jamie diamond wants leaders in washington to engage with beijing.s despite growing calls to decouple from china. carlos jimenez is on the china next. ♪ this isn't just freight. these aren't just shipments. they're promises. promises of all shapes and sizes. each, with a time and a place they've been promised to be. a promise is everything to old dominion, because it means everything to you. lauren: the dow is down 278 points. the s&p is down 33 in the nasdaq down 74 as we await the vote on the debt ceiling deal. it's the final day of may. take a look at this headline in the new yorker. it reads, quote, the rise of latino white supremacy at a time erasing racial violence, potential perpetrators and potential victims. a lot to unpack. carlos jimenez, republican from florida joining us now. thank you. you are latino. what is your response to that article. >> if you believe in family values, hard work, the american dream, you hate socialism, makes you a white supremacist because that is not what the democrats believe in. if you don't believe exactly lik

i was on a conference call with jamie diamond, the ceo of jp morgan. as well as with analysts after the. suffice to say it is very, he's very happy with how this panned out. he's been able to sweep in once again and i don't know if you are going to be able to save the banking system but certainly did a lot to restore confidence in it as a result of this deal which is been a good deal for jpmorgan going forward this was a bank that did a lot of mortgages and commercial loans, as i said, a lot of those deposits had left. i think that he sees this deal as being very complimentary to the business that jpmorgan has right now, it's going to benefit going forward, and i think what stood out to me from what he said this morning on that call, and forgive me i've been up since 3:20 in the morning since this deal was announced was this part of the crisis is over and i think his choice of words there is so interesting. we have been kind of living with this uncertainty about a few regional banks for about six weeks now. there has been speculation at i think he's ri

well, i mean, if you ask a, jamie diamond the hat alpha j. p. morgan, this said chapter of for the recent research regional banking failures is so close to so that's at least what jamie diamond is the claimant. but then again of what kenny as say otherwise them. but it does, it's a pretty dramatic situation. i mean, as we've just heard 3 of the 4 biggest bank failures in the history of the united states just happened a with the past 2 months. and some of the problems that sold banks are facing a very rapidly, very, aggressively moving interest rates. i mean, that is still true also of what the mother of financial institutions and 1st republic we understand it received a $30000000000.00 lifeline just last month and that was not enough to save it. why? well, $30000000000.00 is a lot of money, but we just heard early last to week that actually the clients from 1st republic pulled about a $102000000000.00 just in the 1st quarter. if you look back a couple of weeks. so what happened? a took credit suisse, i mean, they also got an injection from the s

jamie diamond spoke about that very issue on the media call moments ago. >> this is getting to the end of it, and this is going to stabilize everything. the american banking system is extraordinarily sound. obviously, going forward, you will have recessions, and rates going up and stuff like that, and you will see other cracks in the system which is to be expected. the system is very, very sound. >> reporter: and jamie dimon went on the say that he does not believe this deal is going to back into be a recession, and nor was the recession a reason that he closed this deal. but big news around the country as the people are going to the first republic bank they once knew now owned and operated by jpmorgan. >> thank you for the update. >> thank you, kate. today, the president is going to blast the bill presented by the republicans, and saying it is a concession of the u.s. to pay the bills that it has already incurred. the senate majority whip and committee chair dick durbin is joining us. thank you for joining us, senator. >> good to be here. >> senate majority leader mccarthy is in israe

. >>> and ceo jamie diamond told reporters that he believes america's banking crisis is over but there are still concerns because of rising interest rates. in washington , i am skyler henry , back to you . >> even with that lifeline , it's interesting to see what happens . we will follow the latest developments with first republic bank. you can go to kpix.com and we are streaming on cbs news bay area . >>> we have clouds on this monday morning . looking at oakland, san francisco and san jose, there is a possibility of showers. here is meteorologist jessica burch with . >>> the first day of may with a chilly start . daytime highs in the upper 50s and lower 60s and the bait area where it is cool and breezy along the coast today . an area of low pressure brings in rain as early as tonight and the early morning hours tomorrow. we quickly go to the upper 40s into the overnight hours and showers start kicking up as early as this afternoon. light at first and then the rain will amplify into the forecast tomorrow morning . this is by 5:00 a.m. with a half inch of rain near half moon bay . the

to avoid not expressing optimism and the bankers themselves, so the head of that same jp mordon jamie diamondptcy the big banks have increased the odds of a face us a over the country's economy. thunderclouds hung a lot, according to experts, it also depends on the actions of the fed, which now has a fork in it, in order to cope with inflation, it is necessary to raise the rate. but this can lead to new problems for banks, which the fed decides will become known after its meeting on may 3. we'll take care of this. it will be the honest detective.

williams is jp morgan too big to fail is jamie diamond. the man who runs at to pa, for one of the changes of us banking, consolidating around a handful of these 2 big to fail banks for the both for, for consumers who of course, will face less choice. and for the government. the notion of having very big dies or something, the administration all administrations and banks supervisory a regulatory agencies are well aware of. and i think they would have rather pnc bought the 1st republic unfortunately by law. the if the i see was mandated to always accept the least cost solution, and jp morgan outbid pnc simple as that. now what we can do going forward is to make sure that the, the competitive pressures are restored and that jp morgan isn't given of unfair advantage. just because they're too big and you're absolutely right. when you have a large bank dominating so much of the bank is just them with so much of the assets . and if they make a mistake, then surely the tax credit will be on the heart. and so that means that going forward, the regu

and jamie diamond, the ceo of chase, just in twitter today saying that this puts the worst of this crisis behind us, basically that the, this aspect of the banking crisis is largely over and the markets do seem to be taking it all in stride, their overall trading slightly higher than they were last week, mostly in the green. some banking stocks are trading lower but nothing drastic, not the drastic pull out of the banking sector that had fear might happen. bigger question is what this means for the economy going forward because rising interest rates have for many banks to pull back on loaning to businesses and individuals. and so that could have been showing on the economy overall. but for now, it seems that crisis has been averted. ok, christians leave me in new york. thank had hair on out his era international efforts aiming to reduce tensions as a by john and all media as a checkpoint threatened to reignite decades of complex under the all eyes on the south. china see the philippines and us strength defense corporation. ah. they're going to see you. let's go with your weather report fo

jamie diamond spoke with analysts about the deal. no christabel is part of the crisis is over. first republic had been teetering on the brink of collapse in the wake of 2 others, silicone valley and signature bank, amounting to some of the largest bank failures in u. s. history. rising interest rates caused loans and investments to lose value. all 3 of these banks catered to wealthy clients with large uninsured deposits, more prone to withdraw them in times of stress. we have a structure of near 0 interest rates for 20 years. and when you begin to reset those, especially very quickly, which the fab have under pressure from the inflation debates that we've had, you're going to have structures that evolved under low interest rates that don't meet the challenges of a new environment very well of a higher interest rates, the federal reserve meets later this week to decide whether or not to continue that policy of raising interest rate. at the white house, president joe biden attempted to reassure depositors and the american public. their money is safe. these action is going to make

$2.6 million in construction loans by holdings and jp morgan investor day today, you should hear jamie diamondthe purchase of first republic adding to the bottom line in their business. stuart: got a book saying the market closes higher. >> looking at the banks across the board right now. [laughter] stuart: a vote of confidence. coming up, warning about artificial intelligence but can it be a positive? can help? will have john, the bar rescue guy coming on the show, he's using ai in his restaurants. university of minnesota paid interim internship program only open to nonwhite students. stephen moore and stephen forbes want wall street to keep politics out of our retirement savings. stephen moore is next and he will explain it. ♪ , marcus this morning after 12 business we are starting to see price movement to the upside. dow is up 60, pastor of 60 points as well. look at this, microsoft just hit 16 month high, 320 sports fans. let's get serious, that ceiling negotiations resumed today, grady trumbull on capitol hill. do voters support in these ongoing arguments? >> not president biden, at least

i thought jamie diamond and j.p.stepped in and rescued first republic and there's no more panic out there. we were wrong so now that the fed uses making the decision this afternoon, their data dependent is what's happening in the banks, their data. stuart: we won't know. i think reported yesterday, i'm interested in the eb sales. >> overall, profit but the business lost $722 million and they are on track to lose $3 billion this year. board used ev's like a start up, they will lose money and then build scale and everything will be great. i also want to tell you they cut again the price by as much as 8%. stuart: a big drop, for a chip maker, down 6%, that's a big drop. >> they are vulnerable completely and things don't seem to be getting better. the forecast was pretty lackluster, investors are not convinced. they say amd is startling, will continue to struggle and no longer gaining market share for the rival intel. stuart: starbucks, a good re report. >> down 6%. starbucks is moving ahead with caution despite positive

morgan chief executive jamie diamond best known anchor in america.believes our country probably will not default on its debts. >> quoted due to the banking system? >> actual default would be a disaster is consistently over and over repeating it. >> are you optimistic about a deal? >> i'm worried about the. stuart: default doesn't worry me and nothing will happen but what about this extra spending and taxing that we are going to get when the deal is done? >> client hope is mccarthy gets the better end of the deal and we are not going to get that spending or taxation. we should not be worried about default. there's no reason -- because there's plenty of money coming in to the treasury every month to cover interest even if you don't raise the debt ceiling, he's got enough. this is the key, unless joe biden decides to. it's his decision, there's no monetary reason we can't pay our debt, it's his decision whether or not to prioritize the payments. stuart: we will watch you on the big money playbook, something different today. america and debt 1:00 p.m. ea

morgan ceo jamie diamond said he never discussed jeffrey epstein's account at the bank, "wall streetrnal" is casting doubt on diamond's denial. statements reviewed by the journal accuse diamond of communicating with epstein for years. j.p. morgan insists that is a false claim. in wisconsin firefighters battling a major fire at an apartment building. it is unclear how the fire started or if anyone is hurt. back in 2017, at least 90 people were displaced after fire damaged the building and in 2020, fire gutted several unitses. to baseball, aaron judge crushing 18th home run of the season. >> mariners, 10 innings. >> high fly ball to 376 market with big-time carrie and he's hit another one. goodness, another home run for aaron judge. >> ashley: helping the bronx bombers. and the ball sails to the stands and blue jays fan making this grab and never leaves his seat. is he drinking a beer? >> steve: he caught it left handed. >> ashley: the team retweeted the play, writing even our plans are making plays today. >> steve: didn't even stand up. epic. i could watch that all day. >> thank you v

morgan ceo jamie diamond is in shanghai china for his company's global china summit.e called for lawmakers in washington and beijing to come together and have real engagement, no decoupling. of the issues at d.c. and beijing, are they resolvable? >> i get nervous when i hear him say with got to engage because in the past that's meant we need to appease. this the communist government, chinese communist government not interested in freedom. j.p. morgan's business was based on financial markets that run on freedom and transparency, that's not what the chinese government offers so what happens when push comes to shove in china when china which does this all the time says j.p. morgan, we don't like who you are and lending money to in the information you're not sharing with us, we'd like you to change that. is he going to engage or stand on principle? >> he's there, fine, private business, he can do what he wants, he's not talking about decoupling, because it de- risking but it seems like our government wants us to decouple from china get business leaders are doing the oppo

you'll see jamie diamond, jane frazier. there's a meeting, that's what this huddling is about.len is calling ceos and business leaders all week, working the phones around the clock to explain what's happening and what can be avoided here. another interesting number for everyone to understand is our bank account, the american bank account, the balance fell below $100 billion. dramatically falling. >> they're running out of money. >> look at the change from may 12th to may 16th. that's the money we have to pay the bills. as of june 1st you get big bills for social security, veterans benefits. the smaller the number on the right, the worse the number for the american people. and the big number, 14 tays. they have 14 days to get this right. that is topic number one in the meeting. they'll also talk about regional banks and recent stability in the regional banking system. so i think that's another very important angle of that important meeting in d.c. today. >> it is an important angle. >> john? >> you guys are wicked mean, i heard the whole thing. >>> new developments swirling arou

jamie diamond released a statement saying our government invited us and others to step up and we did our company. overall it is a creative to shareholders. it helps further advance are well strategy and is complementary to our existing franchise now, although jpmorgan chase acquired all of first republics, deposits and majority of assets banking experts say customers in either bank should not notice any immediate changes . ktvu alley rasmus is working on this report. she'll have more at 8 30 looking at the long and short term ramifications time happening today, california highway patrol officers and the national guard are set to focus attention on san francisco streets to crack down on the city's drug problems. ktvu james tor is live at city hall to tell us how that new federal task force will operate. good morning, james. andrea good morning to you. if you live in summer or the tenderloin, you'll certainly start to notice a larger police presence in the area. the idea here is that a multi agency presence will help prevent some of these deadly drug deals at the city wants to crack do

bankers, the treasury department, lots of markets say this is not a contagious factor, we even hear jamie diamondhis is at the worst right now. we even heard at one point a concern about the small and regional sized bank that are the backbone for small and medium-sized businesses in america, that are the backbone for the economy, wlrnt they're going to take that money and put it in places like j.p. morgan or bank of america. it seems as though deposits are relatively stable there. what this has now turned into is a bear stampede of sorts. there are a lot of people speculating about the demise of the regional banking sector in america, and that's kind of becoming a vicious cycle at this point. so there has to be some news in the coming days that will help abait some of this, but for the time being, it's the biggest concern. and it's having a real impact on the real economy because those banks lend to people, and those people use that money for business. >> thank you so much. >>> coming up, we're going to take a deep dive on the proud boys conviction this morning on seditious conspiracy and more. y

enright, lauren is back and i want to know, jamie diamond, how did he win for first republic. i don't have all of the details but he did when the government auction calm that went into the wee hours of the morning on monday, and he would $92 billion in new deposits but guess what jp morgan the controlling 16 percent of all of the deposits in the u.s. and so it is way too big to fail right now, jimmy diamond is a savior, he's industry leader again in times of turmoil and remember vatican 2008, he but it serves in washington mutual, that he has regrets and some affect, but this deal, it is a lot less complex and he gets a leg up wealth management in silicon valley names to watch the two women in charge of absorbing first republic, marion mike and jennifer keep stock. there being considered, his parents one of them could eventually replace jimmy diamond a. stuart: that is on the makes of god that it your shaking your it. guest: i'm not calling him a savior. he is buying, he is not selling any as smart but he is not a savior, he's just getting in again where he saw a failure creat

their ceo, jamie diamond, is going to be deposed., unequivocally, jimmy diamond, never met jeffrey epstein, never communicated with him, never played a role and irony ben's nest with him at anytime. however, getting deposed is a big, painful deal. and jamie dimon has -- israeli in the hot seat. what do you think is going to come of this? >> well, i'm not even want to beat the post. >> no one does, okay? like, in his defense, no one does. >> maybe donald trump likes it, i don't know -- >> no way. >> okay, i'm sure jaime isn't going to like it. he is a professional. he is going to be well advised through that process. you know, i gather they've looked through 5 million documents to see if there's any name that links jamie and jeffrey epstein together. suppose they don't find any thing. i suspect jamie will get through it fine. i'm not sure about some of the other executives of the bank, four former executives of the bank. >> jeff staley. >> not to name any names. i think this jeffrey epstein situation remains toxic, stephanie. three ye

jp morgan and jamie diamond also saying this week the banking system is sound and then you've got pack west. how does it all fit together? >> overall maybe it's true the banking system is solid. but you have these pockets of weakness in the banking sector after a year of higher interest rates. pacwest is saying nothing really has changed here following the sale of first republic and other news. but you can see the stock is really getting hammered here. it had been $26 a share before this bank drama began back in march, and now it's down in the $3 handle. you're also watching this other company, they've called off a $13 billion merger, and that has sort of shaken some nerves on wall street, too. this was kind of a plain vanilla merger announced back enfebruary, but a lot has changed since february. and they're citing the fact they can't get a clear regulatory time line here. so abandoning that murerger addg to -- i won't call it a crisis but stress in the banking system. >> it has something of an effect of shaking it, rattling it even if it is still stable and strong. there's a new gall

morgan ceo, jamie diamond, spoke with analysts about the deal. no christabel is perfect for the crisis is over . first republic had been teetering on the brink of collapse in the wake of 2 others, silicon valley and signature bank, amounting to some of the largest bank failures in us history. rising interest rates caused loans and investments to lose value. all 3 of these banks catered to wealthy clients, with large uninsured deposits, more prone to withdraw them in times of stress. we had a structure of near 0 interest rates for 20 years. and when you begin to reset those, especially very quickly, which the fed has under pressure from the inflation debates that we've had, you're going to have structures and evolved under low interest rates that don't meet the challenges of a new environment very well of a higher interest rates, the federal reserve meets later this week to decide whether or not to continue that policy of raising interest rates. at the white house, president joe biden attempted to reassure depositors and the american public. their

morgan, c o, jamie diamond spoke with analysts about the deal. no christabel is part of the crisis is over. first republic had been teetering on the brink of collapse in the wake of 2 others, silicone valley and signature bank, amounting to some of the largest bank failures in u. s. history. rising interest rates, cause loans and investments to lose value. all 3 of these banks catered to wealthy clients with large uninsured deposits, more prone to withdraw them in times of stress. we have structure of near 0 interest rates for 20 years. and when you begin to reset those, especially very quickly, which the fab have under pressure from the inflation to beats that we've had, you're going to have structures that evolved under low interest rates that don't meet the challenges of a new environment very well of a higher interest rates, the federal reserve meets later this week to decide whether or not to continue that policy of raising interest rate. at the white house, president joe biden attempted to reassure depositors and the american public. their

ceo of jpmorgan chase, jamie diamond, released a statement saying our government invited us and others to step up and we did this acquisition modestly benefits our company. overall it is a creative to shareholders. it helps further advance our wealth strategy, and it is complementary to our existing franchise. although jpmorgan chase acquires all the first republics, deposits and majority of its assets, baking experts say customers and either banks should not notice any immediate changes. ktvu alabama's mus will come in at around 9 30, she'll have a look at the short and long term ramifications. of this story happening today. california highway patrol officers in the california national guard will focus attention on the streets of san francisco. they're working to crack down on the city's drug problems. ktvu james torrez live from city hall detailing the changes you might notice today. good morning, james. andre good morning to you. well the san francisco police chief says most of us illegal drug activity could be tracked down to one square mile of the city. so if you live in places li

do they ever query chuck schumer in their involvement in sex trafficking and jamie diamond and the founders all american citizens. why are they being query to find it what they are doing and being compromised by people who occupy palestine and epstein. how did get -- how did epstein get $600 million? host: before you get to that, i want to bring up that this is a tweet we received from robert douglas. we are receiving a lot of questions about the use and could be used to either target individual americans for different things in the news? guest: good is a very broad word. if you had rogue agents, if you had people if they were completely able or had in their own minds, the ability to disregard all of the compliance and regulatory restrictions that are in place about accessing the database, yes, there is a lot of information in the database. if you want to skirt the restrictions and ignore them and risk getting caught and getting fired from your job, yes, you could dip into the database and see what you can find. in a broader casting of how the program works, the answer is, no, the 702 progr

>> indeed, and just a day after those comments from jamie diamond after his bank acquired first republicof a dampener around the caution, the sense that he was a long negotiation which took place between the fbi and the -- j.p. morgan first republic, and radio was struck. and indeed, monday seemed to show in the stock prices that there was a sense of calm. but that gave away quite quickly on tuesday, and during the session we had volatility as well. really, it was not about pinning down in the particular news piece of information. what it was really down to was this overriding sense of that lack of confidence and that is still there. the lack of confidence that the fdic are moving on uninsured deposit positions and which a lot of people have been looking for. just the fact that a lot of the systemic issues that have impacted regional banking in the u.s. over the last two or three months and indeed what has led to this and build up to this, a lot of those worries are still there, especially with the fragility of the u.s. economy currently heading into the latter part of this year. sure, t

we have heard from mercedes and gm and jp diamond -- jamie dimon . in the statement by the chinese government, elon musk is quoted as saying he is against a decoupling from china and they will continue to invest. it is an interesting situation. if the percent of tesla's output was in china. the chinese government gave tesla the freedom to operate there as a u.s. company which is rare. caroline: interesting the potential remembering around the big battery maker. that is of course the big part of china trying to have supply chain in the u.s. rather than depending on chinese makers. ed: before licensing catl, there was a fallout from the republican party. that relationship is closely watched. caroline: i'm sure we'll get more photos. ed: coming up, dozens of industry leaders calling for global attention to the possible threats of extinction from ai. dan hendrycks, center for ai safety joins us next. this is bloomberg. ♪ when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ah

the ceo of jpmorgan chase, jamie diamond, released a statement about their acquisition, saying thereany overall, adding that it helps their shareholders further advance their wealth strategy and is complementary to their existing franchise. now all depositors with first republic bank will have access to their money and their accounts so they shouldn't notice a change. but the real losers in this deal here, though , our first republics shareholders and debt holders. they will not receive anything as part of this agreement live in walnut creek. ali rasmus ktvu . fox two news thank you. ali students and teachers will be in class today in oakland. as negotiations continue between the teachers union and the district, the district put out a message to parents and families , saying that the bargaining continued through the weekend and that school is in session today. the teachers union has voted to approve a strike but has not said if or when that strike will happen. now the san jose unified school district is also facing a teacher shortage. the california department of education says the d

jon: if you're interested in the views of jp diamond -- jamie dimon, we will play some of that for youdimon on the debt ceiling and china and u.s. interest rates. we will catch up with emily roland, co. chief investment strategist at john hancock investments. i have been speaking to you all year and you pushback against the euro euphoria. you remain committed to the growth equity story and the united states over the rest of the world. are you sticking with it? emily: we are absolutely and it feels like markets are getting the memo in terms of the macroeconomic environment. we are looking at decelerating growth as you have mentioned, disappointing data overnight in china. he saw japan industrial production and retail sales disappointing and you see this big rotation into yours -- u.s. markets and that has been exhibited by the cost asset action. you are seeing the dollar get a bid and this massive rotation into u.s. quality growth stocks which we have talked about for some time so that has key locations for portfolios especially when you think about some of these trend following strateg

. >> jpmorgan jamie dimon in shanghai for annual global china summit, diamond reaffirming commitmentdoing business in china saying bank will remain in the communist nation for good times and bad calling for quote real engagement to resolve ongoing issues meanwhile, tesla ceo elon musk, in shanghai from beijing right now after meeting with china foreign minister and reportedly considers expanding electric vehicle manufacturing capacity there during tuesday moss meeting with chinese officials musk reportedly said he opposed decoupling drying countries inseparable quote conjoined twinss tesla did not respond to request for comment tesla jp visit smooths with chinese officials communist china rebuffed invitation to meet with defense secretary this week far from first or only visitors from business leaders take a look at this apple arely tim tookf ceo starbucks ceo among those visiting china apparently focused by business leaders to invest in china raises questions, about whether the visits undermine american efforts to gain control over supply chains for key merlz ed batters semiconducto

the data looks bad but elon musk is in shanghai, diamond is heading there -- jamie dimon is headed there. they are saying the slowdown is not concerning at the moment, they are looking at business and seeing optimism and we hear it from ceo. rishaad: there was a burst of consumer activity earlier in the year and then it evaporated. rebound in the property market fading to some extent. businesses being hit by falling profits. gdp likely to be weaker than anticipated, which was optimistic at the start of the year. yvonne: markets are feeling it. we are not seeing an upside in the data, in stocks, and the currency. we will ask a lot of questions to jamie dimon at the top of the hour. an interview you do not want to admit. top of the 12 hour, close to that. jamie dimon speaks with stephen engle from shanghai at 11:55 a.m. hong kong time. rishaad: looking at general macro moves, making headway are not, commodity side, it moves with wti still under pressure, crude oil and sovereign bonds, green is the color of the day. yvonne: you are marketing moves in the aussie dollar the inflation was hot

jamie dimon says his bank has a war room. jeremy diamond is outfront. we've got just days to go.good they're meeting and coming out of it and saying the meeting wasn't worthless. but the real question is when is it going to be worth something? where does this stand? >> reporter: erin, that's the key question. it's a surprisingly optimistic tone when you consider the fact that in just ten days, the united states could potentially default on its debt obligations. we heard janet yellen reaffirming that high likelihood that early june will indeed be the date when the u.s. could no longer pay its bills. we just heard from the speaker of the house. he emerged saying it was a productive discussion. he said the tone of the meeting was better than it ever has been at this point in the negotiations. he said that those negotiators, the white house's top staff and mccarthy's deputies are going to get right back to the negotiating table this evening with a bit of a clearer sense of direction from the key principles. here's the president and the speaker of the house. but that being said, it's

maria: were you surprised to hear jamie dimon at jpmorgan investor day talk about commercial real estate? yesterday, ceo diamondercial real estate is area most likely to cause problems for lenders john we have been worried about that on this program for a number of reasons also, the fact you've got all this debt rolling over this year. and you are going to look at much higher rates, plus people are changing the way they go to work, they are working, less in the office, that has left a lot of real estate out there to get siblized your thoughts on this as an issue. >> jamie dimon has been in the bearish camp for awhile said a hurricane, was going to come -- tsunami all kinds of things going to come down the pike. in terms of commercial real estate i think ric over blackrock, made a good point, is that you know commercial real estate in terms of single family housing is about is about a fourth of the size of single-family housing so 2008, the single-family housing problem a huge problem because affected so many people the commercial real estate yes are there going to be probably defaults people try to negotiate, l

jamie dimon and jpm winning again, getting bigger acquiring assets, america's largest bank will assume $92 million in deposits and had assets of $3.6 trillion and now it gets bigger. jim any diamondpart of the crisis is over after the sale was announced yesterday. do you agree with that? how do you see the banks? >> i think it was a big milestone and the 3 banks that did go under, i think, this cleans up the worse of the matter. there might be smaller situations but this sets the tone, jamie came in, cleaned it up, i think it worked out, good for jp morgan, good for the government and good for the sector. so i think this closes this chapter or at least the majority of the issues. maria: the last time i spoke with you, you were just announcing this new esg, etf, you said that's growing asset class that should not and cannot be ignored. some of our viewers have a major problem with esg. they don't like it, they think it's total marketing and it's just not something that they want to be. do you want to explain where you are on esg with the new etf? >> sure, first of all the market is huge and it's been very much politicized in the united states more than other parts in the world esp

diamond thinks this is six or 7% terminal rate that we are going to. i think the second point being there is no one better at creating the narrative and controlling it then jamieimon and what he tries to my interpretation tries to do here is make the case that the system needs to be re--- built and prepared for potentially as we have seen from the fed speakers that no one really knows where the next 50 basis points is up or down or we go six months online. that is what his comment is really about. dani: to that point, at the moment, is the bigger risk weighting, pausing, and letting inflation gets out of control, or is it moving at the moment and potentially inducing a recession or a worse recession they might have come already? steen: as you know, it is a difficult question to answer in a sense that on one hand, the federal reserve does not want to be -- see the last hike as being a policy error. on the other hand, they don't want to be policy error and what they did in the 1970's, simply pausing and coming back and doing more. i think everyone talks about data dependency, but really it is about how the high-frequency data evolves. in that cam, i think we are