DOWN WITH THE CHAIRMAN AND THE
CEO OF JP AND JV DIAMOND THIS
WEEK IN A FOX BUSINESS
EXCLUSIVE.
>> THE CONSUMER IS STILL STRONG,
THE RAPTURE IS IN GOOD SHAPE,
10% MORE THAN PRE-COVID AND MORE
IN THE CHECKING ACCOUNT RECOVERY
IS IN A GOOD SHAPE, THAT IS
DRIVING THE ECONOMY BUT IN
APRIL, OCTOBER AND TODAY I’LL
TELL YOU THE THINGS OUT THERE
WHICH ARE VERY UNCERTAIN I LOOK
UNCERTAINTY THERE’S ALWAYS
UNCERTAINTY EVERY DAY OF EVERY
LIVES IN TITAN BECAUSE OF
RUSSIA, UKRAINE, OIL, ENERGY,
FOOD, QUANTITATIVE TIGHTENING,
IS IT GOING TO BE ENOUGH TO
RAISE RATES TO 5% AND HAVING A
HUGE EFFECT ON SMALLER
COUNTRIES, POOR NATIONS, THOSE
RELYING ON IMPORTED OIL AND GAS
AND THOSE INSURGENCIES MAY VERY
WELL MITIGATE WITH THE
GOLDILOCKS MILD RECESSION BUT
THEY MAY NOT.
I’M STILL ON THE CAUTIOUS SIDE
OF THIS ONE.
MARIA: THIS IS MUCH MORE POSITIVE THAN OCTOBER WHEN YOU
POSITIVE THAN OCTOBER WHEN YOU
SAID ECONOMIC HURRICANE.
>> I SHOULDN’T EVER USE THE WORD
HURRICANE, WHAT I SAID WE STORM
CLOUDS MITIGATE AND PEOPLE SAID
I DIDN’T THINK IT WAS A BIG DEAL
IN THE STORM CLOUDS COULD BE
HURRICANES SO I’M SAYING THIS
STUFF COULD BE NOTHING, IT CAN
BE BAD AND WE SHOULD UNDERSTAND
I’M NOT PREDICTING ONE OR THE
OTHER I’M SAYING BE LITTLE
PREPARES UNDERPREPARED FOR BOTH
OF THEM.
MARIA: WHEN WE SPOKE A COUPLE OF
YEARS AGO YOU SAID YOU HAVE NOT
SEEN THE KIND OF PRESSURE ON
PEOPLE ON TALENT ON WAGES THAT YOU WERE SEEING IN YOUR ENTIRE
YOU WERE SEEING IN YOUR ENTIRE
CAREER, WHERE ARE WE IN TERMS OF
WAGES AND INFLATION.
HAS INFLATION PEAKED AT GPM?
SPINNAKER MEASURE WAGE INFLATION
IS GOING TO PICK THE WAY PEOPLE
EXPECTED TO DO.
YOU TAKE A STEP BACK A LITTLE
BIT LOWER PAID AMERICANS HIRE
THAN THE RATE OF INFLATION RATE
I DON’T THINK IN TOTAL THAT’S A
BAD THING, THEY HAVEN’T HAD A
PAY RAISE FOR 20 YEARS THE
FISCAL STIMULUS WAS SO LARGE AND
STILL LARGELY UNSPENT WITH A 5%
INTEREST RATES ARE ENOUGH TO
SLOW INFLATION I DON’T KNOW I’M
TALKING ABOUT ONE OF THE
UNCERTAINTIES OUT THERE IS A 5%,
MY VIEW IT MAY ENTER MARY AND
JIM MAY BE.
MARIA: THE GESTAPO INFLATION BY
RAISING INTEREST RATES, WE SEE
RATES GOING HIGHER IN ALL SORTS
OF THINGS, YOU DON’T SEE A RATE
INCREASE ON MY DEPOSIT ACCOUNT.
HOW LONG ARE YOU CAN CAPTURE THAT LOAN GROWTH AND THEY RAISE
THAT LOAN GROWTH AND THEY RAISE
INTEREST RATES HIGHER ELSEWHERE
BUT NOT RAISING THEM INTO
DEPOSIT ACCOUNTS, IS THERE ANY
REASON YOU WOULD RAISE RATES IN
YOUR DEPOSIT ACCOUNT.
>> THEY MOVED TO TRIGON AND A
HALF INTO T-BILLS, YOU HAVE A
CHOICE TO BE LOCKED INTO THE
SAVINGS ACCOUNT, I THINK YOU SEE
COMPETITION FOR A WHILE BANKS
WERE FLUSHED WITH DEPOSIT AND
NOW WAS NOT TRUE FOR EVERY BANK
YOU’RE STARTING TO SEE BANKS
RAISE RATES, I WOULD EXPECT
SOMETIME IN THE NEXT SIX MONTHS
YOU CAN SEE SAVINGS RATES GO UP
THEY MAY BE MORE COMPETITIVE
DEPOSIT.
>> TO SUPPORT THE FED SLOWING
DOWN THE PACE OF RATE HIKES AT
THIS POINT.
>> I THINK THE RATE HIKE WAS THE
FASTEST WE OVERSEEN IS OFTEN 0
SO I’M NOT SURE I’LL INCLUDE THE
FIRST 1% IN THE WORLD EXPECTS 5%
AND THUS A COMPOSITE AND THEY
SHOULD, I THINK WE WERE LITTLE
SLOW GETTING GOING I DON’T THINK
THERE’S ANY HARM DONE 3 - 6
MONTHS WHAT THE FULL EFFECT IS
AROUND THE WORLD I’M ON THE SIDE
WHERE IT MAY NOT BE ENOUGH THE
WEST NEEDS THE AMERICAS
LEADERSHIP, I ENJOYED IT.
AS EXPECTED YOU TALKED ABOUT THE
BIGOTRY ENVIRONMENT, YOU ALSO
TALKED ABOUT INCREASING MILITARY
SPENDING ANY BACK TO FOCUSING ON
ECONOMIC GROWTH, DEVELOP A
MARSHALL PLAN FOR THE ENERGY
INDUSTRY AND FOR SECURITY,
RESTRUCTURE GLOBAL TRADE, DEAL
WITH CHINA THOUGHTFULLY AND
WITHOUT FEAR.
IF I DID NOT KNOW YOU FOR SO
LONG I WOULD THINK MAYBE YOU’RE RUNNING FOR SOMETHING WITH THIS
RUNNING FOR SOMETHING WITH THIS
OP-ED, ARE YOU LOOKING TO RUN
FOR PUBLIC OFFICE?
>> I WROTE THAT BECAUSE I THINK
WE NEED ALL THOSE THINGS FOR
ANOTHER CENTURY OF AMERICAN
LEADERSHIP AND ALSO MAKE THE
POINT AMERICA HAS TO LEAD FOR
AMERICANS.
IF WE GET THESE THINGS WRONG
PARTICULARLY GROWTH AND GLOBAL
DIPLOMACY ET CETERA IT WOULD BE
BAD FOR ALL AMERICAN CITIZENS,
I’M NOT RUNNING FOR PRESIDENT I
JUST THINK WE NEED TO SUPPORT
RATIONAL AND CONFERENCING
POLICY.
MARIA: LET ME GET YOUR TAKE ON
SOME OF THE POLICY ON THIS A
ADMINISTRATION AND THAT IS ESG,
THAT IS THIS PRESSURE THAT THE
FINANCIAL SERVICES COMPANIES
HAVE BEEN PUT UNDER TO STOP
LENDING TO FOSSIL FUEL
COMPANIES, YOU WERE ASKED ABOUT
AND QUESTIONED ON IT DURING YOUR
TESTIMONY BY THE HOUSE FINANCIAL
SERVICES COMMITTEE, HERE’S WHAT
YOU SAID.
>> ENTER WITH A SUPPLE YES OR NO
DOES YOUR BANK HAVE A POLICY
AGAINST LENDING OIL AND GAS
PRODUCTS?
MR. DIAMOND?
>> ABSOLUTELY NOT THAT WOULD BE
THE ROAD TO HELL FOR AMERICA.
MARIA: WHAT DID YOU BEEN?
>> I THINK WE SHOULD DO CLIMATE
CO2, IS NOT A SIMPLE THING LIKE
STOP FINANCING THEM, I COULD
STOP FINANCING AND OIL COMPANY,
THAT ISN’T GOING TO HELP WHAT WE
NEED IS PIPELINES, PERMIT, WE
CAN’T EVEN GET THE PERMITS TO
BUILD SOLAR WE NEED A PIPELINE
TO GET GAS DOWN TO LOUISIANA SO
THEY CAN SHIP IT TO HELP OUR
ALLIES IN EUROPE, WE NEED VERY
CONFERENCE OF POLICY AND I DON’T
THINK WE HAVE NOT YET.
>> WAS THE RISK OF EXPANDING
INTO SOMETHING ELSE, DON’T LEND
TO GUN MANUFACTURERS OR
CONSERVATIVES OR MACHINE TOOL
COMPANIES THAT MAKE THINGS FOR
DRILLERS.
>> WERE GETTING THIS FROM 20 OR
30 STATES AND IT’S HARD FOR ANY
BUSINESS WHEN YOU HAVE TO DEAL
WITH DIFFERENT RULES AND
REGULATIONS AND SOME OF THESE
HAVE MAY HAVE JUMPED INTO
LEGITIMATE COMPLAINTS, CERTAINLY
NOT AS WE DEAL WITH ONE BY ONE
I’M NOT TO GET PHONETIC OVER,
YUP, LOOK AT IT AND WILL RESPOND
AND WILL DO WHAT’S RIGHT FOR OUR
COMPANY AND OUR CLIENTS IN OUR
COUNTRY.
MARIA: YOU’RE NOT CAN SHUT DOWN
LENDING TO THESE COMPANIES THAT
MAY NOT BE IN THE NARRATIVE OF
THE DEMOCRAT PARTY I’M NECKING
TO STOP ANYONE’S NEAR DEATH OF ANY PARTY WE WILL DECIDE WHAT
ANY PARTY WE WILL DECIDE WHAT
THE RISK IS IF THEY WANT TO DO