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Jamie, thanks so much for coming in here. We truly appreciate it. I'm thrilled. You already had a good day already. I know.
Yeah, we were on Fox and Friends earlier. And also, I know for a fact you get up at 4:30. You've already read how many papers? Five. And that's normal.
Do you write physical papers or online? Yeah, I do it online because the physical papers don't come early enough, and also they're not updated. Right.
So I used to, and literally until about a year ago, it was always physical.
So it's Wall Street Journal, Financial Times, and The Economist? No, the New York Post. I got to do it because I read most of the pictures, but New York Times, Washington Post, Wall Street Journal, Financial Times, in that order. And the Financial Times, because it covers the world. The other ones aren't very international.
Of course, we operate in 100 countries around the world, so I need to remember what's going on everywhere. Trevor Burrus, Jr.: So we just watched the Pentagon press conference together, and people concerned about the economy and where we're at right now. We have gas at $4. We have the markets around $45,000 today. I'm not sure what it's doing right now.
Are you concerned about the economy today? And what areas please you, what doesn't? Yeah.
Well, I think, look. Not really. There are some positive things taking place. I mean, you talk about the economy. There are hundreds of factors that affect it.
And gas will be one. It's a negative for the population, more for the lower-income folks than everybody else. But you still have jobs. You still have huge capital expenditures. You still have tax benefits coming to families.
So right now it looks pretty good. But the most important factor is we have huge deficits. We have these geopolitical events. How long this war goes on, those things can easily change the economy. But for now, we don't see it.
Have you felt the difference with a businessman in charge? Even if it's a businessman that makes decisions, different from a politician? Have you felt that? Yeah.
I mean, if you talk about the president, yeah, they have some very good people around them. They make decisions. They know the real world. They put some very good people in some of these jobs. Delaware Secretary of Treasury Scott Besson, excellent.
A lot of his staff is there. Did you know him ahead of time? I'm not telling you, I agree with everything they all do, but they're really capable people. I did not know Scott known. You know, what's interesting is I was listening to David Sachs, and he said, It's so interesting because we bring up the president with a problem and he wants to solve it right there.
Isn't that the way you run things, too? How do I solve this? Who do I get on the phone? How do I fix it? Who do I do?
That's not really how a politician traditionally focuses. Let's get a meeting together. Let's go go to that committee. Yeah, we do I mean we we do lots of analysis and deep dives and facts before he makes certain decisions.
So I don't actually know his decision-making process. I'm not in the room, but I do know he likes to take action. And that's a wise thing to do.
So tell me about what J.P. Morgan had to do. When I look at our government, I think it's important to have people in the government who've been in the real world. Who've had to deal with, you know, but and that's whether doctors, uh, sometimes lawyers. Uh, you can't have all economists and lifelong politicians because the real world isn't the same as the theoretical world.
And you know, how mankind operates and what regulations actually do to people, and what works and what doesn't work, and how you deal with bad people. Not everyone's good. You know, you and I were talking about how this government was formed by our founding fathers. They were brilliant, but they knew that not all men are good. They prepared for how we prepare for the fact that not all men are good.
How do we make sure that the majority doesn't cripple the minority and create a civil war type thing? Um Yeah, so I think it's good to have people of deep experience going back and forth. We used to have much more of that. You know, 30, 40 years ago, and that kind of stopped over time. Much less of it.
I want you to hear what Kathy Hoagle said recently. I thought about you, the governor of New York. I need people who are High net worth to support the generous social programs that we want to have in our state. Right.
Now, there are some patriotic millionaires who stepped up.
Okay. Cut me the checks. I mean, just if you want to be supportive, but maybe the first step should be go down to Palm Beach and see who you can bring back home because our tax base has been eroded.
So, how do you feel about that? First, she said hit the road if you don't like high taxes, and now she's saying we need you to come back. I think good politicians should realize that you need a competitive state to build and grow businesses. And you've seen, if you look at it, Texas is growing, Florida is growing. They like business.
They have incentive systems and tax systems that bring in business, and it helps all the citizens of those states. And that's the biggest mistake, that somehow punishing business is going to help lower income people. It doesn't. And you've seen people leave and people vote with their feet. It is a free country.
They have the right to do it. They're not immoral because they say, I worked hard for my money. I want to pass more of it on to my kids. And we have to be very careful to act like you're immoral because you want to do that. Do you worry about the mayor who only talks about raising taxes?
He doesn't think billionaires should exist. Yeah, no, I saw that. Yeah, look, look, the rich have done very well. And I do think it's legitimate to say that the lower income haven't done very well and that we as society should do something about that. The way to do something about that is to grow the economy, create opportunity, teach kids in high schools with certificates that give them jobs and cyber.
And that's the way you do it. Driving out business isn't the way to do it.
Sounds good.
So mayors either learn, look at the mayor of Detroit. He said, you know, they had a terrible problem, highest unemployment. And he said, anyone who can help me. You know, business, civic society, schools. And we called him up and said, We're in.
What can we do? And we worked with him. And of course, the credit goes to lots of people. He turned the city. That's how you fix a city.
And so some mayors learn how to do that and some don't.
Some are so wrapped up in their ideology, they're unable to actually figure out what works for the citizens of the place. And we're going to talk about this when we get back, but the American Dream Initiative is really all about that, isn't it, ADI, which you guys are doing. How much money are you putting in? How many programs? It's a lot.
And we didn't announce a number because we don't, you know, a lot of it's mortgages, and that goes up and down all the time, but it's mortgages, small business loans, affordable housing. One of the biggest affordable housing lenders in the country. But it's also branches where we bring people in for financial education. And then we also work with local schools. How can you get kids jobs that are high paying jobs at 18?
And that could be advanced manufacturing, aircraft, cyber. And there are tons of them that are open today, all around the country.
So to me, it's all those things, small business, affordable housing, financial education, skills, and very importantly, we call it vital institutions.
So we're one of the biggest financers of schools, states, hospitals, and cities. You know, for governments generally.
So, and that's a really important part of the infrastructure, what makes society good for people. And it's like the lower classes, you're right, and we'll talk about it in a moment. They have to deal with more crime, they have to run bad schools, and they got to deal with bad health care. And it's not right. And you guys, that's part of the reason why you're taking JP Morgan Chase, which I think is a $4.4 trillion company, and trying to help out the entire country.
That is the way you do it patriotically, in my view. Jamie Dimon is going to be with us with a few more minutes. You listen to Brian Kilmey show on a great Tuesday. Don't move. Uh Introducing Home Care Plus, a new subscription service from Lowe's that helps make life easier by giving members a hand with home maintenance.
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Subject to change. Join Fox in supporting our troops from daily needs to global emergencies. Help us be there for those who serve. Visit go.fox slash Red Cross to donate to service to the Armed Forces today. I think the housing market is important here because we see interest rates are rising.
We were talking about mortgage rates being below 6% just about a month ago.
Now they're heading in the wrong direction: 6.4% about for a 30-year fix. This is a problem for the spring housing market. Already we knew that affordability was tough, meaning prices surged during the pandemic. Interest rates surged after that. And the affordability has become a problem.
So people are now spending about 42% of a median household income on housing. Can I tell you something, gang? Five years ago, that was 28%.
So when you look at that, you say to your young people out there, don't kill yourself to buy a house. Sit still. It is not affordable right now.
Well, that's Jill Schlesinger on CBS talking about housing and the rates going slightly up. Jamie Diamond here, CEO of JPMorgan Chase. What's your reaction to that? Yeah, no, it's it's fixable. You know, we've been telling the government for years, and you know you and I spoke about rules and regulations.
The excessive rules around mortgages, if anyone signed a mortgage recently, like the signatures, the papers, the documents, the security, increased the cost of that mortgage probably by 30 or 40 basis points. And we've spoken to the government about we should fix that. The other thing is affordable housing is much more expensive than it should be because of usually local zoning. They make it a jobs program. You have to use unions.
You can't have a second floor. And so affordable housing, like in California, is literally 50% more than it would be in Nevada. Because of their rules. And so people, they give lip service to affordable housing, but then they don't fix it. And so there are a lot of things to do to fix these problems.
And growing the economy, you have already mentioned to me, we have to have growth strategies. That would get more income into people's hands. They'd be able to afford more. And it would also, if you have more productivity, it's actually deflationary. Good growth can be a little deflationary because you're adding productivity.
Understood. And with the housing market, J-PAL says I'm going to stay pat when it comes to interest rates. Was that a good move? Yeah.
I don't think they really have a choice right now. Remember, the Fed has to look at data, and the data right now says that inflation is still running at 3 percent. It would be a little peculiar if they cut it right now. But if we continue to grow and gas prices come down eventually, they make very well cut rates. Do you think there's something you learned from the Strait of Hermuz being such a factor now with global energy prices that we change?
For example, Saudi Arabia has redirected some of that oil through the Red Sea. We know there's a pipeline there that allows them some flexibility. Would you hope we address this? Yeah, well, hindsight is a wonderful thing. There are a lot of things that we should have done differently around security, resiliency, energy.
Europe is hugely reliant on liquid natural gas from the U.S. And from Qatar. And so, in hindsight, they built one pipeline that goes to the Red Sea, carries 7 million barrels, but you could have built a lot more.
So that you're not reliant on the straits of Hormuz, but it's too late to do that right now.
So that would take years and years to do. You know, there's a lesson is that these people have been threatening the world for a long time. And I shouldn't say threatened, because when I hear that word threat, it's like they didn't do anything. No, they actually killed and murdered people all around the world, including Americans.
So on October 7th, when Hamas went into Israel, a lot of Americans died that day. And you know, of course the Houthis, the Hezbollah, Hamas. They've been fostering terrorism. They've tried here several times. The world should have done something about them.
We just found and look I don't know what the military knows, what the government knows, but we just found out they had a ballistic missile go 3,000 miles. That's every capital in Europe. Exactly. If they had a nuclear weapon, now it's not just the Strait of Hormuz anymore. And these are killers.
These are not people who just want to protect themselves. And they're fanatics. But Jamie Denmark, when we were in nuclear talks, there was a big pushback even from even from the IRGC saying, well, they're looking to get a nuclear energy program, not a nuclear weapons program. And then we find out they were at 60% in Richmond, and they have 640 kilograms of it that could make 11 bombs. And that was their own words.
So everything that we suspected ended up being true, if not worse. Everyone knew they were liars. But again, I still think the government probably knows more than we know right now. And one day we'll probably find out.
So I'm not an expert in nuclear proliferation. I do know if you had nuclear proliferation, that's probably the worst thing that could happen to mankind. If they actually had a nuclear weapon over time, so would Saudi Arabia, UAE, Egypt, a bunch of other countries. Eventually, South Korea, Japan, Philippines, Vietnam. And if you actually have that kind of proliferation, mankind will be in tough shape.
All right, Jamie, I do want for people that are just tuning in right now, one of the reasons you're here today is that you have this initiative going forward, the American Dream Initiative, to expand local and economic opportunity. Because right now, our numbers that we have, that only 32 percent of the people listening to us right now, Americans, even though we're heard internationally, 32 percent of Americans believe in the American dream. You want to change that. Yeah.
Well, first of all, they should step back and look at this unbelievable country of ours where if we open up our borders, billions of people are coming and want to be American. But we should also acknowledge our flaws. It has been framed for the lower income, mostly for the lower income third in our country. Their schools aren't good enough. They're not getting jobs.
And we should do something about it. This has happened, by the way, over 40, 50 years. Even after the war and poverty started, it didn't really work. We have to acknowledge that and do something about it. And this is our part.
So we're going to do more mortgages, more education. We have 25% of our branches in lower income neighborhoods. We bring the people in to teach them. We've got a community manager who walks around, gets to know the businesses and the religious institutions. We're going to go from we bank 7 million small business to 10.
We're adding 1,000 new bankers. And we're doing it quite locally.
So the first place I forgot when I'm going down is Alabama. We started opening branch in Alabama. I visited L3, you know, making the the Thad missile down there.
So we do things for schools, financial education, skills. Why Alabama the greatest need? Yeah, we looked at what can we do and it's new to us, so we always learn we do something.
So we learned from Detroit. Go in in a very comprehensive way, deal with the governor and the mayor, look what their needs are. The needs are always different locally. It's a bad idea for a big company to say, this is what we do and this is how we're going to do it. You know, in certain parts of the country, they need other things.
And so if you go to Alabama, there's some cities doing great. There's some cities not doing great. And the lesson is have the policies that make it great. And a lot of it's around education. The one thing we understand, my daughter's a teacher, fifth grade.
And the one thing that happens is in lower class, working class areas, they pay teachers by the property taxes. And the property taxes, if you don't live in a working class area, your property taxes or the revenue is not high.
So therefore, the teachers get paid less. The schools don't have as great accommodations. Yeah, sometimes states come in and help out, but for the most part, not only are you probably your parents making less money. But you also have the work against you. Your teachers aren't getting paid.
Logically, you would think the higher paid teachers go to the places so that we get more money. That's the American way.
So you see all this happening. This is stacking the deck against people who already have the deck stacked against them, not making it impossible, but you're just trying to level out the playing field absolutely. I mean, it's a shame. And I agree with you. Real estate tax was part of that.
How we pay teachers is part of that. All these policies we put in place didn't work for a lot of people.
So I tell a lot of my friends, you don't worry about your schools. You don't worry about crime. You don't worry about your kids. There's none of that. But you go to an inner city or certain rural areas.
They have more crime, less jobs, worse education, somewhat because of real estate taxes. And we, all of us, government and but I think business too, should take part of responsibility and say, how can we fix it? We do it mostly commercially. Most of what we do, we try to make money in those cities, but we bring knowledge and loans and business, and we have small business consultants.
So if you ever want to start a small business, they help you. Where do you locate a restaurant? What's the best place to do it? How do you sign a lease? How do you get a contract with the Federal Government?
Where would they find you? In a branch. There are 5,000 branches around the country. We are in all 48 states now. And they would walk in and just say, tell me about this, tell me about the American Dream Initiative.
Yes. And they just ask for it. They can ask for it. They can open an account. We run mortgage seminars or investment seminars.
And it's all on the web.
So you can go look at JPMorgan Chase and see what we can do and how we can do it. And look, we want to be a great corporate citizen. We want to build J.P. Morgan. We want to build America.
We're all quite patriotic. This is part of what we think is our job. It was always the job of a bank. It's the finance society to grow and expand and help business. And the other thing people should, your listeners should know is that capital formation is what drives productivity and growth and jobs.
When someone builds a plant somewhere, like they're building this plant, which we helped them do in Detroit, a big new car plant, like the first one in 30 years or something, there's going to be 5,000 jobs in the plant. There are going to be 25,000 jobs outside of the plant supporting the plant. You know, from people taking... Restaurants and barbers, but also consultants and electrical and plumbing and all these things you need to have society. But those 5,000 jobs drive a lot of jobs in Detroit.
Don't you think a lot of these mayors don't seem to understand that? The mayor of Chicago, the mayor of New York City, the mayor of Los Angeles, I don't think they fully understand that. My experience with mayors is a lot of them didn't have, run these big bureaucracies and they got the job. And now all of a sudden they're in this job and they have ideas and they solve themselves and they're good politicians.
Now you got to run a job with the bureaucracy. And good people learn, whether you're a Democrat or Republican, that it's going to be about the schools. the crime, the hospitals, the subways. Getting local business to want to stay there, that's the job. It's not ideology.
And so some learn and some don't. And sometimes I'm surprised that they don't, because you think they should.
Sometimes I'm surprised that they do, because you think they wouldn't. But if they're blinded by ideology, it'll almost always fail. And I know, Jamie, you got to go. But our last question is you in the big picture. You're not ready to retire.
I know that for a fact. You've said it many times. But at one point, you always into challenges. If the right opportunity came to serve in government, Would you ever have you thought about running for president? The field is literally wide open on both sides.
Look, obviously, it's been mentioned to me a lot. I think it's kind of, when you, I love what I do. And remember, I love that. It's quixotic to run for president. I'm also very patriotic.
I'm not a quicksotic kind of guy. Yeah, but I'm not a quicksotic kind of guy. I think from this perch, I could do a lot of stuff to help my country and everyone here and stuff like that.
So the answer is no. I'm not really thinking about doing that. And I applaud the people who do it, but it is hard. Would you be a Democrat or Republican? I don't know.
I'm I would not be an ideologue of any sort. Understood. Jamie Diamond, thanks so much, and thanks for what you're doing. The American Dream Initiative is now out there. Find your local branch, find out more about it, and see how you can maybe have some resources for the first time in your life to make your life better than whatever it is right now.
Jamie, thanks so much for the quality time. Brian, great day with you. Thank you. Absolutely. This is Ainslie Earhart.
Thank you for joining me for the 52-episode podcast series, The Life of Jesus. A listening experience that will provide hope, comfort, and understanding of the greatest story ever told. Listen and follow now at FoxNewsPodcasts.com or wherever you listen to podcasts.
