that cuts into jamie diamond's business. regulators have to figure out is that something we have at least enough control over it's not going to destroy the economy. it's not going to up end the government that we can collect taxes on it. or are we willing to like accept some amount of for better or worse dark net type transactions. i mean bitcoin is relatively anonymous currency. cash is a completely anonymous currency. there's a lot going on riot -- right now. this is in its infancy and lots have to be figured out. >> it's not just the money, it's the technology. we've got three forces coming together here. you've got financial services and the regulators don't want to impede the technology. they don't want to be accused of preventing the next internet. so they are stepping lightly. and we're even seeing very recently, actually within the last week, scc and the cftc beginning to agree on what bitcoin versus other crypto assets are. some should be regulated by the sec and some should be regulated by the cftc the commodities

in summer it was down $3000. jamie diamond, from jp was down $3000. jamie diamond, from jp morgan chasechanging their mind. and they are interested in the block chain. basically, the technology behind it, i have spent two days with the department of international trade here in the uk and all of the experts are saying to me that block chain is like what the internet was 20 years ago. its basically, like you said, a ledger, a technology that allows me to know where that money has been so that i can monitor that you've got it, now it's gone to someone else... but because it is an open ledger i do not need a bank or someone else, and that becomes very difficult. it also means i can monitor where funds are going. i means i can monitor where funds are going. lam means i can monitor where funds are going. i am working with a company called worldwide generation, working with you when to make sure the money goes where it is meant to. so governments can be more transparent and know is going and the bright people have it. there are a lot of implications, just like the internet we do not know what

with any anus it doesn't have to be specific to any one person and there's this parasite jamie diamond. so mad. max we are still up here at the aspen institute and we are beyond talking about jamie diamond our moving on to the consequences of jamie dimon and the world in which these sort of parasites and habits and create now this is from the bank of international settlements which is the central bankers central bank muted inflation a trillion dollar puzzle says b.a.'s the conundrum of stubbornly low inflation despite a pickup in global growth and continued monetary. similis is a trillion dollar question the umbrella body for the world's leading central bank said on sunday the bank of international settlement said and its quarterly report that cheap borrowing rates in the rare simultaneously expansion of advance and developing economies are driving financial markets higher with signs of exuberance starting to emerge but they can't figure out why despite all the new debt the inflation is not happening what is the primary mandate for central banks around the world is to have an opinion a

when we started taking bitcoin it was really just to get into this field you know when i hear jamie diamond squealing like a stuck pig because bitcoin is eating his lunch to use his words despite his attempt to patent bitcoin like technology one hundred seventy times and failing i thought of you immediately and i think somewhere in this world patrick byrne is laughing out loud big bucks because there's one of these crocs is dying right tell us about it you get the irony we are now talking to another journalist who gets the who's knows about my whole history who gets the irony that this is ended up in our hands it is funny full disclosure i happen to know mr dunham and he was a friend of my father's and my father is dead now but he always used to say approvingly that guy diamond is the toughest son of a gun in the corporate america but he didn't say god it was you know look i mean in all fairness he is a fairly successful banker in america he rose through the ranks and he became the america's biggest banker but doesn't that in a way his he feels threatened now by this new paradigm and he's n

. >> liz: billionaire ceo jamie diamond of jp morgan chase says he will hire more people if presidenttails, next. liberty mutual saved us almost eight hundred dollars when we switched our auto and home insurance. with liberty, we could afford a real babysitter instead of your brother. hey. oh. that's my robe. is it? you could save seven hundred eighty two dollars when liberty stands with you. liberty mutual insurance. ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ well i'm gone which of these truck tabrands do you think offers best in class hd horsepower and the most capable off-road midsize pickup? i'd go ram. i would put it on ford. let's find out. noooooooo. chevy. that's right, it's chevy. they look amazing. wow. chevy's killin it. yeah, definitely. trade up to this light duty silverado all star and get a total value of over eleven thousand two hundred dollars. or during truck month, get 0% financing for 72 months on our most popular chevy trucks. find new roads at your local chevy dealer. or a little internet machine? it makes you w

serial criminality by the likes of jamie diamond is destroying the country why why is jamie dimon not care that he's killing his country well i think you're raising a great point here and it's really insightful because there are. our a lot of hedge fund managers who look at income inequality who look at the criminality that's taken hold on wall street i've had recorded conversations with senior bank executives who helped me out considerably during our global who are horrid by the criminality so i think the level of dissatisfaction with the criminality that is tolerated throughout the financial system is not just among radicals it is now in my opinion i've seen the establishment elite sort of make their case that criminality has gone a little too far so at what point is a count on ability going to come in on wall street i don't know but i've seen a lot of people ask for this is it like the harvey weinstein situation or area abbott alleged serial rapist who's abusing women because he's a gatekeeper to the hollywood industry nobody will tell on him they won't report is alleged raping is

jamie diamond, the boss ofjp morgan, says evenif diamond, the boss ofjp morgan, says even if they do to the us. i don't think we are there yet, but that flood of cash coming back to the us would have a big effect on the us would have a big effect on the dollar. it would be an interesting thing to witness. you would probably see the dollar go up, reducing inflation in the us, which might bea reducing inflation in the us, which might be a problem for the federal reserve. when it comes to tax reform, it gets everywhere. and ecb talking about bond buying. they are reducing it. downsizing is the word emerging. every time you take away stimulus, people get a bit sweaty about it, so mario druggie yesterday managed to say he was going to reduce bond buying the 30 billion a month until september 20 18th, but decided to leave it open ended. there was no one facing the threat. he said it could be done for longer and that interest rates won't be increased until the bond buying is over. he's taking it down a bit but leaving it open ended in order to withdraw stimulus, some of it, without giving p

or jamie diamond at j.p. morgan to pay the fine and maybe incur a new fine but it just encourages me again to commit the same fraud it's an interesting dichotomy we've got ourselves into and i know people in government who want to address this problem and it's a big problem you know m.f. global to me is the heart of the problem the investigation was documented blocked on when you block investigations i think that is the most devious method of controlling the justice so that's not going to do that because that's where you where you as a journalist got into that with some. degree of detail the m.f. global block investigation walk us through that ok first off it's you can document it blocked in the public domain terry duffy the head of simeon group acknowledged that it was blocked in congressional testimony. there is congressional testimony acknowledging that the primary suspects were never questioned on the evidence that i delivered i delivered evidence to federal investigators in the case it wasn't targeted ne

easier faster and smoother it is in the rest of the world i don't know but you know i don't see how jamie diamond i know he's leading a campaign against the coin is of i think he understands what the threat of laci and bitcoin is to his model. but you see it being stopped here where if they had any sense they'd leave it alone pat i know i'm on a panel coming up next and the first question is what should the central banks do about crypto currencies well if the question is should i would say do nothing and you know that the market decide that but what they probably will do is either regulate it. for example the chinese have now said no more i see those which are the equivalent. initial public offerings but it's initial coin offerings which aren't regulated so and the security six and exchange commission i guess is going to regulate that and i think china's coming out with their own crypto that's. a lot of countries i think are coming out with their own central bank digital currency which would be good in the sense that it's easier to do fiscal stimulus good for them and it's good it's actually a go

years that there are some people the just need killing oh well jamie diamond for example. let's put our finger on him i meant that in jest of course i'm not in the poetic sense of the word i'm using these words poetically literally believe capital punishment should be applied to someone like jamie dimon for financial terrorism i don't literally believe that well we're speaking as fiction writers kind of we can say these things jokingly we're like comedians comedians can say anything about satire again this is a time where folks go historically swift you know it's not. gulliver's travels wrote satirically about things other wizard of oz is a satirical treatise on the gold standard so you get your message out i mean i guess the way to describe casey in one way is someone who did the world is their oyster another great writer shakespeare made this point and you look at the world and you go to the where you are wanted the most you've made that statement and you'd feel no need to live in a country with that you feel doesn't want you to live there is that still true and could ha

loans they got a huge economic benefit on loans that didn't exist essentially phantom loans that jamie diamond just plucked nonsense out of the air said it was worth something committing massive fraud is a serial fraught series of financial terrorist as we've said over and over again he's a corporate fascist and yet he has protection under this personhood agreement so what is a crime wave stop when you know democrats i guess the democrats. you know here's a great issue to gain some political traction going after fascism is that a crowd pleaser stop fascism in america is that a crowd pleaser is that a good idea well look in the past actually we have had the backbone to do these investigations we did it in one nine hundred thirteen there were the peugeot hearings we did it in one thousand in the early thirty's in one nine hundred thirty four there was a fairly famous prosecutor in congress actually got to the bottom of this for some reason we have decided to give you know white collar criminals a pass and you know that's one of the failures i think of the obama administration is that they didn't

david: part of the problem and jamie diamond point this out is he is very susceptible to criminal usenments are not liking that very much. cathie: it's interesting. i've listened to a lot of regulators and have the opportunity to listen to an f.b.i. agent talk about a bitcoin. and he says this is the best thing that's ever happened to us because all of the blocks are transparent. it's not anonymous. so you can track what appears to be elicit activity and the f.b.i. in certain cases has had the ability to crack the code and figure out. you don't hear a lot about elicit activity on bitcoin anymore. you just don't. alix: eric, what is bitcoin? and i mean that as in what asset class? can we make that kind of comparison when we're looking at these products? >> i don't know if you can compare anything to bitcoin. i thought he was pervasive when he said if something goes up and down 10% in a days, how could that be a currency? so i do think the currency argument is probably not what investors are looking for. they want to buy it like it's g.l.d. and that what is a e.t.f. would do who don't w

what do you think of people like jamie diamond saying it's a fraud? >> it's interesting because i assetshere's a lot of that are just -- their value is based off supply and demand, you know. most stocks, there's no intrinsic value because you have no true ownership rights, you just vothe ability to buy and stocks.se they're like baseball cards, and i think bitcoin is the same thing. its value is a function of demand.nd it doesn't do anything else. i bought it through an e.t.n. based on a swedish exchange because that gave me liquidity. bitcoin? >> and i'm also involved with token sales because i think block chain is a great platform. streamingthe net and created multiple great companies, i think block chain well.as i'm involved in something called mercury protocol, just to disclose that i think is going messaging to help -- it will change messaging. >> how big is your stake in bitcoin? >> in bitcoin, relatively small. dallas mavericks owner and axx tv ceo mark cuban. up, much more from the vanity fair new establishment summit in l.a. we cover the shif

. >> some right now including and if i'm wrong, i don't think i am, people like jamie diamond peoplegrowth isn't good, that's fairy tale in and of itself. people are hating on loan growth but loan growth is good. >> i agree with you. >> i think he said that. >> it's not just banks lending these days >> first of all, there's nontraditional lenders in the marketplace. there's some parts of the country loan growth is depressed. you don't have the same economic drivers. in other places you can't get into restaurants the stores are jammed. there's loan growth. there's employment growth. it's hard to take one big broad paint brush and wipe it across the whole country unless you're in types of extremes periods of time like 2008 when there was no loan growth for good reason. >> if he sees a flattening yield curve or whatever there, judge, i don't see that at all. it see it steepening out from twos to fives, two to tens and everything i see that steepening out. as far as a trading call, i like it because they have had a nice run. it's a trading call, not an investing call >> can the energy ra

and you know we've been covering financial crises for years now that was a seminal moment when jamie diamond decided to subvert all finance laws and securities laws by getting a personal bailout with the course on at the time in putting all the other creditors in the back of the boss and of course it was just part and parcel for jamie dimon but since the time this is to a xtian is gotten in the area of financial crimes an area that you cover as a journalist it's gotten worse right it's certainly an era seen h.s.b.c. admitted the other day that they almost got away with it as a recorded conversation of them saying that so that acknowledges that they had premeditation they knew what they were doing was wrong and they did it anyway i want to focus on this for a second so h.s.b.c. this is a bank that was involved in laundering billions from the center low a mexican drug cartel that eric holder former attorney general said was too big to prosecute that got representation on the regulatory bodies here in america even though there is a foreign entity it's a british bank to subvert american law subv

that's one thing that jamie diamond spoke about as it's harder for smaller businesses to deal with the regulations the "washington post" upon them and gives big businesses there's less choice to consumers. there's certain airlines that mistreated. they are losing customers and going elsewhere for pressure with big competitors. media makes him a small banks provide customers lots of opportunities for good products and services. there's no question that blend n since last september after the retail banking sales issues were announced, it was an impact on the business but since then, because the changes that we've made in the company, we are continuing to grow. we are not growing as fast prior to last september that we are on a good trajectory and i think that is because we've taken responsibility, we've taken executive accounts for responsibility, we made changes in the products and services and customers are seeing that and reacting positively to that. we are not where we need to be, but we are making progress. >> one of the things peculiar to me is how few of them produce any revenue.

what's really interesting no matter what you think, whether you're like jamie diamond or people who tradein, pro or con. bring credibility and liquidity. no matter how it turns out, it's probably better off. ceo and chairman will be on closing bell around 3:40 eastern. with the love and $6300 worth of love for bitcoin, you probably want to tune in. >> great >>> it's econ 101. when demand is greater than supply, you just make more homebuilders can't build more houses why? not enough workers one company in denver is trying to solve that problem. >> that's right. the labor crisis in housing is only getting worse one colorado area home buildering is tackling it head on and spending millions to do it we'll explain, next. >>> many of the home building and home building stocks rallied. the itb up today up % over the past month on pace for its best month in over a year. some of the smaller players, they're all leading today's gains. speaking of homes and housing, if you're a homeowner, here is some good news nationally home prizces rose jus 6% on average. since everybody loves lists, here are the

one thing jamie diamond spoke about is the regulatory vote around big businesses. as it comes harder for smaller businesses to deal with regulations washington has imposed upon them, gives big business -- to be responsive. one good example is certain airlines that mistreated their customers on occasion yet there are few choices you can go to if you want to buy from one city to the next. what market reaction has wells fargo seen in terms of losing customers or going elsewhere or pressure from big competitors? >> the banking business in the us, involved for 30 years is very competitive, big banks, medium-sized banks, nonbanks provide customers with lots of opportunities for good product and services, no question after the retail banking sales issues were announced there was an impact on our business but since then because of fundamental changes we have made in the company we are continuing to grow. we are not growing as fast as we were prior to last september but we are on a good trajectory and that is because we have taken responsibility, taken executive counselors

serial criminality by the likes of jamie diamond is destroying the country why why is jamie dimon not care that he's killing his country well i think you're raising a great point here and it's really insightful because there are. our a lot of hedge fund managers who look at income inequality who look at the criminality that's taken hold on wall street i've had recorded conversations with senior bank executives who helped me out considerably during m.f. global who are horrid by the criminality so i think the level of dissatisfaction with the criminality that is tolerated throughout the financial system is not just among radicals it is now in my opinion i've seen the establishment elite sort of make their case that criminality has gone a little too far so at what point is a condo building going to come in on wall street i don't know but i've seen a lot of people ask for this is it like the harvey weinstein situation or area of it alleged serial rapist who is abusing women because he's a gatekeeper to the hollywood industry nobody will tell on him they won't report is alleged raping is t

it goes up, starting at a 15 multiple jamie diamond doesn't come out and knows i'm going to be a housean for him and say that numbers are going to be good it doesn't matter whether you were a good bank or a bad bank, it's gone higher >> you had called for jpmorgan to 100 two months ago? >> yeah. i thought by thanksgiving. it was a low ball. they are kershaw they're shut down. >> congratulations by the way to the dodgers winning game one 3-1. there's the opening bell and the s&p at the bottom of your screen the big board, it is build a bear workshop celebrating a 20th anniversary. it's up. speaking of health care, jim anthem guides ahead and they're not assuming any end in csr payments as part of that guide. >> i'm saying to myself, how many companies are as big as this with 40 million subscrib s subscribers. that's the kind of number that even john legend on twitter would say, okay, they're as good as i am. they're remarkable united health had a fantastic quarter. repeal and replace failure has been, as the president has said, these are the biggest winners. the president's absolutely r

alix: the was the one who wouldn't take a real position although jamie diamond did.you hedge your bets? and you need the currency change, right? david: whether it's bitcoin -- jonathan: there we go. alix said it. ming up, global investment chief strategist will be joining us. futures really going nowhere after a seven-day winning streak on the s&p 500. and a record high to close from new york thinks bloomberg. ♪ so we need tablets installed... with the menu app ready to roll. in 12 weeks. yeah. ♪ ♪ the world of fast food is being changed by faster networks. ♪ ♪ data, applications, customer experience. ♪ ♪ which is why comcast business delivers consistent network performance and speed across all your locations. fast connections everywhere. that's how you outmaneuver. jonathan: partly and that plunges. -- treasury secretary says government shutdown by months and if it does not receive emergency funds. the spanish economy minister tells bloomberg he rules out any sort of mediated talks. hard work begins in d.c.. republicans set to take their toward a major tax cut in th

. >> jamie diamond talking about economic growth and the tax reform plan. about that, they need that economic growth because the loan demand slowing down, lack of volatility means they are not making money on trading. that is also why you are not seeing much reaction in the market even to earnings beat because people are saying where is the juice going to come from for banks unless we get tax reform and deregulation. >> looking at overall provisions for credit losses up 15%, that is pretty significant. you need to see we need tax reform to help alleviate the consumer into spending and pick up inflation as well as the deregulation story playing out. dagen: please stocks in the last month broadly speaking had run up and yesterday despite jpmorgan and citigroup those stocks fell. you are seeing a pullback. even if the news is okay or pretty decent than it was yesterday you are seeing people take profits. >> brian moynihan sees a 4% increase in revenues or miss on revenues on this, can they deliver next year. jpmorgan sees a 6% increase in revenue, that is taki

the likes of jamie dimon have said we need some action have saidime diamond we need some action here.ichael: the banks are saying, we are doing all we can, we have cut costs. it comes down to what the economy does. moves, that may give them a little bit of boost. certainly something they are watching for. at one point do the banks finalize how much they are spending? trading companies were not going very far. once you get to nine months, you have an idea of what circumstances will look like. will looke four-year like. we will see how the fourth quarter has started for them. the last we heard was early september, which was still in the summer slump. it may be more optimistic for the traders. julia: expectations are measured. great to have you on. check onlet us get a the bloomberg first word news with mark crumpton. mark: theresa may is optimistic about securing a deal that works for britain and the eu after brexit. this is despite reports about cabinet infighting. the process will not always be smooth. can go about these negotiations in a constructive way in the spirit of cooperation,

chunk of market value, jamie dimon of jpmorgan said, eight of ten ceo's will increase jobs if they bring the cash back. stuart: jpmorgan, the chief, top banker in american, jay my diamond's backing the president's tax plan. he says it has all the key ingredients and time to get it done. thank you, brian, do you agree with jamie dimon? >> that's exactly what the economy needs to get wages up. this is exactly what we want the president to do. he's right on and keep exerting pressure so congress can get on the ball here and get it done before christmas time. stuart: scott martin, i have to bring you into this, paul ryan saying this morning that the house will stay in session all the way through christmas if necessary to get the tax deal done, i bet you like the sound of that? >> i do, as long as they are going to hold to the promise finally, stuart, we thought that was going to be done according to steve mnuchin in august, checking the calendar, that's a bit off by now. yes, listen, i think congress realizes that they've got to get this done this year so hopefully they'll do whatever it takes. i tell you, back to that repatriation tax holiday, let's say, it's a great idea