again, even jamie dimon talked about that.e a backing off of and business spending, but not the -- of capex and business spending, but not the consumer. bob: who would have thought 11 years into this recovery, we housing?talking about that is supposed to be an interest rate sensitive sector that does its thing in the first two and three years, and dies into the cycle, and here it is with a rebirth. tony: that is normally something you get several years into an economic recovery, not 10 or 11. there's a lot of green shoots right there, and it's late in the economic cycle by any almanac you would look at. alix: so what's going to be the juan -- the the wax black swan? it won't last. we are going to hit some kind of speedbump, even with the green shoots, just because the macro is so pervasive. bob: we are not going to get a riproaring economy. we are going to get one where over here, it's ok, over there it's not, and it will switch places. r word out of our vocabulary, there is nothing wrong with 2% growth in economies as mature

been stopped from claiming the repo market according to jamie dimon.e says the lender has the cash and willingness to steady short-term lending markets when they went haywire in september. he says jpmorgan did not read apply the money due to liquidity requirements. and south korea's central bank cut its policy rate for the second time this year. it is warning it will be weaker than forecast. that's as the global economy slows as trade tensions continue. the key rate now matches its record low of 1.25%. china has caught traders offguard with a surprise injection into the financial system. the loans, head of datachina has offguard with a surprise this friday and are expected to show a slowdown in the domestic economy. the pboc has added the equivalent of $28 billion of cash. it's a surprise because it usually happens when the loans are due. and warren buffett is asking the fed for permission to raise the state in bank of america to more than 10%. that's the level that often triggers a regulatory review. it is filing with the federal reserve and says berk

jamie dimon himself emphasized the consumer is in really good shape.biggest help at the open. right after the open, who knew brexit could move the market like this? brexit was like the sorry step child. we knew there was risk premium in the market. we moved 15, 18 points on the s&p on comments from the eu, not from boris johnson, the eu people saying we're making progress here. that's a little bit of good news. we got talks about china talks from the china side. the sincerity. there were comments out of global times over there. so you put these three things together. you got a little bit of a rally. >> when you look at some of the earnings, does it give you hope going forward for the entire earnings season hearing from jp morgan, united health care. >> to the extent that the u.s. consumer is the global engine the jamie dimon comments were extremely important. if you get any crack in the u.s. consumer story, that's really bad news. his commentary was very supportive, u.s. consumer holding on. >> rick santelli looking at the ten year saying next stop 190

all got consolidated and taken over and there's only like one or 2 left but one of them is satan jamie dimon the tapeworm of wall street the parasite and he almost took this bag of garbage this colossal multi $1000000000.00 bedded fecal matter public put it into the pension accounts in the iras and the brokerage accounts of people all over america for a quick bite as he always does josh brown is correct to point this out and as he points out it came very close to happening but let's not forget that right now things are happening and they have not been stopped a whole repo scandal is ongoing the whole 'd negative interest rates are the same we work in the federal in the bond market these things are happening or experiencing a breakdown in markets all over the world so what we have we dodge one bullet call the we work an i.p.o. but we're getting gunned down in a hail of financial bullets from financial bad guys shooting at us with impunity very well play you thank you actuating out is with impunity for the new major motion picture i'll be starring in by the photographer of this show i forget h

jp morgan even jamie dimon as you know i love. >> iris you first named him. >> i can do de la. >> he doesn't need to answer he talked about return on tangible common equity 18%. a really really excellent number but he also said look this is peak these are peak numbers yeah we're not seeing forever something like the environment that's perfect par phrasing but there is a lot to like but i think there is a little bit of caution in there as well. and on the flipside, i actually goldman sachs wasn't that bad -- went that bad it opened down a few dollars. there was a lot ump lumpy in there marking do you know uber and private equity that's lumpy, doesn't -- it should be sort of ignored. i would ignore on the upside with a big gain. but that's getting interesting but -- so jp morgan, bank of america and citi i'm with tim i like bank of america and citi as well would i own them all. >> i don't know if warren buffett will buy more stock in this has been a longstanding 10% has been the threshold a rung time doo but in terms of the particular banks the arbor broadest businesses touching the co

what jamie dimon was saying about why j.p.gan wasn't coming to the repo market at the time was this cash can't move. the bigger issue with the repo market is there's a lot of liquidity in the system, but it's stuck at these different banks, because you have reserve requirements and you have all these rules about liquidity and quarter end and balance sheet and stuff like that. so, you know, it might have been the push that they need. but again, this isn't going to be an overnight solution. this is going to take a long time to figure out exactly what we need to do here. the fed is a nice stop gap. the fed is a separate issue, and then you have the broader regulation that's just a bigger market issue here. guy: big dudley, who used to runt new york fed, wrote an opinion piece for bloomberg the other day. he tried to touch on some of these issues, and he touched on what jamie dimon was talking about. halfway down, he kind of goes into a paragraph that reads like this. as long as the fed ensures the banks have plenty of reserves, l

susan li has commentary from jamie dimon, susan over to you. >> jamie dimon in this earnings releasehe u.s. was healthy with growth and wages and spending, strong balance sheet, of course, in effect at jpmorgan with the low unemployment rate and also the consumer in his mind is offsetting the weakening business sentiment and really driving u.s. growth right now along with capital expenditures slowing down as well in tariff environment and trade war with china. now, i should point out that we do have jpmorgan, really interesting to see that they are looking at third quarter record investment banking number growth in this quarter given what happened with the wework ipo, who knows if it will come in 2020, one of the main underwriters and expected to bring in hundreds of millions of dollars in fees, that's not going to happen but still pretty strong quarter for the banking division. maria: susan, thank you, susan li with the latest, stock is up 3 quarters of a percent right now, ken, anything you want to hear in terms of what to expect in fourth quarter and 20, what are the most importan

jamie dimon mentioned -- michelle davis is reporting the story as well.uld not be a cluster for textile, but that seems far-fetched. >> for all the banks, obviously garnering tech talent is very important. california issly a central hub were a lot of that talent has gone to anyway. it will be difficult for us to say in terms of amazon having a headquarters here exactly what the makeup of that specific talent would be. guy: is it easy to move people? so high of living being in silicon valley and new york mother for millennials coming into the business for some of these people that do not necessarily need to spend time in the office. is it a reasonably attractive option in terms of getting people out of the high cost into the low cost? alison: i would think about that less as moving people versus moving opportunity and perhaps jobs for the types of positions that we are speaking about. i do think in terms of when we think about the investment banking and front office of things i think that can be difficult. we have seen a lot of that happen around brexit in

it jamie dimon came out and said fintech is going to try to eat your lunch. keep on our toes to compete. have they done enough to take on the competition that is in tech? >> you can see them wanting to pour billions of dollars into technology to compete here. you have to wonder when jamie dimon says fintech, we see volumes going into the same tech community but is he telling -- talking about the same upstarts or apple and amazon that poses a threat to the banking community in terms of whether they get into more financial projects -- products or whether they still more from the banking industry? facebook has said they are willing to hire hundreds of engineers in new york and poaching from the financial community is not a rare thing for them to do. within the disciplined expense management, we take a look at the right hand side of the income statement. any sense of what percent of income expenses -- hiring those coders? >> let me give you an example. one quarter noninterest expense for bank of america is dean billion dollars. if you take $3 billion, a little bi

last week said a neat idea that will never happen. >> i never go against jamie dimon.me merit, but there is some big companies that pulled away jamie is -- jamie dimon is the king of the industry, and jamie dimon says it is not going to work, it is very hard to make it work because now the -- i think washington is going to take the cue from jamie, not from zuckerberg i think zuckerberg has done a lot of things to make himself different from marc benioff. >> just give up? that's it? >> it is -- >> jamie just said it. >> you can go ahead and -- >> just stop. >> no, you got to finish it out. a lot of the companies have withdrawn support. i thought it was a good idea >> don't you think -- jamie says no and so, you know, you get castigated in front of congress. it is never fun. right? just take your beating and -- >> come back another day maybe >> i don't know. identify it as a cryptocurrency, just like many others. say it is the facebook cryptocurrency or -- cryptocurrency with -- yeah that has -- >> jamie didn't seem to have much time for that. >> here is a cryptocurrency

but there were reforms afterward and in your book, you said that jamie dimon called you up and not adly way. bob: there were some four letter words there, but i would say our systems worked well through the great credit crisis. we were hitting volumes we only saw in the lab, that was nerve-racking. we bent but did not break. there was a professional disagreement in terms of how things would play out. one thing i have to say with jamie dimon, we lived through difficult times with facebook, and to his credit, he gave me a call and said come on bob, you will get through it and it will work out. david: the facebook problem was pretty well known and treated directly in the book. bob: it is a really big loop. i came there and we had a certain culture. we changed it, and we may be, engineers are the kings of the ship. it was not balance. i created a culture where the engineers could over develop systems without any check from the people running the businesses. we had to evolve, we learn from it and became a more balanced organization and a better organization. david: right now, there is a b

what jamie dimon, delivered a smackdown on democrat government control dreams. >> the notion that socialismarket capitalism, free enterprise, and freedom are linked. freedom of speech, freedom of religion, and freedom of enterprise are capitalism, government is taking control of assets and companies, they use those companies for one thing only, keeping themselves in power. using companies asset to get votes, okay, these companies are -- you en u end up with venezue. elizabeth: new york times had a enum rat and clueless headline saying in a strong economy, why so many workers on strike, in strong economy workers have more collective bargaining power. plus more people working, should we expect more strikes than a strong economy, your take in that, what jamie dimon said. >> we have record low unemployment in 24 states right now, for african-americans, and asian americans, hispanics coul, adult women, if you look at median household income we have gone up by 4,000 dollars in a few years, that is real term. middle class is shrinking because they are moving to upper middle and upper classes, this

jamie dimon had this to say on friday. jamie: it is a neat idea that will never happen.ing else to say about it. [laughter] stablewe already have coin. taylor: that was jp morgan ceo jamie dimon. now, south park is the latest beneficiary of hollywood's rerun mania. the show's creators and media giant viacom expects $450 million to $500 million by selling the streaming rights to the animated comedy. to discuss, i am joined by lucas shaw. $500 million, are you crazy? lucas: we have never seen a market for reruns that i can remember like this just four years ago, 2015, hulu paid between $150 million and $200 million for the rights show south park for five years. now in 2019, that price has more than doubled to almost $500 million. the simple explanation is back then you just had hulu, amazon and netflix. a lot of the reruns would air on basic cable. now you have so many streaming services. hbo max from at&t. apple plus. you add that to the three big streamers we talked about and there is a lot of buyers. only a small pool of shows that are seen as really mattering. friends,

they did say delinquencies are stable all the color we normally look to for jamie dimon on the economyhe says in the u.s. economy, gdp growth slowed slightly growth in wages and spending, combined with strong balance sheets and low unemployment levels offset by weakening business sentiment and capital expenditures driven by increasingly complex geopolitical risks including tensions in global trade one thing people did note, chargeoffs, up 33 at jpm. >> they're moving higher, off very low levels, but not yet reaching a point where you have to worry too much about them it feeds into this idea that clock is ticking, you know, the expansion is not going -- getting younger. so, again, it is not something you can't handle the question of paying up right now, for future results, if you can say yields go higher, this was an unwarranted recession scare, they'll trade better. but until you get more kind of comfort that we have years to go on the expansion, it is hard to -- >> he was asked about a recession. he said, of course there is a recession ahead. is it happening soon we don't know. >> yea

jamie dimon talked about this, saying tech is always trying to eat your lunch.t is called american capitalism. we have to stay on our toes to compete. from these earnings from companies like b of a at jp morgan, have they done enough to take on the competition? sonali: you see them wanting to pour in the billions of dollars it takes to compete here. when jamie dimon says fintech, we do see record numbers going into the community, but is he talking about these smaller upstarts or the apples and amazons of the world that pose a threat to the banking community, in terms of whether they get into financial products or steal talent from the banking industry. facebook has said they are willing to hire hundreds of engineers in new york. coaching from the financial community is not rare for them to do. taylor: within the discipline express management, we take a look at the right hand side of the income statement. any sense of what percent of total is going into investments in technology? sonali: let me give you an example in one noninterest expense for bank of america, a

but there were reform -- reforms afterward and in your book, you said that jamie dimon called you upot a friendly way. bob: there were some four letter words there, but i would say our systems worked well through the great credit crisis. we were hitting volumes we only saw in the lab, that was nerve-racking. we bent but did not break. there was a professional disagreement in terms of how things would play out. one thing i have to say with jamie dimon, we lived through difficult times with facebook, and to his credit, he gave me a come on bob, you will get through it and it will work out. david: the facebook problem was pretty well known and treated directly in the book. it is a really big loop. i came there and we had a certain culture. we changed it, and we may be, engineers are the kings of the ship. it was not balance. i created a culture where the engineers could over develop systems without any check from the people running the businesses. we had to evolve, we learn from it and became a more balanced organization and a better organization. david: right now, there is a big disput

this morning, jamie dimon said he is relaxed regarding the consumer and credit quality.gesteader of the bank in the u.s., he would know and have access to that data. i think the consumer would probably continue to spend robustly and retail sales should continue to not be gangbusters, but certainly not disappoint to the downside. haidi: great to have you, rebecca cummins talking through that basket of bank earnings. you can get a roundup of the earnings kicking off and all the stories you need to in today's edition of daybreak. bloomberg subscribers, go to your terminal. it is also available on the mobile on the bloomberg anywhere app. you can customize the settings so you only get the news on the industries and assets you care about. this is bloomberg. ♪ shery: a quick check of the latest business flash headlines. a chinese liquor maker seems immune to the effects of the trade war and global slowdown. profit grew 17% last quarter compared to a year ago as demand for a top line was boosted by mid autumn festival celebrations . haidi: berkshire hathaway is seeking permissi

david: what role maybe jamie dimon played in all this -- jamie dimon said we would not put more cash into the system, we couldn't because of regulations. maybe the government is responding to that. alex: very well a possibility. this is not going to be an overnight solution. we will look at this for months to come. the other important thing is this is an acknowledgment that the market is not working properly. you had all these changes post- financial crisis. the fed and central banks have been involved. the market is not working in this capacity in the way that it used to. we're hearing from a lot of the smaller dealers in the repo market that are saying this does not work for us. this moreways to make equitable and get more players and here to get money moving again. why keep everything concentrated with the big banks? david: the question is whose responsibility is it to fix it. saying, waitell is a second, we can wait for mr. mnuchin. alex: it is very well possible that this is not want to come from one regulator overseer. this will take a coordinated effort, and it isn't just abou

that these ceos prove they mean it by endorsing her agenda, in a letter to jp morgan chase chief jamie dimon and the other 181 corporate executives who signed the brt's new statement on the purpose of incorporation, planning to live up to your promises you made, i expect you will endorse and support the reforms laid out in the accountable capitalism act to meet the principles you endorsed. so dan, shareholders are the owners of the company, people who actually put their capital to work. stakeholders are employees, suppliers, customers, and according to elizabeth warren, the community that you work in and operate in and you can define that as narrowly or broadly as you want. did the corporate executives make a mistake in changing the definition of their business purpose? >> yes, i think they let the cam camel's nose in under the tent. getting something like union representations on boards as in germany, something that the left in the united states has been trying to do for a long time, for at least 20 years. and finally elizabeth warren has codified into this act of her. united states capital

that is precisely the concern that jamie dimon is hinting at. unfortunately her sort of critique what is going on in our economy is gaining some traction, particularly amongst some younger americans. that is a big concern all of us need to keep an eye on. melissa: veronica, if you do any math at all. not only would she have to massively tax the middle class. she would have to confiscate everybody's money. there isn't enough money to do what elizabeth warren is talking about anywhere? >> numbers don't work. i think one of the things jamie is trying to do, never one to hold back he is trying to take back the narrative on capitalism, right? melissa: good. >> some is understanding capitalism employs people. you get employed. you can feed your family. that is helping society. that is helping the society at large and so this is something that is really positive, not to mention a lot of companies have very active philanthropic arms. that is another way they give back to society. so i think there has got to abroader discussion about the benefits of capi

it baime jamie dimon and show trials. those firms -- the banks clearly faced a lot more regulation. they faced some earnings issues. goldman sachs, just is so you know, is pre-financial crisis, a shell of itself, because of these regulations. so that's what investors are worried about when it comes to facebook, marley because they're -- particularly, because they're kind of the target here. and they need some sort of coherent message, some sort of -- they need better management to handle the political thing. they don't want facebook to turn out to be goldman sachs today. they want it to turn out to be something like jpmorgan is because jamie dimon was a much more astute political player. now, whether they do or not, i can't tell you. a person close to sandberg told fox news exclusively she has no plans to step down. i do know people who are saying she has been getting anxious, this is not a fun time for her, she probably wants to leave. don't be surprised if you see some major management changes at the top of this company

amanda: meanwhile, jpmorgan chief jamie dimon said on today's earnings call that "of course" a recession is ahead, we just don't know how soon. into bank deeper earnings season, a mixed report from the biggest banks. we mentioned the jpmorgan. also on deck, goldman sachs, citigroup, wells fargo all reporting. with more analysis is our senior bank analyst allison williams. are reminded of come every quarter, big banks have become very different. the complement of their earnings makeup is different. what are some of the crosscurrents that suggest similarities between what they are saying about the overall economy? some country specific factors in emerging and developing economies. terms of the overall economy, the comments that you showed from jpmorgan, that is generally the feeling among investors. we know a recession is coming, we are not sure when. the big question remains interest rates and the driver there, geopolitical risks are key to asset prices and interest rate environment. those are the two key risks for banks. the differentiation in the quarter is who able to offset those head

morgan from claiming the repo market, according to chief executive jamie dimon, saying they have the and willingness to steady short-term funding markets. they went haywire back in mid-september. dimon said jp morgan did not redeploy due to liquidity. raise ang the fed to stake in bank of american, berkshire hathaway, to more than 10 percent, which often triggers a regulatory review. iny hit their threshold back july. its filing with the federal reserve said berkshire hathaway would remain a passive investor. global news, 24 hours a day, on air and @tictoc on twitter, powered by more than 2,700 journalists and analysts in more than 120 countries. i am oahn ha. this is bloomberg. matt, anna? news outr first word of hong kong. minutes away from trading. a look at stocks to watch at the open, including roche, boosting their outlook for a third time as new treatments gain traction. severintalk to the ceo, schwan. this is bloomberg. ♪ welcome back to "bloomberg markets: european open." trading this wednesday morning, your stocks to watch. we are looking at roche. and we have also got a fo

on the campus of ucla, chanting "jamie dimon, the world's on fire," and unfurling banners calling on the bank to end its investments in coal, oil, and gas. the rainforest action network reports jpmorgan chase invested nearly $200 billion in fossil fuel projects after the paris climate agreement was reachehein late 2015. on capitol hill, 50 youth clclimate activists with the sunrise movement occupied the offices of california senator diane feinstein and house speaker nancy pelosi on wednesday, demanding meaningful action on climate change. organizer claire tacherra-morrison said in a statement -- "democratic leadership is failing to treat this like the emergency that it is. business-as-usual is killing us." in north dakota, breach in the keystone pipeline wednesday flooded a rural wetland with crude oil from canada's tar sands. walsh county emergency management distributed photos of the massive spill, which it said was over a quarter-mile long and 15 feet wide. the agency said the pipeline's operator tc energy -- formerly known as transcanada -- had yet to fix the leak by late wednesd

. >> jpmorgan ceo jamie dimon coming to the defense of capitalism.izabeth warren and bernie sanders probably need to hear. we'll play them for you. heading into retirement you want to follow your passions rather than worry about how to pay for long-term care. brighthouse smartcare℠ is a hybrid life insurance and long-term care product. it protects your family while providing long-term care coverage, should you need it. so you can explore all the amazing things ahead. talk to your advisor about brighthouse smartcare. brighthouse financial. build for what's ahead℠ but when i started seeing things, i didn't know what was happening... so i kept it in. he started believing things that weren't true. i knew something was wrong... but i didn't say a word. during the course of their disease around 50% of people with parkinson's may experience hallucinations or delusions. but now, doctors are prescribing nuplazid. the only fda approved medicine... proven to significantly reduce hallucinations and delusions related to parkinson's. don't take nuplazid if you are

jamie dimon saying the american consumer is going strong.hat does that mean for the stock market going forward? joining me nuveen equity strategist bob doll. thanks for joining us. >> thank you. charles: so far so good for the week 23 s&p companies reported. 91% have beat. won't be all that good but what are we getting so far. >> the strength of consumer. we have yet to hear from manufacturing companies where things are more questionable. we need stabilization in manufacturing here and overseas. germany, china, pmis, the isms, get a little stabilization there i think we get a lift. charles: when jamie dimon this morning talked about the u.s. consumer, waynes are higher, spending combined with strong balance sheet and low unemployment, that is offsetting weaker business sentiment and capital expenditures and some things people are concerned about manufacturing. can manufacturing be soft for the moment with the strong u.s. consumer? is that a good come to >> i think the market is acting as if it will go into the abyss like tomorrow morning and

alix: jamie dimon has suggestions for the fed and what they can do.call this week, jamie dimon was saying they had money to go in and help the repo market but they cannot deploy it. they would've been happy to do it. the idea is it is your mark -- the idea is it is your fault. it is the regulation that prevents them from going into the market and regulating. daniel: the banks were quick to identify regulation as the problem. different banks and bank lobbyists identify different regulations. there was not a totally cohesive position. a few of them do not seem to hold much water. jamie dimon mention something in the earnings call that does bear looking at. that is the expectation for liquidity around the resolution plans. i would say i have always had a little bit of a concern about the post liquidity regulation generally. i am more concerned about whether liquidity will be used during stress periods. there are two big questions. situation inwant a which the banks are intermediate in as much short-term funding as markets want? that was what led to the c

jamie dimon says jp morgan has the cash and willingness to calm repo markets when they went haywire,egulations held it back. and warren buffett seeks leeway from the fed, and facebook on the hill. mark zuckerberg is set to go back to congress and regulators project thisa time. welcome too

the case but then i remember jamie dimon over there j.p. morgan being prosecuted and investigated for racketeering and massive multi $100000000000.00 of fraud they've been investigated for racketeering and massive multi $100000000000.00 of fraud it's hard to argue you know what you say it's hard to argue but your bank if you know you meant. that that that the financial centers london and new york beef centers and said this isn't just global crystal randa new york are the centers of this global corruption and i think about russia russia doesn't have that kind of finance and i think about russia russia doesn't have that kind of financial center it is got it's kind of like divorcing itself it will center it is got it's kind of like divorcing itself from the financial ization of the global economy by buying 100 from the financial ization of the global economy by buying hundreds and hundreds of tons of gold you know they're going is russia going to come out with a gold backed currency hundreds of tons of gold you know they're going is russia goi

morgan to be able to argue that's not the case but then i remember jamie dimon over there j.p. morgan being prosecuted and investigated for racketeering and massive multi $100000000000.00 being prosecuted and investigated for racketeering and massive multi $100000000000.00 of fraud it's hard to argue what you're saying you know you mentioned dollars and fraud it's hard to argue what you're saying you know you mention that the financial centers london and new york are the centers that the financial centers london and new york are the centers of this global corruption and i think about russia russia doesn't love this global corruption and i think about russia russia doesn't have the continent of the financial center it is got got it's kind of like that divorcing its south of from the financial front alone the finalization financial and all of those asia globe silicon cop and to me a bit of the global economy by a by by her eyes and 100 tons of cynical 100 at the you know hundreds of their gold alling you know is our drug they're going going to come is russia going to come out wit

the c c jamie dimon reiterated that saying the consumerhe remas thy with growth and wages zbiend combinedith spending and strong balance sheets and low unployment. united health powered the dow higher after a beat on earnings d guidance. and positive compensates from european union negotiators on the prospect of a brexit deal that lifted markets. we kno a brexit deal would be worth sometng but it's hard to quantify. the federal reserve did sit a hard no deal brexit as a risk. a little bit of warm and fuz f feelinm china on the trade talks. the global times editor i said the friday meeting did represent a breakthrough in that boepgt sides have a strong will to achieve a deal. the global times germly considered a mouthpiece for the communist party. for "nightly business report," bob miss if he it at the new york stock exchange. >>> a numbeof other banks reported g earnings fordman sachs it was as mixed quaer. profits fell more than expected hit by aloown in deal making while revenue topped forecasts. coumer banksing powered citi profits. the bank reportedter than expected earnings thanks to