Transcription
SAYING WE HOPE WE CAN GET IT DONE DIPLOMATICALLY AND TALKS ARE ONGOING AND HAVING SOME SUCCESS, THEY ARE FOLLOWING BOTH.
>> Lawrence: BIG APPEAL TO BIG ROYAL NAVY ALMOST ASKING U.K., WHERE ARE YOU, YOU NEEDS THE OIL, AS WELL. YOU TALK ABOUT BEING A BIG ROYAL NAVY, WILL YOU SHOW UP?
>> Brian: THEY DON'T HAVE ANY NAVY LEFT, THAT IS THE STORY. OPERATION IN IRAN IS EXPECTED TO LAST A FEW MORE WEEKS, HOW IS THAT IMPACTING THE ECONOMY? JAMIE DIMON, YOUR REACTION TO BREAKING NEWS AND WHAT WE KNOW, WHAT KIND OF IMPACT HAS IT HAD ON THE ECONOMY?
>> THRILLED TO BE HERE, ALL THE FOX FOLKS. DOING WELL, PROSPEROUS, THIS IS ONE EFFECT. I DON'T THINK IT IS TOO SHORT TO AFFECT THE WHOLE THING. OBVIOUSLY GAS PRICES GOING UP GOING TO HURT PEOPLE A LITTLE BIT, THEY STILL HAVE MONEY TO SPEND AND BE JOBS.
>> Brian: HOW HAS MARKET REACTED IN YOUR VIEW?
>> MARKETS ARE UNPREDICTABLE AND HARD TO TELL. LOOKING AT IS THERE A CHANCE SOMETHING CAN GO WRONG? WE SHOULD ALL HOPE NOTHING GOES WRONG AND THE BAD PEOPLE, WE WIN THIS THING AND CLEAN UP STRAIT AND IRAN IS NO LONGER A THREAT TO ANYBODY. MARKETS WILL BE CONCERNED UNTIL IT IS OVER. IT IS MUCH MORE IMPORTANT THIS BE SUCCESSFULLY COMPLETED THAN WHAT THE MARKET DOES.
>> Brian: WITH UAE AND SAUDI ARABIA AND GULF STATES ARE SAYING FINISH THIS THE RIGHT WAY, THEY SEE URGENCY HERE, DO YOU?
>> YES, I HEAR PEOPLE SAY THEY WERE NOT IMMINENT THREAT. THESE PEOPLE HAVE BEEN DOING BAD FOR 47 YEARS, KILLING PEOPLE, KILLING AMERICANS, FUNDED HAMAS. SEVERAL AMERICANS KILLED ON OCTOBER 7. THEY HAVE HAD PROXY WARS AND THREATENING PEOPLE. A BALLISTIC MISSILE CAN GO 3000 MILES. THESE ARE BAD PEOPLE THAT NEEDED TO BE STOPPED. I DON'T KNOW WHAT THE MILITARY AND PRESIDENT KNOWS, WE HAVE TO FINISH THIS.
>> Brian: HAD HAS BEEN A SACRIFICE FOR THE AMERICAN PEOPLE, GAS IS $4, WEEK AGO $3.97, A MONTH AGO $2.97. WHAT YOU ARE HERE FOR, MAIN THING, JP MORGAN CHASE IS DOING SOMETHING EXCITING. YOU ARE CONCERNED ABOUT THE AMERICAN DREAM GOING AWAY. AMERICAN DREAM INITIATIVE WILL EXPAND ECONOMIC OPPORTUNITY FOR MILLIONS OF AMERICANS THROUGH SPECIFIC WAY WITH WAY TO GROW SMALL BUSINESS, HELP PEOPLE SECURE JOBS AND VEST IN LOCAL COMMUNITIES INCLUDING SCHOOLS AT A TIME WHEN 31% OF THE COUNTRY BELIEVE IN THE AMERICAN DREAM. YOU ACHIEVED IT. GUY FROM QUEENS DOING WHAT YOU DONE. WHAT PROMPTED THIS MISSION?
>> GRANDSON OF GREEK IMMIGRANTS, FROM QUEENS, THE AMERICAN DREAM IS NOT OVER. AMERICA IS MOST PROSPEROUS NATION. THAT IS TRUE TODAY. FOR PART OF THE FOLKS, LOWER INCOME FOLKS, SCHOOLS DON'T WORK, INCOMES HAVE NOT GONE UP. JP MORGAN IS DEDICATED TO GROWING THIS COUNTRY. THIS IS A FOCUSED CRUSADE. WE GOT OUR PEOPLE TO SAY WHAT CAN WE DO TO HELP FIX THINGS THAT AIL AMERICA. WE ARE EXCITED. WE'LL DOUBLE DOWN ON SMALL BUSINESS, AFFORDABLE HOUSING, EDUCATION, TEACH PEOPLE TO INVEST MONEY, START BUSINESS. OUR FOLKS ARE EXCITED.
>> Brian: WHEN CRIME GOES UP AND REGULATION GO IN, IT HURTS THE WORKING CLASS, POOR PEOPLE, PUT IN REGULATION TO MAKE THINGS BETTER, BUT IT MAKES THINGS WORSE.
>> TALK ABOUT THE REGULATORY ENVIRONMENT, LOOK FOR GOOD REGULATION, NOT JUST MORE AND PUTTING BARNACLES AND MAKING IT WORK. BAD POLICY HURTS LOWER INCOME MORE THAN MIDDLE CLASS, WE SHOULD BE CAREFUL. THIS IS PART OF IT, WHEN I WRITE ABOUT IT, I WRITE ABOUT REGULATION AND HOW TO MAKE IT BETTER AND FINANCE MORE PEOPLE AND SMALL BUSINESS, DEFENSE COMPANIES TO DO THEIR JOB.
>> Brian: I SPOKE TO THE TREASURY SECRETARY, WHAT IS NUMBER ONE JOB IF PRESIDENT TRUMP PICKS YOU? HE SAID INCOME DISPARITY. SUCCESSFUL ARE DOING TOO GOOD AND MIDDLE AND LOWER CLASS ARE FRUSTRATED BECAUSE THEY CAN'T GET WHERE THEY WANT TO BE. DO YOU HAVE THE SAME WORD?
>> YEAH, OUR COUNTRY GROWN 2% A YEAR, SHOULD HAVE BEEN 3% A YEAR, WE WOULD HAVE 20,000 PER PERSON MORE GDP TODAY. SLOW GROWTH HURT LOWER INCOME MOST AND WE HAVE PROBLEMS WE HAVE NOT FOCUSED ON, SCHOOLS, GETTING KIDS JOBS THAT HAVE GOOD ENEMY. THERE IS AVIATION HIGH SCHOOL, IT IS LIKE A MELTING POT, I ASKED KIDS, WHY ARE YOU HERE? MOM AND DAD MADE ME COME. THEY LEARN HISTORY AND LEARN HOW TO MAINTAIN SMALL AIRCRAFT, 95% OF KIDS GRADUATE MAKING $70,000 PLUS PER YEAR. THE AMERICAN DREAM, GET KIDS LEAVE SCHOOL WITH SKILLS MAKING GOOD MONEY AND WE'LL PROMOTE POLICY WE THINK WILL ACCOMPLISH THAT.
>> Brian: BACK TO REGULATION, YOU SAID WE SHOULD NOT CALL IT RED TAPE, CALL IT BLUE TAPE. WHAT DO YOU MEAN BY THAT?
>> MAKING FUN OF PEOPLE, BLUE STATES HAVE MORE OF IT, THEY LIKE IT. I SEE SOME PEOPLE, THEY THINK EVERY GOOD REGULATION IS A GOOD THING AND IF YOU TRY TO CHANGE ONE THEY SAY YOU ARE MAKING IT EASIER FOR BIG BUSINESS. GET 10 TO 20 SMALL BUSINESSES AND TAKE THEM TO LUNCH AND ASK THEM WHAT THEY HAVE TO GO THROUGH WITH FEDERAL, STATE, REGULATIONS, OSHA, LITIGATION, YOU WILL SAY, HOW DO THEY SURVIVE? BIG COMPANIES CAN AFFORD THAT BETTER THAN SMALL COMPANIES. TALK ABOUT GOOD REGULATION, NOT ALWAYS MORE. I LIKE ONE IN, ONE OUT, WHICH TRUMP ADMINISTRATION IS DOING. LOOK AT THEM A COMPREHENSIVE AND THOUGHTFUL WAY. THERE ARE GREAT POLICY AROUND PERMITTING. IF YOU WANT SOMETHING DONE IN NEW YORK STATE, IT COULD TAKE 10 YEARS AND THEN YOU HAVE LITIGATION. WE CRIPPLED OUR ABILITY TO BUILD. THERE IS NO AFFORDABLE HOUSING, LOCAL ZONING LAWS AND LOCAL REQUIREMENT AND COST IS 50% HIGHER BECAUSE OF RULES. IF WE WANT TO FIX PROBLEMS, GET SMART, THINK ABOUT IT, ANALYZE IT, ADMIT IT AND DO SOMETHING ABOUT IT.
>> Brian: ENVIRONMENTAL EXTREMISM DOES NOT HELP. THERE IS A HUGE EXODUS AND A STORY TODAY IN NEW YORK YOU HAVE A PHENOMENAL BUILDING AND HUGE PRESENCE. THEY ARE THINKING OF RAISING CORPORATE TAX RATE TO 9%. WASHINGTON STATE ANNOUNCED WE HAVE A MILLIONAIRE TAX, REFERENDUM IN CALIFORNIA A MILLIONAIRE TAX, WHAT IS REACTION? OKAY, I GOT THE MESSAGE, I'M OUT OF HERE, YOU HAVE MORE PEOPLE NOW IN DALLAS THAN NEW YORK CITY. THERE IS A REASON FOR THAT.
>> EVERYONE HAS TO COMPETE INCLUDING CITIES AND FOR CITY TO COMPETE, QUALITY OF LIFE, SUBWAYS, HOSPITALS AND INDIVIDUAL TAXES, STATE AND CORPORATE TAXES DRIVE PEOPLE OUT. LOOK AT CALIFORNIA VERSUS NEVADA, NEW YORK VERSUS FLORIDA, THERE IS A HUGE EXODUS TAKING PLACE. PEOPLE MAKE MISTAKE, TAX PEOPLE, THAT IS THE OUTCOME AND PEOPLE THINK THEY ARE BEING MORALE DOING THAT, THEY ARE NOT, THEY ARE HURTING THEIR CITY. PEOPLE VOTE THERE FEET.
>> Brian: WHAT DO YOU SAY TO PEOPLE LIKE BERNIE SANDERS WHO SAYS EVERYDAY BILLIONAIRES AND MILLIONAIRES DON'T PAY THEIR FAIR SHARE?
>> I DON'T KNOW WHAT HE MEANS BY FAIR SHARE, I'VE LISTENED MY WHOLE LIFE, I DON'T KNOW WHAT HE MEANS. WE COULD ACKNOWLEDGE THERE ARE FLAWS AND ATTACK FLAWS, TAXING SOMEONE WILL NOT ATTACK THE FLAWS. I DON'T THINK MOST BELIEVE IF WE TAXED MORE THE COUNTRY WOULD BE WORSE OFF, THAT MONEY WOULD BE GIVEN TO FRIEND OF THIS POLITICIAN AND THAT POLITICIAN. WE NEED POLICY THAT DRIVE GROWTH, REGULATORY POLICY, IMMIGRATION POLICY, ALLOW MERIT BASED AND PATH TO CITIZENSHIP AND DOUBLE EARNING OF TAX CREDIT. IF YOU ARE MAKING 14 OR 15,000 A YEAR, GOVERNMENT GIVE YOU 12, NOT JUST 6 AND THAT WOULD PUT MONEY IN HANDS OF PEOPLE WORKING. LESS CRIME, LESS RECIDIVISM, AND MONEY BE SPENT IN LOCAL.
>> Brian: DO YOU LIKE IDEA OF TRUMP ACCOUNTS?
>> YES, GREAT IDEA. WE WILL PARTICIPATE, GIVING $1000 OURSELVES AND MICHAEL DELL, 250 DOLLARS FOR PEOPLE. IT WILL GET PEOPLE INVOLVED AND PAYING ATTENTION.
>> Brian: TAKE DOLLAR 100 AND PUT IN A TRUMP ACCOUNT.
>> I THINK IT WILL DO WONDERS OVERTIME.
>> Brian: HOTTEST TOPIC IN AMERICA IS AI. PEOPLE HAVE CONCERN ABOUT IT, ONE CONCERN IS IT IS WIPING OUT A LOT OF ENTRY-LEVEL JOB. UNEMPLOYMENT IS ABOUT 5.4%. HAVE YOU SAY JP MORGAN, I DON'T NEED AN ENTRY-LEVEL JOB, I CAN HANDLE THIS WITH GEMINI.
>> NOT SURE THAT IS ALL AI TAKING PLACE, I THINK IT IS WORKFORCE CHANGE. THINK PUBLIC SHOULD THINK ABOUT AI IN THE LONG RUN WILL BE UNBELIEVABLE LIKE FERTILIZER AND TRACTORS AND ELECTRICITY, IT WILL CURE CANCER, OUR GRAND KIDS WILL WORK 3-1/2 HOURS PER WEEK, WON'T HAVE KAREN, THAT IS GOOD. 10 TO 20 YEARS, THIS COULD BE FASTER AND DISRUPTIVE TO JOBS. WE HAVE A PLAN AT JP MORGAN TO REDEPLOY PEOPLE, RESKILL THEM. WE HAVE HAD SOME JOB LOSSES, BUT MOST ARE OFFERED JOBS ELSEWHERE, THEY ARE PATRIOTS TO OUR COMPANY. RELOCATE, RESKILL, SOME CASES EARLY RETIREMENT. I THINK THE GOVERNMENT SHOULD INCENT BUSINESSES TO DO THE RIGHT THING. THERE ARE TONS OF JOBS. TALKING ABOUT SECURITY AND DEFENSE, THERE ARE NOT ENOUGH WELDERS AND ELECTRICIANS AND PLUMBERS, THOSE ARE GREAT BE JOBS. THOSE JOBS MAKE OVER $100,000 PER YEAR. THERE WILL BE JOBS IN CYBER, JOBS WILL BE LOST, SYSTEM WILL ADJUST, HAVE A PLAN.
>> Brian: THIRD YEAR OF COLLEGE, WHAT DO YOU TELL THAT YOUNG MAN AND WOMAN TO FOCUS ON?
>> LEARN TO THINK, HAVE GRIT AND COURAGE. BE SMART, HAVE A HEART, BE PART OF A TEAM INSTEAD OF POUND YOUR CHEST, THEY WILL HAVE MORE JOBS AND FLEXIBILITY AND HAVE A GREAT CAREER. WHAT IS GOING TO HAPPEN, JOBS WILL CHANGE OVERTIME.
>> Brian: IF I WANT TO END WHERE WE STARTED AND ON DEFENSE. YOU'RE CONCERNED ABOUT NOT BUILDING WEAPONS FAST ENOUGH, WE HAVE INNOVATION, WE DON'T HAVE EXECUTION. THAT WILL HURT US SHOULD WE GET IN A FIGHT IN CHINA OR REPLENISH WHAT WE ARE DOING IN IRAN. WHAT ARE YOU CONCERNED ABOUT?
>> THAT IS MOST IMPORTANT THING TO KEEP THE WORLD SAFE FOR DEMOCRACY. WE STARTED SECURITY RESILIENCY INITIATIVE, IT IS COMMERCIAL GOING TO LARGE COMPANIES, MIDDLE-MARKET COMPANIES, LENDING MONEY AND THERE IS EQUITY INVESTING PART AND DOING RESEARCH AROUND SPACE, DRONES, RARE EARTH, PHARMACEUTICALS AND GOING TO PEOPLE WHO NEED TO DO THAT HERE. BRING THIS STUFF BACK TO THE UNITED STATES SO IT IS RESILIENCE AND SECURE. CAPABILITY, WE DON'T HAVE PRODUCTIVE CAPABILITY TO TRIPLE ROCKETS IF WE NEED THEM. WE SHOULD HAVE. EMPTY FACTORIES OR FACTORIES WITH USE, SWITCH OVER AND MAKE ROCKETS IF YOU NEED THEM. THE WORLD IS DOING IT. I MET WITH GENERAL CAINE.
>> Brian: DOES HE UNDERSTAND WHAT YOU JUST SAID?
>> TOTALLY, THEY ASKED FOR HELP AND THIS STARTED THIS GOING BACK TO GENERAL MILLEY AND GENERAL RANDY GEORGE. WE DID RESEARCH AROUND WHAT OUR SHORTCOMINGS WERE IN DEFENSE INDUSTRIAL BASE, OKAY, HIRE, ATTRACT, RETAIN. WE HAD PEOPLE AT MUNICH SECURITY CONFERENCE. IT WON'T BE JUST AMERICAN, IT IS UBING, FRANCE, GERMANY, POLAND, ITALY, AUSTRALIA, SOUTH KOREA. ALLIES.
>> Brian: COUPLE THINGS PEOPLE SHOULD KNOW ABOUT YOU, YOU DON'T PLAY GOLF, YOU CARE ABOUT YOUR FAMILY, YOUR BUSINESS, YOUR COUNTRY. YOU WORK ON THOSE THREE THINGS EVERYDAY.
>> EFFORT, EVERYDAY. I LOVE TO READ HISTORY, WE BARBECUE, HIKE TOGETHER, GO ON VACATION TOGETHER, I LIKE WINE. I DO NOT HAVE TRADITIONAL HOBBIES. IN MY VALUE SYSTEM, FAMILY FIRST. MY WIFE STARTED ME ON SKILL STUFF, JUDY, LOVE YOU, TAKE CARE OF YOURSELF, SHE'S IN THE GYM RIGHT NOW. I MET HER AT BUSINESS SCHOOL, THAT IS MOST IMPORTANT. COUNTRY IS NEXT. THIS COUNTRY IS UNBELIEVABLE PLACE, FREEDOM AND SHINING LIKE REAGAN TALKED ABOUT, THAT IS WHAT IT IS. I LOVE PEOPLE WHO SAY BAD ABOUT THIS COUNTRY, GO WITH ME AROUND THE WORLD. PEOPLE, IF YOU OPEN UP OUR DOOR TO PEOPLE, BILLIONS WOULD MOVE HERE, THEY WANT TO BE AMERICAN, FREEDOM, FREEDOM OF SPEECH AND ENTERPRISE, THEY WOULD NOT MOVE TO CHINA. PUT THINGS IN CONTEXT. ACKNOWLEDGE FLAWS AND FIX THEM. MY COMPANY, BEST I CAN DO FOR MY COUNTRY AND THE WORLD IS RUN A GREAT COMPANY THAT CAN DO WHAT WE'RE DOING FOR SECURITY, MORTGAGES, SMALL BUSINESS, WE DOUBLE DOWN AND PEOPLE INSIDE JP MORGAN LOVE THAT WE'RE DOING THIS STUFF.
>> Brian: WHEN I GO INTO THE SUBWAY WITH YOUR BUILDING JUST BUILT, LOOK ONLINE IF YOU ARE NOT IN NEW YORK CITY.
>> HAVE YOU SEEN THE FLAG UP TOP? IT BRINGS TEARS TO MY EYES AND BIG FLAG WHEN YOU WALK IN, I SALUTE EVERY MORNING. JP MORGAN COULDN'T DO WELL IF THIS COUNTRY DIDN'T DO WELL. WE NEED A STRONG ECONOMY THAT PAYS FOR MILITARY AND POLICE AND FIREMAN.
>> Brian: WORKING CLASS KID, JAMIE DIMON, DOING WELL AND NOT READY TO RETIRE.