. >> jamie dimon maybe? you think jamie would want to run a studio.ie dimon is good at whatever he touches. three minutes before the closing bell. thanksgiving week. the volume low. up almost 400 points. we have will rines. will, are we on cruise control or you see another shoe potentially dropping that can take us off this rally? >> i think it's a probably a little bit of thanksgiving week. lighter volumes you see outsized movements with penetrating volume. i think another shoe could drop. what is positive today, retailers, market are a bit nervous about reported good results. but when you look at companies like abercrombie, companies like best buy, is it really function of them selling more stuff, but as everybody knows prices have gone up. therefore their revenues have gone up? i think we think about continued interest rate rises into next year could well see earnings coming down. lauren: keeping more than half of money in stocks and the rest in fixed income is known as 60/40 portfolio right? it is the gold standard of investing. according to the l

. >> what you think more broadly about charges, jamie dimon for example have made and others about bitcoin being a giant ponzi scheme? if that was a case it would seem like something the sec would be concerned about. hester: markets are about people coming with different opinions and views on value of different assets. coming together and working that out in the marketplace. what we should be doing as a regulator is allowing these markets to work. not standing in the way of the markets working, and people bringing those different valuation opinions there. that is what we do for other asset classes knows what we should do for this one as well. >> considering the scale we've seen a lot of firms lose customer money this year and file four risky -- bankruptcy. we are not saying it is happening to ftx, it is a reality of the could not get the funds secured. do you think the tone among regulators, and with the industry has the risk becoming more hostile than it has already been? hester: i think we can take a moment like this and use it to turn to a more productive approach. this is not an approa

. >> you don't want to play it i feel like solomon says the obvious thing, whereas jamie dimon -- >>urricane dimon we're not showing the clip let's move on. we're not going to show the clip >> it's important what he told you, though. he said, we're going to see some reopening in capital markets, that cpi is a reflection of the fed's work >> the ipo queue is big. >> yep >> and you're going to see it happen >> crypto's volatile >> crypto is, again, i think everyone who's big in business the reluctant to say it, but i asked him point-blank if he would go into crypto now that it's so low. he said, on the one hand -- >> well, first of all, that was not what we had in terms of the interesting things that he said. >> no. >> you want to run it or not >> this is positive but we're on a journey. i don't mean to -- i love david solomon. >> i saw journey get inducted into the hall of fame but it wasn't perry it wasn't steve perry. >> they're not getting back together >> jamie dimon's still worried about the storm. he's got his al roker hat on he's getting blown around. you don't want to be back

right, and you deposit your money in your chase bank account, and then you find out that, actually, jamie dimononally and going to las vegas and gambling on the weekends because, you know, your money, his money, what's the difference? that's what was really happening. he was using all of these funds that people were depositing in the brokerage firm, ptx, and then -- ftx, and then using it as his own piggybank. he bought congos -- congo does, leveraging to the hilt and badly. and it was definitely a fraud prosecute start. maria: that's unbelievable. that's a great analogy also. what happens now, jordan? where did the money go? i know that firm started in hong kong and then they moved to the bahamas. so there's also investors, chinese investors that lead me to the chinese communist party as well, so there's that element. but where does this story go, and will the investors ever get their money back? >> i strongly doubt that there's a lot of money here to be gotten back. i think that, you know, when you're leveraging the way they were, it's the really easy to take these huge losses. i don't think

and said would you like to be the president and chief executive officer and you said let me ask jamie dimonhat what you said? thasunda: not exactly. it was a long interview process. clearly they were able to tell me all the wonderful things about this company and over time i fell in love with the company and realized this definitely was the next best move for me and my career. i think this is the most amazing job. i get to lead a fortune 100 company anchored in a mission to make sure everyone has access to retirement and can retire with dignity. this is a phenomenal opportunity i get a privilege to lead. david: are you surprised they're only two women, you are one of them, running a fortune 500 company who is an african-american woman? is that surprising? thasunda: it is surprising in one sense but not surprising in the other. it is surprising in the sense there are so many talented african-american women who could absolutely lead a fortune 500. it is not surprising because we know there is only ever been three full time four total to run a fortune 500. it says we have a lot more work to do

jamie dimon. you are 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

tom: jamie dimon and the iif talking about bitcoin.e know he has been clear about that within his annual letter at jp morgan. lisa, got to get to markets. ian lyngen publishing, looking at core unbounded basis. 0.272%. which is how you get the market enthusiasm. lisa: the market enthusiasm is almost 30 basis points you are seeing the two-year-year-old decline. it is moving, just dramatic of how fast and how far the fed has to go. tom: short squeeze analysis this afternoon at 4:00 p.m. short squeeze in bitcoin going the other way. not so much on bitcoin, she will be with bitcoin this afternoon. sonali, i want to focus on the humbling nature of this crypto move. this crypto debacle for wall street firms. they have to be shaking in their seats today. sonali: word is crypto money intersect with real money? ftx, the hole in their balance sheet is about $8 billion. bigger than the size of the entire market value of robinhood today. it is a lot of money that is being asked. where is that money? tom: the split for me is bitcoin chat, teller ch

march gone and chase and you deposit your money and find out jamie dimon has been using your money toe on the weekends. >> bill: a bankruptcy hearing tomorrow. kelly o'grady has the news today. >> startling revelations that underscore the clip you played. we're learning sam bankman-fried cashed out $3 hundred million raising a billion for ftx next year. you used the funds to pay himself back for buying out an ownership stake. that offers a glimpse at the swirl of money and donating millions to democrats in the mid-terms. ftx investors are owed billions. the top 101.3 billion. the lowest amount there is over $21 million. it doesn't even begin to cover smaller creditors that lost 10,000 or 20,000. some money has been recovered. filings reveal over 564 million is verified at this point. it put into context the billions investors are own. ftx is reviewing its global businesses and indicated they will explore a reorganization and sale of assets to fund paying back the creditors. often in a case it can lead to a fire sale. the crypto industry is already feeling the shock waves. assets may b

nothing to do with and that was a constant -- constantly receiving criticism from the likes of jamie dimoncha charlie munger but it's not unimportant. and you know, we still don't know how many other businesses have been built on this thing. it's possible not just ftx, but is binance in some sort of trouble? >> well, be careful. >> okay. >> because remember, behind -- behind ftx, we have blackrock, you know we have softbank >> they all made decisions to invest in some of the companies we were just talking about as well >> it's not just tom and giselle. >> were they investors in buy now, pay later that hasn't gone well either were they investors in many chinese companies that have gone down 95% yes, they were >> okay. can i just say that now that i have been upbraided by david, that nvidia, they're not using the graphic cards anymore, and yet, the stock -- remember, ethereum went off that and yet, nvidia's down 6 >> you're saying nvidia's going down because of the idea -- >> as collateral damage. >> -- there will be less mining. >> they were cut out they were the ethereum miner in the stock

i think jamie dimon, we owe him a lot for his ability to explain where we are in the market and where he thinks we are going but i think generally speaking, they are well positioned to withstand this we know after the results of the fdic they are in good shape. >> the yield curve, guy, it's not working in banks favor and karen has walked through many, many times why that doesn't matter the yield curve doesn't necessarily matter that much when it comes to banks' earnings but for a long time it traded along with the yield curve >>, unfortunately, the brilliant kay fine is not with us this evening. so you are stuck with me. >> i will say you know who doesn't give a monkey's patute goldman sachs. when if you look at fixed income and commodities, they have crushed it i think they will continue in in environment. we talked about this when it was around 280 book value, ridiculously cheap that's why it's now approaching its all-time high in the summer of 2021 and i think it's probably going to get there. comes in around 415. this is a fantastic environment for goldman sachs and they are final

maria: we'll see because i think goldman and others, jamie dimon also talking about a tough market in 2023. but you're right, we've seen destruction in a lot of areas, nowhere as much as housing, adam. you know that 22%, only 22% of americans now say they had can purchase a home without experiencing as fi a financial hardship with mortgage rates above 7%. >> the good news of that is that home prices are finally starting to come down. we've had eight months of lower home sales. we've only had two months of lower home prices. prices always lag sales. and so the good news is for people who are trying to buy a home or want to buy a home, as those home prices come down, they will ultimately be able to afford that. in the same way that you -- and i love that quote, nicktimrose, the s&p 500 is like a beach ball, it wants to p pop up when it get to 3600. that's because the s&p went to 15 times earnings. that's cheap. >> yes. >> homes are still expensive. home prices need to come down and then eventually over time because there's inherent demand and in theory rates will start to back off or st

maria: good point we are getting all dire predictions, of the economy in 2023 from major ceos like jamie dimonrkets rallied in october almost 15% on dow industrials , want to get your take on the liquidity concerns, liquidity concerns in treasury market as fed also runs down its balance sheet 95 billion dollars a minicoming out of the skepticism a trillion dollars a year here is thomas hoenig former president kansas city federal reserve. >> think about when you are pulling money out of the economy, out in reserves out of the system, that is the banks at the largest banks and banks accounts with fed are being shrunk reduced to some extent every month you are taking liquidity out so you have less available for lending for putting into market and so that tightens the economy. in addition to the interest rate, and, therefore, you really are squeezing down the economy. maria: has market figured this out understands this what he is talking about in because he is saying that when that happens, should fed keep to scheduled 95 billion a month, we are having a major disruption. >> tom is exactly right l

jamie dimon jpmorgan an economic hurricane, his words, are coming. we just don't know how strong an economic hurricane. >> hurricane season is now closed. having a house in carolinas used to dealing with that. end of the day, the belief was if any of those horribles came together, you could have really a different outcome than the fed tightening. fed is tightening in an unprecedented way, because we have an unprecedented inflation. 40, 50-year long inflation. where does that effect first? housing. changed dramatically. but rent increases are only coming through now. end of the day, consumer held in well and end of the day consumer stays reasonably strong because they're employed. >> hearing no economic hurricane from brian moynihan? >> a mild recession. >> tick through those things. housing matters. much more expensive to buy a house now because of mortgage rates and your own research at bank of america how much rents increased. people feel out of hope. when will it get better for housing for americans? >> toughest thing. you have to slow down the ec

congresswoman we hear from bank ceos like jamie dimon and goldman sachs ceos david solomon that they do think their headwinds are coming for this country in the american people. >> absolutely were seeing the on the ground in iowa inflation is soaring in rural america will we look at our farmers and what they're experiencing with input cost and what i families in pain at the grocery store they are all feeling that pain i think it's very evident, i think the biden administration is very lucky the cpi report is not coming out talk to the election but we all know, we all feeling we know what that means for our economy. were starting to see her businesses, see the contraction, here in iowa and around the country. they can say what they want but we are in a recession, we had two quarters and contracting growth already. we see that this year. i think republicans are going to be obviously winning the house back on tuesday firing nancy pelosi and hopefully writing the ship and stopping the excessive government spending and holding this administration accountable for the two years of failure.

i think it's best-in-class, certainly jamie dimon knows exactly what he's doing.y ahead of this the whole time even though the fed has not so that's a holding i'll continue to keep in the portfolio for the foreseeable future but i'm also looking into healthcare , i'm looking into food. obviously inflation rages, so that speaks well to a company like tyson, which i also own, for example, but you know, again , this week is not something you want to rush, or narrowly thanksgiving week, people walk away. volume thins out. spreads get wider. it's just not a place to play games right now. ashley: very quickly, are you exposed at all to the crypto landscape, keith? >> well, indirectly through jpmorgan because they're operating in digital clearing but that's a bet i want. now, we did recommend to get out of bitcoin and ethererum when the whole thing blew up because the ftx situation is unbelievable and you thought mad off was a boy scout. this is unbelievable. there are repercussions in big names concept out for many years to come. ashley: we'll leave it right there, keit

. >> we heard a few months ago jamie dimon head of j.p. morgan said there's a hurricane coming.omorrow we have brian moy happ from bank of america. >> great. they see what you're doing in your bank account. the jobs picture is right we have a robust job market. we have a lot of savings. for two years people didn't go anywhere, spend their money. now they're spending it on travel, shopping, things they want. >> is it us, the media? >> how does this factor into what jay powell is doing? the questions of what people are seeing and doing on paper, the question is what he does, is he going to raise interest rates again because how it's changing people's buying habits. >> with the fed raising interest rates. it's the effort to try to make things more expensive so it cools spending. but right now this is one of those abnormal economic phenomenons that we've observed. i think the question, looking ahead, is not are we going to see more interest rates, because i think we are, it's going to be is it a smaller amount and the frequency? >> i liken it to what happened during the election. wh

jamie dimon, jpmorgan, said it's likely the u.s.nths. do you agree? >> it could. i think it's likely we'll see a soft patch. whether it's hard landing or soft landing, i don't know. what we're seeing is we're in a counter cyclical. our business was cut off at the knees. if you near the service sector, you're actually looking to grow and continue to grow. delta, we expect to grow 15% between now and next year. >> what is the question when it comes to what that recession could potentially look like? this is a conversation we have with white house officials all the time. they say we're not preparing for one, not having meetings. acting like there's going to be one. it makes a difference what kind of recession it could potentially be. how does that affect your planning? >> again, our planning is probably a little bit, again, recession-proof. we're down about 15% from where we should be already. so we're not having that. companies, business travel is usually where we get impacted the most. business travel is down from historical levels.

that same month, the ceo of jpcp morgan, the country's biggestmo bank, jamie dimon, said a recession is almost certain in the coming months. >> so what do you do to avert a disaster? will you probabler whey can't sp it. you should know what it's outlines. we'll look at. take a look atu shou the housink outlines market. sales if you want to know. home sales are at their lowestl level in a decade. y as the fed raises interest rates to fight inflation, mortgages become too expensive. but if the fed were to cut interest rates, home prices would go up along with inflation. you se.e the problem here. we've reached the end of monetary policies, ability to tweak our economy. >> so faced with all of this, the one thing you'd hope is to have an administration that understands what the problem is and might at least be interested in fixing it and taking care of the middle class people who don't hav e the p a margin. people were on the bottom.ro is they're always the subject ofin our concern. what we do f aboutixing of the what do you want peopleou goi to make? eighty thousand dollars in the new

you're saying this pretty calmly but when i hear it from you, who understands markets so well, jamie dimonr things and people that understand the markets and the cycles best are speaking with one voice at this point. everything that we saw in the month of october with the dow up 14%. best month since like 1979 or something. that smells like you may think this is the calm before the real storm. >> i think all of this is just terribly predictable i mean, you just can't flood the system with, you know, the kind of liquidity that they have flooded it with and not have any consequences and i think what i'm just describing are kind of normal consequences of an excess on the part of the fed. they were excess in terms of low e -- lowering rates and buying debt, $80 billion a month and now they're going to reverse that market isn't used to that and it is going to be painful. >> it is tough to go through a financial crisis and a pandemic within 10, 12, 15 years. >> maybe they are connected. >> maybe but it was all -- so what the fed did, they have to do so it is not that we're saying it was wrong bu

if you ask me yes, i side with jamie dimon. we will go in recession.andrew, for eight months now we are headed for recession. the banks are provisioning because we are heading for recession. companies are talking about laying off workers because we're heading for recession. that's my view. >> down side risk at this point from the equity market >> i believe so. right now, if you asked me, i would say flat for next year which is s&p of 3600 there are many risks that could make that lower. we don't know how deep the recession will be in europe and other countries. we don't know what energy prices will look like for the season and embargo begins on russia we don't know in we will have a sovereign debt crisis with countries in europe somewhere an bought 150% debt-to-gdp. there are risks to make this low er if you had to put a gun to my head, i would say it is a flat year next year consensus is 6 p%. it will not be of 6% earnings growth. >> greg, we appreciate it. i hope you are wrong you may be right nice to see you. thanks. >> you, too, andrew. thank you.