i'm jamie diamond. the big brown our when our last apparently jamie diamond was crying again about how embarrassing it is to be an american overseas not that he's the biggest embarrassment about being an american overseas and his big bailouts there's that but there's no crying here of freedom fest everybody has been talking about bitcoin in fact this has been the biggest topic gold silver and bitcoin. to the this is birth of a financial terrorist coming out of the vest of a wall street banker in the 1940's as jamie diamond spur of. this is mother who didn't have to find. any. jamie diamond i'm a parasite i still people's money every day i want to waste i don't think john and i think there is jenny that. ok now max you do talk to jim rogers. the second half and he's also a good you know investor a famous investor former partner of jim. soros and big hedge fund guy travels the world he's he's not he's not a big crybaby like jamie dimon but you know while we've been gone as well there was a big story about

i agree with jamie diamond. he runs a great business and he is correct in his assessment of washington dc. the internet and the growth of the companies came out of that is different from a national energy plan. if you have a national energy plan. you have to have that approved by the government. that is how the government is stifling innovation. and if you actually get bipartisan agreement on a corporate tax on repatriation and alone in a foreign money you would see growth in our economy. i think that is the one glimmer of hope there. this gets back to something that we talk about all the time. they make better decisions with your money about your life and it's just poppycock. as much as we love and respect jessica i'm baffled why any millennial would say this. spent ten years trying to find a new building for the fbi which is a security problems where the concrete is cracking. millions of dollars i know there are plenty of ways they could build it. could you imagine if microsoft said in 2007 we are looking for

liz: well, the ceo of one of the country's biggest banks, he is jamie diamond. he agrees with president trump. the jp morgan ceo fed up with washington, d.c. bureaucracy, and he made it clear today on a earnings conference call. >> this administration can make breakthroughs on taxes and regulatory reform. we have become one of the most bureaucratic confusing societies 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. and, you know, at one point, we all have to get our act together, or we don't do what we're supposed to do with the average americans. and, unfortunately, people write about it it's for corporations. it's not for corporations. competitive taxes are important for business and business growth, which is important for jobs and wage growth. and honestly, we should be bringing that along every time we talk to a client. liz: welcome to risk and reward, i'm liz macdonald in for deirdre bolton. well, he is the most respected banker in the

but now, main street is joining in on jamie diamond's call. speaking out saying they are just as frustrated as jamie diamond is with the dc swamp. welcome to risk and reward i'm elizabeth macdonald in for deirdre bolton. jamie diamond's not the only one tired of washington, d.c.'s hyperpartisan bickering. a new sound of an anguished caller. he's a working class guy. he called in to a radio station. his call shows how desperate many americans are now feeling. and they're screaming that both dc and the media are ignoring the struggles of everyday people. listen. >> i'm sick of donald trump stuff, all the trump stuff. i consider myself one of the forgotten men and women. i'm worried about job creation. i'm worried about tax cuts, more money. i'm living paycheck to paycheck. they just cut off my cable bill. i'm rubbing two nickels together. my girl can't find a job to help me. we're out here struggling, and these people don't get it. i mean, they really don't get it. i don't have money. i mean, i'm cutting back on my medicine, my groceries. she ca

the stupidity of america the stupidity of politicians in washington and for once i agree with jamie diamond on this this is a very stupid policy it's like america committing economic suicide it's similar to bragg's it in a lot of ways breaks it is economic suicide for great britain this type of sanctions imposition is economic suicide for america because they're pushing germany into the arms of russia and germany is the centerpiece of nato and they will disintegrate and america's hope to control ukraine with genetically modified seeds which of course russia is vietnam lee against it is going to go up in smoke this is stupid it the policy of morons why because the deep state in america wants to keep feathering their nests by warring all over the world killing innocent civilians dollars trump hopefully will stand up to this veto this ridiculous stupid initiative and we can talk about something a little bit more constructive and this is the last gasp of the neo cons in america hopefully they'll be squashed are otherwise i really feel that the american economy will suffer greatly and as jamie d

jamie diamond for president, you know? he's absolutely spot on.een talking about this for a while. the dysfunction in dc has definitely hurt us. but, you know, as we kind of expected with the banks, it was the guidance that was going to be more important with the results. and we got that profit taking today. but let's look at what the fed has to say. now, they're going to be on the sidelines now potentially for the rest of the year. so easy money is back in focus, and that's why this market has seen this rally that we've seen this week hitting all-time highs every day. liz: what about that, chris, and let's broaden the discussion to other sectors. when intel comes out. the chip names in the world start whether it's nvidia, they start moving in lockstep sometimes for tech names, for social media names. do you suspect that might happen? >> well, i mean, i think that -- this market is poised for a lot of following. so people are looking for something to do. everybody's waiting for the next big move. so people start to move, people tend to jump on it.

pretty interesting commentary from jamie diamond >> it was.ut we should put the fireworks in perspective jamie dimon kmenldcommended the resilience of the economy despite various significant obstacles. >> we have become one of the most bureaucratic confusing litigious societies on the plan it it is almost embarrassing listening to what we have to deal with in this country. >> he said there were lessons to be learned from france, argentina, india and china >> every single one of those countries understands that practical policies promote business and growth is good for the average citizens of those countries for jobs and wages and somehow this great american free enterprise system we no longer get it. >> he said that there have been a sea change in the environment in the eu since the election of president macron in france who he praised but crucially on the u.s. overall, he was upbeat saying, "if gridlock goes away, we'll grow faster. but if it continues, we won't grow slower. the bank stocks today are down despite earnings beats j.p. morgan be

and that is what jamie diamond is worried about back to you, john fort. >> thank you, rick santelli. keeping an eye on amazon stocks as prime day continues. it's actually lower. so is best buy walmart outperforming both of them let's bring in aaron kessler, senior interne senior internent analyst at raymond james. good morning to both of you. ed, i'll start with you. so others are sort of picking up on prime day, renaming it, copying it what actually is amazon's advantage in having this day beyond the obvious they got it prime loyalty program. how is their fly wheel different from the other retailers >> well, wii think one thing thy have that's a huge advantage is an incredibly compelling suite of devices some of the best discounts today are things like the echo, the kindle, and what they're hoping is that you buy these devices at great prices and that you continue to use them throughout the year these are things that are sticky and create an advantage that they have, versus other retailers. >> eriaaron, it's actually a lil less clear how the echo fits into this longer term. the idea

it is a list aimed squarely at international bankers like jamie diamond, chief executive ofjp morgan,g. we're at the negotiating table and sometimes the other person has more cards. there's no question europe has more cards to play here. you once said a,000 jobs, you say that may well yet be true? yes, easily, yeah. even more? i'm hoping it's just a few hundred. again, we hope it's none. but yes, the negotiation will determine how many. back in london, giving evidence to the house of lords, david davis said the banks need for quick answers was being used for leverage by eu negotiators. enough american banks are saying oh, we'll go to paris. good luck to them. even frankfurt, even better luck to them. they encourage the other side therefore to hold back. there's no holding back the man of the moment, though. new president emmanuel macron has a gnaw preach thatis emmanuel macron has a gnaw preach that is —— has a gnaw preach that is resonating with businesses big —— has a new approach that is resonating with businesses. we know things like brexit or donald trump are things like brexit o

my net my money is on jamie diamond. a record high if they really believe that it would be embarking upon the quantitative tightening. that really is what it is. when they begin to shrink the balance sheet. i think the set policy makers want to win this battle and as long as stocks keep hitting new highs if you look at a week you start to see some choppiness. if you stretch it out to a year or five years every time somebody warned of something but still continued to go higher. today we very mellow -- very well may see this. where are they putting their money that they feel so confident. >> the rally is broad-based. when we get a positive market the rising tide is not there. today the market is strong across the board i think we all hear the negative scenario. i have done this for too many years. still subscribe to the fact that the markets do not lie and they are telling us they are to work higher for whatever reasons. eventually a bloke and -- broken clock is going to be right twice a day. the only place to be is to sta

. >>> jp morgan and jamie diamond had to with washington in action saying this stupid blank is holding back fwronl and grade strides could be made taxes an infrastructure is d.c. would end the grid rock own get to work. s&p and nasdaq also ending on plus side. and retail salesp doing for a second straight month. americans spending less at restaurants and department stores. one silver lining americans are also spending lesson gasoline. because reling lar unleded is is averaging $.26 nationwide. >> may the force be with you. disney shares higher as it unveils "star wars" labdz theme parks are under construction in california and florida and featured with a simulated ride on a illen yum falcon. parks are costing about a billion bucks each to build. and how is this for unveil. a new jaguar ebay compact suv leaping into the record books with stomach churning 50 foot barrel roll. wow i just want to get a pizza anyway, that's buzz, i'm neal >> tonight celebrating bastile day with food. >> we don't have the "fox 5 news" at 10:30 apron. i have the good day apron on. chef and shake one of our fa

lauren: jamie diamond says the unwinding process would be more disruptive than people think because of its share's size, do you agree with that? >> i have some of the same concerns and we've voiced them because we've never done this before and it seems rather simplistic and they intend to go about it relatively slowly and relatively cautiously but we really don't know what happens when we unwind the balance sheet and i think they're doing it the right way and i think that there's a real question if you don't do it now, when are you going to do it because they took the balance sheet from $800 billion to 4.4 trillion. things are pretty good right now. cheryl: it's widely expect that had that unwinding, we pick that up from the fed minutes we got from last week that we will start unwinding in september, are you worried about this decision? >> i am worry that had we may see a little bit more volatility because there's a real strong, a high correlation with the s&p 500 and is size of the fed's balance sheet and that extra liquidity that the fed provided found its way into the stock market a

rest of the world that is doing really well i think people are way too focused on gridlock here jamie diamond said the rest of the world are ahead of us. >> pete, the name or two that you're going to be focused on that you think could really hold a significant key to where this market goes? >> microsoft i can't wait to hear from visa goldman sachs, morgan stanley, some of those names as well. but when it's microsoft, this is a big cap tech that sort of gets forgotten oftentimes because they are making huge strides in the cloud and it's going to go after one of those f.a.n.g. stocks. >> there's f.a.n.g. envy. >> don't forget about linkedin this is going to be huge for them we talked about unusual activity on friday with microsoft >> upgrades. >> that's what i want to talk about. >> the credit suisse move on microsoft goes from 84 bucks to 80 they reiterated their love for this stock >> we'll talk about amazon web services google is a competitor but amy hood is a great ceo. far more competitive in many ways, you know that he's a vicious competitor dressed in a black t-shirt. >> we've been waiti

certain representations -- when jamie diamond, crowe of jpmorgan-chase, testified before the house financial services committee, on the london what's debackle, he really laid into their risk controls. they just did not have good risk controls in place, and they were going to fix that. and i said -- i asked, just a month before this, you signed a quarterly certification required by law with criminal penalties that you had adequate risk controls in place. i don't remember doing that. i don't remember that discussion. well, tell me what you do generally. tell me what you practice us? what do you do every quart enwhen it's time to seem that? do you call on your staff? and behind them, all the rows of lawyers, jpmorgan-chase lawyers, were having -- at the very least facial ticks because the questions were about things for which he had criminal liability. that was something congress tried to do to make sure it got to the ceo's desk, and with no apparent effect at all. >> sometimes company does do the right thing. we have had some companies come to our office and say, hate to tell you this but we h

anything done and i wanted to ask you if you could react to the comments made the other day by jamie diamond of jpmorgan, "it's almost an embarrassment being an american traveling around the world and listening to the stupid blank americans have to deal with. he speaks about the stupidity that prevents this country from doing better than it already is. what's your reaction to that >> actually, i just saw jamie walking in the door and i mentioned, you know, those remarks to him and i think at this point there are very few americans who are really proud of the functioning of the u.s. political system i don't know what the great booster is in terms of getting things done and sometimes not even having particular civilized discourse. so i think there's a need certainly to improve to be able to have us do normal functioning. so, you know, i say things differently than jamie might in terms of language choice but i haven't found anybody who thinks we're batting 100 out of 100 in terms of how things are being handled. >> are you more or less doubtful or perhaps more hopeful than the day you walked in

debate about balance sheet reduction, whether or not that would be disruptive to markets we've seen jamie diamond weigh in and yell ton day tried to emphasize there is a way to do this without creating havoc or damage is that consensus view >> i mean, the consensus view is compare what's been happening recently with the taper. and flab is a reason why the analogy that is old. the fed may end qe and the market increase went up by 90 basis points the fed is talking in increasing detail to the point where this is now seen as a reality in the market about reducing the balance sheet and doing so gradually. and it appears as if the market has not reacted at all the fed is taking its cue from the market reaction. and has laid out a plan that is dwr gradually upward reduction they're increasingly going to reduce the balance sheet >> steve, thank you. >> i can make a comment on that, carl >> just one moment here. >> okay. >> we're getting some news i believe. there is a revised version of the party's bill we have that on the hill. >> senators are trickling to leader mcconnell's office awaiting details of

well, you heard jamie diamond the other day blew up on this phone call.d infrastructure, regulatory reform. we have become the most -- one of the most bureaucratic, accusing, latigoes societies on the planet. it's almost an embarrassment be an american citizen and listening to the stupid (bleep) that happens in this country. at one point, we have to get our act together. it's not for corporations. competitive taxes are important for business and business growth, which is important for job and wage growth. >> what i love about that. this man can buy almost anything in the world. he's got so much money. but listen to that passion in his voice. that's the passion for the american person. and you can say cynical, well, he's a wall street guy. he's just saying that so he can make more money. i would like to think that's not the case. i would like to think he's echoing the concerns and the frustrations of the american people that we're talking about russia all the time. in the meantime, people need health care, people need jobs, people want taxes. abby: i don't

recently jpmorgan chase president and ceo jamie diamond has said that the united states hasn't built a major airport in 20 years. china built 75 new airports in the past ten years. as i mentioned previously china announced a major infrastructure investment to open up their markets to 27 new asian countries to advance the products that they make in china are only investment is about of $92 billion for next year and ao nebulous request for funding toi build infrastructure along the southern border. we can obviously do much better. the united states chamber of l commerce also says that we losec $200 billion in lost productivity because the poor quality of our infrastructure. so that's, i asked respectfully that one area where republicans and democrats clearly should be able to come together is on a robust public investment in infrastructure, because of the economic activity that would result. a lot of people talk about tax t cuts around here, and tax cuts don't pay for themselves. the most accurate and credible analysis is that you could return about a third of the money that you lay ou

and jamie diamond for example. partly blaming washington.re would be much stronger growth if there were more intelligent decisions. i cannot repeat them. i have a standards here. two gentlemen of course never ever use bad words. what he is sane as i could be looking at a much better future we could be looking at a much better future if these guys got their act together. i think it's more of a lesson for washington. hey guys. said to me. a guy has a great's age. when you dig into these earnings they are actually stellar in my book. not only are they relatively cheap talk about the stocks collectively but they are growing and ps there has been zero change to regulation and these banks are already booming. i have a conservative outlook. and to keep my expectations under control. push some of these reforms through. i like the sector here. he made a lot of good points. they are actually why the market won't go up will go up a lot more from these levels. without the with out the things that he's talking about. but he is indirectly said you will no

but for today, a joyous -- >> jamie diamond said as much yesterday about the reducing the balance sheetbefore at this magnitude. we'll have to wait and see what's going to happen here. >> yes, exactly. >> the thing that moved the markets, rates would not have to rise that much to get to a neutral policy stance. we don't know what a stance is her implication is, it isn't that far away. nobody knows so the market cares still about where the markets are moving you put those two together, you have a nice rally. we saw interest rate improving well, consumer stables stick well emerges markets. all these move when you have low interest rate scenario that did well, then we continue to have this rally in the semiconductor group. technology stocks are going to be reporting really good numbers. the numbers have been so strong overall. you have the tail wind from the tech earnings rally. >> but first, financials reported earnings at the end of the week that'll be a challenge for them, i think. financial ts didn't do well because they didn't get the higher interest rates to make the money. >> thank

he will be here to talk about whether jamie diamond's frustration with washington echoes through other board rooms. sigh m fund management is launching a fight against proctor and gamble. they say its stock has underperformed because of what it calls the company's slow moving. according to a filing they want to break up the company or replace its ceo. the hedge fund is trying to get retail investors on its side. elliott management has a website and convincing investors that it can end underperformance by the largest mining company. they want it to end u.k.-ausestrailyam corporate structure. and the ceo is stepping down to take the same role as icb. she will leave the discount airline for seven years. they're dealing with slowdown in advertising and speculation that it's a takeover candidate. >> thank you very much. in the u.k. here where brexit discussions are under way as the march 1e9 list edges closer. they've promised real progress in the negotiations over the future rights of european nationals in the u.k. while the chief spoke about the commission. the decision to leave the eu ha

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, but they have a switch where they can turn it out if things turn out badly. i think what the fed wants to see is wants to see the market behave in this process and not be disrupted by the process. and i think they'll turn it off, if they do so jami

jamie dimon. "in doing so, diamond ring and alarm bell about both forgone opportunities at home and eroding influencenternationally." 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 strikes me from the data from this most recent survey is that there is still optimism when it comes to regulat