jamie dimon has been spot-on, and i'm not just saying with bullish calls, bearish calls. he's been spot-on. to me, what i look at is all this incredible, extraordinary headline risk that the entire marketplace has, not just right now, but over the last six months, and continuing, and yet, yet we are cranking out incredible, incredible growth numbers here. to me, the upside risk is still actually more prevalent than the down side risk, because like phil said, if any of these issues happen to get resolved, whether it's china tariffs, whether the fed actually backs back a little bit off of their hawkish stance here, boy, we are really in for a driving force here. liz: tim, okay, you get to then weigh in and then we can figure out where we stand on is it dimon or kaplan? >> both guys are very smart guys but mr. dimon's career has always been a lot closer to the real transactional part of the economy, and i would just, if i had to go with one of them, i would certainly think he has a better feel for where consumers are and where businesses are in terms of whether they're going

jpmorgan jamie dimon said don't forediscuss too much on the short term. look, we'll not ignore the possibility of a recession in the next two or three years. the market can go up a lot before that happens. if you're a long term investor, i don't, market moves in cycles. it is okay if we get a pullback. connell: veronica, it is fascinating to watch it tick by tick and any little comment on trade will move it. even today to blake's point. wasn't like they came out and said we have a deal. there is a possibility of progress. so that's going, i would think the environment we're in at least until g20? >> for sure, yeah, maybe even after g20. who knows what will come out of that. that shows what a huge overhang this trade uncertainty, this possibility of a trade war is on this economy, is on the stock market. people want this off the radar. they want things settled so they have more certainty. melissa: bright outlook for the economy. jamie dimon saying despite the rise market volatility things are still looking up. >> the year 2019, still may -- imf was in both

david: that was jp morgan chase 's ceo jamie dimon saying 2019, next year is going to be a break awayfor economic growth so gang is he right? >> okay first of all he's got one of the best gauges he uses that's why jpmorgan stock is beating all of the global banks anywhere. that said, he's right about the trump economy as rich said this is a strong economy that we're driving the global economy; however unlike when japan was hot and china more recently, there's not enough pickup in other countries to get us up to the level where we had 7% global gdp. that is not possible just on trump's back. >> i don't know if he was talking about the united states or global growth. it was global. well global is supposed to be good but maybe not the best ever i do think that people are down playing the momentum in the u.s. economy right now. the consumer numbers for october retail spending incredibly strong, really beat estimates, gas prices are coming down which suggests that whatever inflation is out there is not going to impact consumer spending probably for the next six months i think there's a tre

jamie dimon thank you for joining us. >> thank you very much. i enjoyed it very much and i hopefully talk to you soon. >> jaimie dimon speaking to me earlier this week from paris. we also heard there canadian prime minister justin trudeau talk to our poppy harlow. he was taking on tariffs and how they impact american voters. that issue is at the crux of u.s. canada relations a historically close i lines has become markedly more tense since donald trump moved into the white house. here is more of the interview with justin trudeau about his relationship with president trump and his standout commitment to gender equality in canada's governs. >> mr. prime minister, i appreciate you joining me today. >> it's a pleasure to be here, poppy. >> two years ago i was at a dinner and heard you speaking about diversity and heard you speaking about a cabinet that was equal men and women. todays it gender balanced 17 women, 17 men. it was clearly intentional. why did you do it. >> look, first of all before you can get to a cabinet that is gender balanced it took

emily: jamie dimon has said about bitcoin and it has gotten -- what jamie dimon has said about bitcoinas gotten a lot of play. take a listen. >> it will blow up and china just kick them out. don't ask me to short it. it could be 20,000 before this happens, but it will eventually blow up. it is a fraud. emily: he later said he regretted saying that, but i want the right now if it looks like he is being vindicated. sonny: i disagree with him on the front comment. price can go up and down and anything up that fast will come down. lye fraud thing i complet disagree. i imagine if he sees fidelity, his bank will also release a product. ,f you see companies doing ipos a lot of bitcoin miners, jpmorgan will try to get coinbase to underwrite. or q2 because big companies take a long time to launch their products. emily: do you think we should be starting to look at cryptocurrencies as different currencies? do you think some of the other currencies will break away from bitcoin or are they all basically the same? sonny: i think there is a big night and day difference between bitcoin and everything

jpmorgan's jamie dimon just issued a warning. you got to hear what it is. stay tuned. ♪ can i get some help. watch his head. ♪ i'm so happy. ♪ whatever they went through, they went through together. welcome guys. life well planned. see what a raymond james financial advisor can do for you. a new way to save on travel. now when you book a flight you unlock discounts on select hotels that you can add on to your trip up until the day you leave. add on advantage. only when you book with expedia. i am a techie dad.n. i believe the best technology should feel effortless. like magic. at comcast, it's my job to develop, apps and tools that simplify your experience. my name is mike, i'm in product development at comcast. we're working to make things simple, easy and awesome. liz: first it was just oil traders who would have to cut their weekend short because on sunday, president trump is set to reimpose those sanctions against iran oil. so no more buying of iran oil except, of course, if you're one of the eight countries that have now been given a pass, i guess. we'

that's jamie dimon of jpmorgan.'s the same company that warren buffett's berkshire hathaway has a $4 million investment and he added to that. let's get the read from market watcher jim lecamp, a similarly financial astute brain. you're looking at this and hearing jamie dimon, one of the most respected financial ceos on the planet saying i don't know, i heard all this talk about slowdown but i don't see it happening next year. do you agree? >> well, he's clearly not looking at the same data i'm looking at. i hope he's right and i'm wrong, but i don't think so. because when you look at german growth in the last gdp quarter, you look at italian, japan, all the growth, the gdp price we are getting around the world is already showing deceleration. if you look at any of the growth rates for the g-7 countries, the developed markets, the emerging markets, they are all projecting at a little less rate next year than this year. you will still have growth but you are seeing deceleration everywhere. not to mention the soft data

emily: jamie dimon is saying that bitcoin has gotten a lot of play. bears worth re-listening. take a listen to what they had to say last year. jamie: it will blow up. china just kicked them out. do not ask me to short it. it could be $20,000 before this happens. but it will eventually blow up. it is a fraud. emily: now he later said he regretted saying that, but i wonder right now if it looks like he is being vindicated. sonny: so i completely disagree with him on the fraud comment. prices can go up and down. something that goes up that fast would obviously come down. i would imagine next year, when jamie dimon is trying to launch a product, his bank will also be launching a product. companies and coin space doing ipo's -- there is a bank with a lot of crypto -- bitcoin minors there could be a coin-based ipo , next year. jp morgan will probably try to get in. i think he will be changing the tune soon next year. but again it could be q1 or q2. , these big companies take a long time to launch products. do you think we start looking at cryptocurrency as

. >> i've heard corporate leaders like jamie dimon and bobby coatic say people coming from the military are the perfect employees. they may not know what to do at your business place, but they know how to follow orders, they know how to achieve an objective and they're incredibly hard workers. do you think people recognize that >> i think so. everything is built around taking care of one another, it's built into everything that we do, you eat together, sleep together, travel together, do missions together. and if you feel like you're failing and not keeping up, someone always has your back when you go into the civilian word and corpora world and corporate world, there's a lot less team work and it's a difficult transition for some to make. >> it's hard to think that having that in the work plates wouldn't -- place, that would be a great thing. >> absolutely. >> how different it is right now just given what a strong jobs market it is, how much has that helped things? >> i think it's fantastic. the overall veteran unemployment right now is 2.9%. post-9/11 it's 3.1%. companies have done a

. >> jamie dimon recently also said that next year is going to be the best growth year for the globalconomy in a long time. >> well, jamie says lots of things, as we know. but it's hard, it is hard to see how growth next year, without even falling into recession, how growth could be as strong as it has been this year because you did have the benefit of tax cuts, you had a reasonably good international economic environment, you had relatively low interest rates. all of those go in the other direction next year. again, i'm with you, i don't think we are going to have a recession. frankly, we could get another year of 2.5% growth next year which would be absolutely fine, spectacular. >> congratulations, gerry. we are happy that you are joining the neighborhood. you are going to be airing right after this program beginning november 30th. what should we expect? >> i'm going to be looking at the big topics in the news, whether it's the economy, whether it's business, whether it's markets, whether it's what's happening in washington, what's happening around the world, and i will be doing it

jamie dimon warns that the strain may trigger a crisis in the european union. not making a firm prediction, but several recent problems have not been handled well, and issues in italy are one of them. -- new manufacturing. with a six-month low with orders in hiring crippling as tensions with china escalate. to 57.7 lastpped month. measure of new orders also fell sharply after a two-month decline. the u.s. and opec are raising supplies and renewed sanctions against iran will not cut exports to zero. climbing to the highest in two years. the supply offset a loss. a bloomberg survey says the cartel boosted by 430,000 million. day to 43.3 the highest since november 2016. saudi arabia has revised its overall of government in the -- overhaul ofng government in the economy. the skill that program was posted online and does not affect major energy reform. the original plan was overly optimistic. weakened byas been the killing of that u.s. journalist. global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more

to do, and it was obvious that tusa was out to help you, his research clients it's obvious that jamie dimonasn't going to rein him in. so good for them the integrity here has been heroic the whole way like captain ahab going after moby dick, he never wavered. general electric announces its plans to merge the oil and gas business tusa, unmoved. he was growing weary of the core industrial segment, something i asked jiff immelt when he was on this set with me in february of 2017 take a listen to this. >> jpmorgan, you know it has a sell on the stock, he's saying that the profits at $1.5 billion lower than initial guidance, jeff, i mean, this is -- you bang out the numbers >> jim, last year, overall segment earnings with both verticals and sfrindustrial, roughly flat we're forecasting 3% to 5% organic growth, 100 basis points improvement. good momentum. a strong 2017, i like the way we're positioned in 2017 >> in march of last year, the stock was hanging tough at $30 that's when tusa began his cash series, where he put the free cash flow under a microscope he argued the bulls were being wildly

stories that will leak out, i don't think maxine waters will spend a lot of time grilling jamie dimon. i think she will spend a lot of time investigating every financial aspect of donald trump. i think she will look at ben carson. remember, financial services has some oversight over hud. they think he is fallen down on the job. that place is ripe for investigations. neil: what about just keeping the subpoenas going, looking to tax returns. all that stuff. is that really where we're going? >> they think he is, they think he is sleazy. neil: nancy pelosi dial that back a little bit, chuck schumer tries to dial that back. >> that is the leadership. neil: i understand. apparently they will go their own way. >> good cop, bad cop works every time. that is what is interesting about this, they opened up a political thing. investors should be worried about this. what other things nancy pelosi, donald trump agree on? tariffs and trade war. that is usually bad for stocks. infrastructure spending. blowing out the deficit on some big build. maybe they cut a deal on that. an breaking up companies.

emily: jamie dimon is saying that bitcoin has gotten a lot of play. it is worth listening. t they had to say last are. jamie: it will blow up. china just kicked them out. to short. me it could be $20,000 before this happens, but it will blow up. it is a fraud. emily: he later said he regretted saying that. i wonder, if he is being vindicated. sonny: i disagree with him on the fraud comment. prices go up and down. something that goes up obviously comes down. i would imagine next year, his bank will also be launching a product. companies and coin space doing ipo's -- there is a bank with a lot of crypto -- there could be a coin-based ipo next year. jp morgan will try to get in. i think he will be changing the tune soon next year. it could be q1 or q2. big companies take a long time to launch products. emily: should we start looking at cryptocurrency as different currencies? will other currencies break away from bitcoin or are they all the same? sonny: there is a big difference between bitcoin and everything else. bitcoin is the hundred pound gorilla. that is the one that has t

into the fray on this one shares are down 18% over the last three months, 1.3% higher in session jamie dimon denied being interested in acquiring deutsche bank speaking to the handelsblatt, dimon called for consolidation between european lenders and expressed support for a common deposit scheme his remarks came following that hudson executive capital accumulated a 3.1% stake in deutsche bank. all right. change at the top at barclays. barclays has appointed the rothschild veteran banker, nigel higgins, as its new chairman he will be joining the board next march and will take over in may. he will succeed john mcfarland who will retire after serving four terms as chairman >> let's switch focus and spend time talking about how the markets will behave around the upcoming politics in the u.s elliott joins us this morning. good morning let's get this off our chest we're coming into the midterms, everybody in the markets knows, and they are asking which way the house will go here if it's republican that's perceived as positive for the markets, democratic perhaps not so explain what you see and how y

jamie dimon was last week saying he thinks 2019 is going to be a stronger year than 2018. >> that's what he said. david: are we going into year that stronger than this year? >> that would be nice. economically. >> that is still pretty darn good. obama gave us 2% growth. >> was gone to leave it at that. it wasn't just tack. retailers getting hammered after an earnings down. is this a bad omen for the holidays? who would know better than the former head of wal-mart. and he is here next. a satisfaction guarantee, like schwab? sorry. tecky can't do that. schwabbb! calling schwab. we don't have a satisfaction guarantee, but we do have tecky! i'm tecky. i ca... are you getting low costs and award-winning wealth management? if not, talk to schwab. and award-winning wealth management? essential for pine trees, but maybe not for people with rheumatoid arthritis. because there are options. like an "unjection™". xeljanz xr. a once-daily pill for adults with moderate to severe ra for whom methotrexate did not work well enough. xeljanz xr can reduce pain, swelling and further joint damage, even witho

jamie dimon warrants the financial and political strains in italy may trigger a severe crisis in theion. speaking to germany, he's as he is not making a firm prediction, recent global product -- problems have not been handled well and one of the issues is italy. new populist government is under fire from investors and the european union and its own central bank. global news, 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i'm jenna dagenhart. this is bloomberg. shery: thank you. for the key questions today for asian markets, whether or not the gains from wall street will carry on, we have three specials of games for u.s. markets. still, ran outcome asian markets, more than half of them in the territory. let's see how they are faring. what are we expected? sophie: we have 40 trading days left in the year. we are seeing november looking kinder than october. asian stocks set for a fourth day of gains. the best weeks in september. earnings very much remain in focus paid you have apple that will have holiday sales. t

for me two that i like a lot, i like city trading at tangible book, and i like jp morgan, where jamie dimon is doing a great job. nobody seems to care right now they will one day. bill in florida? >> boo-yah, jim. is it now a good time to buy rangold mines? >> i like gold, i like rangold, but only because i think people shof some exposure to gold i'm not a big bull on gold right now. i regard it as insurance dave >> dr. cramer. >> dave! >> how you doing >> not bad you see the way marley's getting along there in the twitter pictures >> no i missed that. i'm going to have to check that out. >> thank you >> jim, my stock today is bean town boston scientific, bsx? >> what can i say. i think bsx is going to come out and it's going to be in the afc championship i like it. >> keeran in indiana. >> i'm from the kelly school of business at indiana university. >> how much fun did we have when we were at kelly, fabulous kids. >> a ton of fun. absolutely i was wondering if i could get your thoughts on lkq >> i screwed up on this one. i liked it i've misjudged you poor the auto cycle was. my bad it's no

jamie dimon, the chairman and ceo kind enough to send us a comment via e-mail what veterans day and veterans firm i will have you react and tell us more about what jpmorgan is doing. we hold our u.s. veterans in the highest regard, owe them an enormous debt of gratitude, he wrote. across all lines of business and as leaders of the veteran jobs mission, a coalition of companies that has hired 470,000 veterans we will continue to develop programs that enrich their careers, increase retention and satisfaction he sent me another note how proud he is to have you a part of their firm. do you think corporate america is doing enough? does more need to be done? >> i think it's important. that's how i got to know jamie when i was chief of staff of the army, i came to see him several times on the work they were doing to try to hire veterans. all they want is an opportunity and so one of the things i was encouraged with the work jpmorgan was doing in leading this coalition was providing them opportunities that after they were done serving they gave that time to their country other things that they might

you go to jamie dimon and he will say we have high standards and they are all over us.hy are they not all over the lower standards? the answer is there is an inconsistency. thooing y a lot of people come on air and they think what the government does is right. that's not necessarily the case. it is okay to criticize leaders of our country who are unelected who don't seem to understand that they control the situation. >> now let's get to what everybody cares about which is just below. did he correct the record? is he setting a new stage or are those in the analysis that follows today and late yesterday say really >> he changed his word. before he was talking about overshooting in order to calm inflation. it went from 80 to 40 and now to 49. christmas, by the way, can we point out that high end christmas sales were lousy over the black friday weekend. they were lousy. we know gm doesn't layoff 15,000 people. ford announces reorganization. we have most of the commodities coming down. housing had the slowest numbers in a very long time. what is good we have unemployment. th

jamie dimon has said the same thing.go how smart it was he bought it we think buffet is doing the same thing. >> it's hard to disagree with warren buffet. is there anything you would challenge in his assumptions >> we agree entirely the loan portfolio are very strong asset quality is very stroong. they're better by a rising interest rate environment. basically, everything is going well for them except the stock prices that's an opportunity for investors. >> we'd like him across the wall. >> you like wells, wells fargo, because they've had some issues. do you think those issues -- i mean checking accounts and that kind of thing. >> horrible things >> the problems are being resolved and baked in. over the next year they're going to have better trends and the stock is one of the cheaper in the group. it sells at a premium to the group. the other one has gotten massacred. goldman sachs, going to be a cost to the overseas scandal book value over eight times earnings >> goldman sachs has probably one one of the most under cove

jpmorgan chase ceo jamie dimon thinks so.t is next. >> 2019, i think imf was in both of those, may be one of the fastest global growth years on record. ♪ charles: well it is becoming a tale of two economies. on one hand the american economy just absolutely rockin'ing, going gangbusters. growth on track to grow in fact through next year. president trump so far some are saying this is the most shining achievement but america according to "the wall street journal" not an island. the global economy in fact undeniably stalling. germany, japan seeing contractions last quarter. chinese, 6 1/2% growth. that is slow for them. where is all this going? the fed is giving signals it will not wreck the economy or the stock market this week. it may even slow down its aggressive rate hikes, but what happens if they don't? joining me to discuss fox news contributors both liz peek and james freeman. so we had positive comments this week from jay powell i thought. i listened to the whole thing. he didn't quite erase all of october 3rd but he ce

one was punching the elites in the nose, as the banker jamie dimon put it. the other was racism.hout the element of time -- punching the elites in the nose, the republicans never could have won the election. romney tried running on the giving taxtform of breaks to the rich, getting rid of social security, medicare. he lost. himself asresented someone who, eight, will support social justice and,b, had the capacity to unleash the beast within white america. so he dragged the american rich in the power. they came with a preprogrammed plan to make an even more massive shift of government resources and taxpayers money to the richest people in the country. there are just three individuals now whose wealth is equal to that of the bottom 50% of the american population. it is already insane, but the republican core value is to make it worse. byondly, he did it unleashing these fascistic forces in the american population and the american grassroots. there are many good democratic candidates in the selection, people who in one way or another will represent a breakthrough for social justice,

on the other hand you have banks like jpmorgan jamie dimon framework common is a short-term focus and yes there are concerns over recession over the next two years but if the markets down 400-point today we might be up to 400 points tomorrow. i think the average investor we want to find a bottom in this market unless you're a traitor of the volatility is very unnerving. you know, and all eyes are on two things. the fed in december in trade. liz: people should also start looking up bargains. thank you very much. liz claman come over to you. liz: i've got a few nice -- so much for a nice quiet holiday week. markets are tumbling like turkeys since the bears crabapple in the trunk trade war with china in their jaws and bite down hard. dow jones industrials down below the session down 395 points. nasdaq is absolutely getting crushed on 196 points or nearly 3%. s&p down 43. the selloff follows a ruckus weekend between the u.s. and china at the asia-pacific cooperation summit where chi

morgan boss jamie dimon warns the financial and political strains in italy may trigger severe crisesthe european union. speaking to germany's handelsblatt he said he is not making a firm prediction but several recent global problems have not been handled well. and the issues in italy are one of them. the new populist government is under fire from vemps and the european union and its own central banks. global news 24 hours a day on air and at tictoc on twitter powered by 2,700 journal scompifts analysts in more than 120 countries. i'm paul allen. this is bloomberg. rishaad: malaysia faces huge stakes as the new government prepares to unveil its maiden bunlt a bit later on. market watchers are bracing for bigger deficit targets, higher debt, and lower economic growth. yvonne: let's bring in more on this right now. so the nerves are being put to the test here. what are we expecting? >> well, there has been an anxious buildup to the 4:00 p.m. reveal by the finance minister to it table this maiden budget to parliament. the prime minister has warned that it will be a sacrifice and the admi

you have warren buffett and jamie dimon saying get rid of the quarterly guidance that's required of soy companies. >> i think there are two different contributing factors to the talk about quarterly earnings reporting. one of them is just the work that goes into producing those documents and is there a way we can streamline some of that down so that companies can have a more efficient way to communicate with their investors and still carry the same amount of investor protection but just limit some of the work that goes with that. the second part is adjusting the investor view of a short-term outlook for a company versus a long-term outlook. we want to make sure investor protections are coupled appropriately with giving companies the flexibility to lead their companies for the long term, not just the quarterly results. that's something we engage very frequently with our issuers on as well as with the regulators and see if there's a way to strike that right balance. reporter: thank you. it's great to see you here at the "wall street journal" live event. i know you are heading to san fran

. >> i don't think she is going to be holding show hearings focusing on jamie dimon.s only so much you can do. and there is two big, big things out there. there is wells fargo which obviously has issues aside from this, regulatory issues and there is deutsche bank which has a big fat target on its head association with donald trump. >> charles: cra community reinvestment act. thank you. i appreciate it. >> charles: approve matt whitaker to become acting attorney general. three democratic senators are suing to block that move. ♪ the united states postal service makes more holiday deliveries to homes than anyone else in the country. ♪ with one notable exception. ♪ of every great meal is always the potato?t bite that's why it should always be an idaho potato. only genuine idaho potatoes have the perfect taste and texture to get your meal started right. there lots of people who are confused about which medicare plan is right for them. hey, that's me. i barely know where to start. well, start here with me, karen. i'm a licensed humana sales agent. well, it's nice to meet y

and jamie dimon warned that while there is a global resurgence over recession, it cannot be ruled outecession may very well happen in 2020 or 2021. on the: jpmorgan up 2.4% day. those are your social climbers. nancy pelosi is confident she has the backing to take the speakers gavel in the 116 congress. >> i have overwhelming support in my caucus to be speaker of the house, and certainly we have many people in our caucus who could serve in this capacity. i happen to think at this point that i'm the best person for that. taylor: that's bring in anna edgerton live on capitol hill. that she have the backing? come down tog to the last map. and a vote is not until january 3. she has to get the majority of democrats to say she is the best democrat from her party, which is not hard for her to do. the question will be on the floor in january, can she get a majority of the house of representatives? and she need 218 votes can only afford to lose about a dozen democrats. taylor: is anyone publicly challenging her for the job? up,: marcia fudge has come another has come up as possible replacement.

lemonis: so you want to meet jamie dimon at jpmorgan? cory: yeah. mm-hmm. lemonis: okay. most kids that are 13 would be like, "i want to go to the world series or win a trophy at my soccer tournament." cory's list is "i want to meet the chairman of the world's largest bank." he's got a better plan than i do. i'll see you at the commercial kitchen. i'll see you at the commercial kitchen. cory: perfect. nick: welcome. nick prastos. lemonis: nick, how are you? i'm marcus. nick: nice to meet you. lemonis: nice to meet you. is this an event space? nick: it's an event space, and then next door we have our commercial kitchen where mr. cory does his cooking. cory: hello. lemonis: is this where the magic happens? cory: yes, and i actually have a gift for you. it's a shirt. lemonis: okay. cory: oh! now, that looks nice. lemonis: so you know that i'm people, process, product guy, right? cory: mm-hmm. lemonis: so the people, we're square. cory: yeah. yep. lemonis: we got good people. i need to understand the process and how the product works. cory: okay. lisa: so don't mix it too muc

says jamie dimon with all the worries about 2019. >> once again, we're looking at europe.e has definitely slowed down and is barely crawling forward, even in germany they had bad export numbers recently. you have brexit you which really is -- we're not paying as close attention obviously as people on the continent are. this is a big deal, the realignment of european commerce is what we're talking bought. italy is a disaster. there are big issues but i hope he's right. >> i hope he's right too. trade sits on top of all that too. i think he's in the minority. it will be interesting to see if that moves people when it comes to expectations. maria: everything you're saying leads me to the op ed that we'll talk about in a minute and that's america is not an island from the journal this morning. joining the conversation is ceo of first energy, charles jones is here this morning, plus i'll speak with the president and ceo of the federal reserve of dallas, that is robert kaplan, he was the first person and this was a year and-a-half ago who said to me, yes, we're going to have gre

this is from your former boss jamie dimon.ether jpmorgan would ever want to buy deutsche bank this is what he had to say he said it would not make any sense. if you only buy a company just to consolidate it, it's almost impossible to do without killing the patient. i don't know if that is a commentary so much on deutsche bank in terms of your own investment, but is this a company you think will ultimately get bought out by somebody else? >> the real story for deutsche bank is the second part which is this is the most compelling self-help story in financial services, right? so you start off with a very clean balance sheet, but the company's not earning any money. right? and so what's been important in our investment thesis is the new ceo has articulated a compelling plan to return this bank to sustainable profitability. so the value opportunity for investors today is all about self-help. ultimately, andrew, is there further consolidation of financial services almost certainly is there further consolidation in europe and germany

stuart: jamie dimon is laying it on thick.gest growth on record for global growth. that's kind of a strong statement. you with him all the way? >> it is. well, in the u.s., i expect we should, you know, assuming that we can get maybe some good news on tariffs that could come as early as the end of this month as president trump and president xi meet, we could see 3%, 3.5% growth in the u.s. for 2019. stuart: that would be strong indeed. let me ask you about california. the incoming governor, gavin news newsom, wants to spend a lot of money, health care, housing, early childhood education. any idea where that money might come from? >> it's going to be a real challenge. governor-elect newsom has a laundry list of very expensive promises he made to his base, and california's already the fifth highest taxed state in the country. governor newsom's proposal for single payer health care would, just by itself, double the state's current budget of $200 billion to about $400 billion. so this is going to be a real problem. already, govern

jamie dimon talking about a potential recession in early 2020. hasn't shown up yet, the u.s. inflation story. that could be a risk in 2019. escalate,de war does the first thing we will expect is the second-round tariffs the u.s. has imposed on china 10% only. in 2019, it will increase to 25%. tariff list ishe consumer products, so you will see more tariff impact filtering through to u.s. inflation. we run our own online prices. we are still tracking u.s. inflation around 2.7% annually. 3.5% comees up to 3%, then you will see the fed possibly tighten further than what the market is expecting now. that could be a risk for emerging markets. u.s. inflation is still well capped, but that could be a risk in 2019. paul: all right, ben luk, we will leave it there. thank you for joining us this morning on "bloomberg daybreak: asia." don't forget tv . you can watch us live and dive into the securities or functions we talk about. you can become part of the conversation and send us instant messages during our shows. this is for bloomberg subscribers only

bitcoin is back at that level of september last year when jpmorgan boss jamie dimon famously called itud. global news 24 hours a day on air and on tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries. i am paul allen. this is bloomberg. right. as paul was mentioning, even bitcoin is back to levels this time last year. there is nowhere to hide. in fact, we have put together all of these things for you. it is on my terminal. is we haveking at expressed the annual return if you combine global, u.s. seeties, and as you can come in 2018 pales in comparison to the last 40 years. these things come and cycles. there is nowhere to hide. maybe cash. yvonne: maybe not. this is for bloomberg subscribers only. our next guest says asia-pacific real estate debt is cementing itself as an alternative investment. atis the head of research cbre. tell us how safe real estate is at the moment. differentk to many investors across asia. areare telling us they exposing themselves to real estate spaces. there are three reasons. the property yields are at a pre-crisis

jason: jamie dimon referred to bitcoin as a fraud not too long ago and said it was not going to zero,oing close, but it makes spike before it comes down. as if he needed something to be cocky about. robert: i cannot get out of a retail meeting without bitcoin being asked about. then. -- more recent one has been same parallel. they get overbought and over believed. alix: that means we are not at the bottom yet. jason: what a pleasure to have you with us. robert: happy thanksgiving. jason: happy thanksgiving to you as well. coming up, this is the moment where alix regrets inviting me to be her cohost. we will talk about taylor swift. that is coming up next. this is bloomberg. ♪ alix: what are you watching today? jason: it has to do -- you will never invite me back again. taylor swift signing a new deal with universal music group. the reason i find this interesting is not because of the huge amount of money she will get paid, but part of what she negotiated in was proceeds from universals stake in spotify being distributed to her and other artists. this is a big deal. remember taylor swi

i don't know about getting a job, but i know that jamie dimon went to harvard business school with stephent is nowns nbc, coincidence. they have known each other through their careers. everybody.om knows didn't talk about where michigan ended up on this list. not pretty. top 20, there you go. note, as a programming will be doing our show from stanford tomorrow, so a lot more to come on those rankings. david: tom barrett, jason kelly, thank you for being here. you can tune into jason on bloomberg radio daily from 2:00 until 5:00 in the evening eastern time. tomorrow, he will be broadcasting live from stanford, the number one business school on the new rankings. alix: did you go to business school? i did not. denise chisholm will be joining us, along with mark cabana, head of u.s. rates strategy of merrill lynch. the rate waiting for decision, tune in starting at 1:00 today. this is bloomberg. ♪ mberg. ♪ show me movies a grinch would love. [ bark ] nu uh, i'm picking the movie tonight. [ whimpers ] be sad, i enjoy it. show me grinchy movies. oh, goody. [ whimpers ] mmm, fine! show me movies