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

how many people will jamie dimon increase his payroll by? will it be any substantial fraction of $3.75 billion? if jamie dimon is prepared to say that he will commit that if there's a tax cut he will increase his payroll by anything like $3.5 billion, i will consider revising my views but the fact that he says he'll hire -- he'll hire some more people, that's not enough to convince me. >> why does it have to be just jamie dimon, the individual? maybe mr. dimon is speaking for the greater corporate community? >> maybe he is, maybe he is. >> i think he is. >> absolutely, absolutely. >> i think you can make the case that he is. >> scott, scott, let's be serious here you're the one who introduced jamie dimon -- >> as a representation. >> and jamie dimon hiring as evidence in this calculation if somebody would like to present a calculation suggesting that if we give up a trillion dollars of tax revenue to corporations in corporate tax cutting that will produce a trillion dollars additional payroll and say where those jobs are going to come from,

morgan, there, jamie dimon find myi will fire if i staff trading bitcoin. is this bitcoin trading separate from the blockchain investments that they're talking about. >> it's very separate. much of wall street, if not a of wall street has been exploring blockchain for a couple of years. all these banks have investments in various start ups. as one that they're invested in, citigroup is in there. as we think about it, it's best to think about it in two categories. joining us. you for

what do you think about people like jamie dimon saying it is fraud? guest: it is interesting. i think there's a lot of assets that their values declined based on supply and demand. there is no intrinsic value. you just have the ability to buy and sell those stocks. like baseball cards. i think bitcoin is the same thing. based on aht some swedish exchange because they gave me liquidity. . pure pure that going -- bitcoin. just like the net and streaming created multiple great companies, i think block chain will as well. i'm involved in something called mercury protocol that i think is going to change the messaging using block chain. emily: how big is your stake in bitcoin? guest: relatively small. emily: we will have to leave it

jamie dimon not speak very much on the call.ading side of the business. most questions had to do with the credit side of the business and loan growth. the bank was pretty positive on those fronts, saying the charge had to do with a widening of its customer base over the past couple of years and just overall growth and credit cards as well, particularly the sapphire reserve card, which has been a popular product. not many fireworks overall for this quarter. david: have they given i any indication where they are going? julie: not a lot of outlook on the call overall. it was relatively positive here. they said commerce solutions and auto revenue will be flat in terms of growth in the fourth quarter. granular ins very terms of bigger picture growth and projections, there wasn't much in the way of that. jon: you know how this works. guidance. you give it four weeks before the numbers come out. you say trading revenue is not going to be great. jamie dimon will say something outlandish about something else. look over here. bitcoin. loo

jamie dimon doesn't want that because it cuts into his business. regulators need to figure out is that something we can have at least enough control over that it is not going to destroy the economy, that it is not going to abandon the government, the -- up end the government. can we accept some type of darknet transactions? coin is somewhat anonymous as a currency. cash is a completely anonymous currency. there's a lot to be figured out. catherine: not just money, it is the technology. you have three forces coming together. the regulators want to impede he technology. they do not want to be accused of preventing the next internet. they are stepping lightly and we are even seeing very recently, within the last week, groups beginning to agree on bitcoin versus other crypto assets. some should be regulated by the sec and some should be regulated by the commodities exchange. the other thing that we see going on is fear on the part of regulators in the developed world. they are stepping lightly. jeff: what you say to investors when they are looking at v

jamie dimon has called bitcoin a fraud.ss weighed in earlier on bloomberg. >> i think there is a digital gold rush that has gone on. i think a lot of people will lose a lot of money. a bunch of ico's will go broke. a bunch are frauds. that will be problematic for people that rushed in. i feel it is a bit of a mania at the moment. i think in the long term, it is a viable asset class. cory: people familiar with the matter tells us wall street is moving to embrace digital currencies. they are looking at other ways to get involved in blockchain. joining us now is lily katz. the conversation about digital currencies starts and stops with bitcoin. a lot of people starting to think about blockchain. what is it about bitcoin a makes it impossible for wall street to use it as currency? >> there are a lot of things wall street executives have to worry about when they are considering about whether to start adopting this. there is fraud. these banks have regulations. they have anti-money laundering regulations. big banks are seen as a

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 about inflation janet yellen echo these sentiments in her testimony when i asked jonah can you explain what's happening is inflation she said no i don't

general motors and ford need to do to catch up to tesla and bitcoin now worth more than $5,000 jamie dimon may be changing his tune >>> first, jpmorgan and citi reporting solid earnings but investors were pushing the sell button all day long, citi ending down 3.5%. given the quality of the earnings from citi and jpmorgan and the reaction we saw in their stocks, is earnings season going to shape up to be a sell the news event with stocks at record highs? karen? >> i agree, both earnings were very impressive on a lot of fronts if you really wanted to you could find things to pick out, as, all right, maybe not the best the only thing wrong with those earnings is both stocks ran up 8% or so before earnings is this market pricing in too much you kind of need to be worried i have positions like an alphabet, like a facebook, that have come back a lot at new highs now. and so i gotta think that pretty good earnings are priced in, i gotta think about that how do we hedge against earnings, even if they're good >> exactly, the earnings were good domino's pizza, the earnings were good, that stock also

to like is why the base it, which is in part why jamie dimon famously slams bitcoin.here has been a lot of discussion. catherine: a lot of discussion. this is increasing the public's increase minute. you have jamie dimon, public figure, very well-known along with howard marks of oaktree. interestingly, the following comments, jami' the ceo of morgan stanley was speaking about it in a different tone. i think they are beginning to see trading opportunities. >> they are not endorsing it just saying we are interested in finding out more about this because the clients are asking about it. the results of the ceo of blackrock who came out and talked about it. jeff: you started introducing more folks to it, which leads to the question of i do not want to get too far ahead -- but it leads to the question of regulation. much of space and financial services being involved -- not just banks and financial services being involved, but the government being involved. paul: there are a couple of moving parts there. one, you have people working on bitcoin it else and that project itsel

a lot of doubters as well, including jamie dimon, who you mentioned. we'll hear from him later.zing. $5,000 some people were saying if they wanted to put in money, people were asking 1,000 s that crazy it's hard to know what the answer is. how do you analyze this currency no government, no central bank hard to know the supply and demand picture, and which government will come next and crack down >> absolutely. interesting to hear ken rogoff who is a naysayer towards it, to at least take his has the off and say the japanese endorsing it is a big move whether or not it can last is a positive step for the cryptocurrency, though his net position is one criticizing it, not believing the rally can continue forever >> at least on the price he says it will run into regulation as all -- he's looking at history of currency and coins. >>> let's look at the wall street agenda today. full of economic data. earnings and fed speak, weekless jobless claims and september producer price index at 8:30 a.m. eastern the federal budget at 2:00 we'll hear from a bunch of fed officials, rafael bostic,

what do you like better, jim who had a better quarter corbett or jamie dimon >> citidy.was better than expected, the buyback was really incredible. jamie's buying back a lot of stock up here. sy citi showed the dollars equities are really good there's really just a kind of strong international growth story, too, emerging markets, and mike corbett continues to be underrated i don't get the deal they will buy back $60 million worth of stock when they're finished here. this is the company that is probably the most underrated bank jamie, once again, ho-hum, did a great job. what can i do? citi is the bank that people keep underestimates. they should have their head examined >> and we talked about the recent strength in the big banks. what do you tie it to, jim, specifically >> strong economy, both here and worldwide. much more acceptance that they're allowed to lend, less much of a jackboot on their necks. much better idea that perhaps banking isn't a sin. this is about attitude and climate. and it's good. >> very good, jim. we will -- >> thank you >> -- get a lot more from

jamie dimon, he is taking advantage of the better economy and lending. and you know, there are statements -- i know everyone thinks it's all platitudes jamie dimon spends a lot of time talking about what he's saying and it is good, good, good when you go over and he's talking about the global economy continues to do so well -- to do well, u.s. consumer remains healthy, solid wage growth and then, these numbers were done with terrible natural disasters in our country these numbers are done with houston and florida, the two greatest growth states in our country. s so i really like these numbers very much. these are companies that deserve a price to earnings multiple equal to at least the average industrial >> so it's early days, but to these two results help to put to rest worries into the quarter about credit quality, delinquencies, consumers falling behind on credit >> i think they do i think that's a great point, carl and i've got to tell you, citi has such a good credit card business they can tell you whether there was deterioration. if anything, there

jamie dimon was asked about bitcoin again today. n the call after the earnings said he wouldn't talk about it again but here he was listen >> i don't personally understand the value of something that has no actual value. you can do whatever you want, don't care all right? that sounds definitive bitcoin hit a new high today. >> i could care less what bit ko bitcoin, how it trades, what it trades for the only value with bitcoin is what the other guy will pay for it honestly, i think it's a good -- bitcoin, buyers are jazzing up every day so maybe you'll buy it, too, and take them out i quite mean that, by the way. people are good at manipulating the press these days a case for bitcoin, if you live in venezuela, north korea, or if you're a criminal. but this is a last time i'm ever going to answer questions on bitcoin because i real will i don't care >> but he's so entertaining when he does. this is a very serious issue we've talked about this time and again. separate blockchain which jamie dimon, did, too, not talking about blockchange

i know jamie dimon is saying higher interest rates upset decline in revenue, but trading revenue hasn under a rock now for several quarters. >> right from the perspective of the economy and how americans are doing, i'd rather see banks earning money because they are lending -- because they are putting out loans to households and businesses than doing a lot of trading that only benefits wall street. the markets have been calm, very predictable and so they're not seeing a lot of trading revenue. you know, so what if the guys aren't bringing home a lot of money for trading, if you're getting loans into small businesses and households, that's great for the economy. maria: good point, jon. >> what do you think he's going to say about as far as 2018 goes and outlook for the economy and growth going? jon: what this says is that the economy is on upswing right now and i think we will see evidence of that. you know, so they get a little bit better on net interest margins because the fed has been gradually raising interest rates, loan volume is up and that's good news. >> how much tax policies

jpmorgan, ceo jamie dimon buying shares at $53 a share. in february, what turned out to be the dimon bottom. in december of 2015, scooped up about 1 million shares, around $64. the stock is up more than 120% since then so given all of that, do you think the rise in insider buying in general electric could be signaling a bottom in the stock? pete, i go to you, you site steve wynn >> because of what steve wynn did, that guy was unbelievable, we documented that, to say, look, here's the one difference. steve wynn was buying a stock that he knew very well, not that these guys don't, but it also had the fundamental backdrop i don't understand the fundamental backdrop of ge to say this is the bottom and i need to buy because the insiders are showing me some leadership i like that they're doing that it is a commitment, melissa. when i look at the fundamentals of the company, i'm not blown away to say, you know what, they've still got to make changes before this thing could turn >> the implication or the thesis is that the ceo theoretically or the

you have jamie dimon, public figure, very well-known along with howard marks of oaktree.ll negative. interestingly, the following week after jamie's comments, the ceo of morgan stanley, jane's -- james gorman, and lloyd blankfein were speaking about it in a very different tone. i think they are beginning to see trading opportunities. >> they are not endorsing it just saying we are interested in , finding out more about this -- lloyd inclients particular said this -- are asking about it. lily: the results of the ceo of blackrock who came out and talked about it. jeff: you started introducing more folks to it, which leads to the question of i do not want to get too far ahead -- but it leads to the question of regulation. not just potentially banks and financial services firms being involved, but the government being involved. very denseis a topic. we could probably spend an hour on it, but generally speaking, there are a couple of moving parts there. one, you have people working on bitcoin it else and that project -- itself and that project. other cryptocurrencies like it.

they would vote showing that that's what they were a fraud they take great pride in their fraud jamie dimon is proud to be a shyster because fraud has become the de facto business model of america this is where suddenly it's fun i'm thinking more like steve biko and think guys like that and the people around them how open how cool they thought it was to see if you can just met with the top crypto minds in the world recently placed in connecticut what does that tell you what's happening and what's happened what could be thinking my guess is he wants to it's funny would be funny because we've been hearing from. so anyway we don't know who would it is we're hearing from from someone who represents a big money want to do something with us. going to him how funny i wonder if he'd be willing to go into business with me you know we were nemeses a decade ago. but now he's kind of like back on on though right he's been rehabilitated right yes that was a great thing about wall street you can always go back no matter what you did or legibly did to me that's a bit like saying hannibal lector hannibal l

chain so as blights masters equally deluded and will also face the wrath of the market equally as jamie dimon well first i know i have met her several times she seems like a fine woman and she's a competitors i'm not going to trash talk her but it's only the trash talking. that it is i think that yeah i think that a lot of these corporate attempts in general wall street has in the last two years once they understood that this was coming they tried i think to deflect it by funding efforts that in one way or another maintain the rules for them those efforts have not gone well there's another one i won't mention that has gone from described by well much by name but has gone from being a block chain company to now it's a. is it is block chain inspired because it's just like building databases like nine hundred eighty eight called wants their database back you know that's that's that's all they're doing they technologically the truth is wall street is not known for its technology and in my opinion the efforts that are going on there seem to be failing technologically and as the efforts to remake 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 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

jonathan: jamie dimon says it is fraud.s a bubble and he is buying it has it will become bigger. what do you say? michael: it looks like it is here to stay. as i think about this and watch it, my guess is that bitcoin is here to stay but it will be some kind of a -- it is going to migrate from being this weird thing for people who want to do nefarious activities or avoid taxes into something which is more regulatory friendly. it may not be regulated but will take place on an exchange which has some visibility to it. i think you are seeing people like goldman and other firms will find ways for their customers to get involved. it, if it price of becomes a legitimate financial asset it is subject to the same rules as anything else. it can go up a hell of a lot or go down a hell of a lot. wherever the peak was last week, or two or three times higher last week i would not know. a weirdt it was just thing to the side a few years ago, but it looks to have made the transition. i think it has enough momentum that it will be here to

yet jamie dimon says bitcoin is a fraud. which is it?tformn base is the on which people can trade cryptocurrencies. bitcoin is one of them. i think jamie dimon is incorrect. there is a bubble, money to be made and lost. if you take the value of all of these startups, it is a $70 billion industry. if that is a bubble, it is not a very big bubble. there is some enduring technology that is likely to last. we disagree on that. emily: what about ai? some people say it is overhyped. some people like elon musk, say it is the end of the world. bill: if you think russian interference in the election via ads placed on a social media platform was bad ai could be , much worse. i am more in elon's camp that we should be gravely concerned of the potential for misuse of a technology this important and powerful but also incredibly optimistic about the way it may transform society for the better. emily: what are the potentially very dangerous consequences? what do you see happening? all: if you can create supercomputer to teach itself and outsmart people

jamie dimon hit it.d then comes back. >> the technology that we see here is the most of life-changing technology we have seen since the internet started. what's happening now on block chains revolutionizing every single business. the reason people like jamie are talking negatively about bit koib is because they are seeing the decentralization of control of the monetary system is change the dynamics of their business. there is business and consumer lending that is change and it's making a world of difference. charles: jamie dimon today was complementary of block chain. that's the real deal, it's going to revolutionize everything. >> it is now. it's the decentralization of all of these industries. i spent went to a conference in los angeles. entrepreneurs are looking to make a change in the world and taking the power of a single entity owning something and putting it back into the hands of the consumers. charles: i know your company does something similar to that with the crypt on the currency. >> if you t

that's a step down relative to the strong rhetoric jamie dimon had against bitcoin about six weeks ago. >> we'll have more on bitcoin later. thank you, wilf. >> thanks. >>> to the markets now minus signs for the major averages after the big three hit all-time highs yesterday the dow down about 30 points joining our "closing bell" exchange, meg green from meg green and associates steve grasso is sitting next to us, and rick santelli joining us from the cme in chicago. why do you think the banks fell even after those -- i know the trading revenue at jpmorgan disappointed, but overall decent numbers. yell down today. >> loan growth has been decelerating if you look at the bank trade it was built on rising rate environment and lower corporate taxes. if you don't have confirmation on either one of those things, then the natural thing is to trade off. there's is also the trade off the rumors, trade off where you think the puck is going, once you know where the puck is going, calibrate and look at environment. if you look at the xlf, the financial etf, if you gauge it before the election, it'

stamps.com/tv and never go to the post office again. >>> now this is pretty entertaining jpmorgan ceo jamie dimon vowed he would never talk about bitcoin again. a day later he was inevitably drawn back into the crypto currency conversation. dimon said bitcoin was the, quote, currency of criminals he added that anyone stupid enough to buy it would pay the price one day. take a listen. >> i could care less about bitcoin. i don't know why i said anything about it the block chain is technology. it will be used for a lot of different things god bless block chain. crypto currency, digital currencies i think are also fine jpmorgan moved $6 billion around the world every day. we don't do it in cash it's done digitally. it can be done digitally with the block chains but it would still be a dollar crypto currency what i have an issue with is a non-crypto currency dollar, crypto sterling, euro, yen, they're all fine i don't personally understand the value of something that has no actual value. you all do what you want and i don't care. >> meanwhile, speaking to cnbc at the imax meeting in washington, they s

think of what it is up against, jamie dimon says it is a fraud. it might split again.gainst the odds, this asset ,lass, which is thinly traded has blown up. i think it is an interesting story. manus: it is. the point you make about the volatility in bitcoin, blasting hips5,000, but when it w all, it makes sterling look like a walk in the park. let's talk about gmm. this is what we have got. it is all about the equity story. you have china up there, india. he saw the nikkei doing well. -- you saw the nikkei doing well. dollar-yen on the move. and nikkei onopix the equity market rolling ahead. --lar-yen is want to watch dollar-yen is one to watch as we go towards the election. exports that phenomenal. it was the imports that drove the market. that is your gmm. let's get to singapore. juliette has your first word news. the u.s. administration has taken the most drastic step get to roll back obamacare. after issuing an executive order. the moves, which critics call delivered attempts to sabotage the law, come weeks before americans will be will to start signing up for cove

he said people who invest in bitcoin are stupid now i caught up with fad fadi contour he said jamie dimon shouldn't be talking about something he doesn't understand >> people could get hurt, but also people are secure and make their own decisions. if you want to be part of a bubble, you are part of a bubble you understand the risk. when silicon valley was bubbling in the late 19, early 2000s nobody questioned the issue of embracing the internet as a platform for transactions in the world. 15 years later, yes, there was a a -- the market crash. it came out in a different form. in mobile transactions so this is too early for us to judge. we just need to embrace it. >> when you look another part of this ecosystem, it's really rizzs enin the last few months, is that a worry to you not only in terms of the amount being raised but also as an investor, does that block you out of potential deals in the future in perhaps crypto currency and crypto startups? >> possibly. i'm worried the way we conduct our own business is being disrupted. i see this is something to learn about as we see how you can

morgan, there, jamie dimon find myi will fire if i staff trading bitcoin. bitcoin trading separate from the blockchain investments that they're talking about. >> it's very separate. much of wall street, if not a of wall street has been exploring blockchain for a couple of years. all these banks have investments in various start ups. as one that they're invested in, citigroup is in there. as we think about it, it's best to think about it in two categories. joining us. you for scarlet: it is time for the bloomberg business flash. goldman sachs asset management will pay for bleachers used by european investment management teams effective january next year. that's according to a statement today. budget for the research was not included. the new joining rules forced fio cost fromesearch trading related expenses. bans lenders for charging for research. filed forse bankruptcy in may. company reactors changed the industry. they are considering a joint bid. group of hedge funds reportedly collecthe rights to $2.2 billion guaranteed by in southuse toshiba carolina. i

. >> reporter: hot, hot, hot the crypto currency boom is still going strong remember when jamie dimon said bitcoin was a fraud and will eventually blow up maybe. maybe not. there's been a huge sea change in wall street's interest in blockchain and crypto currencies in the last year as evidenced by the conference you all are at. there's an increasing sense of regulatory certainty as different countries are speaking out about what is and isn't acceptable, even if some regulators are coming down harder than others the other reason is dollars and cents. there's more money at stake because crypto currencies in particular and blockchain in general have proven far more resilient than anyone thought four years ago in the case of crypto currencies, wall street is treading cautiously. no bank has yet said they would start publicly holding crypto currencies or lending it out that would be a big move but goldman sachs is weighing having a new trading operation dedicated to bitcoin and other currencies that's getting closer. dimon said bitcoin was a fraud but notice he didn't say blockchain was a

jamie dimon: i could care less about bitcoin. who trades it. stupid to bias and they will pay a price for it one day. so, the only value of bitcoin is the other guy will pay for it. said he doeslso not understand the value of something that does not have actual value. founders are in 30% of the parent company's 10 masters. shares have surged over 6%, giving each a net worth of $1.4 billion. that is your bloomberg business flash. i don'tknow -- scarlet: know about you, but i think that may not be obtainable. abigail: i'm with you. joe: i am bullish. scarlet: lululemon is falling on our exclusive reporting that amazon is looking to get into athletic apparel. julie hyman is with us with the story. that's pretty dramatic. julie: this was again our exclusive reporting from our folks of bloomberg news, reporting that amazon is using taiwanese suppliers, the wholesalers, manufacturers, for some of the other big athletic the tie whenlers, he is a vendor that makes clothing for the gap and kohl's and another taiwanese supplier who makes things for nike,

the debate over cryptocurrency has jamie dimon labeling bitcoin a fraud. and some say it is not real. mike novogratz disagrees. he is starting a $5 million cryptocurrency hedge fund, with a comeback to professional money management. he sat down with erik schatzker to explain why bitcoin is appealing to macro traders. ♪ mike: in a lot of ways, this is a market like any other market. and you can, you see the psychology of fear and greed and, and the same way that you would see them in the charts of the indonesian the pair, dollar-yen or treasuries. they are exaggerated because of less liquidity. there is not a good way to short. so, when they fall, jamie dimon makes a comment or china bans the exchanges, the trendline breaks, and they fall a lot harder than they would have in other markets because there is not a short base to cover. so you reach a new level of support and you rebuild your base. erik: how do you know when to buy and sell? how do you trade this thing? mike: there are multiple ways to trade. it is just macro, so you change -- trade the prices.

no one has called it for a fraud except for jamie dimon and that's considered very bullish. >> dow up. let get to "the half" back at hq >>> and welcome to "the halftime report." i'm scott wapner our top trade this hour, taxes or else. the big market warning from the treasury secretary on what could happen to stocks in the president's agenda comes up empty. with us for the hour today, steve weiss, dave leven,hal, michael farr, founder of farr, miller and washington. let's begin with the markets, the dow surging thanks in mart to

the sharp gains come despite criticism from the biggest names on wall street including jamie dimon.ryptocurrency faces a clampdown by the people's bank of china. that is your regulation news roundup. nejra: thanks so much. keep a large part of the regulatory community busy for many months after january 3. that is according to the chairman of the european securities markets of authority. what else should be -- what else should the buy side be looking too. , sean, great to have you on the program. thank you for joining us. we are done with global financial crisis regulation and the ship will be more to policy debates. what did you mean by that? piece ofs the last big regulation that came out of the crisis. when we get to the other side of mifid ii the landscape changes. there are far fewer regulations that need to be implemented and the focus of policy will be on looking at the regulatory framework and see what needs to be tweet or if new rules -- to be tweaked. next year globally will be the etf industry. the tremendous growth of the industry in the last 10 years has knock gone unnot

chase's jamie dimon has called the coin of fraud, -- bitcoin a fraud.l street is embracing virtual currencies. started outrms exploring the blocking technology underlying bitcoin, but they are offering more coverage due to growing client interest. -- award forest 2017 goes to the american bar at london's savoy hotel. it has won over 50 awards. a spokesman richard it into the unique coast-to-coast menu designed to get every guest a once-in-a-lifetime experience. includes drinks such as a frosty recession. shery: thank you for that business flash update. let's talk about one stock right now that is moving. panelsending a rooftop and battery to puerto rico where hurricane maria knocked out power for 90% of homes and businesses. the first airplane of supplies is expected to leave this week. puerto rico's governor suggest a rebuild of the island grid with solar panels and batteries, telling the tesla founder, "let's talk." musk responding he is looking forward to discussing all this. joining us with details is max chaffin. always great to have you here. we h

on bitcoin we know jamie dimon drew a line in the sand about how he thinks it is fraud. y it hurt jpmorgan because they cannot get into business related to bitcoin? alison: jamie has been very consistent, talking about how he does not necessarily believe in bitcoin. but they have embraced blockchain technology. they have done things with ether, another blockchain out there. banks are using a lot of blockchain technology. not necessarily public blockchains, but private ones. private technology, making use of that. yvonne: interesting to see, dials back on the rhetoric after he said it was fraud. goldman, bank of america and wells fargo reporting in the next week. what will you be watching out for the most for these three? alison: bank of america, we will see how their trading will do. wells fargo, the big story there. the biggest potential to put something behind them is the legal situation. we had a scandal going on for a while. they are get signs moving past about that would be a positive for the bank. if we get more signs of weakness, that is not good. and there are the

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, guys. jamie dimon mentioned and investment of infrastructures, capital spending that have been no where to be found in the economy in the last years. t

they do tend to trade together it's not just jamie dimon and larry fink with comments about it bernanke and other bankers have had thoughts about when regulation hits, countries try to protect their own currencies. >> absolutely. no one has called it for a fraud except for jamie dimon and that's considered very bullish. >> dow up 134. let get to "the half" back at hq >>> and welcome to "the halftime report." i'm scott wapner our top trade this hour, taxes or else. the big market warning from the treasury secretary on what could happen to stocks in the president's agenda comes up empty. with us for the hour today, steve weiss, dave leven,hal, michael farr, founder of farr, miller and washington. let's begin with the markets, the dow surging thanks in mart to ibm's big beats but it's comments from steve mnuchin about tax reform and stocks that investors are talking about. tax reform or look out below is that what we need to start thinking about >> well, i think, number one, we don't want to pass a tax bill just to support the market markets are up 80% of the time, number two number two, i

julia: a shocking lack of education and understanding about this, we focus on bitcoin, jamie dimon callsalking about security benefits, others in the packing cases, the fact they were trying to pay in bitcoin was part of the problem. the identity is protected. >> you have people exposing a current -- and -- you ask third parties to do it in the mirror internet and of a third party, the moment you share your personal data with another secure -- in a secure transaction has opened up the hack factor and all of this stuff is out there. our social security numbers are gone. , everyone dimon talking about his comments, although he called it a fraud, he said bitcoin was i able, if you are a drug dealer, murderer, trying to get money out of that was valuable if you are a drug dealer, murderer, trying to get murder -- money out of -- >> you could do the same things with cash. joe: not online. >> the digital revolution gave us two problems, who are you and can you do what you are trying to do what you want to do? authentication and authorization. authentication has been solved with possession of t

the sharp gains come despite criticism from the biggest names on wall street, including jamie dimon.ryptocurrency faces a clampdown by the people's bank of china. that is your regulation news roundup. nejra: thanks so much. mifid ii will keep a large part of the regulatory community busy for many months after january 3. that is according to the chairman of the european securities and markets authority. so what else should the buy side be looking too. joining us now, sean, great to have you on the program. thank you for joining us. welcome. you said that after mifid ii we are done with global financial shift regulations and the will now be more towards policy debates. what did you mean by that? last big piece of regulation that came out of the crisis. when we get to the other side of mifid ii the landscape changes. there are far fewer regulations that need to be implemented and the focus of policy will be on looking at the regulatory framework and see what needs to be tweaked. that is the big adjustment the buy side is facing. nejra: what policy specifically are we looking at? >> i th

>> just watch the show that was jamie dimon speaking out on bitcoin, which hit another all-time highay. his words were opposed to the cfo of jpmorgan, who said "we are very open minded." he said he would stop commenting on bitcoin but had more to say today. is dimon in bitcoin denial >> he's an amazing ceo but he's definitely in denial the barn door is open and all the animals are running out. it's a more than just a fad. you've got blockchain which jpmorgan -- >> he likes the technicaology. >> he loves the technology >> will there be more regulation going forward? >> there will be >> is that a negative? >> we've got no institutional ownership. once they start to put gates or moats around it from a security perspective, it's lights out it can have incredible momentum higher >> the facts are hard to dispute. you have double the amount of digital wallets than a year ago. you've seen a selloff in lesser known coins. you're seeing some consolidation, some best of breed coming through what a lot of the guys who are spending days and nights doing bitcoin, mining, you name it, bitcoin's tec

. >> jamie dimon came out and was talking basically about earnings and how the comparisons were going to be a factor in all bank results because of the comparisons compared to last quarter. do you agree with that? is that part of what's factored into t ability to beat the numbers? >> that's part of it. what people are lookg for, they pretty much got at jpmorgan. they got large expansion and loan growth. at citi we didn't have as much growth, that's why the stock didn't perform quite as well today. >> wells and b of a come out tomorrow. wells has had its travails, b of a has a different set of circumstances. >> jpmorgan really beat the federal numbers on loan growth. that means one of the other big banks probably won't. we have to be a little cautious on wells fargo. b of a we think will be solid. we're looking for net interest margin, can they keep the cost of deposits down and see earnings grow. >> we will see. fred, thank you so much. >> great to be on, thanks for having me. >> fred cannon. >>> those bank earnings did weigh on the market today. investigators also took in data that s

i think the stress tests will reveal that jamie dimon will be much more free with his capital, citi willave -- brian moynahan has done a remarkable job, he'll put money to work. i like this group. if this group sells off, i'm going to come here and pound the table because they are too cheap. >> financials are leading along with materials -- >> yes. >> more earnings this morning out of delta, 157 beats by four cents. ed did talk to squawk earlier this morning take a listen. >> the thing i'm most impressed with is the demand for our product was really great 17 of the 20 busiest travel days in our history we had this summer people are traveling on delta and loving the product the outlook is strong on demand. >> demand is out pacing any pricing pressure. >> look, it is a really good example. phil lebeau tweeted, selling at ten times earnings is that dangerous? the old days yes this should have been a terrible quarter for delta -- >> because of storms. >> think about it. it was a great quarter it wasn't supposed to be a great quarter. who knows what southwest air could report here. gary kelly

the sharp gains come despite criticism from the biggest names on wall street, including jamie dimon.j.p. morgan. the cryptocurrency faces a clampdown by the people's bank of china. and that is your regulation news roundup. nejra: thanks so much, sebastian. mifid ii will keep a large part of the regulatory community busy for many months after january 3. that is according to the chairman of the european securities and markets authority. but what else should the buy side be looking for beyond mifid ii? to answer that question, shawn joins us right now, he is head of market. so great to have you on the program, welcome, thank you for joining us. you said that after mifid ii, we are done with the global financial crisis regulations, and the shift will now be more towards policy debates. what did you mean by that? sean: mifid ii is the last big piece of regulation that came out of the great reregulation, the crisis. when we get to the other side of mifid ii the landscape changes. there are far fewer regulations that need to be implemented and the focus of policy makers will be looking at t