18 Burst results for "James Diamond"
"james diamond" Discussed on Bloomberg Radio New York
"Was Charles Evans the Chicago fed president from New York City this morning good morning Your equity market is shaping up as follows and the S&P 500 are tenth of 1% on the NASDAQ 100 down almost a tenth of 1% and down a whole lot more is Netflix It's negative 27% after a wild miss yesterday and projecting more pain even more pain a lot more pain for this quarter as well Look out may 11th That's how long you've got to wait for The Walt Disney Company Tom to see how Disney+ performs A few weeks away I'm completely focused on the Warner discovery path here And what they do with 56% debt whatever the debt number is on the Bloomberg screen right now I take the point out Disney John and the rest of them but wow Warner discovery the merger of what is it John 47 cable networks And CNN plus and what's going to happen with that term and what people I mean I got to take it because the animal planet vet Bill and kennel fear watching animal planet How much is that costing you It's a four I got like 7 things I'm doing I tell them with you It's too much I've got me a football on paramount I've got to buy pizza Watch the Premier League as well as Hulu with ESPN for Formula One it's getting messy This is important folks on December 31st 2022 You're going to remember this conversation It is 100 pages that James diamond will read at JPMorgan and it is an exceptionally brave document on energy Christian mayor joins us now global energy strategist who with Marco as he's literally called within global Wall Street and also Natasha can have his written an absolute mandate for the superiority and continuation of hydrocarbons It is without question the most anti woke document I've seen in years on Wall Street How is the climate change crew Christian going to react to your pro energy pro oil demand call Yeah it's interesting because when we set about doing this report we sort of made sure that we were absolutely not suitable fuels and think about energy rather than in barrels or megawatts But rather jewels So the calorific value of energy And when we built out our energy demand outlook 2030 and then did the same for supply Again looking across all fuels and arguably not all fuels are made equal we made sure that we started with the clean energy So we basically built that view on renewables using our fantastic utilities team And as we went through the use and application of these fuels and then sort of work backwards by sort of end use we then found ourselves back in the oil and gas The fossil fuel category and how to do the mass in terms of well if you've got a deficit of around 80 exajoules which is one of the 18 joules How do we solve for that over the medium term and by doing that work we still have ended up coming back to filling that through investment in oil gas As a sort of bridging fuel in order to make sure that we can deliver this deficit Otherwise very high oil prices You know we're doing an exercise here in thermodynamics folks Christian and I are going to wade into entropy here in a moment and there's gigajoules and petajoules in the rest of it Lose the thermodynamics Christian and tell me where the desire is to invest capital for the rising oil demand that's the heart of your work Absolutely In fact I mean the key takeaway Thomas energy demand growth for exceed energy supply growth by 20% by 2030 And the only way to fill that is by investing around $1.3 trillion And by the way that's not just producing the energy That's also that includes delivery So what we found is that these two axes actually generating which is through all the different fuels that we looked at as well as distributing it to the end consumer to the end user be industry So the combination of those two points $1.3 trillion by 2030 we have a lot of money to spend across all fuels and right now this deficit suggests to us that we're basically embarking on an energy supercycle across all forms of energy and elevated prices for some time Well Chris that's exactly what I wanted to go I mean this statistic from your report stood out to me that growth in a global energy supply is set to fall 20% below the growth in demand out to 2030 How high could prices go and we're not just talking about due to the Russia Ukraine issue We're talking about on a sort of structural basis Where do you see oil prices kind of hovering Yeah it's right In fact they don't have to see them but if we don't see that investment prices will error for longer and within that context we've set about a long-term view for oil around $80 which is effectively the marginal cost to produce to deliver and close that deficit the medium term And it's going to need all hands on deck at least it's going to need OPEC It's going to need the majors the shell companies to invest in order to meet that incremental demand And one point we've made is that oil is oil It's non fungible You can't use solar panels to produce petrochemicals So you've got to produce for oil for particular industries And right now we're falling short Similarly for gas prices and equally for renewable.
"james diamond" Discussed on Bloomberg Radio New York
"Operate we were able to lock in our supply chain commitments We've been able to absorb the increase in pricing from a custard sold by offsetting it with efficiencies So we are not seeing a dramatic increase on consumer pricing Heller Schneider president and CEO of Shutterfly She's one of the most interesting people in digital America She's got this wonderful pedigree of working with retail companies here in the case of Shutterfly photography But really an interesting voice there about eating the price increase of all the inflation That's out there right now Of course inflation moving from the real to the nominal will do that on the day to here in about 35 minutes right now David Wilson looking at what we all know which is 7 stocks are called gross stocks and they've gone to the moon and everything else not so much Yeah absolutely And what we're talking about here is so that the growth versus value comparison as it plays out in larger companies relative to smaller ones It's a comparison that Chris Verona versus fatigue is made yesterday on Twitter And what he did is he looked at the Russell 1000 growth versus value and then the Russell 2000 growth versus value And when you run those numbers you see the ratio between those Russell 1000 indexes Hit a low in March And since then it's been up something like 20% Right Over that same period Well the ratio between a Russell 2000 growth and value indexes is basically tailed off a bit It's off one and a half percent This is the best chart you've done in ages 'cause you got two rate You got a ratio on top of a ratio which means you got four partial differentials Those four things that are moving around here What is the thing that's moving around It's just because the gross valuation of what we want to pay for Amazon right Well that is a big piece of it no question When you look within the smaller companies though you got to remember that some of those meme stocks are actually considered value so you look at an AMC entertainment or you look at as it's defined at least for now within the Russell indexes So you have that piece You also have Avis budget and those shares have been taking off lately So you know there is something to be said on the value side of the equation You know at the same time it's definitely a disparity in terms of growth Avis rentals is up 700% this year It's because they discussed electric in a commentary I mean honestly Dave I'm being flipped here But how about this is a sort of frothy indication of people's knee jerk reaction to look for buzzwords like electric or some other kind of meme of the moment Well that's a piece of the whole story but you know when you think about the larger companies I mean there's sort of less of that influencing the equation And one thing you can say is if you look at the growth companies in the Russell 1000 versus those in the Russell 2000 you'll see that as a group there are more companies that are profitable more than three quarters of the Russell 1000 growth index compared to less than half of the Russell 2000 growth index So there is a fundamental element to it all and at the same time I mean it is a really striking sort of distinction between larger companies and smaller ones David thank you so much David Wilson here on the equity markets Lisa bramo it's Mike Wilson coming up Yeah I'm very curious to see how he distinguishes this idea of a potential lack of dynamism and equities at the same time that you do see the economy a pick up Tom She's out of boden college And has a really interesting career in journalism and particularly terrific perspective across the Pacific Rim writing for Bloomberg opinion truly wren joins us on very short notice here On the stunning and single headline of James diamond saying he was sorry How did this occur How did mister diamond decide he needed to apologize Well I mean like JPMorgan is major and making a major pushing to China And a lot of the investors have been asking why JPMorgan whether that strategy makes sense Now that China is pushing for the so called common prosperity drive which is seeing as an anti capitalist anti money campaign And for him to operate in China though like the politicians there they don't like jokes We have never seen politicians making cracking any jokes In fact many of them have no sense of humor at all And that the joke that a U.S. banking outlast the Chinese Communist Party that can be very very political sensitive because in China a lot of people feel like the society is not going the right way I mean economic growth is slowing wealth gap is widening And there like it's present Xi Jinping's soft spot And Jimmy dimension I shouldn't have said that Well but surely doesn't this really represent the main issue of some of the large U.S. companies that are going into Mainland China If you have an executive who has a very American style of speaking off the cuff of telling you like it is having a good time being jovial and potentially offending a party that could potentially crack down on a $20 billion investment of JPMorgan's isn't this a dissonant a corporate model for these U.S. companies I think absolutely like for a lot of U.S. companies when they're going to China they look at the big consumers debt right But they also have to look at that government connections are very very important regulations We have seen everything So like they in China play the Chinese way Basically don't be humorous Don't crack jokes Don't be funny I'm very serious JPMorgan isn't the only bank that is trying to push further into China into the Asia Pacific region Who is towing the line and doing it well among the bank Julie Well I personally think UBS has benefit quite a bit from the China joint venture They went into China quite early and they managed to take the majority control of their China security's business And there has been a lot of trading floor But they have been quite quiet And a few years ago the Columnist made a joke about the Chinese pick and that there was a backlash but so far they had been quite like basically if you want to work in China you have to be quiet and compliant Thank you so much Just terrific perspective There's Julie ran You can read her work in Bloomberg opinion Can't say enough about the way she encompasses all of the Pacific Rim Lisa I'm sorry This is a market setting up for economic data and 35 minutes and you see it in the yield space with yields recovering the two year yield rounded up 0.61% People expecting some strong numbers here as we see a U.S. economy that is really gaining momentum I just want to pick up on what truly is saying Just quickly the idea here that you can't have a sense of humor You have to remain quiet if you want to build your business in the world's second biggest economy at a time when every major U.S. company says that is a significant strategy of theirs I mean if you think about the big tech companies even talking about their expansions how does this work This disconnect in culture And right now what you're seeing is a JPMorgan Jamie Dimon trying to smooth over the edges but it's going to be an increasing problem Tom I agree I mean Kaley it's got to be a forbear of what we're going to see in 2022 is capitalism adapts to a new Chinese message Well and we've heard as well from the U.S..
"james diamond" Discussed on Bloomberg Radio New York
"Live on TV and radio alongside Tom Keane and Lisa Bradshaw Jonathan Ferro Your equity market positive 5 odd up a little more than a tenth of 1% Tom Keane JPMorgan first out of the gate I think it's a huge deal John I think it's being underplayed Everybody looks at the stock price and says so what Here's the so what They are doing fine And I thought James diamonds opening salvo will talk to Chanel about it in a moment They're released of reserve credit losses as superb It is an absolutely constructive signal about the view forward forget the gloom If you had a headline Lisa it's a simple one Things are improving They're getting better Things are improving However there is another headline that's underneath some of the numbers And that is lending Average lending going up but this is being driven by the corporation's not the consumers You're still not seeing the consumer loan growth And to me that indicates this question mark around how much resilience there will be at the time when they're flush with cash Let's pull through the price action channel The equity market not doing much off the back of this equity futures look like this on a S&P advancing 5 points on the S&P 500 up a little more than a tenth of 1% Next stop for this morning 8 30 Eastern Time with CPR in America going into that yield slower by a basis point or two to one 56 12 on tens To recap JPMorgan numbers let's touch base with Bloomberg sonali banale Equity sales trading revenue better year over year Year over year the comps for fixed sales training revenue really quite tough Just run us through the headlines Very tough and fixed income and it sets the bar for the rest of the bangs We know that JPMorgan is the leader in the fixed income business Let's move over to equities though because that is a place that JPMorgan has been nipping at Morgan Stanley's heels In the wake of arcas especially we've seen consolidation among the big banks and an attempt to gain even more share And you're seeing JPMorgan pull in more equities revenue than analysts even expected at Goldman Sachs and Morgan Stanley Again sets the bar very very high for the other two large investment banks What about the real economy What about the consumer We have the idea that loan growth is starting to show some sort of signs of life however consumers still are not borrowing How big of a concern is this A huge concern right The card business is really what we've been looking out for But when you look at the loan growth average loans are up 5% On the headline that is a great number compared to last quarter where you saw it only up 5 flats Sorry it was flat last quarter But it's coming from the consumer and commercial It's coming from the commercial businesses rather than auto loan home loans and cards So the outlook there people are waiting for 2022 really for that to turn around There is a little bit of wiggle room Lisa But again at what point do people want to borrow and how much do higher rates scare them away To use the cliche it is original territory but buried in this our charge offs that were half as much as the globe and the reserve release was nothing short of lights out and mister diamond releases that Fortress JPMorgan is intact isn't it Yeah it's intact however Tom the story now is not about whether they can weather the storm anymore This question now is whether they can make money And they're showing those gains in investment banking though trading is starting to moderate in their biggest business You have lending as well where do they start to get the net interest income from And what does it look like at Bank of America tomorrow Are those numbers any better for the consumer Those are the questions we look to The expenses is the other part that we watch They are creeping up just a little bit They're a tad bit higher than Wall Street had expected though not too much further away than what JPMorgan would be guiding for the year It's kind of falls in line to that proportion They're returns on equity You and I love to watch it They blew through the roof at the end of the day Even with those higher expenses and even with some of those revenue business lines kind of moderating there Shiny thank you Stay close you'll be catching up with us through the morning on Bloomberg TV and radio That stock one 65 90 positive about a third of 1% on They lead the single line of the earnings presentation They minted $11.7 billion in 90 days I'm sorry the media loses scale of the massive size of the Shenandoah says they're not profitable I would use the CFA term There are ginormous profitable And they've been running and cared into earnings Tom Let's be clear about that That story has been appreciated somewhat coming into these numbers We're up by what 10% of KBW banks index off December 22nd We've had a tiny number Let's get to the now what the Jim Paulson Luthor grew chief investment strategy as Jim let's start here The setup for earnings what you're focused on the playbook through the next couple of weeks Well I think the expectation is going to be tough to keep outpacing expectations but quite frankly I think we came off a pretty good quarter again You know when you look at hours worked last quarter Jonathan ours worked with 5% annualized in the quarter If you put a little productivity on there that's 6 to 7% real GDP growth in the quarter So I think we're going to find out that companies still see a lot of top line growth They're controlling their expenses I think they have incredible pricing flexibility on top line in general even though some costs are going up Their top line pricing is to up to the task So I don't really expect to see much margin erosion in pretty good top line So I think we're going to have pretty decent overall earnings season again here And more importantly I think we're going to be listening to commentary I think from some of the CEOs as to what they say about what their thought is on transitory inflation or not That's going to be a big item and whether how long they can fight off some of the cost pressure margins Well let's talk about some of that Hopefully we hear from Jamie's diameter JPMorgan a little bit later this morning Let's start with Apple gym Nike really set the tone coming into earnings season with these numbers that just spelled out great demand and a problem to meet it with supply It seems according to our reporting here at Bloomberg Debbie woo indicating that Apple is likely to slash its projected iPhone 13 production targets for 21 By as many as 10 million units they can't find the chips Now Jim is an investor when you see weakness off the back of that You've got to make a quick calculation Is it profit loss or profit deferred What do you think it is Jim Not just for that name but for more broadly.
"james diamond" Discussed on Bloomberg Radio New York
"Think you see that the way the market is It is, you know, completely attuned to every word, Powell said. So $120 billion the right number? No, they kind of arrived that if I accident last summer, whereby You know, experiment. Let's say, um, so that might not be the right number. But if they were to dial that back to 119 tomorrow, you can be quite assured that the market would, uh Would react in a very negative way for financial conditions that affect households and businesses across the country. My friend of J. P. Morgan, Mike, always good to see you. Thank you. Michael Franti JPMorgan, the chief U. S economist and go back to what? Jim Barnes of the ST Louis Fed. Actually, said Tom. He talked about the crisis, talked about the context for that original decision, and how long that crisis would last. They didn't know crisis as far as he is concerned is over. Yeah, There was quote. No question about it, John. We're gonna do a surveillance correction of their John. You know, The New York Post article yesterday was really something stark Black, the dollar bill shrinking dollar bill as well. You can buy your New York post at your local McDonald's. Can you do that? Is that what you're suggesting that we saw yesterday where we saw breakfasted her? Look, I'll go with that story. Thank you. We'll continue with Chairman Powell in front of the Senate Banking Committee and around about an hour's time, Lisa Same as yesterday. Same story. Same message. Same script. Well, how much do they press him on that question that you just raised? Where are they getting for their money. And you do have to wonder what is the harm if you disrupt financial conditions from all time highs, given some of the record eyes, the longest streak of record highs going back to 1997 earlier this month. Maybe that's not a bad thing. I wonder how much he'll respond to that. Why it's important to keep valuations where they are. Those questions will keep coming. What I thought was interesting yesterday, just in terms of the second term, just to have some Republican congressman say. We endorse your second term, and I think that's pretty interesting given. This is a different chairman Power sort of one that we had in the last four years later. I think it's fair to say, but he was appointed by President Trump. So you know, actually continuation of the old regime, but it's now a fed share with someone of a social warrior stance, self proclaimed for that matter to nobody wants higher rates, and I think this really goes to the point. That HSBC Steven Major has been making which is this country at this point can't afford much higher, which is just James Diamond wants higher rates. You think so? Tell me. I would suggest also Mr Moynihan and others. Are you suggesting that might be white? The bankers are always talking about higher interest rates and will be related to a comment that you made. It would be a little bit earlier in the show, and I thought, some keen Lisa Brothers, Jonathan Ferrell up later. Christian Mamani of Lafayette College. The C I o from New York City this morning. Good morning. This is going back. Now the latest news from New York City and around the world Here's Michael Barr, Tom Lisa John Covid 19 cases are on another uptick in many parts of the U. S. And Health officials are concerned that the delta variant is to blame for the uptick in cases and younger people, including Children. But many schools are set to reopen this fall, and some states have banned schools from mandating masks. When students return. CDC director Dr Rochelle Walensky says that schools need to mitigate the spread of the new variant as much as possible. How do we do that? We vaccinate our families so that our younger kids are not at risk because by vaccinating your teenagers and adults in the household, you protect your young Children from being at risk, and then when they go back to school to have the more masks Dr Wolinski spoke to NBC's Good Morning America. A report by the Justice Department's inspector general says the FBI made serious errors investigating sexual abuse allegations against former USA Gymnastics National team Doctor Larry Nassar. Report says FBI officials in Indianapolis did not treat the case with the utmost seriousness it deserved. Loyola Law professor and former federal prosecutor Laurie Levenson says the report is a major blow the FBI field office in Indianapolis. This report does not condemn the entire FBI. Rather, it focuses on the work of the Indianapolis field office to say that, in fact, despite the extraordinarily serious nature of the allegations The FBI officials. There did not give this the response that it was due. Professor Laurie Levenson live from the Bloomberg Interactive Brokers Studios. This is global News 24 hours a day on air and on Bloomberg Quick take powered by more than 2700 journalist Mana list. More than 120 countries. Michael Barnes, This is Bloomberg. Way back. Risk management here. Is that if inflation does come back down in 2022, we're in great position for that were exactly position for that. But if it doesn't, we're not in such great position. So I think for that reason we want to have some flexibility on this paper. It's gonna change. Bullet has seen Louis Fed of spirit in conversation with our Michael McKee leading up the chairman Powell, Michael would keep talking to Charles Evans of Chicago. Later.
"james diamond" Discussed on Bloomberg Radio New York
"A glassy and I got an overdraft thing from Diamond here. I think I gave $34.95 Jamie Diamond at some point. Yeah. You're in the pandemic. If you get JP Morgan a call and said, You know what kind of that money back? You get it back. Really, just hand works. I just don't want don't want after just like that. Let's get to the market already down for the essence of a sudden it's interesting. Ready. Not always frustrates me that There are politicians in Washington who just believe the electorate. A little bit stupid. It just drives me insane that we need to hold everyone's hands. You can get on the phone. I used to do this when I was a kid. When I went over to one is a student is to go into the bank and ask for the overdraft. How often does that happen? A lot. Right. Let's get to the smart it is to have a law. Anyway. What's up basis points 1 60 96 effects. Eurodollar, 1 21 95. It's cathartic for me, Tom. We've gotta yield Luciana explain the 10 Year yield move your family owns taken notes that we've had a face on The New York Times about the size of the budget down in Washington, a budget issue No Tom that often does not get past but ultimately The prospect of having deficits north of one trillion for the foreseeable future through the rest of this decade, is part of the story. Part of the dynamic for Bonnie Horton the best case for Treasuries. At least Killian provides massive wisdom to us when we have earnings. He is a C F R a the director of equity research, but he has an historical reach on our financial system. That is just wonderful. We're thrilled. He would join us this morning, Ken Leon, this is about culture and failure. HSBC came in 40 years ago. They were going to do retail banking in America in what is so, so interesting to me is the 10 branches They're selling to Cafe Bank of Los Angeles. Kenley on. This is a bank that was built from nothing. In Chinatown. In a way you go down Broadway in L. A past the HSBC branch, you turn on the Alpine boom. There's Cafe bank growing every day, and it's because Chang Lu in the president of Catholic General, they deal every day with the people. What did HSBC get wrong on the culture of banking in America? Great. Thanks for having me and Tom. This train left a long time ago years ago. HSBC. First of all things is a global bank. They got 1.4 trillion and wealth management assets. They are strong in Asia position, Strong and UK And North America just doesn't matter. And you know, with the news today, Even if you took out HSBC, could it have been Citigroup? What was differences? HSBC sold In the consumer bank Their credit card business years ago, said he did not think it is only in like three or four states in the U. S. But it's formidable. It's one of the top five banks, HSBC I think this is a movie just to go to where their strengths are. And it's not in the U. S market. You know Kennelly and I look out 80 anti jettison Warner Brothers and what Plepler ofhe who build HBO in Game of Thrones, and All that said it is about culture versus strategy. Okay, Kath, they bank and Chang layout in Chinatown in L. A. They're building a smaller bank. Very centric. China Asian model in L. A. What's the culture model for James Diamond? Who says he needs hard work to make this go? What's the culture model for big banking? Five years out in America? Well, particularly for J. P. Morgan versus other U. S. Banks. It has sizable presence in the capital market. So it's a quasi investment bank. That culture permeates the bank, but they're also world leader in terms of consumer Ability to get a hold of technology syntax and harmonize with your brick and mortar of bank branches and financial centers to delight the customer. And there's new sent tech and disruptors coming into the market, including Goldman Sachs. So you've got to be on your best game. And, you know, I think for J. P. Morgan of Bank of America, they really execute well in the consumer area Can What did you make of the story that we put out this week on square? Maybe getting into business banking. Where it really has to principal businesses, and it's a super high growth. Had company If he will want his payment processing together is cash, and it's just leveraging their platform to gain share whether it's from the banks or other established players like these Air MasterCard It's you know, there are savvy players here. It's not like J. P. Morgan or these is not investor investing billions in technology. Um so I would say it's uh, It's just a sign of where we're going, and for those banks that are not investing or don't have the capital size. It's gonna be tough to compete, and that's probably where square is going to gain share in the middle sized banks can What are we to start to see the big U. S. Banks acquire some of these fintech names? So they already made seed investments and venture capital. We haven't seen anything to your question related to sizable, multi multi billion dollar acquisitions, but, um you know all these, you know. Like Jane Fraser, CEO of Citigroup, form Mackenzie James, former former Mackenzie like a consultant. I gotta say, what do we need in our in our back to really compete, and if it's technology, we're going to go out and acquire it, Z It's gonna happen, especially if they don't have hundreds or thousands of software developers tonight. Make this work. Ken Leon. Thank you Say if I write director of equity research, HSBC could not get the scale and they just couldn't invest in the product here. By the time you know someone that grew up in the U. K office, he coming over here and going to HSBC. Not good. Yeah. What do you think about it? I mean, I think you've got a really unique perspective on this versus you know, to me. It's across the causeway from our offices in Hong Kong. How's the HSBC perception in the United Addictive product in the U. S justice? No. Good enough in the UK is pretty decent. I know a lot of people that have HSBC Bank accounts. But here, Tom, just not good enough. Not enough money invested in if you went in with a check. Still it to fill out the form just very cumbersome paperwork. Just not good. I can't say enough, John, about what? We're learning here coming out of this pandemic about corporate culture and its importance over strategy. On what front film I will like a TNT just down in flames with Warner Brothers. And you know where, whether that goes to discovery and all of that, coming out Amazon buying MGM. And such this cultural overlay among all the finance the investment all the you know, McKinsey talk as you call it. I just think the culture overlay like Cafe bank out in L. A is a huge, huge deal, and I should point out Citizen Bank of Providence by the East Coast branches enjoy. The Mackenzie told me, Lisa. Quite often. Really synergies. Yeah, Tom loves that. Another word. We like synergy. O k inefficiencies. Efficiencies. Yeah, that's that's themselves towards exit innovation and another awards executions. What does that mean? It sounds paradigmatic shift. We innovative ourselves to executing the show or not, is a world class FBI that will cost you 200 K town. We have synergy towards our new paradigm coming out. Speaking of paradigm, David Candy for the diamond, the Tang that I'm having a small plane back..
"james diamond" Discussed on Bloomberg Radio New York
"And how much frankly, Clinton all clearly not right. And although there is a question of whether this is the best barometer of the marginal risk on risk off sentiment, and Jane, how much do you look a bit quite understanding that it is not analogous to the other currencies that you track in order to determine sentiment and the path frankly, have moves in more traditional, Perhaps More well accepted asset classes. Don't you know? Look at it. That much is as a particular gave it to me in a Bitcoin is is very much more about sentiment within that the retail investor. There's a real crowd mentality there. And, of course, we've seen a couple of negative headlines. I mean again from from China today, saying that you know, financial institutions won't shouldn't be using a Bitcoin and on that just was another negative headline. And I think that was created a big surge to the doors for an awful lot of retail investors. So we know that this is volatile. We know that this is a very early The stage of off digital currencies. And we're going to be watching it this for years and weeks to know that central banks is going to be very reluctant to allow money supply to move out of their hands and into the general population. So in some respects, perhaps it wasn't a big surprise what the Bank of the People's Bank of China said today movie that was just a matter of when they were going to say that, so we know that that's going to be volatile asset. We know that this volatility in many commodities, but I don't think you can really put that analogy on. Foreign exchange is a very, very different asset. Gina that being said there is a question of what precedent. This sets for volatility that could come from digital currencies backed by states, and we've seen this from the Chinese government and when they said about the digital Yuen and we've heard the U. S is examining having a digital dollar, which could frankly dissenter, mediate a lot of banks and create some volatility, with people looking for a store of value. That is separate from a physical good to have you modeled what potential FX impacts could stem from announcements that are expected of the digitization of sovereign currencies. Well, you know, this is gonna be a long term thing, and you've really explain why it will be a long term move, and And that is because it's going to be such a disruptive element was the banking. That sector we've seen from the central banks had a little bit more advanced in doing some analysis, for instance, at the rec spanking in Sweden, and they have come to the conclusion that they're going to carry on looking This this for many years to come at the Bank of England isn't another central bankers began to look at. This is the Fed, Israel and other ones. There's so many central banks looking at this But what we know is that yes, it's going to be massively disruption destructive for the financial into immediately at sector banks on day. Therefore, no central bank is going to allow this to happen any time soon and in order to allow for a slow progression on the slow adoption off these digital central bank run digital currencies. You ain't got to leave it there. Thank you. James Farley. Robert Bankhead of Ethics Strategy. Bitcoin right now off the last bit of a bounce, Tom still down. Put it down 11% on Bitcoin to 38,500. I gotta buy limit order and 40,040. I may step in, but you got a point. We got a serious take on this time or no, My serious take is that there wasn't bright on the way up. And I'm not great on the way down, and I don't think you share that view. To be honest with you. I don't think people need my opinion on crypto. I try to talk to experts. I try to read. You know the academics on the different parts of it the banking part of it. What James Diamond is focused on and what you know, retails focused on in their belief in this. Well, I think a lot of paper run Asset managers, Tom. They want to give access to the clients that one access that Lisa more recently. They've wanted success after this big run, And I think that Troy JSkyB skybridge talked about how this was the macro trade. Basically, the idea. At such a banks and federal governments around the world. We're printing money, and that this would lead to a debasement of traditional currencies. I am wondering if people are rethinking some of that macro bet, especially his places like the United States. Look it possibly paying for some of these programs with higher taxes. They look at curbing the actual overall price tag. I do wonder how much no longer term basis that's going to play into this trade. Well, everybody who did their tax return will know. Here in America. What was one of the first questions on that? Any crypto asset? Any crypto assets to declare you have you bought any crypto currencies this year? Yeah, right. Top of the pile that some, wasn't it? It's the I did you do you have so much trouble here. I don't want your time coming in. Right now. It's telling you to my basement. You know what all the all the institutional marketing garbage. It's great until the thing goes down, and there's like silence, but it's down now. You're very silent. Very quiet. Well, I can't You sound like some of them might have not had a cash position. Rather handsome. Does coins plan John John product boy does point for nothing. She's buying a fender Telecaster and years of projecting from New York City alongside some Cajun the surrounding Jonathan Farrow is going Reckoning markets down 45. Let's get real with down 1.1% on the S and P 40 78 John, You don't even know Jimmy pages. This is Bloomberg. Now,.
"james diamond" Discussed on Bloomberg Radio New York
"No question about that. We have. We'll look at the equity markets. Sam Stovall with us here in a moment, John, I really must go to what I know the least thing you want to talk about. Which is dinner of the time minister in Brussels. We've been Brexit free for the last two hours. Let's dive into it right now. It's changed that. Why is this important? John for England at the Prime minister, take dinner on the 13th floor of the barrel a mall. Well, let's question the premise of your question. Why is important? I don't know how important actually is Tom. I think it's only as important as they think about whether deadline is for this. And I have no idea where the deadline is. You're not gonna catch me sitting here alive on TV and radio talking about the 11th hour. Last minute Don't last attempt because how many times have we done that? Well, that's four years. Let's review history the last four years. So I was in the first day after Brexit John Farrow doing a 34 hour stretch in London, and we were saying exactly the same conversation. The same cannot be, said John about the E. C. B, where it's become an emergent meeting here. That will see this week with Madame Lagarde. What do we expect? Now you've got my attention. Okay, So this is what people expected a bigger package on a longer plan. So the package would be upped for the asset purchases. But they've run over a longer time Horizon, So maybe another 12 months or so. Gonna be a commitment essentially from the E. C. B to stay in the bond market with immense flexibility for a longer period of time, And that's largely one of the reasons what we've seen. Portuguese 10 year yields subsidies in the last Austin. It's a real weight. In the bond market across the curve across Europe. There is a big meeting for the E. C. B and you know the size of the package leases so important on stimulus in Washington doing a beleaguered America the size of the package matters, doesn't it? Yeah, actually, Terry Haines of Pen JIA Capital, came out with a note saying that he now thinks there's an 80% chance of a nearly $1 trillion plan passing before year end. Yes, it is the size of a composition matters. It goes beyond size. And I think that really the key question here is if you do not get enhanced unemployment, Will it have the same bang for the buck? Will you have the same bang for the buck? If you don't get state and local government aid, and these are really important questions still to be hashed out, Tom, Let's pull the data check in your John Farrow futures up five down Futures of 72. But in the bond market, it's real simple. Steve Major of HSBC, Jim Karen, of Morgan Stanley. Really pushing and gets a comments of James Diamond of J. P. Morgan. John. That debate just won't go away. 75 basis points is the call from HSBC Year and not 2020 year end 2021 75 basis point is what Steve Major is looking for. We have had a long line of really smart people. Being made to look foolish by bond market and yields that just refused to go materially higher and I've been asking a question of many others have a swell time if we get a sell off in the bond market material one 50 to 100 basis points. See if we can call that material these days. Maybe we can. How South limiting is that sell off? How long before yields kick higher and then equity and risk assets fall out of bed and then years kick lower again. How long because we've got so much debt to this economy in the last nine months. How long before your tire starts away on concerns about growth because of the debt load, and then you'll come back in again. The only way you see Treasury yours materially higher in the future is one of two things. Eva, we can generate the kind of outlook for growth and inflation that leads to higher interest rates. That means you're gonna go up right materially. So in the next 5 to 10 years, one or two, you start to question the credit of the US government. And when times get back go, go. Come on. You're so like you're on the edge of Lisa Abramowitz. There. Let me clarify point to make about the stress test. Early this year. We had the stress test. The gloom is just killing me. Which way did he old scout happy Go harder when lower you can just in the United States. I don't know. If you guys you're just me and the audience talking to each other. I mean, this is just like the level of gloom. We got to go somewhere where there's no gloom. Joining us now Sam Stovall CFR A and he dozes off of the passing the death of Robert Stovall. Shy it truly the giant of what we do You think of Lou Rukeyser and Wall Street We, Michael Holland knows this. Robert Stovall invented it, Sam, We're thrilled to have you with us this morning. Tell us about the optimism of Robert Stovall that you carry with you. Well, Good morning, Tom and Happy Birthday to you. Yes, Pop passed last Thursday very peacefully, but he taught me, he said Sami Americans are optimistic by nature. It's okay to be cautious. But you really want to question whether you want to be outright bearish. Primarily because if you are bearish and wrong, you're ridiculed. If you're bearish and write your hate, it s so it's good to be cautious because there Usually your opportunities almost everywhere. And John was just mentioning about the concern about higher interest rates. US bond decline, etcetera, It means that investors, they're simply going to look elsewhere and probably overseas. Sam Stovall. David Causton at Goldman Sachs has the courage to model out optimism to 2022, do you? Um, yes, I think that when we look toward while I'm looking to 2021 putting us setting us up for 2022, I do notice that when we look at the number of all time highs that we've had this year, which is 30 above the average of 23 cents, the Dow got back to break even in 1954. We've also had volatilities 1% days. Plus, we've had 108 of them this year. That's twice the average in the following year. Whenever we've been above average in terms of volatility, and in all time highs in these post bear market years, the market was up 10% on average and rose in price every single time. So history is a good guy, obviously never gospel, but it's encouraging that in 2021 chances are this could be a good year is well. Sam. We seem to have lived about 20 different outlooks in the space of six months, and this is by far the more constructive one. In your experience. Can you think of a time where the story has changed so quickly so often like it has this year. Uh, not that quickly. This year, we actually went from peak to trough in the bear market of 34% in only 33 calendar days, which was Three times as fast as we experienced in 1987. We then got back to break even in five months, the third fastest on record. S so essentially, it was a situation that was pandemic in its initiation that was human designed if you will to close down Economies. But once the feds said, we will do whatever it takes, we knew that the fiscal policy as well as monetary policy was behind us. So when you look at the technicals, though, Sam there's a question of what will outperform. Yes, perhaps everything will do well and continue to do well. But bespoke investment group came out yesterday into the NASDAQ has posted a positive return on 62% of trading days in 2020. That raises the fourth highest going back to 1971. Typically, it will underperform A year after. Do you think that the NASDAQ is going to be a weak spot heading in to 2021? Well, we've definitely seen exuberance over exuberance. In my opinion, I will change that into the growth area when you look at the rolling 12 months differential between the S and P 500 growth. And the S and P 500 Value index going back to their inception In the mid 19 seventies, We hit an all time high of 35% Point differential, which was even higher than where we were back in the late 19 nineties. So for me, um Yes, fool me once. Shame on you fool me three times or 12 times..
"james diamond" Discussed on Gangland Wire
"Welcome wire-tappers out there here in this video of gang. Lenoir beautiful fall afternoon not on the golf courses afternoon folks in here getting ready to record a podcast for y'all i have the grandson of james diamond. Jim brough cada. His grandson's name is bobby. Bre qatar now bobby. Did i pronounce that close enough. Yes sir okay good. I like to say my northwest missouri nasal hillbilly kind of trying funny. What about that. I just had a comment. Somebody said always seems weird to have a guy with a southern voice. Say the word capco. Now i don't really consider southern voice to you have got northern voice to people up this guy resume shah firm chicago to him. I have a southern boy. So a hewlett you guys. Listen to bobby talk a little bit and you'll hear that salt sweet syrupy south louisiana voice. Our true southern boys right. Yeah it's a little different than new. All has its own unique accent. I've been confused being from boston. New york no. Yeah you know. I hear that now. Wow i do hear that many dollars around the city you know. Talk to different people. You can tell what part of the city from interested in so now. Let's get to the meat of this. You've written a book here recently. Called food for kings. And it's part to crime as part history in his part a recipe book cookbook. If you will food for king diamond jim. A new orleans legend now diamond. Jim mocatta was your grandfather. And there's a really interesting book folks especially if you like to cook. It's got those really great new orleans recipes in it and this guy your grandfather. Your grandpa was one of the most colorful characters in new orleans from what i've read about him. It was unbelievable. Tell us a little bit about yourself and how you got interested in doing this particular book. Okay very first of all. Thank you for having me on your show. appreciate it. earth off a married with two children in military. Over twenty years i retired in two thousand and eight and i've been aircraft mechanic for american airlines and now delta. I picked up this project after my father died and wait basically he motivated me to kind of pick up the torch and carry it. My dad was a dentist for forty years and he always wanted to do a screen. Play or movie per se. He's never do it. I have i did a screenplay originally. But i didn't go anywhere with it so i decided a couple years ago. Put a book together and kind of tell a story about my grandfather while i'm telling. The story basically blended in combination photos and recipes as i journey through his whole life. I start off when he's a childhood and carried on throughout his life until the success of his life until he died. It's a good read. It took me about eight years to go through it and do the research are did get a lot of information from father. My father ahead a manuscript he has deposition that he had put together with a attorney. Back in nineteen seventy seven. So i use all that information and took my tom everything in the book that i've talked about a kind of support it with a document and the article. Either that was given to me handed down to me or maybe that of actually found in the library found a lot of information doing the research about my grandfather in the library his life. It was pretty easy because his life was documented since he was a teenager so every time i tried to fill in the blank. Something in my father didn't pass down to me. I was able to answer all the questions that i wanted to answer about his life. You know interesting. That stuck a little bit about his early life. He fought under the name of jimmy moran which is kind of like no joy hupa in chicago took on an irish name in order to fight. I think more likely it was a lot of prejudice against italians in those days. Especially in new orleans. If you remember we go all the way back to the black hand days and they they killed the chief of police some <hes>. Supposedly some black hander. Kill the chief of police in of new orleans storm to jail and hung. I dunno must have been six or eight say ends i. I can't remember exactly for sure. How many so. It would have been wise for him to fight on her an irish name. I would imagine tell me about his fight career. Let's get started. Well that was one thing. They kind of treat. My curiosity was widely. Any changes his name in the book. I did find a quote where someone asks them. Same questioned do an interview. He said he did for business reasons. But that was part of it because you gotta realize he didn't get into business opened up first restaurants on nineteen forty nine. He changed his name. I found articles where he had his name change in teens early. Nineteen hundreds. He hung around a couple of friends of his feet. Herman who's an italian pita. Golota was his last name. And the other guy. By the name of powell moran. His name was francis. Paul miranda and all of them were full blooded italian as you know and you listeners. Know that back. Then the titans will kinda frown upon. They weren't considered equal. Maybe to a lot of different even the irish whatever. So i've found out. He had changed his name one. He didn't want his mother was fighting when he was on the fighting card. You know and during the preliminaries in hours fighter. Irish name would draw big crowds for fight. A lot of people don't know new orleans was actually a big boxing city equivalent to chicago and new york but on a smaller scale of course but it was a big boxing town in a drool audit. And that's how he got to meet jack dempsey marciano. You know all those big fights back then because they came to new orleans and then he connected so his first circle of friends will all italians. pete. Herman was abandoned. Champion thinking sixty nine fights from nineteen twelve to nineteen twenty two now as far as my grandfather. He wasn't as big of a boxer as those guys. He did it for my research. Maybe about six years and then he got a little older. He got into referee in and he started refereeing. He did that until about twenty seven years old. Then that's when you up his barber shop in the open up a barber shop with a boxer front of his last name was burke in as when he got an barring after referee
Diamond Jim Moran
"Welcome wire-tappers out there here in this video of gang. Lenoir beautiful fall afternoon not on the golf courses afternoon folks in here getting ready to record a podcast for y'all i have the grandson of james diamond. Jim brough cada. His grandson's name is bobby. Bre qatar now bobby. Did i pronounce that close enough. Yes sir okay good. I like to say my northwest missouri nasal hillbilly kind of trying funny. What about that. I just had a comment. Somebody said always seems weird to have a guy with a southern voice. Say the word capco. Now i don't really consider southern voice to you have got northern voice to people up this guy resume shah firm chicago to him. I have a southern boy. So a hewlett you guys. Listen to bobby talk a little bit and you'll hear that salt sweet syrupy south louisiana voice. Our true southern boys right. Yeah it's a little different than new. All has its own unique accent. I've been confused being from boston. New york no. Yeah you know. I hear that now. Wow i do hear that many dollars around the city you know. Talk to different people. You can tell what part of the city from interested in so now. Let's get to the meat of this. You've written a book here recently. Called food for kings. And it's part to crime as part history in his part a recipe book cookbook. If you will food for king diamond jim. A new orleans legend now diamond. Jim mocatta was your grandfather. And there's a really interesting book folks especially if you like to cook. It's got those really great new orleans recipes in it and this guy your grandfather. Your grandpa was one of the most colorful characters in new orleans from what i've read about him. It was unbelievable. Tell us a little bit about yourself and how you got interested in doing this particular book. Okay very first of all. Thank you for having me on your show. appreciate it. earth off a married with two children in military. Over twenty years i retired in two thousand and eight and i've been aircraft mechanic for american airlines and now delta. I picked up this project after my father died and wait basically he motivated me to kind of pick up the torch and carry it. My dad was a dentist for forty years and he always wanted to do a screen. Play or movie per se. He's never do it. I have i did a screenplay originally. But i didn't go anywhere with it so i decided a couple years ago. Put a book together and kind of tell a story about my grandfather while i'm telling. The story basically blended in combination photos and recipes as i journey through his whole life. I start off when he's a childhood and carried on throughout his life until the success of his life until he died. It's a good read. It took me about eight years to go through it and do the research are did get a lot of information from father. My father ahead a manuscript he has deposition that he had put together with a attorney. Back in nineteen seventy seven. So i use all that information and took my tom everything in the book that i've talked about a kind of support it with a document and the article. Either that was given to me handed down to me or maybe that of actually found in the library found a lot of information doing the research about my grandfather in the library his life. It was pretty easy because his life was documented since he was a teenager so every time i tried to fill in the blank. Something in my father didn't pass down to me. I was able to answer all the questions that i wanted to answer about his life. You know interesting. That stuck a little bit about his early life. He fought under the name of jimmy moran which is kind of like no joy hupa in chicago took on an irish name in order to fight. I think more likely it was a lot of prejudice against italians in those days. Especially in new orleans. If you remember we go all the way back to the black hand days and they they killed the chief of police some Supposedly some black hander. Kill the chief of police in of new orleans storm to jail and hung. I dunno must have been six or eight say ends i. I can't remember exactly for sure. How many so. It would have been wise for him to fight on her an irish name. I would imagine tell me about his fight career. Let's get started. Well that was one thing. They kind of treat. My curiosity was widely. Any changes his name in the book. I did find a quote where someone asks them. Same questioned do an interview. He said he did for business reasons. But that was part of it because you gotta realize he didn't get into business opened up first restaurants on nineteen forty nine. He changed his name. I found articles where he had his name change in teens early. Nineteen hundreds. He hung around a couple of friends of his feet. Herman who's an italian pita. Golota was his last name. And the other guy. By the name of powell moran. His name was francis. Paul miranda and all of them were full blooded italian as you know and you listeners. Know that back. Then the titans will kinda frown upon. They weren't considered equal. Maybe to a lot of different even the irish whatever. So i've found out. He had changed his name one. He didn't want his mother was fighting when he was on the fighting card. You know and during the preliminaries in hours fighter. Irish name would draw big crowds for fight. A lot of people don't know new orleans was actually a big boxing city equivalent to chicago and new york but on a smaller scale of course but it was a big boxing town in a drool audit. And that's how he got to meet jack dempsey marciano. You know all those big fights back then because they came to new orleans and then he connected so his first circle of friends will all italians. pete. Herman was abandoned. Champion thinking sixty nine fights from nineteen twelve to nineteen twenty two now as far as my grandfather. He wasn't as big of a boxer as those guys. He did it for my research. Maybe about six years and then he got a little older. He got into referee in and he started refereeing. He did that until about twenty seven years old. Then that's when you up his barber shop in the open up a barber shop with a boxer front of his last name was burke in as when he got an barring after referee
"james diamond" Discussed on X96
"Gang of misfits and dope addicts are here because We forgot on Friday. No, no, no, no, This is better. You know why this is better because there's an on the state, So do it again. On this day. At 6 P.m. tonight the second conduct aggression A ll district debate is happening between Cale Western and Chris Stewart. We had Cal Weston on our show last week and Bill pointed out that on his website, it lists some of his favorite songs. And that's one of them. Now I feel compelled to say here we have invited Chris Stewart on this show. Katie has reached it and if Chris Stewart wanted to come on And tell us one of his favorite songs that would not be in format that we wouldn't be able to play but going. Hey, want to hear it? You want to hear a charley pride song, Do you really Ah! Jack, a Western running again. Somebody named Chris Stewart. A guy. I'm not very familiar with you, except that he said that on our show one time that if Alexandria Cossio Cortes had her way He wouldn't be able to ride his motorcycle across the country like he wants to. That's not I'd have to have a much they'd make me have an electric motorcycle. It's not they would make you they would make you be forced. It's not that we would encourage production of electric motorcycles for people who wanted them. No, it's they would make you which, by the way, the lawyer Donald Trump to Mussolini in a positive way, That's true, which, by the way, electric motorcycles have come a long way. Harley Davidson is produced in electric motorcycle that will pretty much beat any motorcycle on the planet. In terms of takeoff speed and all of that. But if Chris Stewart if he if if he's right, we would force him to do Kehl. Western seemed like a pretty straight ahead guy, and he did. And anybody who likes that song. This corrosion by sisters of mercy. Was released in 19. I mean, you got your tops in my book, 1987. It was released. Did very well for the band written by Andrew Eldritch and Jim Steinman. James Diamond Road. Yeah, it is kind of operatic isn't along with along with Andrew Eldridge. Never. I didn't either. Picture meatloaf singing that song. He'd be good. I said, Hey now, well, that little kind of wrapping thing toward the it screams Steinman to May I got nothing to say. What up? Blood runs through my, You know, That's so Stein so I had no idea. There you go. And there's a picture of Jim Steinman here. Yeah, because he did. He must feel no, no. Oh, no. Still with us out there trying to know they Interested that bat out of hell thing? Yeah. He was behind all of that. Because you know you've got to keep if you're not doing much to go back to the well, which this show has proved time and time again. You told word of the day. If you're not. If you're not having any more ideas, you just go back to the well. And you dip in there and get what you know. Eso. Ah. Weekend, OK? Yeah. So I voted a life. I felt guilty voting. Why? Because I was at home. Comfortable. He hold out my all those those two things just horrible. By the way. It's horrible to be at home and be comfortable pulled out. My my ballot. Got my little pen, Mark Mark my little things, and I thought no. What do I want to do with this? Like that could take it to the post office. They have a drive up little mail slot. I could put it in now. I You know, I want to take it right down to Sherry Swenson's office on 20. Not there on the weekend. When I want it is close to her as possible. Do not have to pass through as many hands as possible. So I got my cherry. I want to slip my ballot under your pillow. My car drove down there. They have a drive a ballot box. I didn't have to get out of the car. I tucked it in. And then I come home and I look at the news. With all these poor people. In all of these battleground states that are waiting in line. Four hours. They're missing work. They've got kids with, um And just because I live in a red state. Where voter suppression is unnecessary because that's what's happening in those other places. I could just drive up and drop my bed. It should be that easy. I don't think you should have seen now. You now you know, but you should you should have known ahead of time. I saw those. I've seen those people standing in line, and I'm going to go down to the county building where that drive up ballot boxes and I'm going to stand there. And I'm going to stand there for hours like I'm standing in a line and then I'll drop my ballot in the box and go away. That should not be that way. Look at. Oh, I pulled this out because look just for me. Look at all of those places. The next 96 dot com slash life. All of those places I could drop my ballot off. And I'm thinking of those. Well, no, you could only you could only drop them off on one of those places. Drop. What are you trying? You are trying to pad about ballot the voting. And that's just if I want to drop it off. I just want to stick it in the mail. I can stick it in the mail, but this it should be this easy for everybody in the country to do. So I felt bad be even easier than that. We should be able to vote on your computer. Someday if they can figure out how to make it so that you can hack it, which, you know, I want a vote by phone. I know you want Sherrice ones into high buildings. Just sherry when you're voting for, okay, Sherry. Have a nice mark. This one. And this one. This one. This one is for you. Are you sure? Yes, I'm sure. Thanks, Sherri. Quit. That's voting, man. Hello? Yeah, it's me. Um, I went through all of the amendments to the theory that you vote for There are seven amendments. Yeah, Constitution. I went through everyone on I made notes, and I can tell you how to vote on them if you want. I need that because someone murders like 77 words explaining what they are, and we'll go and they all sound like, well, yeah, that sounds good, but there's a long way because that's find them. That's the way politicians right thumb to make them sound good. There really isn't a lot more behind them. Except for one of them. There's not that much behind. Well, two of them. The rest of them are pretty straightforward. And if you would like in the news coming up on the crew, all those where everyone sure and then if you want, I'll tell you how to vote world. I need that or I'll tell you how I'm going to vote. Go on, then you can decide for yourself. But I guess we have to begin the radio from hell Show officially, Ah 877602969 Sixes. Ah phone number. It's It's not Sherry Swenson's number, although if you would like to call and check in with us, I'll pretend to be Sherry's bill doesn't excellent cherry sweats. I This is Sherry. Hello? Hello? Sherry County clerk. By the way, do we need to say that to people not know who shot Lake Salt Lake County clerk that you think should know who Sherry Swinson is. She has been County clerk for the past 70 years. She's My wife is just this is dipping into the well What It would be like voting on your phone? Yeah, it could be like Moviefone. Yeah. Hello. If you're voting for Biden Press one. Why don't you just tell me who you want to vote for you If you have arriving candidate, Press three and tell me who you'd like to write in. I think that's that. I think that would work great. You never heard of anybody, You know, Stack in the ballot or hack and Moviefone didn't know. Oh, they left Mr Moviefone alone. Exactly. 8776029696 check in with the radio from Hell Show tell us how you're doing what you're doing today. We would love to hear from you. It's how we get the show going and get ourselves going with your wonderful voices on our telephone first thing in the morning. 877629696 wasn't that whole break a message from the state of Utah about thie voter outreach. It's time to get registered and update your voting information go to vote, not Utah dot gov. Ah, and make sure you are registered. Just make sure that's happened on then you, Khun, You probably have a few are.
"james diamond" Discussed on Bloomberg Radio New York
"Morgan Asset Management, Multi acid Solutions, Global strategist bank. Right to catch up with you, Sir. This is any most recent research. It's about the bond market. Where to get that downside protection from the angry market falls out of bed. What's the answer Ban? Well, it's a difficult question s o with all difficult questions. I think it depends, You know, let me let me say first that the underlying trend here is a positive one. Based on fundamental factors have sprightly early cycle dynamics, you know as well flag that the Fed is has providing ample monetary policy support the balance of risks on the upside and downside is pretty good here. But it's a portfolio construction headache in the sense that your usual sources of protection are no longer active. So the most impressive thing of the last month has been just the fact that bond, you'll do not move. You know, you had a point where US equities were down four or 5% bond yields, you know, 10 Year Treasuries. We're down to basis points. And so that negative stock bond correlation is no longer a source of balance and portfolios. And the question is, how do you How do you get that? S O. The answer, I think is that you have to assemble a set of more constructive, favorable correlations in your portfolio. One is credit for taking a pro risk view. You Khun Khun, You know positions and credit are not perfectly correlated. And in fact, because of the feds put because of the implicit and explicit guarantees from the Fed credit has been much less sensitive to swings in the equity markets. So that's one. The second is the dollar. So everybody's talking about how the dollar is going to appreciate in trend terms. It's also the thing that has the most favorable correlation and things go wrong. So if everything goes right, the dollar's gonna continue appreciating someone. If it goes wrong, there's no limit to how strong the dollar khun get seem to use those correlations as a hedge in your portfolio. But then I saw yesterday that hedge funds bet I'm technologies flipped. I'm gonna give credit to zero. Had your frankly folks can't remember where I saw it. Then how important is it to go with hedge funds and their belief or Tibet? Contrary into them, Which way does that cut? Well, uh, I mean average returns for head funds of the last 20 years have not been spectacular. So maybe I'll take that as a contrarian indicator. But I think you know you have to focus on on what those directional trends are, and I don't think we're picking. We're not looking at that as a singular indicator. Here. What is your indicator and technology funds, folks? Ray Dalio coming up this afternoon? Catherine Burton with a blistering article this morning on Bridgewater is well, I mean, is that the salvation for hedge funds to go the other way and pile into tech? I think it raises an important question for us in terms of, you know, Is it our growth stocks going to continue to lead here on the relatively narrow foundation on the on the US market? I think that's exactly feeds into the same concept of where's protection your portfolio, and, you know, typically, we think about the US equity market as the high quality I return on equity markets. On hand somewhat defensive when when things go wrong, Actually, That's not the case these days. The volatility especially when, when Tech is leading eyes very much centered around the U. S. And as such, has a higher beta market. Something. Was that what that's telling you eyes that you know, as you as you diversify internationally, that those equity positions you're looking a little bit less in the us a little bit more outside for that for that balance, Ben, when you say outside are you looking to China, given the strength of the recovery that we saw the data last night? Yeah, you want You want things that are lever to things that are going right in the global economy and goods is the thing that's going right and will continue to go right for the next few months. You have consumer demand, which you saw the China data, But you're seeing pretty much everywhere. We're not in the blisteringly fast growth that we saw in May in June. But the consumer is is very much in recovery mode. Here. You're seeing incipient signs of cap ex recovering, and so they have both on the good on the firm and a household side demand for goods, which is fueling industrial activity. And then the inventory cycle is amplifying that and so things that'll ever to goods markets that 11 to goods are going to do well here. It includes emerging markets that includes to some extent, Europe and so thinking about, you know, us large cap E. M. And your Oppa's as your as your combo of overweight senior portfolio seems to make sense. They've been greater catcher Jake Morgan. That final point that some really, really important manufacturing easy to turn back on after the pandemic and shot down that we saw almost worldwide services, much harder, the consumer much much harder to do what we're seeing in China. I think it's really important. The switch back on manufacturing and retail sales was where the outperformance waas so the consumer started to pick up again. That's what we want to see him don't just across the United States, but across Europe, too. I think it's very difficult John to transfer China Economic Dynamics over to any other platform, including the United States, But I, you know, we just talked to Scott Stringer running for mayor, The comptroller of New York City as well and he went right to it. The spread between J. P. Morgan and James Diamond. And 12. Small businesses on Third Avenue has never been greater. Couldn't agree more terms and there will be problems still ahead. Let me tell you something here in the United Kingdom, the phoniest piece of economic data on the planet in the world of economics right now, the unemployment rate in the U. K just north of 4%. Because when this fellow program ends set to end at the end of October, Tom that unemployment right well look radically different Even did they allow it to end in a month's time. That's the story of the moment. So I'm still struggling to get a read on this economy, not just in the UK but worldwide. No, absolutely. I mean, there is worldwide. And of course you really wanted to that point. John. The Fed meeting tomorrow is just a fed meeting about the United States of America. Or is this the central banker to the world? I got to say, and Lisa might wanna weigh in on this. I think that the Central bank's got a tough job tomorrow, the same way the did last week. The Fed's gonna have to upgrade its forecast their forecast that unemployment is too depressing compared to where we already are. In fact, the unemployment rate Lisa right now it's already where they see the unemployment rate. Let's go to the depressing one to find out, Lisa. Thanks a lot time. Let me tell you something. It's pretty depressing out there. I will think. Listen, I do think that this is important, though, that actually the data has not been as depressing as people have expected. It's continued to surprise the upside. I think, John. This is what the Fed is going to try to reconcile all the pain that we're seeing with data that isn't reflecting it to the degree that many people expected. You realize you're exposed now, Danieli. So this is it. Everyone's gonna start planet drinking gang with this. Let me tell you something, 1000%. And you know what if you get me a bottle of wine, a play with play it. Good morning. Let me just tell you I'm happy to see you drunk, complete surveillance in the morning. Then there's two of you from New York and London. This is blown back..
"james diamond" Discussed on Bloomberg Radio New York
"Can you make sense of it Several breaches of support here, Let's start with the dollar, where there's a clear breach of support. Euro yen is what you first look at. John Euroyen doesn't takes out the dollar and shows you the dynamic away from the dollar translated. It's all about the dollar and it's a weaker dollar across the board What I would look at Jonah's yields and I'd really look at the inflation adjusted yield the 10 year Tips is a negative 0.9 to that breaches the 2012 Nater This is a market screaming economic slowdown. Take numbers for you, Tom. Two trillion on 99 days, trillion spread between the Republicans and Democrats and 99 days until the election. Tom, you have to believe that ahead of the week ahead, the president has the step forward. And say it needs to be bigger. We've got to go big, great value a now, ergo, no question about it, John. He he said that That's where we're going to where the president just reads of right act to his Republicans about losing the house, losing the Senate, losing the presidency and getting out I'll be honest, I don't think it's 1.5 where we're heading with Mr Trump. His 1.61 point seven Whatever that number is going to be. But John when I would focus on in a week of technology earnings, equities, they're so resilient. Resilient here compared to what else you and I see on the Bloomberg terminal Massive wake A headstone Kate, including the Federal Reserve decision this coming Wednesday. Let's get to the morning brief The week ahead affect decision coming up later this week. Tech earnings in the mix some tech hearings as well, then we get us GDP data later on in the week, as well as the price action to kick things off this Monday morning equity futures up 15 were part of 1/2 of 1%. In the bond market yields head south by two basis points, 0.57 and Tom Kane I've got to say euro dollar Got bored. 1 16 pretty quickly won 17 23. The dollar breaking down the Europe breaking out over that extra U quotas. That's a European quote there at the bottom. I'm using Comex GC 1 1970 announced John up $45 on Comex gold. That's a real real indicator there. You know, John, just t get started on this week. A single thing I'd focus on is the resiliency of the corporate economy. Given the pope the political overlay, I can honestly say I was thunderstruck. John last night at the Republican battle that Mr Meadows, Mr Mnuchin and Senator McConnell are doing. I couldn't agree more up 16 on the S and P 500 with positive 1/2 of 1%. The conversation begins this morning with Eric Stein. It advanced co director of Global Income, Eric, Let's start a conversation right now. Equities just shifting Kaya. Even other world around us is becoming increasingly uncertain Why? Well, first off. Thanks for having me on. Good morning. I think it's something you know. Talking. Just mentioned really Yields in the U. S. The negative 92 basis points so have really yield. They're going to be negative. You have a weaker dollar gold going up kind of global liquidity coming back, even though there's obviously massive problems in the real economy, political issues that that you guys hit on you in your intro, and so that helps the corporate sector broadly and then obviously you have the tech part of the equity market, which is, you know, almost like his own sector in and of itself. The weekend's here Eric is it It's like November of 2000. We're setting ourselves up for the agony of March of 2000 won. Do we slide through this odd bond market in equities, adjust and adapt in a measured way, or you, woody advance, worried about a jump condition to something ugly. You know my great great question time you know me and my colleagues this week said that it's a good way to start Monday morning. But you know me and my colleagues that heating vents were typically more focused on kind of micro credit markets or micro fixed income markets and the abroad prognostications on on the market rate large But I will say that I think this disconnect between Wall Street And Main Street, so to speak and can continue for some time has given the liquidity out there. And given what the what the Fed is doing, and I don't think people point to the fixed income markets they look Treasury Elder Lo. That must mean that equities can't go up to something bad happening that that's part of it. But again if the feds providing liquidity in the discount rate that you're discounting cash flows back is quite low, negative. In real terms. You can keep markets, you know, higher for longer than many would expect. John I meant absolutely fascinating. And of course, I do this with the idea of the nation. Reappearance of the real yield with John Farrow Look for that weekends here, a Bloomberg TV John I look at the twos, 10 spread. In a break below 40 basis points there would be resounding to the equity markets from I think the banks it's that decision later this week is really, really important. The Fed has already told us Governor brain that we would move from stabilization to accommodation. I don't know, even know what that means. At this point. I'm given the amount of stimulus we've seen over the last couple of months and I'm tearing up. I mean, the team gets the twos. 10 spread up there like it's nothing. I mean, you could see folks a deterioration there on radio right now. All you need to know is a curve is flatter. That's not good for James Diamond. John help Erich Stein out of 43 paces points on twos. Tens. Eric. It's absolutely critical coming forward..
"james diamond" Discussed on KHVH 830AM
"You know this tune and the music the Ohio players I cannot wait for Ohio players coming to town on the twenty ninth in the thirtieth at the Blue Note the best place in town to have a gate and joining us my goodness it's not often that we get to have a chance to chat with a legend in this business James Dimon Williams joins as diamond I want to thank you so much for taking time to join it hello how do you Hey I love you too also rate that needed that she was absolutely fabulous I enjoy playing that song every night and I thank you so much for looking for jobs as much as we are become you know back to the island is that it's always a treat commit so why are you kidding me well we put this on our calendars like you circle this yeah so where we're looking forward to it we can't wait to see you again and your diamond what I love is that Ohio players listen I grew up in Indiana so I got a little bit allow okay geographically of all right what a little bit I don't have a just a bit just a bit rather you you folks home man the influence of you have had on music that people listen to today is profound end innovating I mean listen the the funk and the power in the spirit is it permeates in every single song I always you know home remind I'm I'm reminded of James Brown in many ways when I hear you guys kick in is just fantastic area comes from being you know just aware of what was going on doing music business at that time that we will write songs with them it was just an incredible time in music history where you had not on James Brown prior prior to us the time of media the reserve frankly yes even one year when you file uses that but I mean many references there's just all kinds of great songs and all we tried to do is just hang in there we had a lot of music idiom that we call fall and so we try to stay within that ram sometimes sometimes we did like when we played little lady Maria that's not all young but no you need there is contradiction to a point but you know we just try to write good news and that we've been very blessed rake Allah doubt to be able to not only hear the songs on the radio today in a certain format but it's still be able to play those songs as regional guys on still part of that the band today and we have a ten piece band coming there to the islands the blow that island a wary that's the only way we got a blow that I'm Jim from what I've heard I haven't been to the booth club I don't think it's a big place you know I get in pieces on stage I think that represents one one percent of what's in there and but we we will have a big sale and the famous and absolutely marvelous I'm so happy with the with the weights bands out everyone was really on a couple years back when we did ocean eight a bit with whom she Collins that some of the people on the shore and we love that place I can get I can't wait why don't next week come real bad I'm ready to go well we're almost there and I as I tell our friends it's gonna be seven twenty nine seven thirty this month just a couple weeks away within that is a matter of fact less than two weeks yeah Hey are within a week or ten days yeah I can't wait and here's the thing Blue Note is a phenomenal place it has a cap of about three hundred and twenty five okay and but there's not a bad seat in the house the acoustics the stages perfectly centered and I can't wait because we're gonna get up and close and personal with you the entire time is that important do you feel it from a stadium show verses an intimate club is there a dynamic difference for you to diamond it's not it's all relative to the point they resist and you'll see it on stage these guys have a great time on stage okay and like I said great the band is at its heart and I've never been so proud of the band before the last performance when you close your eyes you thank you but no the bag on me okay and spent all of this being done without computers as the personal auto tunes and then ask you know people and while out move when we performed with doing it all live with this total concept different concept than what's going on today so I'm performances based around the musicianship and joining that we have I just play music every night so it doesn't really matter the size of the crowd we liked him crowd now don't get me wrong we in LA a few years back we did this case that lay there was three hundred thousand people SO that's all he broke it doesn't matter from three hundred for it this we have been hams most of the musicians all our lives okay yeah but first we did everything we go put on the shelf well I guess you know it's just about eleven there yeah the music I want folks now go to Blue Note Hawaii dot com go today and be sure and get your tickets they're gonna go extremely fast two shows each on the twenty ninth and the thirty six thirty nine PM and I want to remind our folks are come on a discount listen if you live here in Hawaii you're gonna get a little bit of breaking a little bit a love from Blue Note we appreciate that so long gone get your tickets get there early and you are going to be blown away because this room for us diamond is perfect and I'm just yes it's Margaret green this new state the capacity of three forty three twenty two or whatever that we need five hundred people in there each year okay weeds and I tell you what great you don't want to be late because this show starts out with a bang you don't want to be twenty minutes they did say it's time to DO junk mail you want may be a mess okay don't get dead like that is not just good advice that is a command ladies and gentlemen make sure you know that I love it this is gonna be a great show and welcome back to Honolulu we're gonna send a lot of our friends over I'll be there and I just admire you and the Ohio players so much and it's going to be a treat well thank you much right we were as I say we're looking forward to it coming back you know we like to take their their wives part about home now we'd all magic trick okay yeah and that anybody who comes out I'm sure you will enjoy the show we're we're doing our own thing and we want to bring a little fun little by little everything that we had back to the Blue Note club so we were very much looking forward to coming back we're talking with he is a good man and we're gonna have a great time with James Dimon Williams with the Ohio players please pass on our aloha to everybody in the group and we'll see where we are all right thank you all right thanks I meant a lot to you hello are you two regular season thank you much bye now I'm James diamond Williams et listen do something take a look Google diamond up and you'll see a phenomenal unbelievable talent that has been going at it since almost the very beginning and back in the day out of the Dayton Ohio Ohio players of the band formed in nineteen fifty nine and they have been selain it ever since back with more coming up good fellas will follow after top of the hour you wanted more.
"james diamond" Discussed on WJR 760
"Great restaurants and eateries and lots of family activities throughout downtown Royal Oak, because we enter our twenty second year of the festival. Now, a lot of people have found challenges with parking in Royal up. Why don't you address that? Well, I can say that the parking challenges will continue to be less and less. I don't feel like we had them per se. There been eleven thousand parking spaces available that there's a new parking deck at center and second that just opened up, and there's more parking, you know, coming soon. So while there's new businesses and development. There also is new parking in the city and were were very excited that most of our casts can park and walk into, you know, any of thirteen entrance. And we really feel over this'll be our tenth year in Royal Oak that we've gotten the logistics down. And, and it's a real seamless experience for our, our patrons. And, and we'll have that available, again, I can't believe it's been ten years, just in Royal Oak. And this is an enduring event. What do you think the secret sauces for arts pizza needs? Well, I do think it's the secret sauce is keeping it fresh and, you know, new bands artists us editions each year, and we'll have a great lineup to announce open to munity college just announced a new interactive. You know, vehicle that will be there they're going to do at such a truck as well to promote their school of law enforcement. And so that's exciting that, you know that was new. But keeping it fresh having it be a festival of the senses, where every time you turn a block, you smell something different. You see something different? You have the option to taste something different. I think the community side makes it unique. We've averaged three hundred twenty five thousand dollars donated to sixty nonprofits. And I think a lot of those partners promoted to their followers and supporters. And, and I think that resonates, you know, to folks to have a good time supported causes. And, and celebrate the quality of life, you know in our community. And now finally, we could guarantee sunshine all days. Right, exactly. I will tell you that I'm hoping that they like today as a predictor of what we have that for the last each of the last two years. So we would love for days like today, Marie. So I'm hoping that talking to you is a forecast of, of bright and spectacular weekend in downtown Rilo. Let's see about that Jonathan wits. Thank you so much for joining us tonight on the big story. Thanks so much. Have a great night sounds like an awful lot of fun, next. The lions Tuesday update, here's Mike stats various slay Damon Harrison were both absent for the start of the lions. Mandatory minicamp players have made it known recently. They are seeking new contracts, both have two years remaining on their current deals. Here's head coach Matt Patricia. It's nothing unchartered territory. You know from that aspect of it. So we're just focusing the guys that are here. We're really just trying to get better. Again, we've had great attendance through the spring of guys here trying to get better. And that's our main focus is to really improve the players out on the field should Harrison and slay. Miss all three days this week, they'll be fine. A little over eight thousand dollars Harrison who was acquired at the trade deadline last season is do six point seven five million in two thousand nineteen and sleigh who agreed to a four year extension in two thousand sixteen is due twelve point five five billion for NewsTalk seven sixty WJR. I'm Michael stats. Some important health news today. People trying to cut cholesterol have traditionally been waved off of red meat. But as James diamond tells us in today's Health Minute, you may be able to feel less guilty about tucking into that burger when it comes to maintaining or lowering your cholesterol is white meat better for. View than red meat. According to a new study, the answer is no. The study published in the American journal of clinical nutrition says both types of meat had the same effect on your cholesterol levels this flies in the face of popular thought were government guidelines in media campaigns, touted white meat poultry 'Superior for heart health. The study did not include grass fed beef processed meat products or fish. Researchers also found that saturated fats in meats, increase large LDL particles compared to those who did not consume meat, the bottom line plant based proteins are the best for those worried about their cholesterol. For today's Health Minute, I'm James Dinan. What's happening in entertainment than Hollywood? Let's check in with correspondent David Daniel for the Hollywood minute..
"james diamond" Discussed on Bloomberg Radio New York
"Twelve eighty seven ninety announce the euro one point one two zero two against the dollar and the yen one ten point one six Tom and Paul Karen. Thank you so much. The Dow opening up giving quotes at nine thirty is is basically useless. You gotta take ten minutes to get things open. At least Paul Sweeney knows that math better than I do flat right now the vix twenty point three six let me look lift here. Just I think Michael I you wanna do that. Michael Mckee took a lift to get here to fifty seven point five three not through the lows of April fifteen is well joining us in the studio head of all of economics. Bloomberg media, Michael Mckee, where this what I loved about your interview with Richard Clarita. You do such different interview than me, you don't mess around. It was very press conference. He was he was Michelle standing off at the corner. Saying Michael Mckee shut up. You get one question. You know, rich cleared as well as I do and you go he's he can handle himself. He he's able to. Answer the questions without entering the questions, of course. But he was. He was he was upset. He expected it. No. We don't we have a big audience out there that wants to know. What they? Yeah. So we just go right at it. What was between the lines? What was the observation? Not unspoken, but between less I would go beyond just the Richard clarity interview and go back to the Hoover Institution conference Friday. There were eight members of the open market committee there and every academic and market expert on the Federal Reserve's policies and the takeaway from all of it is the fed knows. They have a problem. They have inflation that is running below target. If it stays where it is. Nobody's particularly worried if it drifts lower than they start to get concerned. But they don't know what to do about it. They have no practical way of raising the inflation rate that they know will work they have some theories. But as you heard dot Clarita say yesterday these are theories, we don't know if they work in practice and. I think more than one person at the Hoover conference said basically, do you really want to experiment, the world's largest economy, and it wasn't for lack of trying to date. Michael that you couldn't get him to talk about some of those. How they were going to raise inflation. But it was clear from your interview in his lack of any clear response that the fed as you mentioned really does not have any lovers. It feels it can pull to drive a little bit hard to get closer to that two percent goal, which they haven't hit for a very long time. Yeah. Most of the theories of things that they could do like inflation averaging or a nominal GDP target depend on the markets believing that inflation will rise and markets don't believe it right now. And that's the problem. How do you convince people? It was noted that to get a policy to work you have to build credibility in the fed has at the moment. No credibility in raising inflation. So they would announce a program, and nobody would expect it would work, and that would mean it wouldn't work. So that's part of the problem too. But inflation aside, I mean, the fed could very well, and it could conscious do kind of a victory lap here at their performance over the last couple of years stock market, the, you know, they're still growth slowing growth, but still growth kind of managing what some might call a soft landing. So other than flation. I'm sure the fed feels pretty good about itself, we're although old enough to remember the Volcker inflation years. Imagine if somebody told you time. That you would have inflation of one point six percent. Unemployment three point six percent economy growing three point two percent. The the fed did reckless. And then they have they've they've met their mandate. And I did ask a rich that yesterday as I said, you know. You guys have basically accomplished the soft landing everybody thinks you're trying to get to. And he he agreed. They just worry about the future. Mike Akia with all of this is the theory in the back and forth. And I mentioned to Matt Miller with his wonderful interview of CFO of Commerce Bank today, the chronic nature of the Saul we could go to negative interest rates in Germany, Great. But still the chronic nature of two point four four percent ten year yield in the US James diamond wants a four percent yield. He said that as you for Bloomberg earlier today. This is Judy the feeling this is getting old just the the long run lethargy of rates in the financial repression. That's out there. You know, the fed is doing this year long review, and I don't expect them to significantly change their policies unless they come up with something that actually works. But maybe what we end up with is an acknowledgement that inflation dynamics have changed. There is something different in the economy. Now, we have shifted from an inflationary environment to a stable price environment. And therefore we didn't expect bond yields to be significantly higher. Now, that's not good for profits on investors and people like, Jamie diamond. But that's kind of the way it is. And I don't know how you change it the guy you, and I hate the most is not Paul Sweeney's, Alex tansy. Alec Tennessee sends spy van. Yes. Links or whatever on Wednesday. My reading New York fed luck in Zimmerman ten years later did QE work. I know you and I haven't read the paper, but it's starting to be. I've I've read the the the write up of the paper. Okay, please. And basically their view is that QE one and two didn't do as much QE three d did increase some Bank lending that had an overall positive effect on the economy, but the general view out in of the non fed people out at Hoover was that QE three the keys was not a huge success in that part of what it did was through the announcement defect that it basically told people the fed was serious. But now if you tried it again, the effect would be much more muted. So that QE is not going to be a great fallback strategy. If you can't cut rates low enough, they're going to have to come up with something else. Exactly. I'm looking at the w.
"james diamond" Discussed on C-SPAN Radio
"Important sources of jobs in my home state of Kentucky, including coal mining advanced deposit wagering on horse racing industrial. And firearm manufacturing just because these activities may not be politically correct or fashionable among liberal protest groups. I look forward to your testimony on yield back. I want to welcome today's panel. Mr Michael L, corvette chief executive officer of CitiGroup who's been acidic CitiGroup since one thousand nine hundred eighty three and has served a seal since twenty twelve this James diamond chairman and chief executive officer J P Morgan Chase and company with been at Morgan Chase since two thousand four and has served in his current capacity since two thousand six this James P Gorman chairman and chief executive officer of Morgan Stanley's, we've been at Morgan Stanley since two thousand six in third in his current capacity since twenty twelve this to Brian team on a hot chairman and chief executive officer of Bank of America, who's been at Bank of America since two thousand four in his third SEO since two thousand ten and is chairman ten to twenty fourteen Mr. Ronald p O'Hanlon. President and chief executive officer of State Street corporation, we've been State Street since twenty fifteen becoming president in twenty seventeen and CEO in January two thousand nineteen this Charles w Shroff chairman and chief executive officer of Bank of New York Mellon who joined the Bank and was appointed CEO in twenty seventeen and chairman and twenty eighteen Mr David m Salomon chair and chief executive officer. Goldman Sachs was been Goldman Sachs since one thousand nine hundred ninety nine becoming CEO in October twenty eighteen and chairman in two thousand nineteen without objection. Your written statements will remain part of the records before we begin. I would like to swear the witnesses in with the witnesses stand in each raise your right hand. Do you silently swear or firm that the testimony you will give before this committee in the matters now under consideration will be the truth, the whole truth and nothing, but the truth so help you got? People.
"james diamond" Discussed on Bloomberg Radio New York
"One of our joys guests that we see every spring meeting of the item of Jacob Frenkel with us tomorrow among others, Catherine Mana city group. We are thrilled to have with us. Now, William Lee with the Milken institute with CitiGroup for years. And of course, is public service at the International Monetary Fund as well Bill. I want to go back to first principles, and we saw a bit overnight with President Trump tweeting on the evil trade of Europe as well exactly how Burke until list how seventeenth century are these IMF meetings, beatings was like a gathering of the masters of economists. And I one of the differences between Gulf and economics is that here. We have a bipolar world. The International Monetary Fund is a a a edifice of multilateralism. And so we are all at the IMF worried about why it is the President Trump sold by federal. But the domestic comments here in the US are getting more and more bilateral and prison. Trump is saying to the world, you know, I'm going to bash down the bilateral deficit with China than will have bashed on the bilateral deficit with the U. And and this kind of bashing down, bilateral deficits, and surpluses is doing nothing. But. Keeping the aggregate current-account deficit as big as always was. So it's a it's a fool's game in part. But I think President Trump has got onto something because he's trying to say we restructure our economy. So that we can compete with a biggest competitors China and the EU, but do we over estimate our fear of their wealth are fear of their growing incomes? Do we overestimate the demographic economics of China, absolutely, Tom? I just as we overestimated the Soviet Union. And what a huge power supposed to be at turned out. They were not China may well be that. But one thing we know about China is that their intellectual powerhouse, their intellectual capital is trying to MIT Caltech and Stanford, and these are the places that we have a handle on. So we know that China is in fact, pushing the frontier out and it's up to us to develop our own. It's such recap laurel technologies to be able to compete. Let's just assume that the resolution with China is a positive one the. Outcome is a good one. Let's move on to Europe. What happens next boy, John I as an ugly American and someone who was the head of the German desk when I was at the IMF they used to say Bill when you go to Europe, it's like John Wayne walking down, the z. And I have to say that Europe is such a morass of structural problems that they barely can get a one handle on growth. And so when you talk about all, these issues of Brexit and continental Europe and the banking system. It Italy going to the fault. I think to me that's just characteristic of what you're really is slow growth, full stop, whereas China and US still have the potential for high digit growth. That's what I worry about Bill. The China can respond to attract dispute with the anonymous face already struggle to say how the Europeans can the Chinese can inject some stimulus since the economy monetary policy in Europe looks tug to the exhausted fiscal policy looks incredibly constrained, what do they do it? The old retort of. Af policy prescription structural change. And guess what? That's the last thing they ever do. In fact, they never get to it. So I believe that if I were global Bester the last place to they were global investor and your name is prime minister mayor David Davies is making headlines right on the telegraph is the United Kingdom wrong to say, you know, we just really don't want to go down that road. United Kingdom in some ways is very special because London is still a global capital market in global place where we're global investments go to allocate their funds, and whether it's tied to Europe tied to the rest of the world. In some other way, Europe the UK is going to do quite well in and of itself. Trouble is the UK's more than just wanted. And the other parts of the UK have to start to fall in line with the same problems facing Europe, which is the structural problems technology, for example, in the UK UK used to be the best jet engine makers in the world with Rolls, Royce. They have lost. Edge about seven showy, and what's going to happen next in the UK? What is happening with sevices? I band here at disgust yours. Lost time you word about insurance from Lloyds. I mean, again, I think the the service sector and everything else in the you're in the UK has to modernize when's the last time a hit movie was made in the UK US right now has compared advantage in the export of services marvel comic movies. And and and all these these these these the Disney productions they are flooding the world, and I think the UK has got to get up with get up to speed with doing exactly that what has been clear Bill over the last few months is that Europe is incredibly divided about how to deal with the Brexit situation toll Malia bringing up the example of a manual Macron trying to play to the audience Bank home trying to hold things up. If you can't get the whole of Europe to agree. How enough to be the whole of Europe to agree and to get the UK to agree to the same thing. You just repeated executive we're seeing before which is a Europe is ugly. American. I've got to say Europe is in thousands of war. And it's going to continue the next year's I think battling tribalism. So what can do about this? I mean, you know, where we come down here. Happy talk interviews Madame Lagarde later today, Billie, but what can a multilateral institution. Do. Given these fractured relationships. I think the best we can do is to recognize that countries our countries and our national objectives. So does Brussels matter. I mean, this is perfect overnight charles-de-gaulle Angela Merkel. They matter Brussels doesn't matter Brussels has got to get out of the way just as washing got get out of the way, and I get letting a leading entrepreneurship and private sector whole that Europe is the biggest challenge yet to great comments, Billy. Thank you so much of the Milken institute. This morning Joan I wanted to cut their short a little bit just to get your perspective to go in there. Talking about the distinctiveness of London versus the rest of the United Kingdom. I've observed that in my my my months and months in London, but his that partners ever-greater in the United Kingdom face. I tell and sort of it expressed itself in a vote itself after the divi- of Brexit of three years ago. You saw quite clearly and for anyone living in London at the time, the metropolitan elites have London votes to stay voted to remain a funny one that didn't get outside London. They didn't say the movement coming. They didn't say defined was so clear to me whenever I go back home back up to the Midland and made out with my friends and many of them voting the Brexit some in the United States. I think we all know the device listening. Erin, Boston, Washington, New York. Siriusxm channel one nineteen. That's great John the video that with the team showed this morning of James diamond of Park Avenue. Going back and forth with congresswoman Bella squeeze the first female Puerto Rican in congress. I mean that was amazing. That's a fifty or sixty block divide, and they might as well have been on other planets extraordinary video of the distance in the island of she think Jamie Dimon handled the questioning very well. I don't think the whole thing was his tense as maybe the House Democrats wanted it today. Tom Meg Ryan to make a couple of hours and send them around the questioning was quite weak quite pole. And I think the Bank is incredibly prepared that more than incredibly prepared of the last ten years they've done a lot of work to make sure that the system is a whole lot safer than it. Once was well, they sold the the the basic tone. I got particularly early in the conversations is they went off about ical down a list was look we've made boatloads of money. But let us tell you how we're allocating it to these different projects. I don't I don't think Republicans have Democrats really understand how big they are. How much money they've turned around over the last twelve years, and then John just a simple idea of how they granularity allocated to an apartment complex, south of JFK. Have you lifted the ban left school count from the last ten years money out of treasury money in treasuries do? All right. It's up. We always talk about socializing the losses. It was one of the greatest investments. This country's night of the last ten years. They got a lot of money back. No. We will see John Farrell in New York. I'm Tom Kean in Washington. This is Bloomberg. News.
"james diamond" Discussed on Bloomberg Radio New York
"Innovation. Soybeans and corn had been basically at or below the cost production for about four or five years. We see more bonds. This is Bloomberg markets with Rama. It's a whole suite on Bloomberg radio. Good morning. Happy Thursday coming up on again off again, we're gonna be talking about U S, China trade talks, Paul are they happening. Are they are they not? I think they're happening. Just not sure when this great meeting at mar Lago is gonna take place it might not happen allow Jinping has anything to do with that right now though, let's head over to Greg Jarrett. Bloomberg business flash, Greg. Thank you. We just got this across the Bloomberg terminal. January new home sales have fallen to six hundred seven thousand the estimate was for six hundred twenty two thousand four January. This Bloomberg business flash is sponsored by Renaissance Capital issuer of IPO ETF via research being really public companies to work for investor portfolios. To learn more visit Renaissance Capital dot com. Stocks are little changed edging into the red as a report that a meeting between President Donald Trump, Xi Jinping will most likely be pushed to April clattered investor sentiment and offset a boost from apple shares which are up close to one version James diamond, Jamie CEO of J P Morgan tells Bloomberg he does not see a recession this year. It doesn't look like it's gonna be twenty nineteen because. Wages are going up. People going back to workforce housing short supply wide, open confidence business consumer. Despite of these issues is still the upper quadrant. Report tile. There's nothing with looking at says it's going to go away the consumer still spending money some numbers weaken the role the recently. There was nothing. None. They said we should we check the markets every fifteen minutes. Trading day on Bloomberg radio. S P five hundred is a little change down to the Dow is down a tenth of a percent down twenty two the NASDAQ little change the ten year is little changed point six two percent was Texas intermediate. Crude oil is up six tenths of a percent of fifteenth sixty three a barrel. West. Let's see. Comex gold is down one point one percent at twelve ninety four to sixty an ounce. The dollar-yen is at one eleven fifty eight the euro, a dollar thirteen even the British pounds a dollar thirty to thirty to Labor Department figures indicate filings for US unemployment benefits rose to a four week high and exceeded estimates jobless claims rose to two hundred twenty nine thousand weekend at March night. That's about the economists forecast for two hundred twenty five thousand that is a Bloomberg business flash. Bloomberg markets continues with Lisa and Paul Gregg Jarrett. Thank you so much.