WEBVTT - JPMorgan's Dimon Talks Iran War, Inflation, Credit Cycles 

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>All Right, folks, we've got another great voice to talk

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<v Speaker 2>about the environment, the macro we're talking about Jamie Diamond. He's,

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<v Speaker 2>of course, the CEO of JP Morgan Chase, and he

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<v Speaker 2>is there in Miami at the JP Morgan Global Leverage

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<v Speaker 2>Finance Conference with our only Sobramowitz, one of the co

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<v Speaker 2>hosts of Bloomberg TV's Surveillance Lisa take it away.

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<v Speaker 3>Thank you so much, Carol. I am here with somebody

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<v Speaker 3>who does not need an.

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<v Speaker 4>Introduction, Jamie Diamond, who is the CEO and chairman of

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<v Speaker 4>JP Morgan. It's a really interesting day to have this.

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<v Speaker 4>First of all, huge turnout, but the focus, at least

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<v Speaker 4>in the news world is very much in the geopolitics.

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<v Speaker 4>And I'm wondering from your perspective, we've talked about geopolitics

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<v Speaker 4>for a long time.

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<v Speaker 3>Are you surprised that the market has been so sanguine to.

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<v Speaker 4>Any kind of response or any kind of geopolitical disruption?

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<v Speaker 1>Ugga Hi, Lisa Hi, Bloomberg Not really so.

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<v Speaker 5>One of our brilliant folks report years ago Mike Sembolos

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<v Speaker 5>that you look at all these wars around the world

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<v Speaker 5>since World War two, the market reacts, but it never

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<v Speaker 5>had a real long term effect other than the Israeli

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<v Speaker 5>conflict with the oil prize of triples that went out

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<v Speaker 5>for an extended period of time in nineteen seventy three.

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<v Speaker 1>So the world kind of tastes is dried. But geopolitics

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<v Speaker 1>is a major issue.

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<v Speaker 5>It's much more complex today than has been since World

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<v Speaker 5>War Two. I'm talking about Ukraine, Russia, Iran to what

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<v Speaker 5>Korea are related with China, and that could have an effect,

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<v Speaker 5>but it may not. So these things may diminish over time.

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<v Speaker 5>You know, this war with Iran, you know, if it

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<v Speaker 5>is short and oil goes to eighty or ninety or

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<v Speaker 5>one hundred, but it's a short time, not prolonged, it

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<v Speaker 5>probably won't have a major effect.

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<v Speaker 1>If it becomes prolonged, then all bets up the table.

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<v Speaker 4>How offside would this market be if there were truly

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<v Speaker 4>a speculationary shock Given the fact that there seems to

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<v Speaker 4>be comfort with the idea of disinflation right now, well.

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<v Speaker 1>I think that's true, but I think that was true

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<v Speaker 1>before this war.

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<v Speaker 5>So if you look at you know, my view is

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<v Speaker 5>the price as the price going a high, credit as

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<v Speaker 5>are kind of low there's kind of a lot of

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<v Speaker 5>complacence in the market.

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<v Speaker 1>I'm not sure.

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<v Speaker 5>You know, we look at risk, we look at the

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<v Speaker 5>broad range of outcomes, and there are negative outcomes, but

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<v Speaker 5>one of them would be you.

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<v Speaker 1>Know, inflation. I called that's the skunk at the party.

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<v Speaker 5>So it's been coming down, but it seems to maybe

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<v Speaker 5>leveled off around three percent.

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<v Speaker 1>If things make it go up. And this is only

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<v Speaker 1>one thing.

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<v Speaker 5>You know, you can look at medical prices, construction prices,

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<v Speaker 5>insurance prices, wages for certain things, other things.

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<v Speaker 1>You know, inflation is a big thing. It's not just oil.

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<v Speaker 5>So you know, we'll say right now, this will add

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<v Speaker 5>a little bit, literally a teeny bit to inflation, not

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<v Speaker 5>a lot.

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<v Speaker 1>You know.

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<v Speaker 4>I was surprised because things were kind of gloomy coming intoday,

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<v Speaker 4>and the mood here is not that. Actually, there's a

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<v Speaker 4>lot of optimism. There are a lot of different companies

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<v Speaker 4>that are building things and investing things. I mean, how

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<v Speaker 4>vulnerable really is the US economy right now to some

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<v Speaker 4>sort of geopolitical shock.

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<v Speaker 1>Well it may not be geopolitical. It may be the

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<v Speaker 1>companies start to lay.

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<v Speaker 5>People off, and so I loo, look, the most important

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<v Speaker 5>thing in the world is geopolitical what happens to the free,

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<v Speaker 5>western democratic world which has kind of been under attacked

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<v Speaker 5>by Russia and Ukraine, by Ran in the Middle East,

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<v Speaker 5>you know a little bit by China and wants to

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<v Speaker 5>you know, divide and conquer.

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<v Speaker 1>The Western world.

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<v Speaker 5>And you know, both militarily and economically. You know, you

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<v Speaker 5>have all their neighbors that rearming because of their action

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<v Speaker 5>is not going to anyone else. So those are the

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<v Speaker 5>most important things. I'd add global deficits are so large,

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<v Speaker 5>but those are those are like I call it like

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<v Speaker 5>large movie tectonic plates that may or may not affect

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<v Speaker 5>the economy the short run.

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<v Speaker 1>They may be determintive in the longer run.

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<v Speaker 5>And some of these things when you talk about war,

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<v Speaker 5>you know Vietnam, you know, did it affect the economy

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<v Speaker 5>in the very short run? No, it had a twenty

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<v Speaker 5>year effect after that.

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<v Speaker 1>So you got to look at these.

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<v Speaker 5>Things as they're moving plates that it can take five

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<v Speaker 5>years to have an effect for the effectually real. Right now,

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<v Speaker 5>the economy is doing fine. Hash that prices are high,

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<v Speaker 5>people are assuming things go on. I mean, no Wan

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<v Speaker 5>you talk to has any idea the credits breads can

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<v Speaker 5>gap bat a lot and they could just because of

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<v Speaker 5>a sentiment. And so so I think there's a little

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<v Speaker 5>bit of a little more exuberant than I think there

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<v Speaker 5>should be. But we've had years of it, and you know,

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<v Speaker 5>the one big beautiful bill adds to uh, you know,

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<v Speaker 5>as to growth this year, bank deregulation, other deregulation, as

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<v Speaker 5>to growth and animal spirits.

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<v Speaker 1>Uh.

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<v Speaker 5>So we'll see. But but you pointed out I think,

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<v Speaker 5>you know, the skunk would be inflation. So we've got

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<v Speaker 5>to be keep riding down. We're closer.

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<v Speaker 3>Yeah.

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<v Speaker 4>Well, and this actually speaks to something that people are wondering,

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<v Speaker 4>which is what's going to potentially crash the party before

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<v Speaker 4>we get into credit More significantly, I know that JP

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<v Speaker 4>Morgan has been expanding significantly in the Middle East, particularly

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<v Speaker 4>in Riod and Jubai. If you take a longer term view,

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<v Speaker 4>does any of what we're seeing now have the potential

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<v Speaker 4>to shape that effort to expand either in the positive

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<v Speaker 4>direction or potentially to withdraw in the effort.

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<v Speaker 5>Either way, I look at it creates more risk, it

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<v Speaker 5>creates more chance of a positive outcome. So all those

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<v Speaker 5>nations been margernizing, educating their people, you know, adopting more

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<v Speaker 5>and more Western methods why and open up their markets

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<v Speaker 5>bringing foreign direct investment, investor oversease. That won't change in fact,

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<v Speaker 5>and Tom Freeman wrote about this in his paper Hey

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<v Speaker 5>that this creates a bigger opportunity for long and just

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<v Speaker 5>peace in the Middle East and and written large not

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<v Speaker 5>just Iran in this war, but you know that Saudi Arabia,

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<v Speaker 5>UAE some path to uh statehood for the Palestinians and

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<v Speaker 5>guys in palestinniing that's gonna be up to you know them. Uh,

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<v Speaker 5>you know, there are there reasons to be optimistic. This

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<v Speaker 5>opens the door for that, you know. And there are

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<v Speaker 5>a lot of naysayers. I understand that if things go south,

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<v Speaker 5>they're can say I told you so. But this does

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<v Speaker 5>open up the door for that. So hopefully we're wise

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<v Speaker 5>enough to help move in that direction. And I and

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<v Speaker 5>I and if you watch closes, it's been on in

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<v Speaker 5>the Middle East, Saudi Arabia, Yuee, Qatar, Kuwait, they all

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<v Speaker 5>want peace and they all know that like really growing

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<v Speaker 5>and having a great economies rely on that. You want

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<v Speaker 5>to get more foreign direct investment, you need peace and

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<v Speaker 5>things like war reduced the chance for people don't want

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<v Speaker 5>to put you know, real investment in the ground, so uh,

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<v Speaker 5>you know, and then and then they even set up

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<v Speaker 5>a shadow government for the Palestinian Authority with Palestinians but profetationals, lawyers, doctors,

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<v Speaker 5>business people to create maybe a governing structure that can

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<v Speaker 5>actually uncorruptly govern palast Indians and create peace on the

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<v Speaker 5>ground there. And you know, have Israel impossed. I'm working

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<v Speaker 5>a long term course, but of course to uh, you know,

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<v Speaker 5>peace side by side of a statehood. So we'll see,

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<v Speaker 5>I mean, look on that one. I want to be optimistic,

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<v Speaker 5>even though it's been terrible now for a long time.

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<v Speaker 3>You were talking about credit.

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<v Speaker 4>I do want to return to it and what potentially

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<v Speaker 4>caused the credit cycle to crack. Even if we don't

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<v Speaker 4>know the catalyst, do you have a sense of what

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<v Speaker 4>this credit cycle is going to look like, if it's

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<v Speaker 4>going to be a kin to something that we've seen

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<v Speaker 4>in the past, or if it's going to have a

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<v Speaker 4>new kind of dynamic.

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<v Speaker 5>Yeah, so it's some things rhyme and something's never changed. Okay,

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<v Speaker 5>there will be a credit cycle. It's usually caused by

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<v Speaker 5>a recession. The type of recession determines the nature and

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<v Speaker 5>so stagflation is very different than just a recession. Obviously,

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<v Speaker 5>the depth of the recession and a credit cycle is

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<v Speaker 5>a normal cycle. One of the things that's always different

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<v Speaker 5>is which industries get really badly hurt. You may remember

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<v Speaker 5>in two thousand it was telecommon utilities, you know, the

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<v Speaker 5>mostocks they pay dividends. In eight there's warm Buffett stocks,

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<v Speaker 5>media stocks.

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<v Speaker 4>You know.

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<v Speaker 5>This time maybe is software, maybe it's not, but somebody's

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<v Speaker 5>moving that changes the type of credit. I do think

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<v Speaker 5>it'll be things that cause the recession. Could be geopolitics.

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<v Speaker 5>It could just be you know, people are pulling back

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<v Speaker 5>and they're spending and companies are laying off or they

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<v Speaker 5>can't pass on prices or something like that. But I

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<v Speaker 5>do think when we have that cycle, it'll be worse

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<v Speaker 5>than people expect. We're late in the cycle. There are

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<v Speaker 5>a lot of late new entrants. There's some people out

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<v Speaker 5>there aren't doing great credit because we see the other

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<v Speaker 5>side of it. And I'm not talking about private credit,

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<v Speaker 5>talking about credit in general. That could be insurance companies,

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<v Speaker 5>it could be private credit.

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<v Speaker 1>It could be banks.

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<v Speaker 5>We see some banks doing things that you know, we

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<v Speaker 5>probably wouldn't do, so so there would be and the

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<v Speaker 5>other think about credit, there's always if you look at

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<v Speaker 5>the outcomes, there's always the people did it well. They

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<v Speaker 5>still have a cycle and the people did it really badly.

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<v Speaker 5>So you know that's not gonna surprise me when we

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<v Speaker 5>find out who the who's will be naked when the

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<v Speaker 5>tide goes out there.

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<v Speaker 3>You don't think, you don't think the product credit stan

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<v Speaker 3>at the center.

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<v Speaker 5>No, because private credit, I mean, give you big numbers,

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<v Speaker 5>corporate debt and generals in pretty good shape, consumer debt

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<v Speaker 5>and gel pretty good shape. And you take private credit

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<v Speaker 5>leverage lending one point seven trillion banks to one point

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<v Speaker 5>seven trillion, the high markets one point seven trillion, I

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<v Speaker 5>wouldn't put that in this systemic category, even if it

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<v Speaker 5>gets worse than people expect.

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<v Speaker 4>So do you think given the fact that JP Morgan

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<v Speaker 4>is lending significantly as well. I'm just wondering how you

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<v Speaker 4>sort of guard against a credit cycle that you think

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<v Speaker 4>is gonna be worse than people expect at the same

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<v Speaker 4>time that there are opportunities, there's a growing economy.

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<v Speaker 3>I mean, do you have to keep more cash? Do

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<v Speaker 3>you have to be more conservative?

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<v Speaker 5>So we always run the riskmagement we do is we

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<v Speaker 5>always run the company looking at a range of outcomes

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<v Speaker 5>and so we can handle it easily, so we can

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<v Speaker 5>continue to serve our clients, Like there are three thousand

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<v Speaker 5>clients here investor clients, two hundred and fifty corporate clients.

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<v Speaker 5>So whatever the environment is, we're gonna be a good

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<v Speaker 5>serving you properly.

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<v Speaker 1>I don't have to worry about that.

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<v Speaker 5>And we're going to invest in our future, whether technology

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<v Speaker 5>and new branches and new countries.

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<v Speaker 1>So we always run it that way.

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<v Speaker 5>Look at our margins and things like that. Now, of

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<v Speaker 5>course we manage credit. You know, some of the cush

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<v Speaker 5>is managed because you know, people want alone.

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<v Speaker 1>They come to us.

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<v Speaker 5>We are for access into something more aggressive, and we lose,

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<v Speaker 5>and we're totally fine with that. We've seen a bunch

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<v Speaker 5>of that. The lever side. Sometimes we tighten our standards.

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<v Speaker 5>You know, we want more covenance, we want more collateral.

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<v Speaker 5>We are doing less subprime. You know, we trim ourselves

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<v Speaker 5>in credit card for example, where you have lessons learned,

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<v Speaker 5>and once the lessons learned, you make a bunch of

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<v Speaker 5>change underrine.

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<v Speaker 1>But we've always been pretty good at underlying credit.

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<v Speaker 5>So when there's a cycle, let's get to run through

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<v Speaker 5>our books too, and I'm but we're adults.

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<v Speaker 1>You'll reduce our results. We'll still be fine.

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<v Speaker 3>We talk about some of the technologies in order to

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<v Speaker 3>serve clients.

0:09:44.800 --> 0:09:47.800
<v Speaker 4>Artificial intelligence a huge focus, and there's been some pushback

0:09:47.840 --> 0:09:50.880
<v Speaker 4>by Japing Morgan investors about the amount that japing market

0:09:50.920 --> 0:09:51.520
<v Speaker 4>is investing.

0:09:52.559 --> 0:09:54.320
<v Speaker 3>How are you looking at?

0:09:54.480 --> 0:09:56.560
<v Speaker 4>What areas you think Japing Morgant's going to win as

0:09:56.559 --> 0:09:57.240
<v Speaker 4>a result of AI?

0:09:57.400 --> 0:09:58.640
<v Speaker 3>And what gives you confidence?

0:09:58.920 --> 0:10:01.560
<v Speaker 5>So everything we do whenever we meet, if you were

0:10:01.640 --> 0:10:04.480
<v Speaker 5>running a business at Chay Morgan at that level, credit card, auto,

0:10:05.040 --> 0:10:07.400
<v Speaker 5>you know, mortgage sales and trained, we always say what

0:10:07.440 --> 0:10:09.600
<v Speaker 5>are you doing to grow your business? And that could

0:10:09.600 --> 0:10:12.840
<v Speaker 5>be adding great salespeople, if you're any countries. Very often

0:10:12.960 --> 0:10:16.679
<v Speaker 5>it's any technology. It's very formative technology. It's just building

0:10:17.000 --> 0:10:19.760
<v Speaker 5>something that's a digital account or an API that are

0:10:19.760 --> 0:10:22.600
<v Speaker 5>customer wants. You know AI and more and more it's AI.

0:10:22.960 --> 0:10:26.880
<v Speaker 5>So we use AI for risk, fraud, marketing, underwriting, no taking.

0:10:26.920 --> 0:10:31.680
<v Speaker 5>I did generation error reporting reducing errors and it's you know,

0:10:31.720 --> 0:10:33.679
<v Speaker 5>and there are six hound of use cases. Fifty I'd

0:10:33.679 --> 0:10:36.080
<v Speaker 5>put in the important category and that's part of what

0:10:36.120 --> 0:10:38.760
<v Speaker 5>you do is no different than the past and we

0:10:38.800 --> 0:10:40.200
<v Speaker 5>could do if we can use it to do something

0:10:40.200 --> 0:10:42.960
<v Speaker 5>better fast, to clip a cheaper, to hire staff from

0:10:42.960 --> 0:10:43.439
<v Speaker 5>the customer.

0:10:43.520 --> 0:10:44.280
<v Speaker 1>We are going to do it.

0:10:44.600 --> 0:10:46.800
<v Speaker 5>And so AI is the new front of you know,

0:10:47.160 --> 0:10:49.839
<v Speaker 5>wonderful stuff company. And I think for society, you got

0:10:49.880 --> 0:10:51.760
<v Speaker 5>to remember people talking about the negatives.

0:10:51.920 --> 0:10:53.480
<v Speaker 1>You know, my guess is I really do mean.

0:10:53.400 --> 0:10:56.120
<v Speaker 5>It, Like maybe in thirty or forty years, your kids,

0:10:56.200 --> 0:10:58.800
<v Speaker 5>you have two kids, right, are gonna be working four hours,

0:10:58.800 --> 0:11:01.000
<v Speaker 5>four days a week, maybe three and a half days

0:11:01.040 --> 0:11:02.079
<v Speaker 5>a week, living two one.

0:11:02.080 --> 0:11:02.800
<v Speaker 1>Hundred and twenty.

0:11:03.040 --> 0:11:05.000
<v Speaker 5>A lot of cancers will be cured, a lot of

0:11:05.000 --> 0:11:07.760
<v Speaker 5>diseases will be cured, food will be safer, cars will

0:11:07.800 --> 0:11:08.280
<v Speaker 5>be safer.

0:11:08.640 --> 0:11:10.160
<v Speaker 1>It will be a wonderful thing.

0:11:10.480 --> 0:11:13.200
<v Speaker 5>The risk that people are focused on today is that

0:11:13.240 --> 0:11:16.720
<v Speaker 5>somehow it just it gets deployed so fast that people

0:11:16.720 --> 0:11:18.360
<v Speaker 5>don't have time to adjust to it. There are too

0:11:18.360 --> 0:11:20.960
<v Speaker 5>many layoffs, and I think that's legitimate. So companies should

0:11:20.960 --> 0:11:22.840
<v Speaker 5>be thinking about how they canna handle that. And you know,

0:11:22.880 --> 0:11:25.360
<v Speaker 5>I've suggested I may write about this that the government

0:11:25.360 --> 0:11:27.760
<v Speaker 5>should start thinking about how can we help get the

0:11:27.800 --> 0:11:30.480
<v Speaker 5>benefits of the eye and diminish the negatives, And that

0:11:30.520 --> 0:11:35.200
<v Speaker 5>would basically be retraining, relocation, how you use your high schools,

0:11:35.200 --> 0:11:37.840
<v Speaker 5>your colleges, your community colleges. You know, to rescale. But

0:11:38.000 --> 0:11:40.840
<v Speaker 5>even people are forty to fifty and it's all doable

0:11:41.080 --> 0:11:42.280
<v Speaker 5>if we think about how we're going.

0:11:42.240 --> 0:11:42.880
<v Speaker 1>To prepare for it.

0:11:43.000 --> 0:11:44.120
<v Speaker 3>Well, do you think that there is going to be

0:11:44.120 --> 0:11:45.600
<v Speaker 3>a smaller workforce for each sector?

0:11:45.640 --> 0:11:48.160
<v Speaker 4>I mean for the banking sector for example, If you

0:11:48.160 --> 0:11:50.360
<v Speaker 4>can consolidate a lot of market share and you can

0:11:50.480 --> 0:11:54.720
<v Speaker 4>analyze things much more efficiently, maybe your overall workforce doesn't shrink,

0:11:54.880 --> 0:11:57.160
<v Speaker 4>but your overall book of business expands dramatically.

0:11:57.200 --> 0:11:59.000
<v Speaker 3>I mean, how do you how do you see that?

0:11:59.120 --> 0:12:00.839
<v Speaker 5>I think there will event should be some shrinkers in

0:12:00.880 --> 0:12:03.520
<v Speaker 5>the workforce, and I think if you're ahead, you have

0:12:03.600 --> 0:12:08.719
<v Speaker 5>a temporary benefit. Remember the competitive capitalist world, people will

0:12:08.760 --> 0:12:11.760
<v Speaker 5>catch up, and even smaller banks so we support ourselves,

0:12:11.880 --> 0:12:15.160
<v Speaker 5>will get the same services directly from Claude or from

0:12:15.480 --> 0:12:17.280
<v Speaker 5>you know, or from FIS.

0:12:17.080 --> 0:12:17.520
<v Speaker 1>Or something like that.

0:12:17.559 --> 0:12:20.000
<v Speaker 5>So it isn't like you're gonna have a perman's advantage.

0:12:20.400 --> 0:12:22.680
<v Speaker 5>You have temporary advantages, and if you can stay ahead

0:12:22.720 --> 0:12:24.719
<v Speaker 5>temperar you have an advantage. But I don't I don't

0:12:24.760 --> 0:12:26.800
<v Speaker 5>think you can have a winner take all thing. Uh,

0:12:26.880 --> 0:12:29.120
<v Speaker 5>the world is really competitive, and then look at it

0:12:29.120 --> 0:12:31.760
<v Speaker 5>also opens up, you know, in a good way competition,

0:12:31.880 --> 0:12:34.240
<v Speaker 5>so fintech. So we now have all the big bank

0:12:34.320 --> 0:12:37.640
<v Speaker 5>regular competition, but we also have hundreds of fintech companies

0:12:37.800 --> 0:12:42.120
<v Speaker 5>who're using new technologies to sometimes take just a little

0:12:42.120 --> 0:12:44.920
<v Speaker 5>sleeve of business and then expand it and uh, you know,

0:12:45.000 --> 0:12:46.480
<v Speaker 5>and it could be data, it could be trust, it

0:12:46.520 --> 0:12:50.120
<v Speaker 5>could be rent payments, it could be course border payments,

0:12:50.120 --> 0:12:52.640
<v Speaker 5>it could be anything like that. So and I appreciate that,

0:12:52.679 --> 0:12:54.280
<v Speaker 5>but we have to some of that money is to

0:12:54.840 --> 0:12:55.679
<v Speaker 5>is very specific.

0:12:55.720 --> 0:12:56.760
<v Speaker 1>We need to do that too.

0:12:57.880 --> 0:13:01.040
<v Speaker 3>Jamie Diamond appreciates stable coin. No, thank you, I'll take

0:13:01.080 --> 0:13:01.360
<v Speaker 3>you back.

0:13:01.520 --> 0:13:04.120
<v Speaker 5>No, we have no promise to you before you Okay,

0:13:04.400 --> 0:13:06.679
<v Speaker 5>but there is a proption properly regulated.

0:13:06.760 --> 0:13:06.960
<v Speaker 1>Yeah.

0:13:07.080 --> 0:13:09.679
<v Speaker 4>Yeah, going forward though, do you find a reluctance buy

0:13:09.760 --> 0:13:13.560
<v Speaker 4>some employees to adopt to artificial intelligence because they're worried

0:13:13.600 --> 0:13:14.839
<v Speaker 4>about losing their jobs?

0:13:14.840 --> 0:13:15.319
<v Speaker 1>Not really.

0:13:15.920 --> 0:13:17.640
<v Speaker 5>Yeah, we have this so we use like I said,

0:13:17.640 --> 0:13:19.480
<v Speaker 5>we're six or use case if we do it everywhere.

0:13:19.559 --> 0:13:23.000
<v Speaker 5>But we have on our phone at LM Suite and

0:13:23.080 --> 0:13:25.600
<v Speaker 5>we have like twelve or thirteen or fourteen products that

0:13:25.720 --> 0:13:28.360
<v Speaker 5>you can use to review your own documents, to write,

0:13:28.600 --> 0:13:31.880
<v Speaker 5>to summarize research, to if you want to ask the

0:13:31.960 --> 0:13:34.520
<v Speaker 5>lawyers want to ask how many legal documents of fifty

0:13:34.559 --> 0:13:35.920
<v Speaker 5>do dogs have these things in it?

0:13:35.960 --> 0:13:37.880
<v Speaker 1>And could review that and play that in minutes and.

0:13:39.320 --> 0:13:41.600
<v Speaker 5>One hundred and eighty or one hundred and sixty thousand

0:13:41.600 --> 0:13:45.800
<v Speaker 5>people use it a week, so it's adopted. They say

0:13:45.800 --> 0:13:48.160
<v Speaker 5>they're saving four hours a week on it. Now, we

0:13:48.160 --> 0:13:50.360
<v Speaker 5>don't include that in how we look at productivity because

0:13:50.480 --> 0:13:53.440
<v Speaker 5>we don't really see their productivity. They're using it for research,

0:13:53.760 --> 0:13:56.040
<v Speaker 5>no taking, They're going to go see a client, what

0:13:56.160 --> 0:13:59.959
<v Speaker 5>might the client be interested in? And those use case

0:14:00.800 --> 0:14:03.600
<v Speaker 5>that those twelve products are being every week, they're adding

0:14:03.640 --> 0:14:05.960
<v Speaker 5>like new products, you know, to do different types of

0:14:05.960 --> 0:14:07.520
<v Speaker 5>things for our for our own employees.

0:14:07.720 --> 0:14:09.640
<v Speaker 4>So the mood music so far this year has been

0:14:10.000 --> 0:14:12.160
<v Speaker 4>kind of negative around the economy and sort of the

0:14:12.200 --> 0:14:14.920
<v Speaker 4>worries about credit in particular over the past couple of

0:14:14.920 --> 0:14:17.360
<v Speaker 4>weeks in particular, you don't sound that negative.

0:14:18.360 --> 0:14:18.560
<v Speaker 1>Look.

0:14:18.600 --> 0:14:21.800
<v Speaker 5>I yeah, I look at the system out there. I

0:14:21.880 --> 0:14:26.000
<v Speaker 5>think they are a big geopolitical risks, sovereign debt risks.

0:14:26.400 --> 0:14:30.960
<v Speaker 5>I think inflation is not not beaten yet. I think so, Yeah,

0:14:31.160 --> 0:14:33.800
<v Speaker 5>I'm concerned about that. We've not had a cycle a

0:14:33.840 --> 0:14:36.640
<v Speaker 5>long time. I just look at it more like the probabilities.

0:14:36.760 --> 0:14:39.520
<v Speaker 5>I think the probabilities of something going south or more

0:14:39.560 --> 0:14:42.440
<v Speaker 5>than other people think, I would price more into the market.

0:14:42.520 --> 0:14:44.160
<v Speaker 1>I could, like I said, we don't run our busits

0:14:44.160 --> 0:14:45.720
<v Speaker 1>that we run a business. We can serve our client.

0:14:46.080 --> 0:14:47.560
<v Speaker 5>So but I think there's a little bit too much

0:14:47.560 --> 0:14:50.080
<v Speaker 5>exubras out there, then everything's gonna end up find I

0:14:50.160 --> 0:14:52.600
<v Speaker 5>think the odds to that not even fine or higher

0:14:52.640 --> 0:14:53.680
<v Speaker 5>than some of these other people.

0:14:54.200 --> 0:14:56.040
<v Speaker 3>Do you think the bigger risk is inflation or an

0:14:56.080 --> 0:14:56.880
<v Speaker 3>economic downturn?

0:14:57.360 --> 0:14:59.760
<v Speaker 5>Well, I think they're related. I think inflation because I

0:15:00.000 --> 0:15:03.400
<v Speaker 5>comic downturn. But if the economic downturn just couldn't be

0:15:03.520 --> 0:15:06.160
<v Speaker 5>just when you look at history, I have been through

0:15:06.840 --> 0:15:09.560
<v Speaker 5>so many past I mean I've studied, even asked AI

0:15:09.840 --> 0:15:12.000
<v Speaker 5>what happened in seventy three, what happened eighty two?

0:15:12.120 --> 0:15:12.560
<v Speaker 1>What happened?

0:15:13.000 --> 0:15:15.720
<v Speaker 5>It's a confluensive events that are hard for you and

0:15:15.760 --> 0:15:16.680
<v Speaker 5>I to see in real time.

0:15:17.160 --> 0:15:20.560
<v Speaker 1>And it's not one thing. It's usually a multitude of things.

0:15:20.920 --> 0:15:24.240
<v Speaker 4>Jamie Diamond, chairman and CEO of JP Morgan, thank you

0:15:24.320 --> 0:15:25.360
<v Speaker 4>so much for being with us,