weighting it's an all time record high trillions upon trillions if you told the banks call up jamie diamond and tell him you know you're a u.s. citizen right and j.p. morgan's a domestic bank. since is a debt we owe ourselves we're not going to pay you anymore on your treasuries see if that's a problem why do you see say such a blatant false. maybe because he's a keynesian liberal i don't know i mean i don't want to offend anybody but i don't know most of them that's all good one of the ideas i don't learn there is that the only reason that you can ignore that that is if you keep jacking rates lower through this quantitative easing a manipulation interest rates lower which is almost a definition of a ponzi scheme and it would be great unless things like social security are not going to go completely bankrupt they're going to go bankrupt and all the all those programs and all that it's all going to go bankrupt that that's that's a problem in the future for the next generation a problem now max we you know japan peaked in 1909 that's 30 years 3 last decades and we just had we just had our las

more money and they print trillions of these things but it gets stuck at the primary dealers and jamie diamond's j.p. morgan because it gets choked out they don't they don't lend it out they don't circulate it they keep it they don't word it yet they keep giving it to people that are unable to spend it so we know the ordinary american is what really paycheck they don't mind without it. small medium enterprises now they let it out to property speculators yes people are buying expensive artwork yes or they put it back on the balance year the fed for an interest rate right so again if the circle is extremely tight it's a wide circle of the entire economy it's a little minuscule microsurgical like the tip of your pinky where the money is circulating only amongst 3 or 4 people and they keep getting wealthier and wealthier and that's why we re dahlia points out the tipping point of huge revolutionary social unrest yeah because also of course what happens is. all this stuff all of our economic problems are caused by these economists at the central banks is this false thinking that somehow they are supe

jamie diamond was more cautious. citi's ceo was reminiscent of how the market turned. >> consumer is in fine shape we saw the imf come out this morning. i would describe that as more of a catch up than where any of us had been 3% global growth not as high as we'd like it to be but it is still global growth >> on wednesday, morgan stanley on thursday. wilbur frost, cnbc news. >> what i think it interesting, while investment banking was fairly uneven, the consumer seems to be holding up one line that stood out to me. the u.s. consumer is in excellent shape. that has been a key pillar of strength for the u.s. economy. >> if you break it down even further. customer card purchases grew 7% at citi. loan balances also by 5% also the reason why it wasn't as anticipated. the yield curve inverted the banks that are sensitive to that felt it they had the gearing towards the lower interest rate environment. the consumer activity seems to be supportive. that question i found myself asking, is this a sign of things to come in the

. >> donna: jamie diamonds point is essentially that if the government collected more in taxes, theyquander paid you agree with that? >> dana: what they are saying is that the ceos are getting paid to much money. the workers deserve more so we are going to tax the ceos more but actually that money just goes to the government, is not going to them. plus i think it's worth pointing out that unemployment at its lowest across-the-board process of creation higher than it's been a not a median household income is not a record. that means that as you have economic growth you do have an increase in inequality because people are getting more but that doesn't mean that people aren't coming up from the bottom. to jpmorgan's point come everybody down here in wall street, and out in silicon valley, if we're going to play some sound here, corporate america realizes that it is about to be under attack where they are trying to prepare for it and when you have mark zuckerberg trying to take on liz warren before she even becomes the nominee, it's pretty interesting. listen to what -- this is a link to

>>> facebook is considering alternate approaches for its libra digital currency a project that jamie diamond neat idea that will never happen. >>> protesters in hong kong threw gasoline bombs and set up roadblocks we'll tell you how the continuing chaos is disrupting global business on this monday, october 21st, already, 2019. "squawk box" begins right now. >> announcer: live from new york, where business never sleeps, this is "squawk box." >>> good morning, everybody. welcome to "squawk box" here on cnbc we're live from the nasdaq market site in times square i'm becky quick along with joe kernen and andrew ross sorkin. look at the u.s. equity futures this hour. the nasdaq up by close to 25 and then the dow futures up by 63 on friday, you saw a big decline for the dow. that was almost entirely because of what happened with boeing's shares those losses that we saw on friday made the dow lose its gains for the month of october we'll talk about what happened on friday and what you can anticipate happening this week as well. overnight in asia,

most corrupt nation they i'd love to be able to argue that's not the case but then i remember jamie diamond nation a i'd love to be able to argue that's not the case but then i remember jamie dimon over there j.p. morgan being prosecuted and investigated for racketeering and over there j.p. morgan being prosecuted and investigated for racketeering and massive multi $100000000000.00 of fraud it's hard to argue what you're saying thing and massive multi $100000000000.00 of fraud it's hard to argue what you're saying you know you mention that the financial centers london if you know you mention that the financial centers london and new york are the centers of this global corruption and i think about russian york are the centers of this global corruption and i think about russia russia doesn't have that kind of financial center is russia doesn't have that kind of financial center is gotten it's kind of like divorcing itself from the financial ization gotten it's kind of like divorcing itself from the financial ization of the global economy by buying hundreds and hundreds of tons of gold you kno

apparently jamie diamond reached out to you what came of that and why did he choose to do that?t next to me at dinner >> i know. i wish we had some food right now. the business round table which is an umbrella group the voice of big corporate america put out this statement that was immediately billed as historic on page 1 of the "new york times" that said companies shouldn't just be focused on share holders but focus on stake holders. that means human beings. he was very skeptical. in many ways, this is a pledge of voluntary vir tut it does not include any commitment to top using tax dodges and business that is good and bad for people, actually involve a pledge to pay people more sort of like my annual pledges to never eat french fries and i've never succeeded so i was quoted as being skeptical. so jamie called me we had a half an hour back and forth. he never once asked to go off the record it got to the heart of why this woke capitalism you think these companies should be better we have an excellent mechanism my four-year-old pledges to clean up after himself and almost never

jamie diamond has talked about the high cost of operating in new york city in the conference call jputside of new york and more job listings for j.p. morgan workers in texas more than new york, new jersey, connecticut combined. the buildup - buildable audio rejected subsidies for j.p. morgan and plano, texas has stepped up to give tax breaks and a percentage of that. stuart: j.p. morgan is moving - what about goldman? >> deutsche bank has been moving people to florida and so here's the story. new york is the finance capital of the world and the democrats running it are ruining that. if bankers and their workers leave them in tax rates naturally go up quickening the exodus out of new york. stuart: they will never learn. they treat wall street as a cash cow to the heated but take the money. thanks so much, liz. new reports that former vice president biden is strapped for cash losing donors to maher people what is the story? story? >> to kamala harris and to the frontrunners bernie sanders and elizabeth warren. cash on hand. for former vice president biden is $9 million. he spending a l

morning cutting global growth for 2019 lower since great recession this estimate falls jpmorgan jamie diamondict timing and saying for a long time yes it will happen again but we don't know when. pfnlg in the industrial side of the economy but that is close to bottoming here but consumer side is strong. >> do you want want to buy stock? . absolutely. been at 3100 all year closing in on that right now and pain trade is up. my guess is we blow through that number. >> about 0 billion or so pull ed out in third quarter from -- very good sign. very, very cautious i want to buy when people are cautious. that's where we are now despite fact that we're near all time high. >> great to get your insight steven thank you. steven from fed rate investors this morning coming up opioid crisis during distributor ready to setting a multibillion dollar lawsuit but one judge says not so fast. we'll have that. stay with us. 2,000 fence posts. 900 acres. 48 bales. all before lunch, which we caught last saturday. we earn our scars. we wear our work ethic. we work until the work's done. and when it is, a few hours o

the entire letter she wrote to jamie diamond was an impairment.ead it. steve: isn't it about wealth redistribution you. >> came out with a report income and poverty report that said income inequality was down significantly in 2018. people's wages are up. there are more people working than have ever worked in the history of this country. they are making more money. they are taking home more money because of the tax cuts. income inequality is shrinking. what she wants to do. it would hurt the economy and workers and increase income inequality it. would do all of the things that she says she is opposed. to say. steve: let's go ahead and put up some of the bullet points regarding her accountable capitalism act. fringes, large corporations, anybody making more than a billion dollars a year must obtain a federal charter. right now it's just a state charter. worker representatives make up 40% of the board that's interesting. restrict sales of company shares by. what do you make of the part where she says worker representatives must comprise 40% of the bo

alix: and how much harder that gets when in a press release, jp diamonds has there's a strong -- jamieimon says there is a strong consumer, but warning of strong geopolitical risk. gethat gets worse, you worse from consumer discretionary, it's at or. -- this chris neri, -- consumer discretionary, etc. lisa: i really want to hear what jamie dimon has to say about consumer charge-offs and what they are saying with was back to delinquencies and fall off. had the bank of america fund manager survey come out. that was interesting. more money into defensive over cyclicals. what did you make of that? america this is bank of , another bank stepping into this investment space. i think it is an interesting thing, what banks are doing with trying to i versus five -- trying to diversify, going into riskier places to try to keep their income levels. lisa: it does indicate a general caution by investors. have they always been right? no. but is it an indicator? perhaps. alix: thank you for that, bloomberg's lisa abramowicz and vincent cignarella. coming up, we will speak to johnson & johnson cfo jose