a lot of comments from jamie dimon over the course of the hours.e money in credit cards in 2010. commercial real estate is going to get worse in the united states. they want to see improvement in conditions in charge-offs before all of that happens. coming up on the call, jpmorgan cfo michael cavanaugh will talk to us at 11:00 a.m. eastern time. and then it's a big day for earnings tomorrow starting off with nbc and cnbc parent ge. the company is expected to come in with revenue of $42.16 billion. revenue forecast above $33 billion. and then citi on the list, they're expected to post a loss of 37 cents a share, revenue expected to top some $22 billion. art cashen, of course, head of the trading operations over at ubf financial services. art, just your reaction to jpmorgan. good for the company, perhaps, not a good barometer for the consumer, right? >> that's probably right on. it's been a strok bank throughout. as you were talking, they had the talk money hoist upon them. they're having difficulty straightening it out. they're going to have to worr

of all, dimon the first honcho to publicly complain about it. this is way underplayed. it's about time somebody spoke up. dana milbanks, start us off. >> i agree it's underplayed for an entirely different reason. if it got a bit more play, certain wrath would be directed at mr. dimon, not quite of the aig bonus scale, people would say, look, we had enough of too big to fail now you guys are few failed to talk big. let's tone down the arrogance a little. >> dana, they paid back the t.a.r.p. jpmorgan is out of the woods and jpmorgan never needed that money. >> of course they did. $25 billion is okay for them to receive from the government. when things change a little bit, they won't take the regulation, what you just said, got us into this mess in the first place. if the government can't now change the way banks do business, what have we learned. >> beverly goodman, jpmorgan managed risk just fine, jpmorgan didn't take the hit bear stearns took. why can't it speak up right now and say you're going too far with regulation. >> it can speak up all it

that's some of what we got from jamie dimon. kind of what they did about goldman, a little worried about how far we've go the come so  fast. but i didn't detect any signs of real fear or concern or the ability to call the bottom in the economy from jpmorgan today. >> thank you very much, el nesto grande! >> the market kind of tiptoeing around. how should you proceed? joining us for the cnbc edge in stanford, connecticut, my colleague, chairman of holland and company, owner of the tunnel and in philly, if you're lucky, he gives himself the 6:00 to 8:00 a.m. shift. so if you're lucky. go through the tunnel at that hour, he might take your money. in philly, shawn clark at clark capital management. start with shawn. where are we headed here? head & shoulders was a bust? now we're going back up, or this is a head fake and we're going back down? what? >> yeah. that pattern that most technicians were talking about, the head and shoulders pattern, if it held it probably would have indicated that we would go down to 800 on the s&p 500.

. >>> goldman conferred its all-star status, but jamie dimon is at bat. >>> and follow peyton manning at that boring family picnic. live nfl action is coming to your iphone. a top media analyst gives us the trade for that. >>> plus the big gun at this weapons maker tells us if firearms stock are still fast money, when america's post-market show continues. not long ago, this man had limited mobility. last month, this woman wasn't even able to get around inside of her own home. they chose mobility. and they chose the scooter store! if you or a loved one live with limited mobility call the scooter store! no other company will work harder to make you mobile or do more to guarantee your complete satisfaction. if we pre-qualify you for a new power chair or scooter and your claim isn't approved, the scooter store will give you your power chair or scooter free. that's our guarantee. they were so helpful and nice. they filed all the paperwork, and medicare and my insurance covered the cost. we can work directly with medicare or with your insurance company. we can even help with financing. if t

today, even jamie i dimon, the great cpo of jpmorgan doesn't know how it will be resolved and worriedrices will be too punitive. they wrote and article posted in street.com where i'm chairman. it's on the front page and worth reading and subjectedggested a n to this problem simple and elegant and i might say brilliant. they want the treasury or fed acting as the treasury agent to hold public auctions for the warrant, just like treasuries. let the public decide what they're worth and no one will be ripped off and the taxpayer won't end up getting stiffed. there's no way for wall street to game this kind of auction whereas you know they know how to lean on politicians and bureaucracy to keep the prices they want if we keep going down this current course. i think bunting and hair solution should be the topic of the day. it's the only way to go and i fully endorse it and not because brett always seems have a better seat than i do at the summit diner. the treasury already sells tons, tens of billions of bonds every week. it's not like it doesn't know how to run a good clean auction, let ev

because i interviewed jamie dimon a short while ago, and he said they were going to do 600,000 modifications, and only 200,000 have been done so far anywhere. no one is close to the target. what's the problem? >> well, if you ask the banker, they'll say it took a while to ramp up the program, to get the information from the administration, and the administration is continuing to change some of the forms, but one of biggest problems the banks are having in modifying these loans is 50% of borrowers facing foreclosures right now will not talk to their servicers. and that's after the servicers are sending them letters, calling them at all times of day, and even going to the property, trying to say, look, we can offer you a modification. the borrower doesn't want it, or the borrower doesn't talk to the servicer. so that's one of the reasons. another reason is that, look, this administration program was very careful in making sure that it didn't allow everyone to get a modification. as you remember, we were arguing months ago about who should and who shouldn't get one. not everybody qualifies. and

a, yes, dimon's turn to shine or b, no, too much consumer exposure. >> i think karen finerman wrote that question. time to shine, log on fastmoney@cnbc.com. pete, you're watching sun trust. >> pretty easy, even keel today, but $16 stock and everybody was talking about it $60 everybody wanted southeast exposure, money setter bank and they loved it, stock went to $30, before you know it under $10, now it's at $16, it's been churning for about three months. august 18 calls today, one swoop, huge call buying 65 cents came in, bought about three times normal what the volume was previous. that shows it right there. and it gives you a little idea that people are starting to look forward and wonder how bad will their earnings be? we know they're going to lose money, how much and if it's anything better maybe there's up side here. >> all right, more earnings edge here. johnson & johnson this week, ending the day only slightly higher. over the next two weeks, we're going to hear from health care heavy weights like merck as well as pfizer. positive results, mike huckman joins us again at the end of

jamie dimon has to be applauded for taking an enterprise and re-establishing its place in the marketplace and leading them on to a new task. goldman has done a same thing. they've redefined the task.. and the losers are stale with the old garngs the old model. if there's a way to describe it in the old model there were a lot of tools that people are using for so long they began to think there were answers.s. as the world came unglued they began to realize they were tools, not answers. >> but there's a fundamental way to look at things and then there's the valuation. you've got a big move in the market this week. a lot of momentum on the up side. do i want to be committing new money to this market here? >> paulson's interview here. if he'd not done something things would have gotten a whole lot worse. i lived through the crisis in mexico in the early '80s. things got bad, then worse, then really bad and a decade was lost. likewise in france. in japan two decades were lost to the equity market. i think what we're doing is actually identifying these things a lot faster and dealing with them.

jamie dimon on the call yesterday said we don't really have the commercial real estate exposure but thes are going to get slams. what are your thoughts on financials? bank of america's out today with their numbers. citigroup's out with a report that 15 hours later people are still trying to make heads or tail sense out of it. what's your takeaway? >> we own it because of the valuation. we trimmed a little before the quarter. bank of america.a. and we like it a lot. one thing we're concerned about and we talked about in the break, do you really believe these credit numbers? you talk to your friends at fourth of july puck knicks, everyone's having problems. i don't think we've seen the increase in defaults that people think have stabilized. i think you're going to see more credit card defaults. i think the alt a mortgage problem is a big problem and that wave hits next year. and prime mortgages too we're starting to see defaults. this might be a seasonal head fake on credit defaults or consumer loans. we're seeing it in possibly commercial loans with cit. so i think there's going to be a

jamie dimon has said there isn't enough demand. what is demand for credit like right now? >> i mean, our commercial bank, one of the leading middle market lenders in the country operates in all of the states where we have retailed branches. we actually saw loans come down quarter over quarter a little bit, 4% down to $105 billion of loans outstanding. yet we are eager to grow and invest in that business. and, in fact, are opening up commercial banking business operation in california where wamu never had one, so we're hiring people and expanding business, yet demand is down. companies are being a little cautious right now, so demand is lighter. and then larger companies that have excess cash lying around are paying down balances. so we see a little pressure on the demand side right now on the commercial side. >> and you said you see commercial real estate getting worse for a few more quarters to come, or what does that look like? >> commercial -- a lot of questions about that on the earnings call. it's not a big exposure to us. no pnl impacts to us in this quarter. a littl

yesterday jamie dimon on the jpmorgan call said there's not as much demand.hat they're claiming as one reason why lenning is going down as opposed to up. he said, it's -- you know, he just says it straight, the demand's down. >> well, i think that's true in the broader sense but demand's also down because many people who normally borrow don't think they can get the money on reasonable terms or in a reasonable way. so you have a balance here that has to be met. i would say what's happening is very healthy for the companies. the next step is to create a new platform for lending. without lending you're not going to get growth. without growth we won't -- >> what's the time frame? >> we have kanas, comment on all this. more from don and david throughout the show. we'll get you an ifb so you can listen to these guys. right now, back out to the hamptons where becky quick is catching up with some of america's business leaders. hey, beck. >> hey, joe. we've been listening to everything you guys have been saying. we want to pick up right where you left off. our guest j

they have gold and dimons as well. >> a lot of commodities.he rest of africa? >> i think there. you are right to highlight the restores-rich sections. ghana is a great example of how it can change and evolve overtime. on nigeria, they are a country twice the size of california with 151 million, 40% under 14. that sounds like a consumer boom. in west africa, they have consumer related plays and teleplays. that gives me access to that demographic and consumer change. i like the stocks, but would rather have exposure to the consumer. >> you need a lot of patience when you invest to realize the kind of gains thaw both realized couldn't be had. >> one of the most important things, they need an extreme makeover with business in africa. you have to go in not with the attitude that you know everything, we are bringing in american ingenuity and technology, but we have to listen and understand and learn about the culture. culture and family is important and the fact that president obama is visiting there with his family and the first six months of his p

jamie dimon said last week he's not going to make money in cards in '09 or in 2010. i guess you're going to wait to see if chargeoffs level off before you get back into these names? >> no, that's really not our view. we actually -- our opinion is that chargeoffs are going to start to peak in q-4, especially american express. we have seen very favorable trends on the delinquency side. yes, there's normal seasonality that goes on. over the last three months across the board we have seen delinquencies out perform what you would expect based on normal seasonal expectations. the thing i would describe is that we sort of reached a point of termal velocity here in terms of the problems. the consumer behavior is improving. card issuing and underwriting is tightening. e are problems out in the labor market, but what we're seeing is real behavioral shifts that are going to cause an end to this situation. >> all right. you remember -- did you put a buy on amex at eight, rick? do you remember? >> i did not. i did not. >> i was asked from people, you know, it's like going to the

jamie dimon says he sees leveling off in delinquencies and that's one of the reasons you're only see the stock down federally. here's a good example of how the shopping earnings season is looking. they beat estimates. but again, cost-cutting is what did it. disappointing guidance. 9 to 14 cents for the quarter much heavens, prerp at 20 cents. this is a good example of what we'll be getting. and finally on cit, i'll tell you what they're talking about down here. first, they can't quite decide whether or not that -- that government walked away from helping them out because they thought it was unlikely it was going to rule the financial markets, or did they walk away because the government was very concerned about putting more money into the company in credit concerns that might make the company way too costly, just tensionally throwing good money after bad. nobody is quite sure. but there is a lively debate on that one right now. tradertalk.cnbc calm. brian, how are we looking at the nasdaq? >> not too bad. after the 3.5 run up yesterday, consolidating what we're up, but the declines a

. >> jamie dimon is mad about the kritd default swaps. you see he had $81 trillion in normal value and i was asking carl this morning, what exactly is the national deficit or the debt at this point. you said the deficit is what -- >> $1 trillion. it hit $1 trillion in june. i like the article on -- morning! snk snuck up on me. >> yeah, i did. right behind you. >> let's check markets quickly before we get to all that. busy wednesday ahead. futures, throw, it looks pretty good. asia had a very nice night overnight and europe is up three straight. world stocks at a two-week high. intel, j&j, goldman, it's been a decent start to the earnings season. oil back above 60 at 60.46, up almost $1. ten-year topped out on a note yesterday and is still there right now. weep keep our out out for that. with more risk coming in, it is taking a back seat along with treasuries, and there's gold, up six bucks. >> carl, intel is our stock of the morning. adam beb gentleman pin covers the chipmaker for jeffries and company. adam, in the past, maybe it's too si