dimon: you too. lisa: can i take a picture real quick? dimon: of course you can. some small wins along the way. being in business isn't about making a million dollars in the first year. it's about enjoying and celebrating the little wins, and then letting them mount up over time. cory: oh, wow. that was amazing. lemonis: he loved it. cory: yeah. lisa: like, i'm not built for this type of work. lemonis: yes, you are. lisa: it's not me. lisa: i don't think i can take the company where it needs to be. i think he can. lemonis: you can. i'm positive. i wouldn't be standing here. i know there's more inside of you, and i'm gonna keep digging because i know what you're capable of. lisa: it takes time. lemonis: it does take time, and that's trust. as we build trust with each other, that will help. lisa: that's hard for me to do. lemonis: i know, but i think you trust me more today than you did when you first met me. lisa: yes, i do. lemonis: and hopefully a month from now, you'll trust me more then than you do now. ♪ i've been uncomfortable since the day that i met dave, n

walter: i do, jamie dimon addressed that. he says if their base case plays out, which is fairly pessimistic and realistic, if it is better than that they will have significant access capital that they would hopefully used to buy back stock, which i hope we can do before goes up too much. it is likely not this year, but he said he would not rule out the fourth for that happening if we see a better than expected outcome. i do think the build and reserves that has been very aggressive for a variety of reasons over the past two corridors should start to moderate into the third and fourth quarter, and was said earlier, the tail and of market -- tail end of market revenue is not replicated, so you will have this straight off between markets moderating. the: i am struckalix: by ceo of citi saying that the world economy will not reach normalization without a vaccine, and i am wondering does the value trade that one finds in investing and bank stocks, does it need government stimulus to make it a viable investment strategy? yes, value

the games -- the gains exceeded as jamie dimon seemed cautious. wellsboro fargo with the worst lost. of .9%.ting at a loss alix: jp morgan gaming -- gaining .5%. the second quarterly call just wrapped up. street correspondent is joining us. we are starting with jp morgan. >> the keyword was conservative, and the question becomes how easy will it for customers be to access -- will it be for customers to access credit. marketcustomers prop up earlier and the cfo told journalists that may and june where the easy months, which draws the question of what does it look like for the rest of the year. could analyst call, you not imagine how many ways to ask the same question, how much worse it could it get? and there is no answer. guy: thank you very much. let us talk to one of the analysts joining us now on the results. jeff harte, a piper and sandler and company research analyst. he is overweighted on jvm overweight 56 the price target there. guessses the question, i you have been doing it on the call as well. this felt like a cautious update p.m. --h ci

somehan: that sounds like language from jamie dimon. lisa: is it not true?han: i think amazon has been the port in the storm. in terms of stock performance, yes. in terms of which bank is able to weather the downturn, jp morgan is gaining some strength. jonathan: up later, dws america's chief investment officer from new york city this morning. good morning. this is bloomberg. >> president trump is downplaying the risk with infectious disease chief anthony fauci. rift with infectious disease chief anthony fauci. thei says he hasn't seen president since early last month. the u.s. is escalating tensions with china. denouncing beijing's claims to the south china sea as unlawful. china stepping up a campaign to dominate the resource rich region and the smaller missions there. bloomberg learned that advisors were content -- considering a move to punish china but dropped the idea after opponents argued that could hurt the u.s. , gdp fell at an annual rate of more than 41% from the previous three months. economists see the second quarter as a likely bottom of the cy

jamie dimon says we are just guessing. we are at the start of something, and it will come later. and morning if you leave this call and you think the world is a good place, you're very mistaken. the numbers on those calls tell a very different story to that of kudlow, the white house, and some other figures. some see a turning point coming in the third quarter, away from the risk on-risk off we've had over much of the covid-19 crisis. in the meantime we've had mixed messages from the fed overnight. if you look to the markets, it all seems to be around the optimism around the vaccine. a lot of green on the screen in terms of u.s. and european futures after we saw some divergence yesterday with the u.s. closing higher and euro stoxx closing lower. some underperformers in hong kong. at what point does that become an opportunity? oneiving some powerful risk in equities. the 10 year yield goes absolutely nowhere, in terms of the dollar receiving the commodity currency outperform, which speaks to risk on and dollar weakness. withsome of that to do indications around stockpiles. the big

i will defer to jamie dimon on his expertise.you look at what the market has already discounted, you had a 40% drawdown in stocks. did not peak in february 2020. i am trying to ask ourselves the cyclicality -- are they starting to, out of that. i think the resiliency to bad news over the last five or six weeks, you have to give markets a hot tip. we are talking about discounting mechanisms. the market is aware of what the future will hold. let's get into the technical spirit the post covid highs are something we cannot breach. how key is that for you? lot ofit reminds me a may through july and august of 2009. you had a 45% move off the march 2009 lows and then you went through three months of all of the leading issues starting to correct. it was a tense three or four months that the market consolidated that gain and it resolved higher. it is interesting the expectation is this consolidation we have been in must resolve lower. i am not convinced of that. surveillance nerd alert, we will do it with christopher verrone. i was stunne

dimon. >> let's start there in terms of the increased provisions for bad loans.hey said in q1 we expected a sharp down turn followed by a rapid recovery now we expect something more protracted in terms of the provisions for bad loans saying the q1 provisions are focused on the hardest hit sectors. it's much more broad based they're assuming there will be more stimulus to come but they don't know that for sure said, visibility on economic damage not very good in terms of comments from jamie dimon, he said his traders with strong numbers did an extraordinary job. 80% from 20% in the office my guess he said one day we'll be back at work. maybe 10% will be always done at home i asked him whether the moves in stock market, tesla up 17%, down 3% at the close was a sign of a market bubble. he said it's a mistake to look at one stock that doesn't represent anything. did say trading levels will likely revert to more normal levels going forward and said we just had the biggest downturn in march and april ever the biggest up turn in may and june we just don't know the futur

, jamie dimon doesn't know where the countries unemployed are going to be in the first quarter of 2021>> you raised a good point, investment revenue cannot continue at the pace it has been , but morgan stanley is getting awarded in premarket trading. can you explain the behavior of the trading ahead of the market open? from chris: i think that what is ?- open question mark - chris: if you think about goldman sachs and morgan stanley, they are historically investment banks without big loan books. the morgan stanley loan book is like 1.5. 1.5 times the tangible common equity. for a typical regional bank it would be six or seven times. the normal bank banks are going to face a bigger wave of losses than the investment banks and i think that's one reason why these stocks are breaking out better than the commercial banks. top of that, you know, for goldman and morgan there is a lot of low loss content in their loan book. [indiscernible] jon: i think we have a bit of a problem with your line there, chris. chris kotowski, thanks for joining us. i think we have a bit of a problem with that lin

the hole is best described by jamie dimon's conference call.e wanted to hear the traditional jamie dimon and what they got was something that said it's an untraditional, atraditional recession but please don't get overconfident because i'm not overconfident. this microsoft call could be overconfident. i'm using it as a paradigm there are many others that are like that. >> carl? >> yeah, jim, you know, listening to you talk about what dimon said, i'm looking back, one of his quotes, the recessionary part of this you're going to see down the road and that couples with what brainard and barkin and bullard and hashi harker said yesterday. i wonder why you think they're prepping the market with more stimulus do we think we're going to run into hard times on august 1st? >> when you look at how much forbearance was asked for it was pretty low when you look at the number of ppp, the companies that took the ppp, it's very high so what you start thinking is there's this -- mnuchin, the treasury secretary correctly bridged things, provided we have a vacci

private pain after choosing to exclude huawei from the roll out >>> the treasury surges and jamie dimon says the future path is uncertain. >> we don't know we are very clear, i think, you will have a much more difficult economic environment going forward than you had in may and june >> good morning. welcome to "street signs." i want to take you to some of the market action. as we opened up, we were very strong very little in the way of red ink. more moving on to the charts, it has been an interesting section as we we up the potential for another vaccine for the coronavirus very mixed reports from profit hit of covid-19 and the lockdowns and some of the outcome it has been a mixed bag as we rake through the earnings from telecommunication and luxury we've seen a lot of provisioning this morning, trading higher by three quarters of a perfect. you can see how it translates across the core markets. the ftse in the uk is .8 in the green. decent outpacing german stocks today. we've given the territory back spain up there a bit closer to the range of the core market that has drifted south the

comments coming from jamie dimon right now.ond quarter with massive loss absorbing capacity, saying 34 billion in credit reserves, jamie dimon making it clear they don't have more clarity than they did recently when it comes to the u.s. economy. so they say they're ready to handle what's coming but jamie dimon saying, again, that it's going to be difficult to really assess the u.s. economy. so still kind of back and forth. there's the stock right now, up more than 2 and-a-half percent and going strong. locking back down, california governor gavin newsom announcing a rollback of reopenings, bars, restaurants, they've been closed again. the state's largest school district is not going to open its doors to start the new school year. president trump holding a round table with people helped by police as crime surges across the country. we're going to take a closer look at the story. here we go with earnings season, we're kicking it off this morning with all of you. we are waiting now for delta, wells fargo and for citigroup. all of

i'm reminded of jamie dimon who said square had innovated where jpmorgan hasn't.aid visa was slow out the chute when it came to fintech. why do you think traditional players and lenders, they can't make these innovative product themselves do you think the strategy of acquiring start ups who can will continue >> we look at the last at te alternative and today, banks were not digital today we see banks as being technology companies you hear jamie dimon saying the massive investment they made in technology that's come in the form of partnerships and acquisitions as well >> how do you continue to keep plaid's culture when the visa acquisition goes through there's been some missteps >> this is one of the things i love talk about. i spend so much time inside the company discussing with people we hire. i think culture starts with hiring fantastic people. hiring them according to a set of principles and value and ensuring you have the proper communications and ways to allow these individuals to grow. it starts with the people and you have to scale that from the visa persp

i listened to jamie dimon, and he sounded cautious going forward.eing a range of outcomes that are quite concerning to him . you sounded much more optimistic this morning on the call with analysts. why are you feeling optimistic as you are right now versus what other bank bosses are saying? johan: i am not sure i sound of that optimistic, but it looks like on the first wave, we have stabilized. the main concern is the second wave, and i do follow the you as closely as it is the main concern we see as the leading indicator, and watch responses will come from national authorities if the second outbreak is significant. we do point to very low visibility. we think we have come up as far as what we know today, taken appropriate measures on expected credit losses. and they are, of course, elevated. guy: do you think trading -- mostat the moment banks seem to be extrinsic a positive picture, do you think it should be treated as a one-off? johan: i would not treat this as something sustainable. i would treat it as a very strong reversal from a very weak q1,

jamie dimon saying this is not a normal recession.sionary part you will see down the road, just not right away because of it is all the stimulus. joining me a scarlet fu. it is a tug-of-war between reality and hope and hope this morning is coming out on top. scarlet: it has been that way for a couple months. this is not a normal recession. it was induced and depends on a medical solution.

here is jpmorgan chairman and ceo jamie dimon on that topic. >> we feel the same today as we did at the end of the quarter. and we're very clear we cannot forecast the future. we don't know. we're also very clear deny sh did -- at least i think, we'll have a perkier economy going forward. we are prepared for the worst case we simply don't know i don't think anyone knows. >> citi's ceo was not too down beat about those spike in covid cases. >> i think you can see that in the spend rates that, you know, while these cases have had a resurgence, you know, we've seen spend come back off in some of those places we haven't necessarily see it go back to the lower levels of the darkest days of early covid. >> none of the banks could guarantee that provisions have peaked trading in investment banking for citi and jp strong a huge upset to the pressure in the retail banking operations. wells fargo, on the other hand, doesn't have that offset and their dividend cut could share to 10 cents per share was bigger than expected hence the share price move all the banks trading down today other than jpmor

rare occasions because he bought a ton of stock at 28 and it is no longer 28 this is not the jamie dimon call shot that we remember. >> that was one of the first big sort of signs at least of insider confidence that purchase by sharp at 28 david and i in your absence last week talked about some of the sell side arguing that this could be a tactically constructive band-aid quarter for wells. are you suggesting the stock could turn around or not >> i'm suggesting buy johnson & johnston if you want the band-aid i would not touch this wells yet. the ran i wouldn't touch wells, maybe they have to offer stock we are extremely disappointed. this is his quarter, the second quarter is charlie's charlie looks better than that will you get rid of that picture? >> i agree >> charlie is a cool guy. >> that is not a good looking picture of him we have to change that >> let's do that instantly when charlie says, listen, i have it under control, you buy until then, this was one of those it's not even kitchen sink it's like every sink it's like five sinks. >> jim, explain to people what the difference is

i know that jamie dimon talked about a much murkier picture ahead.oderna shares spiking after our on news that they are seeing some early success of the vaccine candidate. what about other earnings coming up that you are looking out for? morgan ceo jamie dimon really is a voice of reason and he has been appropriately cautious around all of this. i think they also talk about the fact that the unemployment rate is likely to be in the double digits until the first half of next year. as far as other earnings coming up, other big banks, goldman , bank of america on thursday. of course, watching to see the size of the loan loss provisioning as well, given their focus on the consumer. thursday, we have netflix. we will be talking about this perhaps more tomorrow. the big deal there is whether or not they can hit the whispered number of some -- of subscribers for the next quarter. some even looking for 12. over the past few days, netflix down almost 4%, some jitters i had of that earnings report. emily: thank you so much. theseant to recap headlines coming o

jamie dimon . all right well we're going to take a break and when we come back much more coming your way. during the vietnam war. it was a secret war. and for years the american people did not know. millions of unexploded bombs still in danger lives in this small agricultural country. even. decades ago is the u.s. making amends for the tragedy and. help to the people need in that little. welcome back to the kaiser report imax keyser time now to turn to jimmy sun he is a bit coin educator developer entrepreneur welcome back jamie i want to jump right into it on the 4th of july independence day here in america you wrote quote a declaration of monetary independence can you elaborate on the thesis here about rigged markets how big coin fix is said to me yeah i think back in 1776 our forefathers knew that they were the system was rigged against them they have a lot of taxation without any representation people here in great britain really care about and they were being treated unfairly and it's my thesi

that's not right jamie dimon. all right well we're going to take a break and when we come back much more coming your way. thinks. we. ask. some rumors as soon as you. hear that oh. don't talk to me international community. media used to. if you. do this to the kids who confessed this study said it needed. further push them of the world food is for the commercials for their nuclear cooperation in antarctica is everything for free if you wish to believe it will live in front of t.v. with 3 of the above the. 5 i have i would have acted all day but i decided not to take people's life. with i gave you that. welcome back to the kaiser report imax keyser time now to turn to jimmy sun he is a big point educator developer entrepreneur welcome back jamie i want to jump right into it on the 4th of july independence day here in america you wrote quote a declaration of monetary independence can you elaborate on the thesis here about rigged markets how big coin fix is that jimmy yeah i think back in 776 our forefathers knew tha

right jamie dimon. all right well we're going to take a break and when we come back much more coming your way. so we have inherited a brain constantly comparing itself to others. for a monkey wrench a bit of food it compares itself to others and it seems that it's weaker then it doesn't reach for the banana because it's afraid of getting bitten if it sees that it's stronger saratoga and is released and it goes for it and it feels good so we feel patterns when we were young of comparing ourselves to others and making decisions about when you feel one anyone would feel one down and it's easy to feel one down all the time if you're into alternated to think that way and then you end up with this or does all the time and absolutely precious. time of the time corporations repeat the same mantra sustainability it's very important to accelerate the transition sustainable transport sustainability stay number man out a more equitable and sustainable world. they claim their production is completely harmless. becau

interest rate borrowing costs different into different parts of town if you live in the ghetto then jamie dimon will say your cost of borrowing will be much higher so he's engaging in interest rate apartheid again you know you have the system whereby the system itself is corrupt and biased ok it has like the oligarchs are of the banking system are favored and their friends are favored over the other people outside the ring the same you have with free speech like we the public domain now is facebook and twitter and yet they're private companies so they could cut you off and censor you as they're doing to the president now. and so this censorship resistant sort of thing is starting to play out in the bitcoin domain because you know the self sovereignty from a nation has always been gold you accumulate gold and then what happened in the past year or 2 when venezuela wanted their gold from the bank of england note we're going to censor that you don't get it back and arguing here i'm not going to debate anything about my darrow or what you want to argue about him this is about just the like remove t

argument that all of the banks and 2008 in 2009 used when they received all these bailouts and jamie dimon the lloyd blankfein member at the top of the pyramid of receiving these bailouts argued that they didn't really need the bailout but they had to take it because the feds forced them to take it and everybody else was taking it so we had to take it they became billionaires you know joining this crypto sort of wealth rankings of billionaire class receiving bailouts and here we have the same thing happening to every community so that's why you have to always trust but verify indeed you know all these projects are going to get their lunch eaten by bitcoin but cohen has the guts of hard money and all of the. these projects going to be eviscerated right i'm surprised charles haas incent and try to take this launch a go peanut butter taco public with a nice. it's a pure nonsense the shapes of people shame on you you know alt x. r.p. is total garbage iesus what the hell of i said a bad word you know it's like now now because it's going to make its move it's like because it has been playing lik

jamie dimon is common in the press release so of course this is part of that plunder of this p.p.p. that somebody is going to have to pay for there are more of these unaccountable spewing of money coming out and it is a cost becomes tawdry everywhere you go is corrupt and we see that in all nations are susceptible to it happens all the time we saw that in egypt when we went there after the revolution and they pulled the guy at our hotel said in amazement that his father had just got his license driver's license renewed and he didn't have to pay a bribe and it was the 1st time that happened and he was so shocked his whole life he knew having to pay bribes here you know like trump makes the barack look like mother teresa. certainly jamie diamond well we're going to take a break and when we come back much more coming your way so don't even think about going away to. join me everything on the alex song i'm sure i'll be speaking to guest of the world of politics sports business i'm show business i'll see you that. is politically impossible in the united states to advise eating listen to

jamie dimon himself talking about cautious of how sustainable those numbers are. >> another big take away are the higher provisions banks have been forced to take. where do you think we stand in terms of provisioning? have we seen peak provisions? >> these should be peak provisions the banks have leaned into the more conservative forecast there is still expectations we'll get a v-shaped recovery and they'll go forward from there. as we go through the second quarter, it was quite clear. that was better than the worst case scenario. they are better recovered there. that might slow the recovery in the u.s. i think expectations where we'll see higher provisions have been higher than that when they talk through it, they've got various scenarios. they are giving it a little more weight particularly reservations about recovery coming through. >> a lot of investors around the buy back and cut their dividend. do we manage to get anymore information about what lies ahead on the rekofcovery of the share holders. >> some of the banks are holding out some capital in q 4. as we get to 2021, i thin

. >> jamie dimon is not? [ laughter ] >> i didn't say that i'm saying scharff will take a very fat bank and turn it into a lean, mean, lending machine. >> wow this is your quote -- jpmorgan is not the stock to own in this market >> i'm saying charlie scharff is the person to buet on here this guy -- you put a guy in, like a child, he's like 40 >> you own -- you made that move into wells fargo people tried to call you on that, too. i don't know if is in that group or not it's not an easy story, and turnaround stories are never easy that's the sixth executive that he has entire since october. he is completely turning this company around the other interesting thing i thought in the quarter -- it was just horrible in every way, but the credit reserves, i was expecting about 6.5 billion, so maybe he's gotten his arms around this thing and being conservative we'll see what happens, but joe, look, it's not an easy bank to own. you have net interest margins going in the wrong direction, but a turnaround is a turnarou

maybe dimon calls it not a normal recession. pushing higher amid volatility. u.s.ind direction amid china and took concerns. the dollar extends declines and tech legs. -- lags. facing thedecision opec meeting tomorrow as they assess record election cuts. we are through what to expect on that and so much more coming up. romain: not quite green, not quite red. the s&p 500 is up

its ceo jamie dimon is kouscaut.up a $8.9 billion reserve to brace for loans that could go bust in the months ahead. delta air lines reported the worst quarter in more than a decade, burning $43 million a day. its ceo warned it will be more than two years before the industry recovers. airlines have access to secured loans under the c.a.r.e.s act something that delta has not decided to take. all that emergency federal spending is leading to a record deficit. brand new numbers show a $864 billion shortfall in june alone. as a share of the economy, the deficit is now the biggest since world war ii. john? >> $864 billion. christine romans, thank you so much. >>> harvard university and mit expected to challenge president trump in court over a directive to threaten to remove international college students. the administration says foreign students who plan to take online classes this fall cannot stay in the united states. that is a threat many states universities call cruel and especially in the middle of the pandemic. let'

speak to we need to what we are hearing in the banks, jamie dimon saying that we are not seeing a v-shapedhat we have pushed off into the future some real concerns when stimulus does start to ease off. abouthe way you can think how the u.s. has approached recovery, we have provided a lot of cheap money in the form of grants, loans, fed buying from businesses, on the premise that solventthese companies until the virus is over. a lot is riding on the ability of the companies to continue to do business at times and a lot of that comes down to what is happening on the fiscal side. if the fiscal support continues, a lot of companies will still do sales, remain solvent, but if the fiscal side collapses and there is not enough business, then potentially a lot of those loan's could go very sour and a lot of that cheap money will not have gotten anywhere. caroline: i want to thank joe weisenthal in the wild of austin, texas. thank you for that update on all things when it comes to the u.s. economy and the markets. stay tuned to what it means between the u.s. and china. we have president trump in th

remember when i talked about jpmorgan and jamie dimon in the past, look at their board of directors, this company will continue to thrive as we move forward. i think financials generally will i also like to generate revenues from there's a lot of reasons i've added to financials, specifically the blackstones jpmorgan, citibank i understand it's there, but they have a lot of arrows in their quiver to make money. >> i added goldman sachs as early today, and i haven't owned a money-centered bank since january. when steely dan sang i detect the el supremo, they were singing about goldman sachs. that is the brand. then the fed this week, comes out, rolls up a newspaper and treats goldman sachs like a puppy being toilet trained it was an extraordinary outcome. that thing is now in a prekarius situation. they're going to focus on a balance sheet getting ready for the fall stress test you as an investor will benefit from that. and selling assets to get compliant to the fed's stress te test i think it will be maintained. it's a brand story that's my theory and i'm sticking with it i'll look a

the jp morgan ceo, jamie dimon, suggested that investors should expect it to fall about 50%. it's hard to see if that will happen -- say if that will happen. that is an area where we should temper our enthusiasm, but the numbers are big. with m&a, the advisory deals announced late last year are closing in the second quarter of this year. due to all the uncertainty, m&a new deals are way down, which means advisory revenues through the end of the year will be low relative to the first half of the year. sachs is up by 6/10 of 1%. is the market signaling this is as good as it gets? market i think the anticipated goldman's numbers -- i know we were talking earlier in the week with investors that party company that calculates the number of deals and their numbers coming into the corridor for all the market players were much stronger than i think investors were expecting. that has played out. i think the stock had some of this benefit priced in. we are noticing the regional banks in the states that have been lagging, versus the universal banks that have the capital market businesses

but i agree with the previous comment you mentioned alluding to jamie dimon. the steepness of the curve does affect the banking sector, so i do think at the curve flattens, the fed actually gets concerned about that. that is a big debate i've had with my colleagues at eaton vance. clearly, we are in markets that are heavily manipulated by the fed, but on a day-to-day basis, i think the steepness of the yield curve means something. jonathan: jump to wednesday. what is it mean for chairman powell? eric: i think he is going to allude to this transition. you just mentioned this on governor brainard's comments. who knows what that means with negative real yields? but i do think the fed will have more open-ended qe, more thresholds before they raise rates. yieldeems to pooh-pooh curve control, but who knows? the markets don't need the fed's help anymore. tom: what are you seeing in flows at eaton vance? eaton vance is a venerable house. in text excellence managed funds. what are people actually doing with their money? eric: thanks for the plug, tom. on the fixed inc

ceo jamie dimon was cautious saying we still face much uncertainty regarding the future path of the economy. wells fargo suffered a loss of 2.4 billion. uncertainty about economic recovery has forced banks to prepare for a wave of coronavirus defaults. jpmorgan, wells fargo and citigroup have stock piled $28 billion all together to brace for loans that may go bust in the months ahead. delta airlines reported the worst quarter in more than a decade. its burning through $43 million a day. its ceo warned it will be more than two years before the industry recovers and it is cutting flights again. goldman sachs reports its earnings in just a few hours. >>> a big primary night for two candidates backed by president trump. >>> in alabama cnn projects former auburn football coach tommy tuberville defeated jeff sessions who faced fierce opposition from president trump. tuberville won. it was not a close race. tuberville will face doug jones widely viewed as the most vulnerable senate democrat this fall. another trump candidate president backed, the president's former physician, ronny jackson won a r

look what they doing those are categorized as tech stocks but they are financials i remember jamie dimon saying venmo is one of the things they missed i agree the cat gorizations are tough. you have five companies that are huge part of the market this year that is worrisome any time you have that. the minute that foot is off the accelerator we'll see losses in the market that are out size like we seen the out size gains. the vix is going closer to 20 than 30. >> valley, i take your point that technology is not a monolithic sector at all your stock picks in that sector are testament to that. they are alphabet, paypay and the semiconductor manufacturing company asml tell me why you like those above all. >> it's important, as you mentioned to stay well diversified even within technology three of our core holdings are the ones that you mentioned. paypal, i'll pick up where i left off there this has been aphenomenal company in terms of its role in enabling payments for consumers as well as merchants the thing that we like about it in addition to the growth characteristic is that it really doe

what does jamie dimon actually do on a countries, -- on a conference call to signal the view forward?i: so far he's been pretty constructive. that's see if he keeps up that view, especially with all of the pain we are seeing from the consumer. you guys have talked about it a lot on this program. the stimulus is running off, so the next stimulus will be far less money, and may not be checks into the pockets of many americans. that will all affect his income moving forward. the idea that at bank of america, 30% of small businesses are in deferral, which is that look like at jp morgan? jonathan: the federal is different to a loan-loss. i wonder how much clarity we will get on that as the reopening is commenced. sonali: that is a great question. of allually thinks 1/3 of these deferrals will turn into dealing would cease. what does that equate to -- into delinquencies. what does that equate to? that is significant. at jpy saw $9 billion morgan of revisions in the first quarter. we expect he second quarter to be bigger. but s&p biggies -- but s&p believes this will be significantly. lisa:

let's begin our coverage of the passing of john lewis with jeremy dimon at the white house. is the white house saying anything about a possible upcoming statement or any other action? >> reporter: well, across the aisle in washington, there has been an outpouring of support for the death and passing of congressman john lewis. the one notable voice absent from that conversation is president trump. president trump notably feuded with congressman lewis before he was inaugurated as president in january of 2017. and it appears that president trump still isn't able to get past that even in light of the passing of congressman john lewis. we have however heard so far from the white house press second as well as vice president mike pens who offered this statement which i will read to you now. congressman john lewis was a great man whose courage and decades of public service changed america forever and he will be deeply missed. john lewis will be remembered as a giants of the civil rights movement whoseselflessness and conviction rendered our nation into a more perfect union and his e

mentioned some of the words of jamie dimon. this is not a normal recession.he recessionary part of this you are going to see down the road. you are just not going to see it right away because of all of the stimulus. that is exactly what you were talking about. tom: the stimulus we see within the relative success of these earnings as well, and he banks to come all benefiting from it. what i would focus on here is everything gets sped up in a recession. the five-year business plan becomes three years, and to get out bonuses in february is going to be a real task for these executives. you can do efficiencies, but allison alluded to it, there is a new technology overlay on this which is a great unknown. the digital side of this. you know this better than i do because of your britishness. other parts of the world our way out front of us on taking in digital banking. jonathan: i removed -- i remember moving here for five years ago, walking into a duane reade with a contactless payment card, using it, and the person looking at me like i was a magician. incredible ho

>> jeremy dimon, thank you for that. senior correspondent joe john is standing by at the mount rushmore event. joe, what do we expect to hear from the president tonight and what do we expect to see? >> reporter: well, let's start with the see part first, jim. take a look on the lower level, you can see a lot of people here. the president is still about 2 1/2 hours out, and is very possible the park service is going to reach that 7,500 ceiling that they said they might reach here. so the first observation about this crowd, number one, there aren't a lot of people wearing face coverings and even though face coverings are optional, we were told if people wanted face coverings they could certainly get them from the government. it doesn't appear people are asking for them. the second thing is about social distancing. we knew that the governor of south dakota had said there would not be social distancing at the site. what we did not know is that there would be situations where people could not social distance. that's because i

but look at some of the comments from jamie dimon. he said we are concerned there's going to be a rocky road. liz: you know what, we froze on phil. can i go back to john on this. i think it's smart for the banks to be doing this. we don't want to have to bail them out again, this is precisely what they should be doing but as we look at what happened with consumer price index for the month of june, this is an indication of inflation at the consumer level, suddenly gasoline prices are moving higher. i'm not so worried because i don't think opec is ever going to really get its act together but they are supposed to meet very soon and they may start to tighten supplies just so the price comes up again. will that ding the consumer just as the consumer needs cheap prices all around? >> yes. and i know that you have been talking about this for awhile. i have seen in my neighborhood especially under lockdown, all the mi lllenials are leaving th city and coming to the suburbs. every house, i look on realtor.com and zillow, everything is pending

and we're also hearing from my colleagues, kevin liptak and jeremy dimon that it took a great deal of negotiation with the president of the united states by aides to get him to wear a mask. going as far as begging and pleading the president to wear a mask. so now it appears that the president is going to do that. he's going to do it in fact before he flies up to new hampshire for his campaign rally, poppy. >> also, before you go, really important update on the cdc and school guidelines they issued for reopening the schools that the president did not like to say the least but they're sticking to their guns? >> yeah, we got more insight on that from the director of the cdc, robert redfield. the president tweeted that in his view the guidelines are problematic and expensive among other things. he said he'd like to see them change or at least he wanted to talk to the cdc about it in a meeting. now, robert redfield said, look, those guidelines have been around for a long time, they're not changing. he talked to cnn about it last night. listen. >> the guidance are there with a series of dif

>> i think it's more of the former not the latter because other than -- jamie dimon did have a grippingoment where he basically says we don't know what's going to happen and therefore that gives you a 12 multiple as soon as you say that, but i just think that some of these banks have worked very hard to not look like what they used to be and nobody cares. will one day people care do you know something, i have to believe they will. i have to believe that you cannot -- kellogg used to trade with general mills which used to trade with kraft which used -- then they became differentiated and suddenly they don't trade together kraft upgraded today, i don't know why, i think it's just because the others have broken out. we have a company tonight -- today, david, that makes lysol all of a sudden they are worth a hell of a lot more than a company that makes corn flakes so there is differentiation occurring in some groups. >> there is. >> jim, do you think -- >> also the governor of georgia will not prevent people from using lysol, he's telling them that they don't actually have to have masks >>

we need to get it from jamie dimon, from steve schwartzman. street. we have great corporate leaders. they need to step up and fill that leadership void because you and i both know we are not going to get it from bill deblasio. i'm pleading to corporate leaders that are outstanding business executives to bring their people back to work. charles: this underscores the notion of the connection between the so-called rich in new york city and the ecosystem, to your point, so many lives are touched and the idea of chasing them away, taxing them away, chasing these businesses away, this is what happens. we are living in realtime to your point. >> absolutely. i think it's important to point out that i am not making my argument based on how badly i want all the towers and skyscrapers of midtown filled up again and those companies' own efficiencies. although i believe all that, too, by the way. i'm making my argument for that more impoverished person that lives pay collect check to payc. they don't have the luxury of waiting until a hedge fund trading de

>> we have gotten bit of an idea from jeremy dimon, who works at the white house. to expect these to be paraphrases as opposed to xakts quotes. hooe going to talk about efforts to tear down our country. he is going to be blaming left wing mob for trying to divide our country. apparently is going to make some reference to the movement of the country to get rid of the statues that show heritage, history of the united states, that some people, some protestors, think are signals of oppression. so hope to get more quotes from the white house when they're available, jake. >> all right, joe johns at mt. rushmore. joining us now to talk about presidential leadership and more, doris kearns goodwin, thanks so much for joining us. her latest book is called leadership in turbulent times. so doris, pug aside the coronavirus concerns, explain some of the other reasons as to why critics are says it's not a good place for this event tonight. >> you know, since we're in the presence of a huge teddy roosevelt, he argued the leader's most important responsibility is to set an example