jamie dimon speaks for the fed.power over the economy. this is really a banking cartel, right? they provided over massive booms and busts while supposedly stablizing the business cycles. instead they have decimated the middle class. people are fed up. he wouldn't be as rich as he is if there wasn't a ton of easy money flowing his way, to slurp from the monetary spigot. charles: i love all the points you made. creature project kill island, which is the federal reserve, if he thought through that we no longer have boom or bust cycles like in the 1800s, that the business cycle would be smooth. that is all we've had since then. feels like wall street gets richer and richer after every boom and bust cycle no matter what. right now you have bitcoin hanging in there pretty good. it found technical support here. folks who believe in it deeply there could be another leg down. you agree with that as well? >> i definitely think there could be more pain ahead because we're seeing a global de-leveraging. we're waiting on with ba

jamie dimon took a name at higher capital requirements.o bring in bloomberg's sonali basak. no surprise we get this before tomorrow. what was in it that was key? sonali: we've heard this before from jamie dimon, saying they are coming at the wrong time, that the economy has a lot of headwind looking forward into the economy, but really worried about the tightening from the federal reserve, about potential headwinds ahead in the economy. that is really what that is about today. of course, the question for me is he is speaking to lawmakers tomorrow, not the fed, so what does he expect lawmakers to do about this issue is a critical question. i've got to say that consumer lending is a huge one at this time. when you think about lawmakers grilling bank ceos tomorrow, this is a hearing that is saying holding the megabanks accountable. that is by name the point of this hearing. you have lawmakers concerned about communities facing high inflation, potentially less access to loans. some communities had banks leaving them for a very long time, highe

>> it wouldn't be a hearing if we didn't have the elizabeth warren and jamie dimon show.draft fees. so i was expecting that. that's part of the fun. it's a crazy two days. it was everything about, you know, abortion to guns to unionization. there were a couple of gems in there that i think are worth us paying attention to. the first is when the house meeting and they asked about confidence in the fed. everybody raised their hand that they were confident in the fend. we should take comfort in that. they're in the middle of everything, borrowing, credit card receipts. they have their hands on the pulse of the market. the second one that i think is a little bit more interesting and started with something that jamie dimon said. he started talking about how consumers are a good shape going into a recession with savings. i didn't draw the same conclusions that jamie dimon did from that. >> neil: what is interesting, too, there had been criticism yesterday among house members, a couple of republicans and democrats, that the banks have been very chincey with their money. they hav

jamie dimon and jane fraser led the warning on economic risks the consumer with jamie dimon saying theonomy is a classic tale of two cities with competing headwinds and tailwinds that make it very difficult to bricked the future. frazier predicted more difficult times ahead for the consumer. the ceos told lawmakers of efforts they made to help the consumer by eliminating overdraft fees. wells fargo ceo also touted his bank efforts to reduce overdraft fees. his bank came under fire from lawmakers this year after an investigation found that wells fargo had approved fewer than half of refinancing sought by black homeowners. you will notice a lot of red on the screen. the bank stocks appeared to do fairly well during a lot of the testimony. during the final hour of trading, it was rocked with the rest of the market. in terms of grabbing headlines, jamie dimon said the worst possible outcome in terms of the fed trying to maneuver a soft landing would be stagflation. he said oil is going to cause a global recession and he also had some of his toughest criticism yet for crypto. he called cryp

i think jamie dimon's assessment is better.earing at the house, should the fed be focused on price stability and not be concerned about racial equity and things like that in societies that absolutely that's why i've introduced legislation for the fed to focus on price stability because inflation is a thief and i have to tell you since inauguration day, joe biden has hit every policy wrong and has made our economy weaker and our families more insecure financially because he's added regulations, added taxes, clogged up the arteries of the american economy right at the moment when it should be growing. he inherited a v-shaped recovery, low unemployment, low tax rates and working population. maria: certainly feels like jay powell is the only one doing anything about inflation right now because when you look at the response from the white house, it's just more spending and more spending. congressman, do you have any idea where this rail deal stand because if we do have a strike, did they advert a strike after the midterm, is that th

jamie took that on. >> that's why we love jamie dimon.nd he speaks truth to power and a he is willing to do that. that's what's so important. good for him for doing exactly that. i don't know a single bank president that wants to destroy the american economy. you have a lot of people in power that are pushing them to do exactly that because they have a fantasy that tomorrow we can be at net zero greenhouse gas emissions, never mind that they want to transfer the climate guilt to polluting the country so they can feel better about themselves. it's crazy. i think people like jamie dimon, brian moynihan, others that i've talked to, they're looking for real solutions to a transition that doesn't destroy the american economy. we can provide that through modern technologies and innovations but certainly not through regulation. maria: as if the left policies has not destroyed this economy enough, senator, i've got to take your attention to what we're looking on the screen right now. we have live pictures of port authority, another migrant bus ar

we have jamie dimon area thank you.ve jamie dimon they are warning you and your colleagues in the american people, to prepare for the worst. he said that that is exactly what financial institutions are doing. let's play this clip of him winning the alarm bell of inflation. speak to our future, not that far away, you have cutie, rising rates, you have more inflation, the war in ukraine which is deteriorating, oil prices, which i still think are kind of precarious. and, yes, those things have the potential to put their country and in and the into recession. >> gillian: i mean not what you are any of your colleagues, or any american voters want to hear sir. >> well, this is the nightmare that the american families have been living with under joe biden and the democrats for the last year or so. now it says that it is going to be worse. that is why people are feeling stuck, sweetest, stressed. yesterday the chairman of the federal preserved was on right after he announced an interest rate increase he said that, fighting infl

we want you to listen to the sound from jpmorgan chase's jamie dimon. to say how important u.s. oil and gas is. you will watch that watch him slam back at democrats over biden's student loan bailout as wrong and unfair. it doesn't address college tuition gouging. watch what happened. >> we aren't getting this one right. the world needs 100 million barrels effective of oil and gas every day and need it for 10 years. to do that we need proper investing in the oil and gas complex. investing in the oil and gas complex is good for reducing co2 we've all seen because of high price of oil and gas, particularly for the rest of the world you've seen everyone going back to coal. not just poor nations like india and china, indonesia and vet name but wealthy nations like germany, france and the netherlands. co2 is getting worse. yes, it was badly done, i wish they had targeted the people who actually needed help. we basically put a bandaid on, spent a lot of money rand didn't fix the problem which should be ongoing. we're paying the price of too much fiscal monetar

also, what he thinks about jamie dimon calling crypto tokens decentralized ponzi schemes.st, the markets. it is all about the fed, as expected. the central bank raised rates 75 basis points. stocks, including tech and most major digital currencies swung between gains and losses. joining us to break it all down, ed ludlow. adco it was a roller coaster. we got the 75 basis point hike as expected. the surprise, the more hawkish element of the afternoon, was the forecast from officials on where rates go from here 4.6% in the terminal rate into 2023. the market laying up with the fed is prepared to do in terms of fighting inflation and giving the economy some pain. you look at the gyrations behind me, the nasdaq 100, there were big swings between gains of more than 1%. ultimately closing 1.8%. on that equation of -- here is what jay powell had to say. >> there is a possibility we could go to a certain level that we are confident in and stay there for a time. but we are not at that level. clearly today, we just moved probably into a very low level into what might be restricted.

and it's led by jamie dimon, who's been the ceo for quite some time.d member there, what is your responsibility? is it to help the bank grow? what have you learned from jamie dimon? is he a mentor to you as well? so, we'll start it off with any board role, you're a fiduciary for the shareholders. howard is the one who taught me this best. he told me that every time he sat in the room, he pictured two chairs, and--that were empty. one chair was a partner at starbucks, another chair was a shareholder. and he said when you're in that boardroom, be proud of everything you say to those two chairs. and i've taken that to heart, and i do the exact same thing en i'm at jpmorgan. i assume that there is an employee sitting in the room of jpmorgan and that there's a shareholder in that room, and i am supposed to look out for them. that is my job. and in terms of what jamie has taught me, howard and jamie have taught me different things. obviously i've been with howard for a very long time, and i think he molded me as a person in terms of my professional self from

>> yes. >> jamie dimon, do you share those views for free and democratic taiwan? >> treatment democracy everywhere, i won't comment specifically on taiwan to make that kind of statement. >> many of you, some of you struggled to condemn the ongoing human rights abuses in china. the department of state, the united nations, human rights organizations and the like, have condemned china's actions. will citibank condemn the ongoing human rights abuses in china at the hands of the chinese communist party? >> let me take any accusations of human rights abuses wherever they are in the world seriously and we will be vocal in our distress. >> will you condemn the ongoing human rights abuses in china at the hands of the chinese communist party? >> condemn is a strong word. >> yes it is, so is genocide and slavery. >> we are very distressed to see it going on and we do not want human rights abuses happening anywhere in the world where we are anyone else operate. >> i encourage all of you to get out of doing business with russia and be very careful in china because they are wor

jamie dimon scoring off with rashida tlaib saying no way his bank will stop lending to big oil and why he believes doing so would be a road to hell. and then a big upgrade for eli lilly, the stock rocketing higher the obesity drug is a potential block bluster and could be the holy grail for weight loss and reporting that human saw and cvs are eyeing a company this is melissa lee, on the desk tonight. in the meantime we begin with another down day on wall street. nearly a quarter of the s&p 500 hitting fresh 52-week lows and in tech once again falling harder than the other major averages as rates keep marching higher the 2-year and the 10-year higher today with you one of the traders believes that today doesn't start on wall street or washington, and half a world away and he said the trigger began in japan because of the a currency intervention by their government something they have not done since 1998 who would say this the one and only b.k what is the thesis here? >> yeah. so, getting awoken at 4:00 a.m. to a currency intervention as the bank of japan came out and they decided to sel

emily: now, jamie dimon had this to say about crypto. take a quick listen. mr. a major skeptic on crypto tokens, which are called currency, like bitcoin. they are decentralized ponzi schemes. emily: "decentralized ponzi schemes." what is your reaction to that? jesse: i feel like it is better than a centralized ponzi scheme which is the stock market and national currencies. [laughter] i mean, it's an upgrade. we should be asking is it an improvement? you can point out problems with anything. the question is, is it not perfect or is it an improvement over the existing system? crypto helps a tremendous amount of people in the world. there are many unbanked people in the world. it might be hard for jamie dimon to understand that, running a bank in the united states but there are billions around the world who don't have access to bank accounts and financial services, and crypto is a lifeline to those people. emily: i have to revisit some predictions you made. one bitcoin per lamb io believe you said. to the moon,. infinity and beyond. how do you reflect on that? do yo

sources that are utterly unreliable, and inexpensive, it would be no to all of those, mercifully jamie dimon said i don't stand for reigning hell down on united states of america. >> indicative of the fact this administration, is bullying business, to stop lending the fossil fuel companies, bob nardelli what is next? should we start categories who we don't like what kind of companies we want to put out of business that is what they are doing. >> you got to love jamie dimon for his direct candid response, a road to hell honestly in this administration the only branch that is doing anything for inflation, unfortunately, is chairman powell. let's talk about energy right now, it is a simply decision, turn back on all the things you shut off. and if you look at it our reserves natural gas reserves are down heading he go into winter, if you think about 60% energy coming from fossil fuels we won't want to improve climate but around to be able to improve climate this is creating a tremendous hardship, and on this railroad thing quickly there were some of my best customers cannot afford labor increas

>> well, god bless jamie dimon for speaking truth to power here.er is that we're going to need oil and gas for decades and decades into the future. we also know that there are going to be more renewables that come into the marketplace. but energy demand is only growing in the united states and throughout the world. and that means that we're going to continue to need oil and gas. and i think the truth of the matter is, is that we need oil and gas from the united states, because if we're not getting it from the united states, we're going to be getting it from regimes that are hostile to american interests. so what the administration should be focused on is policies that advance american energy leadership and lower consumer costs. and instead of demonizing this industry at every turn, which is what this president seems to be doing, they should be focused on how we get more production going right now. the policies that they've pursued are only undermining the industry right now. maria: well, actually at the same time, mike, you've got a president which

we are expecting jamie dimon to warn about the economy should there be more restrictions placed on banks. the big one, 7:00 p.m. u.k. time is the fed's rate decision. investors have fully priced in a third consecutive 75 basis point hike. some traders are betting on a four point hike and it's all about the dots. coming up, it's all about the dots for us. we will continue our coverage looking ahead to the fomc decision later today. stoltenberg sees -- lacking legitimacy and likely will worsen the situation on the battlefield. we will also bring you any updates on whether or not putin will speak whether or not we will get any pretaped remarks. all that to come. this is bloomberg. ♪ >> under the present circumstances, when we go from an environment that two and half years ago something like that was zero or even slightly negative after 9% and it continues up, that means that inflation volatility is really beyond what we have observed for the past 20 years. and then that environment increases uncertainty and it makes it harder for us to think about a proper level so to speak . dani: the swit

elizabeth: why would democrats yelling at jamie dimon?there is a political agenda that they're trying to essentially recruit these lenders into the "squad." if they are not going to join the ideology of aoc and her friends, well then they will get shamed into joining it and it will be ostracized. so it is unfortunate that we're not harnessing these people they employ a lot of americans. they provide capital you need to be able to get your first home possibly, to start your family, to provide capital for that entrepreneurial spirit to be able to start their business and to grow. when these lenders are coming before congress there is an important oversight role. it is important to ask questions with regards to pending legislation but this is a, this is related to partisan politics an trying to recruit them to sign up for their lar far left ideology or else. elizabeth: what do you think, nick? nbc poll, 2/3 of americans say they're falling behind economically because of inflation. what do you think? >> yeah. then dimon is a energy pragmatist

jamie dimon argues that consumers want choices and other u.s.tomers about 23% decide to opt into the products. >> also quite surprising in terms of the narrative around fraud and risk on payment networks which have of course become so popular in recent years. >> a very popular payment network a lot of heat from lawmakers. six of the seven banks there, they own and operate this network. lawmakers pressed them about reports of scams and fraud on the network. elizabeth warren again, she called it unsafe. she said banks off it but when customers are defrauded, there's not much they can do. in response, they said the fraudulent transactions are a tiny fraction. they are improving guardrails. it was a surprising -- and the hearings today this network. >> some of the takeaways from those banking hearings. let's get you a check of the latest is this flash headlines. credit suisse has denied plans to leave the u.s. market. a story says credit suisse -- it is undergoing its second restructuring in over a year but any report that it is leaving the u.s. mar

jamie dimon the dean of finance aol services on the planet. still firmly in charge., institutional servicing corporate lending here and abroad. as you point out buy things when they're cheap. and of course if things get really bad, the wannabes, jpmorgan wannabes will fall off the table. there will be more business. will you go with the no-name brand or jpmorgan for bank needs when times are tough? cheryl: when i cover them for fox business, always commentary we focus on. we're not worried about jpmorgan's business especially the size of it right now. you also like autonation. >> absolutely. people, the instinct we're going into recession. no one will buy a car again. the dirty little secret about the auto business they don't make money selling cars. they make money on the service. the last bastion of non-transparent. you never argue with a mechanic says you need more stuff. close half of all the revenue is many could in from servicing. that is a cash cow no matter what is going on, you got to get old bessie to work to comply were your employer coming back to work. f

i think it was jamie dimon who might have said that today. so, i mean, but they're making it clear like you can't decouple because that would cause tumult. and when i'd say to jamie dimon is , you wanted biden and now you've got biden. how does it feel? feel good, jamie. >> yeah. and don't forget, lura, when congress attempted to put some pressure on china about their human rights violations, the act, the banks lobbied against it. they went to capitol hill and said this bad idea to protect human rights, to say they don't shape policy, make policy and impact america is just silly, disgusting. >> mr. secretary, great to see you tonight. >> thank you. now another pillar in the left's dream world is this idea that the walls are closing in on former president trump. and today, the corrupt new york attorney general letitia james filed a lawsuit against former president trump. now, several of several of his family members, as well as associates and businesses, were also named and named in the action. and the allegation was that there were numerous a

is more "fast money" to come here is what is coming up next >> announcer: warning in washington jamie dimon to tell congress of economic storm clouds that could be brewing the tough times that he sees ahead. >>> plus a spac-tacular collapse the spac market coming to a spuddering halt as the free money halt dries up. a look at investors of this fad coming up. you're watching "fast money" live from the sdnaaq market site in times square. in times square. we're back right after this. finding the perfect designer isn't easy. but, at u. she's in austin between a fresh bowl of matcha and a fresh batch of wireframes. and you can find her, and millions of other talented pros, right now on upwork.com power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities. while an earnings tool helps you plan your trades and s

the challenges are no less daunting even though the worst of covid is behind us, jamie dimon said it's tale of two cities and highlighted inflation is a big issue. if you look at lawmakers, what happens to the consumer ability to borrow as it gets more expensive to do so. haidi: are there specific issues that have been addressed by the ceos in terms of the regularities? sonali: you have seen them address some of this and prepared testimonies. addressing the issues of fees and overdraft fees that have been contentious. that is one thing there has been direct response to as well as commitments to minority communities in terms of banking services. one of the things under review is legislation, you're going to hear the banks speak to the ability of these firms to grow, what it means and whether it is serving the best interest of those communities, by and large some of these banks have reduced the footprint. shery: these conversations come just ahead of the midterm elections. sonali: will all of the same lawmakers be there for the next round? one other thing that is much on the agenda and y

that's what jamie dimon told regulators and lawmakers. about what crypto has done and what it looks like. we have inflation protected bonds of. why does that matter here? crypto has long been pitched as an inflation hedge. for the people that say that as an inflation hedge has fallen apart, so has vix. those are inflation protected bonds. that was a hedge fund favorite this year. you see both traditional finance and defi hitting a roadblock in terms of what crypto means for people. ed: we just had the merge. what is the next calendar event the crypto world looks forward to? >> you mentioned the merge and ethereum continues to be part of that outperformance in the next three months. to what extent does that filter into other assets? do we see that same love in other proven stake networks, solano? there are a lot of things happening in the community. we talked about it here on bloomberg as well. the tangential assets we are looking at. ed: sonali basak, thank you. coming up, a delay in depositions. they push their depositions before the oct

subsidized in part because jamie dimon and larry think helped prop up china's economy. >> laura: we'ven talking about this the entire assignment because i've been writing about china for about 21 years or so. it's been such a major focus of mine since i got into media. we have these woke corporate ceos who made billions in part in china propping them up, growing their economy, growing their military. the u.s. government green lit at all. but now they come and lecture us here in the country about this law or black lives matter, pick whatever issue is trendy at the moment. they do it without any hint of irony, you know, double standards. they get applause from "the new york times" crowd every time they go to a new clinton global initiative. >> yeah, and yet they lobby to get into the financial markets in china. they work really hard to get these variable interests from china into our stock markets. if there's over 1,000 chinese companies in our stock markets that we are trying to get out right now because they don't comply with u.s. investor protection standards. that's hundreds of billi

notable people like jamie dimon called it a fraud. warren buffett had negative comments.hed a point we know this industry will not bo away. it is here to stay. you're talking about a trillion dollars of value. ultimately the things we talked about before what utility what problem are you solving. for him to call it a ponzi scheme, 50 million people here in the united states have direct exposure to crypto who might disagree with him. liz: let's get to xrp, the twitterverse is going nuts over your appearance right now on fox business with charlie and xrp, the native coin to the ripple. tell me exactly why you think this jump in price is happening? what news can you give us? >> it's hard to know. i have watched crypto now, been in the business at ripple for seven 1/2 years. i've been in crypto for nine years. it is really hard to know, what i would point is a couple things, before the sec -- got involved. >> with you. >> xrp was ahead of heath. this infamous speech -- >> bill mintter of corning finance. >> increasingly as the summary judgment filings were made public people

jamie dimon's message is the federal reserve's mission is trying to unwind the balance sheet trillions of dollars and the government piled on trillions more so money being shut out as they try to get money shoved back. >> we talked about the inability of congress to get the fiscal situation under control for a long time. even while they are praising themselves for inflation reduction act, they are passing chips & bill with $300 billion of deficits, veterans packed bill, $600 billion of deficit spending, business as usual, doesn't matter what you do in one bill but overall and overall congress continues to suspend and pay for it later, fundamentally inflationary and this has to lean against it. they are in conflict, not working together and it is time for the administration to clean up their act. that is long overdue. of the 20 good seeing you again, thank you for pivoting yourself with the news of the moment. doug struck on something interesting we are following, could a lot of this be pegged to uncertainty, growing anxiety over flattery putin and his next move? he's calling up hundred

jpmorgan chase jamie dimon was asked about how bad he thinks the economy could get.ere is how he responded, predicting economic out comes is a challenge for even the most experienced financial experts. >> forecast the future properly. i look at probabilities, i think there is chance of a small landing there is a chance of a mild recession, a chance for harder recession, and because of the war in ukraine, the uncertainty that causes in global energy supply and food supply there is a chance it could be worse. i think policymakers should be prepared for the worse. liz: yeah. banks should be prepared for the worst too. nuveen investment strategist brian nick. the region's chief investment officer, alan mcnight. government is looking to regulate banks. because they're able, what the fed just did to raise their prime rates. a whole fury have been hitting the tape including jpmorgan and fifth third bank. tell me exactly where financials stand in the greater picture of investing in them? >> first of all from a balance sheet perspective they're in much better shape than the f

neil: what did you think of what jamie dimon was saying last week on capitol hill, that if you're goingo spend $6 trillion, pointing to his questioners first announced in the house and then the senate you can't help but not believe that it's going to be inflationary, and that that complicates further what the federal reserve is trying to do to sort of unload all of these treasury notes and bonds, and then the government spent $6 trillion and they have to make more treasury notes and bonds to finance that. it gets complicated. >> you don't have to run a major bank in america to understand how we got in this situation. what perplexed me about that, neil, wasn't so much what dimon said. i think he was mostly on the money. it was these congressmen and congresswoman giving these questions to him and telling people to pull their deposits out of jen psaki or other banks what are we doing here, folks? we're in the middle of a very serious economic problem, you know, could become worse and you look at congress and what people are saying in congress, and you think they don't have a clue what's ha

and not just elon musk, other ceos including tim cook, jamie dimon, have expressed their desire to gett employees back to the work, most if not all of the time, while saying employees are resisted the idea. for more on this tug of war, let's talk to jim stewart of "the new york times," also a cnbc contributor, and he joins us via the phone hi, jim. how are you? >> i'm great thank you. >> what's the times doing, by the way? >> it's such an interesting issue. the times is asking everybody to be back three days a week. and the guild, which represents a lot of the reporters, haas balked and said we're not coming in so they're something like 1300 gild members this week who are not going into the office. i'm not in the guild but i haven't been going in this week either. i just don't want to get in the middle of this fight >> wise, as always we're sort of on a three day a week plan here tuesday, wednesday, and thursday in, and fridays and mondays optional that sounds pretty reasonable. >> yeah, i can't object to that. i have to sigh from personal experience, and in the reporting business, it

jamie dimon was critical of that move to lead on that as well.change, watch. >> sir, everybody that got relief from student loans have a bank account with your bank should probably take out their account and close their account. >> that is one way to resulted. >> bill: quickly, gentlemen janet yellen things the fed in the u.s. government can make the soft landing with our economy. we may see the dow jones open polo 30, steve, do you believe it is possible? >> i think the wheels look like they are coming off of the economy and the economy manufacturing of housing. so many areas are weak right now. i do agree with janet yellen that we need growth. we need to have pro-growth policies to get us out of this i would call a soft recession. so they have to raise interest rates because of inflation, but let's do things to grow the economy by producing more energy, bill. >> bill: austan, can you predict today the man of optimism today, can you predict a soft landing? >> with the interest rates going up as fast as they were going on the fed side, i think th

jamie dimon would love to be down to $3 trillion instead of almost 4. be derisking this year. they're going to see earnings improve. but the politics of this are absurd. i mean, look at new york community bank. that merger should have been approved a year ago. that's kind of extortion and politics we have in washington. the occ, the fed -- liz: -- a lot of rulemaking, chris. but aren't regional banks the ones to typically do well when rates are rising? we do have the federal reserve about to, i mean, 100% chance of at least a 75 basis point hike on wednesday. >> oh, yeah. liz: wouldn't that be a good atmosphere for the regionals? but now we may be forced to split them into the big regionals versus the smaller regionals. will one set of the stocks do better than another? >> well, i think anything below pnc and truist and that group is going to be relatively okay because they don't have a lot of exposure that the regulators can focus on. i think what regulators are really worried about this time, liz, is commercial real estate and commercial exposure. thi

. >> jamie dimon, the flashy ceo of jpmorgan chase, also remember, he got twisted up a few years back when he was pressed on that same question. the u.s. government has said that the imprisonment and what they're doing with the workers in china is undoubtedly. but you make a choice not to weigh in on everything. but it's not like you said, it's a . talk to the chinese government said, stop the madness, stop. no killing nobody there, isn't it? >> but the government needs to do that. so if you could do it right, i could do whatever i want. j.p.morgan, i'm going to do whatever i want. but my board, when something like that put them, we believe in human rights. we don't believe in or anything like that. so so we but for me to gratuitously make public statements, i think is a mistake. >> jamie, it's a mistake. for whom exactly. now, these same banks, they didn't have any problems speaking out against georgia's is completely reasonable voter integrity measures. did the titans at companies like coca-cola, microsoft, a lot more decried the treatment of minorities in america, even as they were

. >> martha: here's jamie dimon, important person in the united states economy to be sure.s, j.p. morgan ceo for many years. here's his take on the economy. >> the american consumer is in good shape. spending money. 10% more than prior years. that's all the good news. as being met by other forces, war in ukraine, interest rates going up, inflation and the worst part of the outcome is stagflation. so those things will absolutely cause a slow down in the economy and increase one point increase inemployment and we don't know the full outcome. >> martha: great. so he's been saying he warned in june that there was a storm, a hurricane that is right out there on the road coming our way. >> he's got the vision. i think his vision is correct. we heard fed ex say they warned of a worldwide recession. they pulled guidance. one of the main things that i heard from jamie dimon, the only good thing is consumers are spending 10% more now than last year. inflation is 8.3%. so what i have seen happen is you're seeing savings accounts and checking accounts get depleted. you're seeing credit

what capital one is here you need to think about where we are in terms of the credit cycle and jamie dimon and others have said listen, we're expecting there to be turbulence going forward. you look at where capital one is, tan is probably or likely to be one of the first to show cracks i think a bearish trade gives you the best opportunity that if there is going to be credit erosion you're dealing in a name that's likely to have that >> from capital one to kroger. mike's got a way to play the supermarket stock for grocery names, what are you doing, mike, with kroger. >> kroger is kind of the opposite circumstance as a financial like capital one, which is probably lower on the demographic scale in terms of the credit worthiness. we're talking about a consumer staple, it is relatively cheap, four bucks of eps give or take the company has been executing well they obviously have seen increases in cost, at a growth market at 21%. but quite reasonable i think they're executing quite effectively and focussing increasingly on digital. we have earnings coming up this is a name we own in our portfo

>> jamie dimon was the first one to step up and say that the u.s.ded a marshall plan for energy security. it is about energy security, inflation worries. remember, this is one of several moments that he had with lawmakers about energy policy. he said the u.s. is not really getting this right. other lawmakers took different stances on this. you had kentucky's andy barr really urging the bank executive chairs to take a measured approach just to oil and gas, but coal companies in particular. the point he made was this, that investing in oil and gas can be good overall. he has made that point a couple of times before. what he is really worried about here is many countries moving into coal instead. it is a complicated issues. remember, he is nowhere near the only one. when you look at j.p. morgan's investors, they have taken a very similar approach. tom: i was standing on the sidewalk in davos and we had a raging debate about what big bankers should do to show what they do socially. a very famous american banker said to me, american bankers have absolute

jamie dimon. now recognized for five minutes to present your oral testimony. >> there, warnings ranking members and members of the committee, i appreciate the opportunity to talk about jpmorgan chase. one of america's largest banks as a force of good for the country, citizens in the global economy. we live in the greatest country in the world predicated foundational beliefs and freedom of speech. freedom of religion. freedom of enterprise. the sanctity of the individual. and the promise of equality and opportunity for all. these core values are the fabric that binds us as americans. and the best of what shines through, especially in times of adversity. the system has created what is still the most prosperous and innovative economy the world has ever seen. and one that nurtures a businesses, large and small. and i welcome environment for innovation, science and technology. my enduring faith in the strength of the country remains as strong as ever. the free flow of credit and investment is a key to

. >> at the beginning of june, jamie dimon, ceo of jpmorgan, predicted an economic hurricane.week he was before congress and he said some of the challenges facing the u.s. are persistent inflation, shocks from russia's war in ukraine and rising oil prices. you can't control some of those things. are we in the eye of this storm? is this the hurricane? >> so, i don't know if it's a hurricane. look, there are lots of things that have happened over the last several months that really have been unexpected and have made our job more difficult. you know, the war in ukraine definitely disrupted supply chains and i think set us back in terms of our recovery by many months. so, that's real. but there are also some positive things happening. just last week we averted the rail strike. i think that was a very positive thing. and we are still hearing, as i talk to businesses, that they are not expecting that they are going to have to lay off people very soon. so, we have momentum. and we should not lose sight of that as we start to see demand come down and us under control. >> so, tell me a

today it's the senate's turn i'll show you what jpmorgan jamie dimon told lawmakers yesterday. >> we'reoo much fiscal monetary stimulus. i don't want to second guess all the people doing that, that might have been predictable at the time, taking the right action to reverse it but i don't think you can spend $6 trillion and not expect inflation. we've got to move forward and grow the economy, which is the best way to reduce inflation and help all of our citizens. >> with what to expect from today's senate banking hearing, senator pat toomey good morning to you. >> good morning, andrew. >> we did hear from some of the ceos yesterday what are you looking to up pack today that we might not have heard yesterday? >> well, we don't always plow a whole lot of new territory, andrew we'll see how it goes today. there will certainly be some more discussion about inflation, it's such a big deal and it's so important to all of our constituents i think there will be some discussion about regulation, especially maybe capital requirements, and then some of us, myself included, will be urging these bank

jamie dimon has slammed cryptocurrencies again, calling the assets decentralized ponzi schemes.n congress, he said stablecoins will not be problematic with proper legislation. >> i am a major skeptic on crypto tokens like bitcoin. they are decentralized ponzi schemes. the notion that it is good for anybody is unbelievable. we sit here and talk about a lot of things but $2 billion have been lost. ransomware, sex trafficking, stealing, it is dangerous. laura: the colombian president is blaming u.s. rate hikes for soaring inflation. the former guerrilla fighter took office last month with consumer prices rising at the fastest pace in nearly a century. in an interview, he said columbia is attempting to mitigate the problem. >> hunger leads to despair, violence, etc. but the first thing we have to solve is to settle in power, bring food to a population that is hungry today. laura: that is the bloomberg business flash. tom: ukrainian president volodymyr zelenskyy calls tom: ukrainian president a lot of your zelenskyy has urged world leaders at the un's general assembly to keep up pres

jamie dimon taking aim at higher capital requirements, calling an upcoming increase for jp morgan bad for america. he is set to appear in washington alongside other banking chiefs. jp morgan warning of harm from arbitrary increases in capital requirements. it ends months of work to mitigate damage from underwriting pledges made early in the year before a sharp repricing of risk assets. the estimate is based on bloomberg calculations. yvonne: still ahead, the outlook for private equity with cambridge associates. david: but first, we will have a closer look at opportunities with 91's wilfred wee. we look at china, maybe the prospect of a bottoming and the prospect of a reopening trade in hong kong. you are watching bloomberg. ♪ yvonne: after the fed comes the boj. this is a chart you will have to look at maybe 24 hours from now. it really is the yield differential between the u.s. and japan, we were seeing unscheduled bond buying from the boj this morning. this goes to show that this weakening yen story is going to keep going for the next few days. as you talked about, dave, we had riks

davide: if you think about it, jamie dimon said two years ago, 10 year rates at 4%.e said you are mad. i always thought four was very acceptable given the growth outlook and how much money printing was going on. over the last 40 years, the average has been around seven, so if it is 4, it is like the weather in the u.k., it can get colder or hotter. 4% is acceptable. what happened in credit? you have good credit corporate snap but because of the rates move, they are attractive. today, you can invest in tier 2 financial institutions, senior nonpreferred. you can have it in morgan stanley, these institutions are as good as they can, they are yielding 7-10%, it is attractive. high quality credit is where i start stepping into the market simply because they were getting paid 2.5 times 10 year rates with much lower duration. hence, it is very attractive and you are paid. think about the gilt market, if you are buying 10 basis points, as soon as you move rates, you have lost 50%. then suddenly you lose 40 points. that is not great risk reward. francine: very quickly, what i

ed: there are dissenting voices, some a lot of than others, jamie dimon ceo of jp morgan, what does heay recently about bitcoin? guest: if you are looking at traditional financial world, bitcoin looks like a decentralized ponzi scheme. let's look at what has done, i want to point out as an exercise, we have inflation protected bonds. why does that matter here? crypto has long been pitched as an inflation hedge, for the people that says that as an inflation hedge has on apart, so has vix. that was a hedge fund favorite this year. both traditional finance and deify --defi sitting at a roadblock of the narrative of what crypto means for people. ed: we just had the merge, what is the next calendar event people looks forward to? guest: you mentioned the merge and ethereum continues to be part of that outperformance in the next three months. we see that same love and other proven stake networks, solano, there is a lot of interesting things that are happening in the eight community. the tendon shall -- tangential assets we are looking at. ed: to lay -- the delay in depositions, they push thei

like ray dalio jamie dimon are talking about a long deep recession next year, rabbani says tougher than we've seen, fourth quarter begins next week. >> going to be miserable, and people are going feedback miserable feeling so i think taking frustrations out in november on the democrats again, the only team in charge of everything so there is demo one else to blame. you know the biden thing is sad but will reminds me of old carole burnett show tim conway oldest man bumbling was funny on carol burnett not funny when leader of the world nobody is paying attention to him there is no way running for the secretary term, once the republicans take over the house and maybe the senate, the investigations begin, his agenda stops, and he is going to have to declare early whether running or not he won't. and are there not going to let him democrats will never let him run, you know, he is going to be lame-duck very early maybe it is best, nothing happens in washington. and we kind of move on with our lives. maria: we will take a short break when we come back stocks plummeting british up and down near

jamie dimon has said oil at 150 would mean a global recession.believe we get there given all the war -- and have been given all the warning signs, how soon do we get there and what does it mean? >> last november on the back of the limited --, for being on the show talking about this. going into historic low degree of capacity. and that will see a risk premium emerge as a result of that limited. the key here is how quickly we get this. if we get there within weeks that's a price shock the market cannot -- the world cannot take. if we get in the context of gas price is up $300, oil is x quite cheaper. as we see a repricing, we think the economy can take it. but absolutely you would need time to get there. the scenario we painted for next year in the meantime were looking to see over $100 oil. guy: what's the best way of playing this? if i held here in london michelle or bp, mia buyer or seller? >> i think the best way to play this is through the equities. what we are seeing is the back of the curve. it's all over the place but continues to rise. it

jp morgan ceo jamie dimon has slammed cryptocurrencies, calling it decentralized ponzi scheme's.tifying in congress, he said stablecoins would not be problematic with the proper legislation. jp morgan is using blockchain for financial services. david: equity markets are in bad shape. look under the hood. everything down. we're down on the benchmark itself. it is the inflation story in the fed leaning on that inflation story. a lot of people are blaming the fed. rishaad: right. coming up. tackling red-hot inflation. this is bloomberg. ♪ rishaad: 11:29 a.m. japanese markets going on their break in a minute. we have the boj expecting to come out with their latest verdict on monetary policy. no change expected, but we are waiting. we are looking at the topics and the nikkei two down. sony, one of the biggest fallers on the topix. david: when you look at this graphic of where we are in this session, near the session close, coming off a bit but i will put too much into that. it went lower in hong kong and chinese markets opened up. in fact little gut conflict european futures, the angs

alix: hang tight, jamie dimon is preparing his testimony. >> it's an opportunity to talk about j.p.gan chase. we live in the greatest country in the world predicated on foundational beliefs between speech, freedom of religion and enterprise in the sanctity of the individual and the promise of equality and opportunity for all. these core values are the fabric that binds us as americans. we are the best of what shines through especially in times of adversity in the system has created what is still the most prosperous and innovative economy the world has ever seen and one that nurtures vibrant businesses, large and small with innovation, science and technology. my enduring faith in the strength of the country remains as strong as ever step the free flow of credit and investments is key to a nation's global competitiveness. as free enterprise celebrates consumer freedom and innovation which ultimately is the litmus test for human innovation. it's not only the free movement of capital but the value of dollars in a free people exercising their rights. what this country needs moses free en