureaucratic, confusing countries in the planet. it is almost an embarrassment travels in the world, and listening abouts stupid [bleep] we do in this country. >> i am worried about job creation, i am worried about tax cuts, i am living paycheck to paycheck. i am rubbing two nickeling it, my girl conditio can't find a job to help me. liz: you heard that caller, right in line with what ja

jpmorgan's ceo, jamie dimon, going off on the d.c. dysfunctioners, a warning sign that we're losing even more faith in washington. amazon everywhere is the retail giant to blame for low wages in the country? we'll debate >>> and get this the future of workforce automation one company now using robots to the make and deliver pizza there's your kenny g. but first, there is much more ahead on "halftime." john tracking unusual activity in two tech stocks stick around for the bullish bets dulcet tones of sweet, sweet kenny g we are building new airports all across the state. new roads and bridges. new mass transit. new business friendly environment. new lower taxes. and new university partnerships to grow the businesses of tomorrow today. learn more at esd.ny.gov at the lexus golden opportunity tesales event before it ends. choose from the is turbo, es 350 or nx turbo for $299 a month for 36 months if you lease now. experience amazing at your lexus dealer. the power of 100 of the world's top companies. the power of a proven 15-year track r

jamie dimon is right.al banks have created a monster and the terms of size of balance sheets and they have little idea of what the consequences are, unintended consequences of expanding balance sheets, and i do not think they have any sort of perfect foresight in terms of how diminishing them will look either. i will say diminishing the balance sheets will be going out a glacial pace, so it does not risk markets or assets. goal,l: that is the fed's as jamie dimon said, it would like to provide certainty and they hope to provide the markets with certainty about how they will roll off their securities. so the markets in price in advance what will happen. they admit, as he said, they do happen,hat will but they save the markets have seem to be able to put this in excepted and it does not seem to be a real danger. david: it may be a glacial pace, but the glaciers had a profound effect over time. it is not a matter of pulling off the existing balance sheet read worldwide, central banks are so acquiring at a dra

will the federal reserve say of jamie dimon? balance sheet rolloff will be gradual here they have been talking about this a lot, well telegraphed, not a big impact on the bond market because of this, and they can moderate and modulate this. again, jamie dimon is whirring, but the fed is on course for that balance sheet reduction. rishaad: thank you a lot for that. just quickly looking at the boj, increasing the amount of five-year notes it will be fine. billion now buying $330 as yields go up more out of their comfort zone. the 10 year at 0% is their comfort zone. buying ¥500 is billion worth of 10 year out right future delivery jgb's, so boj treasuries there, or should i say japanese government bonds. let's discuss more. lots more to discuss on janet yellen's upcoming testimony. our next guest is watching for any additional details on balance sheet reduction. we have more with state street global markets in a moment. plus, cautious on stocks, but planning to him by more unlisted assets. this is bloomberg. ♪ ♪ haidi: this is "bl

jamie dimon said there was no question that europe has more cards at the negotiating table.ds come as the new french government makes a pitch for bankers to relocate to paris after the uk leaves the eu, as our business editor simonjack reports. wish you were here — the pm of france rolled out his own red, white and blue carpet to the uk's finance industry. you have a message for london? a message for london? come to paris. here in the financial district there is a smell of blood in the water. there is a sense of the uk financial services industry was wounded by brexit and paris is being the most aggressive european capital of those trying to nibble away at london's dominant position in globalfinance. away at london's dominant position in global finance. france away at london's dominant position in globalfinance. france is bending over backwards to attract an industry its former president once described as the enemy. personal and corporate tax cuts, lose employment laws and international schools were all in the paris brochure. it is a list aimed squarely at international bank

jamie dimon making some headlines.bout politics and policy. he talked about how he has been traveling the world and he finds it frustrating to listen to what expletive the stupid that americans have to deal with. he talks about the bureaucracy in the u.s. he said we have been growing since the great recession at 1.5% to 2% in spite of stupidity and political gridlock. clearly he's frustrated. as i said, this is something he is talked about time and again, but it seems like his frustration is growing with washington's inability to get things done on tax reform, for example. he also talked about other types of financial regulation, crimson on lending that have constrained the banks lending, although he is as usual careful to say it has been negative not just for the bank but for everyday americans as well. a rant. was on a bit of jonathan: stay with us. i want to bring allison williams into the conversation. to $2 trillion, really? alison: you could make a mathematical argument. in this capital was not trapped, we could

we just heard jamie dimon feeling about that. with regard to this russia story that just continues to have legs -- no doubt about it. it's obvious. how much does that hurt him and went to see this whole thing, six months from now? >> at a certain point, america's politicians have defeated the optimism and spirit of the american people. to a certain extent, people expects a little of politicians that even if trump colluded with the kremlin, if all that came true, there would be a lot of americans who would think back to the bill clinton impeachment and who would say as long as the economy is getting better, as long as the country is basically safe and things are okay for me, i don't care what that is. we have -- he wouldn't get away with it if things aren't running well with the country. that's the point. his administration is a mess and republicans can't advance legislation in congress. this russia business and their inability to handle it in a forthright, efficient manner, is destroying their hopes of other large progress. >> ma

>> i am praying at the church of jamie dimon. melissa: amen. >> give that one a amen, million listsa absolutely. the average american, small businesses in this country they do not care about the sideshow. they want to have the environment that fosters growth. and what we need to understand is that incentives create growth. penalties detract from growth. this is very simple and easy to understand for every american. somehow congress and political people that wan to play the sport can't seem to get their heads around it. we need to focus on more policy, deregulation, tax reform, all those things that create incentive. melissa: amen, yes. connell: one of those items health care. senate republicans released new revisions to their bill. with some senators in their own party fighting the legislation and multiple versions of the health care bill now circulating around in washington, there are obviously is still work to be done. so on a friday afternoon check in with mike emanuel from fox news who joins us from his perch on capitol hill.

it really is the indirect impact and that's what jamie dimon is alluding to. we expected to hear this from him on the call. we have been hearing this consistently from him but perhaps he is exceeding expectations with his enthusiasm on the subject. he wants action. this is something that's important to the bank. he is talking about the amount of lending that could have been done if they could lend out there excess capital. they got good news in terms of the stress test with banks freeing up some of the excess capital for buybacks. preferably, they would want to do organic growth. what has been missing is the demand side of things. some stimulation on that side, that would be positive for banks. jpmorgan loand growth this quarter, wells fargo went down and jpmorgan was short . that could be affected by cash changes. vonnie: thank you so much. france,t's get to president donald trump shared a lengthy handshake with french president emanuel macron. he attended the annual bastille day parade which included u.s. units to celebrate the 100th anniversary of the natio

do you share a jamie dimon's concerns? >> absolutely.unwind it. janet wallin is aware of precisely why she's going to do it almost on autopilot basis very gradually because this is a huge step. >> when do you expect a gradual unwind? >> they'll start to talk about as early as this meeting when the process is going to occur. sometime in september perhaps. i think it's going to start a 6 billion as they've indicated for treasuries. 4 billion for mortgage-backed securities and increasing by 10 billion every three months. >> this kid really affects the stock market, which quite frankly has not been affect did to the downside much recently. will this be a pullback of 5%? what can derail these market but also down looking at features, we're so close to record highs. >> there is a correction coming anytime. 5% is not an official correction. certainly that corruption can occur any time. you saw on friday hitting the lowest level since the t. 93. we are going to see that volatility creep up eventually and get closer towards 1926. lauren: there is

and future entrepreneurs, sorry, they're told to stay away. >>> and jamie dimon going off on d.c.l want to hear it in his voice, next. i was wondering if an electric toothbrush really cleans... ...better than a manual, and my hygienist says it does. but... ...they're not all the same. turns out, they're really... ...different. who knew? i had no idea. so, she said look for... ...one that's shaped like a dental tool with a round... ...brush head. go pro with oral-b. oral-b's rounded brush head surrounds each tooth to... ...gently remove more plaque and... ...oral-b crossaction is clinically proven to... ...remove more plaque than sonicare diamondclean. my mouth feels so clean. i'll only use an oral-b! the #1 brand used by dentists worldwide. oral-b. brush like a pro. >>> okay. jamie dimon, the ceo of jpmorgan chase, the biggest bank bias sets, went off on friday during an earnings call with investors. listen and we'll talk on the other side. >> we have become the -- one of the most bureaucratic, confusing, litigous societies on the planet. it's almost an embarrassment being an amer

do you think jamie dimon wants to make more profits for his bank or, ultimately, does jamie dimon wantstates? >> if jamie dimon runs for president of the united states, good, more power to him. he has a billion dollars. he has run jpmorgan chase now for ten plus years. he knows what he's doing. one good thing that donald trump has done is given confidence to ceo s to political careers. that's fabulous. maybe mike bloomberg should have run for president. i mean, more people with more talent who are running our country, the better. and i'm sure he's thinking what do i need this donald trump guy for? he can't get anything done. i'm used to getting things done. i have run this bank beautifully for 11 years. >> richard branson said during the campaign it was time for america to have a businessman president. he said he just didn't want it to be donald trump. the question is going to be, will donald trump sour the american people on a business man president? bill cohen, thanks for joining me thise morning. >>> much more on this previously unknown meeting between trump and putin that took plac

sbes rate environment, term structure and and we see all markets start to reprice >> you read the jamie dimon quotes today, i'm sure, at least heard about they will them what em them he talked about this is unprecedented. in size and scale. not only here in the u.s., but globally now he said you better be. >> we have to work at it can't just discount it and throw it out the window and say everything's going to be okay. we don't have another -- 100% guarantee, that's just disingenuous to put that out there. just doesn't seem -- >> i know you favor outside the rust is there more risk being in or out of the u.s. market how would you answer that? >> i would think about this. if you look at the u.s. economy, it's performing healthy. a lot of people talk about high evaluations and it's a concern for us, but we try to do a lot of relative value analysis you can look all equity market, but when we think about the u.s. equity markets, equities still look very attractive just because they're high, doesn't mean they can be high longer there's a lot of reason why interest rates will remain anchored, to s

year as far as loans were concerned wasn't great what's most important was the attitude out of jamie dimon. ewing four letter words on a family conference call like that >> i just thought it was interesting, the level of frustration that matched that guidance and here's a stock that's up 7% on the year it's up 13% just in the last month and a half or so i just didn't know if it was commensurate with the quarter they reported and the outlook for the back half of year. he seems frustrated. i say i thought the actual today in the banks, jpmorgan acted well i love his comments. i think it's amazing for him to get up and be that bold. make those comments about growth really pushing back about regulation and how it's impeded growth in a lot of these corporations i'm optimistic because that's the lynch pin from banks you look at cost cutting, return to capital all that look at the real positive that they're going to get of returning cash to shareholders we're seeing it happen it's really sparked a lot. >> return on equity has a highehig highest in the past five quarters >> 12% >> listen, the ques

as jamie dimon said, the uncertainty of removing this historical, unprecedented, unorthodox monetary policy has consequences that the market is not really understand and sitting here, i would never even prism that i could see what that tail risk is going to look like. anna: is somebody like cohn likely to make that kind of call? or are you suggesting he could do? >> i am saying a republican-backed fed chair brings into this idea. i don't really know cohn's the allergy as well as they should at this moment. i cohn's theology as well as should at this moment. but there will be other members that will be replaced with republicanesque candidates. that increases the likelihood of this. anna: he does not come from the same training state as many of the other fed presidents. manus: there you go. >> helping me out after the fact. anna: he has the goldman sachs background. manus: a lot of goldman. >> at the lunch cafe he will have plenty of people to sit with. anna: thank you very much, peter rosenstreich. manus: coming up, a wager on wages. find out what the sterling traders are betting on.

. >> so this is broader than jamie dimon.ffecting investment decisions? is it having real effect in the real world? >> absolutely. withnt into the year certain projections saying it would be a record year over $4 trillion, it is not. volumes behalf of what they were one year ago. on sergiohat is based decision-making and confidence of where we will go next year, three years. when you make investments you want to have a good tail end. following that investment and i don't think there is enough confidence today that we have broken out of the 2% growth world. therefore getting these reforms is important. i would say finally, there is also frustration that if we don't start getting the dialogue going by this fall, you start to run into the election calendar of 2018 and that would become more difficult. said it is not clear that we would break out of 2% growth. how do you account for the two things you said? the markets are at an all-time high. where's the disconnect? >> we are trying to figure that out. it has been going on for a

jamie dimon is frustrated about the dysfunction about the gridlock in bc. analyst conference call, he shared some of his thoughts and some colorful commentary. mr. dimon: since the great recession which is now eight years old, we been growing at 1.5% to 2% in spite of stupidity and political gridlock. have become one of the most bureaucratic, confusing, litigious ascites on the planet. it's almost an embarrassment being an american citizen traveling around the world and listening to the stupid [bleep] we have to deal with in this country. he did not criticize the white house directly. he is chairman of the business roundtable, and he has work to do. julia: the point he made about the litigious nature of the perhaps some, but of the frustration he was sharing, it's a concern about .hat is going on i'm showing a comparison between it citigroup, and jpmorgan in yellow. this is the fixed income trading revenue. you have jpmorgan out there ahead. it plus what we are seeing in 2017 so far. it's just a little under $1 million between them. we saw fixed income trad

the big warning today from jamie dimon that every investor needs to hear. the are the markets ready for the end of easing? with us today, joe terranova, stephanie link also with us, steve liesman, and from chicago, our own rick santelli let's begin with those comments today from jpmorgan boss, jamie dooild, te diamond, telling a gathering in europe, the unwind could catch the markets by surprise. mr. diamond saying, quote, we've never had qe like this before we've never had unwind like this before when that happens of size and substance, stit could be a litte more disruptive than people think. we act like we know exactly what's going to happen and we don't. steve liesman, i go to you first. what do you make of dimon's comments >> jamie's on the front lines there. he's going to be part of the process of unwinding the balance sheet. and i think his words of caution should be taken seriously. i think two things, though i think the fed has kind of preempted these concerns, if you look at how they're doing, balance sheet, they've sort of put it on auto pilot, bu

in many ways well let's talk about jamie dimon for a second over there j.p. morgan you know he said recently he's ashamed to be american. because the current administration and what's going on in america you're a world traveler he says when he travels this is a sentiment people have is this a common theme out there what do you think of his comments we love the bass jamie on the show because we think he's a charlatan and a crowd that's i don't know what i would tell you that everywhere i go people are very perplexed i've told you that america is pushing the chinese and the russians together and pushing the iranians and the chinese together everybody sits and says what are they doing why are they hurting themselves washington may not know they're already and so but everybody sees what's happening what's going on and everybody's perplexed i'm perplexed and i'm an american i don't particularly like you they're pushing the russians and the chinese and the persians together that's not going to help us that's going to hurt us and recently mr trump threw missiles at

our joe takes from jamie dimon who said it's important policy be properly designed it's not enough to just get angry over a subject. jackie: as an 18 year old, i let my mistakes kind of take over my life. i was point-five credits away from completing high school and i didn't do it. angela: i got pregnant and i was the main one working so, i did what i had to do to survive. jocelyn: sentía que la escuela no era para mí. karim: most of my family they never graduated high school or even let alone go to college so i'm trying to break that barrier. jackie: my family never stopped pushing for me to be better because they knew what i could become and who i could become as a person. karim: everyday after work i went straight to school, studied hard, and it paid off. jocelyn: sentía como que si quiero cambiar el mundo tengo que cambiara mi primero. group: surprise! surprise! surprise! angela: i could not have gotten my diploma without my family. jocelyn: mi consejera, ella fue lo máximo para mí porque me ayudó mucho con todo. jackie: i've been given an opportunity and i'm just thankful for it.

our joe takes from jamie dimon who said it's important policy be properly designed it's not enough toangry over a subject. potsch: you each drive a ford pickup, right? (in unison) russ, leland, gary: yes. gary: i have a ford f-150. michael: i've always been a ford guy. potsch: then i have a real treat for you today. michael: awesome. potsch: i'm going to show you a next generation pickup. michael: let's do this. potsch: this new truck now has a cornerstep built right into the bumper. gary: super cool. potsch: the bed is made of high-strength steel, which is less susceptible to punctures than aluminum. jim: aluminum is great for a lot of things, but maybe not the bed of a truck. potsch: and best of all, this new truck is actually- gary: (all laughing) oh my... potsch: the current chevy silverado. gary: i'm speechless. gary: this puts my ford truck to shame. james: i'll tell you, i might be a chevy guy now. (laughing) chances are, the last time yoyou got robbed.an, i know-- i got a loan 20 years ago, and i got robbed. that's why i started lendingtree-- the only place you can compare up

morgan chief executive jamie dimon warning of more banking moves after the u.k.the eu and we will hear from him next. this is bloomberg. ♪ mark: i am mark barton along with vonnie quinn. jpmorgan chase chief executive morgan. -- telling the community at a conference in paris that his bank among will have to move several hundred jobs on day one. quite what happens next is totally up to you and not up to britain. step, ifhave the first the eu determined he wants to move a lot more jobs out of london into the eu, they can simply dictate that. the politicians can dictate it. telling bloomberg that j.p. morgan passes eu investment bank, other services will be handled at dublin and luxembourg. for more, let's bring in bloomberg news brexit managing editor. a reset, relaunch, rebound, whatever you call it. prime minister treason may. was it seven tosh by the foreign secretary health scandal dating back decades? >> not the first time. loose lips sink prime minister of ships. declaring there is no plan for a there wasexit because going to be a great deal. suggesting there

it certainly had some bipartisan support, and jamie dimon spoke about that on the conference call fridayve corporate rates are, offshoring, manufacturing, cash flow and offshoring the company themselves with financial engineering like an inversion. cheryl: david, with regard to goldman sachs, there is movement in the house, a budget proposal but regulatory proposals that would push through tax reform. i don't want to get in the weeds because i don't want to put our viewers to sleep, it's incredibly boring. this could be the savior for tax reform. >> it could be a start, and have to approach this on incremental level. the tax code is 77,000 pages. unwinding it in broad sweeping bill, that's going to take time. cheryl: bring on paul ryan, more pressure for him. investors on the floor of the exchange, foshlgs we get down to october, november and don't have anything pushing through on tax reform, i'm wondering that's when you see the volume pick up and selling pressure. >> reporter: don't forget, cheryl, it's been months since wall street has been hinging so much confidence on what comes out

our joe takes from jamie dimon who said it's important policy be properly designed it's not enough toyou for that, mr. dimon. we are coming right back. yes. so let me ask you this... how does diabetes affect your heart? it doesn't, does it? actually, it does. type 2 diabetes can make you twice as likely to die from a cardiovascular event, like a heart attack or stroke. and with heart disease, your risk is even higher. you didn't know that. no. yeah. but, wait, there's good news for adults who have type 2 diabetes and heart disease. jardiance is the only type 2 diabetes pill with a lifesaving cardiovascular benefit. jardiance is proven to both significantly reduce the chance of dying from a cardiovascular event in adults who have type 2 diabetes and heart disease and lower your a1c. jardiance can cause serious side effects including dehydration. this may cause you to feel dizzy, faint, or lightheaded, or weak upon standing. ketoacidosis is a serious side effect that may be fatal. symptoms include nausea, vomiting, stomach pain, tiredness, and trouble breathing. stop taking jardiance an

moving on, switching gear, jpmorgan chase ceo jamie dimon railing against washington.most embarrassing bees a embarrassing being an american overseas. the rant may have prevented the stock from hitting a new high. joining me now again, shelby. fascinating to see a ceo go off like this. do you really think it driving the stock down? >> i don't know if you can connection it to the stock price. one thing to hear thi this from a politician, but another from the ceo. some people in business community were glad he said this, this is a welcome warning sign, others call him unpatriotic, you can sense and hear his frustration with promises have been made, none action backing it up so far. i think that pessimism is not helpful for the stock price but it is realistic. gerri: i don't like being an american overseas, i am never embarrassed to say, i'm american in the room, i am married to a canadian. i say it a lot. what do you make of these comments, i think he is on the money talking about regulation, difficulty of doing business, laundry list of things he went through, i thought

what extraordinary comment from jamie dimon last week. i think you might be interested in import data tomorrow. wednesday, housing starts, job list claims on thursday, it is not the biggest week of data, especially after we saw a huge amount last week in retail sales and cpi. there's a wrap up of market action state side as inflation and retail sales are in the spotlight. >>> record closes for the dow and s&p 500 friday with each gaining the most for the week since may 26th the nasdaq saw its best week of the year prospect is dim for a rate hike. u.s. consumer prices barely ticked higher in june, retail sales fella second month both came in below expectations. labor department says the consumer price index which does not include food and energy costs increased 0.1% separate report by commerce department showed retail sales declining .2% last month s&p 500 gained 4.7% friday, the dow was up 3.9%. nasdaq gained 2.59% for the week real estate was the best performing sector, and financials lagged after several disappointing sets of bank earni

our joe takes from jamie dimon who said it's important policy be properly designed it's not enough togry over a ♪ ♪ ♪ ♪ ♪ thithis is the new new york.e? think again. we are building new airports all across the state. new roads and bridges. new mass transit. new business friendly environment. new lower taxes. and new university partnerships to grow the businesses of tomorrow today. learn more at esd.ny.gov i am totally blind. and non-24 can make me show up too early... or too late. or make me feel like i'm not really "there." talk to your doctor, and call 844-234-2424. lou: with more on democratic obstructionism, forbes media chairman and editor-in-chief, steve forbes. we are wrapping up a peculiar week. the russian collusion. fact or fiction. what should we do? >> ignore it. lou: i couldn't agree with you more. what is motivating the republican leadership in the house and senate to pursue this? what is motivating them except. >> sincere desire to destroy themselves. >> i would have thought by now they what realize if they don't have a real record by the end of the year, they will be p

abby: be a jamie dimon slamming the swamp for its lack of action.s country. at one point we have to get our act together. abby: will washington ever listen? clayton: did bill clinton just take a shot at his wife hillary clinton? we will tell you what he said and get reaction from the hillary former director of communications. that's next. ♪ i got somebody at home ♪ i might not be alone ♪ nah, honey i'm good ♪ i could have another i probably should have another ♪ not ♪ (grunts of effort) can we do this tomorrow? if you have heart failure symptoms, your risk of hospitalization could increase, making tomorrow uncertain. but entresto is a medicine that was proven, in the largest heart failure study ever, to help more people stay alive and out of the hospital than a leading heart failure medicine. women who are pregnant must not take entresto. it can cause harm or death to an unborn baby. don't take entresto with an ace inhibitor or aliskiren. if you've had angioedema while taking an ace or arb medicine, don't take entresto. the most serious side effects

>> we just heard from jamie dimon.ounge inthe rooftop the middle of the financial center in china. we have been looking at the financial sector and shanghai and seeing the ramifications of the weekend meeting as we await gdp numbers at 10:00 local time, expecting stability, but what everyone is talking about is policy going forward. gdp is backwards looking. conference was forward-looking, preventing systemic risks in the financial sector as an eternal theme, eternal theme, top priority number one, also financial deleveraging must serve the real economy. that is the number one priority. second, preventing risks. three, deepening reforms and opening up. accountability is also a big theme as they announced the to take over ag supervisory role along with the pboc, giving great power to the central bank in oversight. acknowledged and and preventing systemic risks, basically they will have a new, coordinated committee within the state , andil with pboc oversight accountability is a key issue that has been promulgated by pre

he is referring to jamie dimon.in doing so, diamond ring and alarm bell about both forgone opportunities at home and eroding influence internationally." how has the white house responded to remarks for many people who look up to him for how the economy is doing? kevin: janet yellen testifying before the house and raising some concerns or at least downplay expectations so to speak on what the white house's percentage of growth that they are pushing for. essentially fed chair yellen saying 2-3% growth is even on the higher and oven and vicious rate. -- higher end of an ambitious rate. i was speaking with greg valliere. he was saying a lot of economists, as you alluded to come are scratching their heads right now about that low inflation rate. they are not necessarily seeing theomic indicators of what american people polled in this poll are seeing about confidence in the economy. david: last question to you is about regulation. this is what we have heard the president talking about in warsaw and paris as well. it strik

. >> jamie dimon has some things on his mind, doesn't he? >> we have become one of the most bureaucratic, litigious society's on the planet. t is almost an embarrassment being an american citizen traveling around the world and listening to the stupid [beep] we have to deal with in this country. we have to get our act together. >> jamie dimon is consistent calling for a tax reform, and how he thinks that can benefit the economy. we have been hearing from this consistently. but he is perhaps exceeding expectations with his enthusiasm on the subject and his sort of his impassioned plea for actions to be done. >> still to come, as we review the week, the leader of france essential bank offers insight into the e.c.b.'s policy path. into the ecb. robert kaplan shares his views on what is ahead for the fed. and u.s. health care reform and other hot topics. and more of the weeks top business headlines. another opec nation may be ready to follow saudi arabian sell shares in its state business. many gulf economies and energy companies are trying to re

will see you in just a few minutes, welcome, i'm tyler mathisen here is what's on the then you jamie dimon uncensored j.p. morgan's ceo going off on what's wrong in d.c., the media and went so far as to say being an american abroad is "almost an embarrassment. dimon, like you've never heard him straight before. and plus while everyone's screaming that social security is going to collapse in 17 years we el l hear from one expert who says this is a "phony crisis" and target amendmenazon a new report says they're to blame for keeping wages low for the american worker. we'll debate that when "power lunch" begins right now. >>> welcome to "power lunch" i'm michelle caruso cabrera. the dow and s&p 500 setting record intraday highs. dow would be higher if not for j.p. morgan and goldman sachs which are lower. j.p. morgan reporting numbers this morning, the nasdaq is on pace for its best week in two and a half months the. dow and the s&p 500 on track to post their biggest weekly gains in seven weeks check out the movers walmart and boeing are higher on upgrades gap is higher, retail stock being ad

. >> jamie dimon has come back from a busy trip overseas.e's got something on his mind. >> we have money the most bureaucratic, confusing, litigious societies on the planet. it is almost an embarrassment being an american citizen around the world and listening to the stupid [beep] we have to deal with in this country. we have to get our act together. >> jamie dimon is consistent in calling for tax reform and how he thinks that can benefit the economy. we have been hearing this from him generally consistently. he is perhaps exceeding expectations with his enthusiasm on the subject and his sort of passionate plea for action to be done. ♪ anchor: still to come as we review the reek -- review the week, the leader of france's central bank offers a view into the policies. plus, conversations from sun valley on u.s. health care reform and other hot topics. up next, more of the week's top business headlines. another opec nation may be ready to follow saudi arabia and sell shares in its state-owned oil business. >> this comes as many golf own economi

jamie dimon unloaded on everything holding back u.s.esses, saying it is an embarrassment to be a u.s. citizen traveling the world and that the u.s. needs to get its act together. earlier, "bloomberg daybreak" spoke with blair effron, got his take on what jamie dimon said. have: today, you would gotten into my world of m&a. we got into the year with certain projections saying it would be the biggest year for m&a. it is not. a lot of that is based on certainty of decision-making, confidence, and where we will go next year, three years, or when you make investments, you want to have a good tailwind following that investment. i do not think there is enough confidence today that we have broken out of the 2% growth world, therefore, getting these reforms is important. i would finally say there is also a frustration that if we do dialogue getting the going by fall, you start running into the election counter of 2018. notd: you mention it is clear we will break out of 2% growth. how do you account for the two things you said? hand, markets are

. >> sean: jamie dimon unloads on the inefficient washington bureaucrats, the swamp.ssage tonight for washington republicans in particular. that's our mini monologue and also tonight. >> there's two things in this world i cannot stand. liberals are always crying and melting every time you disagree with them. >> sean: conservative social media twitter sensation and terrence williams, he gets a last word of the week tonight on "hannity" ." bass pro shops for freedom days. with clearance savings of 33 to 50% on select men's and ladies' sandals. and save 30% on select towables, wakeboards and skis. >> welcome back to "hannity." bureaucracy, red >> sean: will come back to "hannity," bureaucracy, red tape, taxes or, ravaging american businesses, stifling entrepreneurs and stunting the growth of wages all across the country, it's time for the government to get off all of our backs, that's why we're putting washington on notice in a very important mini monologue tonigh tonight. >> sean: the federal government is spending $400 billion of your hard earned money for the first ti

jamie dimon is right.d over a dozen laws rolling back the stifling obama-era regulations and implement ag i new rule to make lawmakers eliminate two regulation for every new one regulation they impose on us. sadly there's one regulation that some could claim that's more harmful to american businesses, american people, and that's obamacare. earlier today the president tweeted out republican senators are working hard to get their failed obamacare replacement improved. i will be at my desk pen in hand. under the leadership of mcconnell, get healthcare plan approved after seven years of obamacare disaster. this must happen. after all the years of suffering through obamacare, republican senators must come through as they have promised. well, guess what. all of you in the senate, it's time for you to keep that promise and start working for the american people. oh, this is hard. okay, you've been promising us seven years, repeal, replace obamacare. it's not only necessary for the health and well-being of our citi

and jamie dimon is allegedly right to raise -- we weigh in on the rising level of frustration in washingtonext. this is bloomberg. ♪ as warnings that dovetails are singing over the u.s. economy. last week -- expressed frustration. he said it is quote, almost an embarrassment to be american citizen traveling around the world. one partner was asked whether he agrees. >> is a lot of frustration. we had optimism earlier. a lot ofe seeing -- the promise of what we wanted to get done in tax reform, infrastructure, just isn't gathering momentum. -- you all-time high have growth that 2%. fundamentally the optimism needs to be turned into something real. clearly the frustration that isie dimon rest on friday quite broad. >> so the frustration broader than just jamie dimon. how does it affect investment decisions, to buy and sell >> it is having an effect in the real world yes. world, we -- wind west certain projections, saying it would be a record year. deals over $10 billion. a lot of that is based on certain to decision-making, confidence where we go next year. end, 12have a good tail months-18 mo

. >> jamie dimon is venting after a busy trip overseas. he has some things on his mind, doesn't he?we have become one of the most bureaucratic, litigious societies on the planet. it is almost an embarrassment being an american citizen traveling around the world and listening to the stupid -- we have to deal with in this country. at one point, we will all have to get our act together. >> jamie dimon is consistent in four -- calling for tax reform and how he thinks that can benefit the economy. we have been hearing from this consistently. he has perhaps exceeded expectations with his enthusiasm on the subject and his impassioned plea for actions to be done. nejra: still to come, as we review the week, the leader of france's central bank offers insight into the ecb's policy past. robert kaplan shares his views on what is ahead for the fed. plus, conversations from sun valley on u.s. health care reform and other hot topics. and up next, more the week's top business headlines. another opec nation may be ready saudi arabia and sell shares in that state owned oil business. >> many gulf eco

maria: which is why jamie dimon said this is unprecedented. let's not underestimate how big this is because it may cause disruption in the market. jim: very wise word on his part. there is so much new and different in dam monetary environment. we had last summer $13 trillion worth of government bond in europe and japan priced to deliver a yield of less than zero. that's a first in about 5,000 years of recorded interest rate history. another first is the institution of what we call the ph.d standard, the discretionary monetary rule from former tenured college pro pessors. we have theoretical professors leading unprecedented monetary policy experimentation. does this sound good so far? maria: no, it sound scary. what does that look like? what is disruption? does that mean a massive sell-off in stocks or collapse in the bond market? jim: there are two kind of disruptions. the happy kind and unhappy kind. we are presently in a moment of extreme hope or complacency, certainly bullishness in all markets and interest rates are as low as they have eve

jamie dimon says, the u.s.mer remains healthy, evidenced in our strong underlying performance in consumer and community banking wells fargo with an earnings beat and a revenue miss and citi exceeds on the top and the bottom line. all these names have had quite a run since the election not hard to know how much they deserve today in light of what the macrodata said >> the results would give me the message that things are on track. going roughly in the direction expected and there's improvement there. jpmorgan, 12% return on equity that's one thing that stands out. that's a little bit of a notch better than the bank has been capable of more like 10%. but, you know, the stocks have built in a lot capital return all the other stuff that's on the come so i do think right now, they're going to probably trade on the bond market, right day pointing data. yields are coming down and that's the immediate link in terms of reaction. >> that roe num sber something to marvel at i can remember not that many years ago there wer

finally, who can argue what jamie dimon says of course i'm oversimplifying.ut, yeah, things are not getting done in d.c. i think it's messaging i think if you're watching, jamie, maybe you should talk about the average person doesn't get the message that they need changes in tax policy. that they need changes in infrastructure nobody is putting that message out. jamie, maybe you can put a little pressure on the major channels, the major papers to open that whole world of what's going on in the public your final comment >> look, we need a government that's going to work for all people one of the key components is fiscal stimulus. we need tax reform we need health care reform we need all the various things we need a bipartisan solution is what we need anything that comes single party tends to fail a couple years later. we need people working together better to get the fiscal stimulus that we need to get more organic growth in the economy. and that's the way i see it. until we get that, it's very, very bumpy >> yep yep. couldn't agree more. politics may be fasci

yesterday, when asked about comments the jamie dimon made as it relates to assets coming off your books, you stated today and in previous reports that the fed intends to reduce its assets of the balance sheet. i would like to ask you, if you could address the timing of when those assets will, the books -- off the books and procedurally how that will be done? chair yellen: we had tried to set out relatively complete plans. our assets currently total close to $4.5 trillion, consisting of roughly $2.5 trillion of treasuries and $1.7 billion -- trillion of mortgage backed securities. we intend to shrink our balance sheet and particularly the outstanding quantity of reserves in the banking system which are now around $2.2 trillion. and a gradual and predictable way. we have said that what we intend to do is, once we begin this, as we receive principal payments on treasuries and the agency securities in our portfolio, currently we are reinvesting all of those principal payments and we will begin to diminish our reinvestment, and only reinvest to the extent that our monthly receipt of principl

morgan stanley streams and they were vocal about the need for tax reform what did you think of jamie dimon'sments i'm sure you saw them. he sort of went off about the inability for things he had done in washington and talked about it being an embarrassment, you know, when he is traveling globally so for all that president's trying to do on the, you know with, that agenda, there is this feeling that, you know, that it's holding a business right now. >> well, i think jamie's comments were really more aimed at, you know, the status quo the way the new people have found it and so -- and then the push back from various special interest groups and the minority party in congress that says, no, none of this stuff should be touched that was done in the past. and so i think jamie's call and i heard him say this before and i'm glad he said it in that context of that call but is to call on people in washington to look at the cost, look at the potential benefits of having a regulatory structure he's right when we look at our competitiveness versus other countries, we're really behind the eight ball on th