i liked what they had to say, i liked what jamie diamond had to say because i always like what jamie diamond has to say, but i want to see what he felt about the economy. he was pretty optimistic on long growth, he was pretty optimistic on gdp growth. he thinks interest rates should be higher so that's good for banks. there were a lot of things that were interesting there was the very huge investment banking revenues which were gigantic. someone like a goldman sachs will also have that. they had trading revenues that were lower than we thought they had reserve release which we thought the credit quality was outstanding, then there's the pressure on that interest margin which we knew and will persist for a little while, but hopefully they will be long growth we were talking before the show about the amount of loan growth in their financial business. i don't know if this is all billionaires firing up their assets, i'm not really sure, but there was a lot to like except for the setup going in if i didn't own any, i would be buying some today. i think we'll see similar things in the banks

positive words from jamie diamond, the ceo of j.p. morgan or the ten-year yield? >> well, as you know, i don't have a restraining order filed against me by jamie diamond so i'm free to say what i want. as powerful as he is, i think the ten-year yield transcends -- and i think he would agree with that by the way, if and when he comes on the show, we can ask him, but ten-year yield, and listen to what chris said last night, really really thoughtful work carter has been on this, as has dan, to karen's point, the bank is probably set up well in earnings next week. >>> shares of alibaba under pressure, the stock is down for six straight days. is this pull back a buying opportunity, stick around to find out, and later we're speaking exclusively with twitter ceo ned segal, he'll anll us what's next for the compy. stick around for all of that and much more when "fast money" returns. sometimes, you want speedy but reliable. state-of-the-art but dependable. in other words, you want a hybrid. so do telcos. that's why they're going hybrid with ibm. a hybrid cloud approach wit

. >> maybe it will last a long time if you talk to folks like jamie diamond and others. >> and when thees away the punch bowl. >> there you go. >> even with the fed telegraphing a new era is coming, you still have records highs in the stock market. >> that's why you bring a hip flask. >> up next, why the biden administration just put a stop to executions. >>> plus, how marijuana could make an american athlete miss the olympics. and. ♪ ♪ >>> from the old town road to a brand-new cnn special, billy ray cyrus joins us right here in the studio. ♪ ♪ i'm so glad you're ok, sgt. houston. this is sam with usaa. do you see the tow truck? yes, thank you, that was fast. sgt. houston never expected this to happen. or that her grandpa's dog tags would be left behind. but that one call got her a tow and rental... ...paid her claim... ...and we even pulled a few strings. making it easy to make things right: that's what we're made for. usaa. what you're made of, we're made for. get a quote today. >>> attorney general merrick garland ordering a temporary pause on federal executions. there was a flurry o

jamie diamond got some options to stay. love love that. >> dan nathan?guy dhami >> delta airlines. >> thank you for joining us. welcome to "mad money. welcome to cramerica other people want to make friends, i just want to make you some money my job is not just to educate, teach put it all in context which it needs so call

jamie diamond saying the economic outlook continues to improve but the shares are down more than 2% goldman crushed expectations, bolstered by the ipo market and wells fargo is next with results due tomorrow why are banks under pressure even goldman is down 1%. anton, good to have you. what explains all of this? is it just the yucky bond market rick was describing earlier? >> well, the yucky bond market actually will play in the bank's fa favor. higher rates from a bad auction will help the banks. and the banks have correlated on a trading perspective with what's going on with the 10-year deals. the rey'all i the is the banks delivered. the earnings were good enough. they're both crowded trades. you can poke holes in both companies and say this and that. but at the end of the day they're generating capital, generating book value. there's no long growth right now because there's so much liquidity floating in the market, which means excellent credit quality very strong economy will lead to loan demand and loan demand and higher interest rates will lead to estimates that are far too low for ne

more consistent ones with asset management weren't as strong i have tremendous confidence that jamie diamondis a tough market for the banks, and doesn't help while the best operators stumble i'd still rather buy morgan stanley, and wells and finally there's a one that a lot of people didn't like. i have a thesis, they reported a big earnings beat, driven by a huge reserve you have seen that pattern, sales come in, the worst bank of america's most important business, consumer and business lending, it is too, as it's global markets division. the key metric for the financials came in when we could have expected, too, i think it's going to be a floor. bank of america is the most sensitive interest rating, and the recent collapse in bond yields made it more difficult for them on top concerns about rising expenses, and all of that said, the one hand over fist that you believe the fed is going to raise interest rates anytime soon. that was the thesis ten days ago. here's the bottom line, some of the banks have compelling stories here wells fargo and morgan stanley tell the best stories. after today

a lot about this yesterday on the back of banking earnings the rise of the fintech threat and jamie diamondbig tech as a threat as well it's not unfathomable we could see apple move into greater financial services and if this is about reducing friction, how do you compete apple has over a billion active iphones. people got more used to using iphones for payments over the pandemic and now they built a pay now or pay later excuse me feature, how do you compete with that does it raise any anti-trust concerns, too? >> it might. i think anyone who will overextend its dominant position might fall challenges from that perspective. but more important, i'm not that worried about that i believe and maybe some people call my naive, it's difficult to be good at a lot of things as a company. you can compete at specific things but try to be best at everything is quite difficult. even those companies there's a risk that they're overstretching, trying to compete in every type of services and they're underestimating how extremely specialized. because one thing that's happened in the last 20 years, this mark

and then you have jamie diamond, head of jp morgan saying inflation could be worse than people think i don't think it is only temporary. a nond larry fink from black rock saying the fed will have to switch gears here. what do you think we're going to see next year. because this is hurting a lot of folks right now in terms of price increases that are pretty astounding for things like used cars. >> there are two different things. inflation this year has been much, much more than anyone forecast. at the beginning of the year the fed said it would be something like 2% inflation. it looks like it is going to be 4% or 5% inflation this year. next year, it is almost certain that the inflation rate is going to come down from 4% or 5% but will it come down to the 2% the fed believes it or will or will it end up higher than that. i think it will probably end up higher than that next year. and we'll probably need to act more than they're going to act. >> how high? >> i have a number like 3% next year is a reasonable guess. i don't think 3% is terrible. part of why we're getting this inflation i

the ceo of jp morgan chase jamie diamond said in weeks following george floyd's death, we are watching, listening and want every single one of you to know we are committed to fighting against racism and discrimination wherever and however it exists. the ceo of bank one of america brian monaghan said in his testimony to the senate banking committee may of 2021, his company hosted thousands of courageous conversations with their employees and social justice leaders to foster understanding and a common approach to addressing injustice. leading banks and other financial institutions pledged to serve as alies and apply they're resources to fight the fight for social justice and invest in black communities that have been red lined and shut out. this hearing comes 13 months following the death of george floyd and the recent analysis by creative investment research shows that united states corporations pledge $50 billion, including $33 billion from financial service companies. while pledges and platitudes that affirm values are important, we stand at a cross road that demands tangible and tran

. >> sort of sounds like jamie diamond what he was saying tell us how ever dollar spent if you're goinghank yu for joining us with the big number i want to underline, she said, 5.25 percentage points of growth, that's how much they analyzed the biden policies infrastructure in the families act would add to the u.s. between now and 2024 i haven't heard a number on that. >> and very optimistic in general. which was good to hear another month, another huge surge in auto sales. up next, we'll break down the numbers and the record prices consumers are paying for cars. we're back in a couple of minutes. ♪ ♪ look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction. his number... delete it. i'm deleting it. so, break free from the big three. xfinity internet customers, switch to xfinity mobile and get unlimited with 5g included for $30 on the nations fastest, most reliable network. >>> automakers reporting ju