IT GAVE ME GREAT PLEASURE TO DO
IT.
NOW TO GET SOME MORE COMMENTARY
ON THIS AND ALL THE RELATED
MATTERS WE BRING IN
DISTINGUISHED SENATOR KEVIN
CRAMER OF NORTH DAKOTA.
YOU KNOW, SENATOR CRAMER, I MEAN
JAMIE IS NOT SAYING ANYTHING YOU
HAVEN’T SAID OR I HAVEN’T SAID
OR OTHERS BUT THE FACT THAT HE
SAID IT I FIND VERY INTERESTING.
HE IS A BANKER.
HE IS A BUSINESSMAN.
WE LIVE IN THE ERA OF WOKE AS
YOU AND I KNOW ALL TOO WELL
WHICH IS A PITY BUT HIS
OUTSPOKENNESS, THE WAY HE
CHARACTERIZED IT, THE WAR
METAPHOR, THAT LAST SENTENCE,
YOU KNOW, IF I PUT IT UP ON THE
FULL SCREEN AGAIN, I WILL HAVE
TO READ THIS ONE MORE TIME, THIS
IS SO DARN GOOD.
PUT THAT LAST JAMIE DIMON QUOTE
FOR ME UP ON THE FULL SCREEN SO
EVERYBODY CAN SEE THIS THING.
WE CAN DO IT.
ONE, TWO, THREE.
THIS IS THE CHANCE TO GET OUR
ACT TOGETHER TO SOLIDIFY, LISTEN
TO THIS, THIS IS WONDERFUL, THE
WESTERN, FREE, DEMOCRATIC
CAPITALIST FREE PEOPLE, FREE
MOVEMENTS, FREEDOM OF SPEECH,
FREE RELIGION FOR THE NEXT
CENTURY, PERIOD.
END QUOTE.
SENATOR CRAMER WHAT DO YOU THINK
OF THAT, SIR?
>> WELL, LARRY, I GOT AS MUCH
PLEASURE MAYBE LISTENING TO YOUR
MONOLOGUE THAN YOU DID
DELIVERING IT.
WE LOVE JAMIE DIMON HAS THE GUTS
TO SAY WHAT A LOT OF THEIR PEERS
THINK BUT HE IS NOT TRYING TO BE
PART OF THE TOO COOL KIDS CLUB.
HE IS SPEAKING TRUTH TOE POWER
BUT HOPEFULLY EMPOWERS SOME OF
HIS COLLEAGUES TO SAY THE SAME
THINGS IN THEIR CERTAIN WAYS.
SO, BUT THE TO CAP IT OFF THAT
WAY, YOU KNOW, WRAPS IT IN A
BOWL, REALLY.
EVERYTHING ELSE IS PRETTY MUCH
SPECIFIC TO VARIOUS INDUSTRIES
AND VARIOUS ISSUES.
AT THE END OF THE DAY WE’RE
TALKING ABOUT THE GREATEST
EXPERIMENT IN THE HISTORY OF THE
WORLD.
THAT IS AMERICAN EXCEPTIONALISM,
BUILT ON SELF-GOVERNANCE, AN
ECONOMIC MODEL BUILT ON
CAPITALISM.
WE SHOULD STOP APOLOGIZING FOR
IT, START CHAMPIONING IT.
THAT IS WHAT HE IS DOING.
LARRY: I LIKE YOUR POINT ABOUT
LEADERSHIP.
WE NEED LEADERSHIP FROM THE
BOARDROOM.
WE NEED LEADERSHIP FROM THE
C-SUITE.
NOT NEAR ENOUGH OF THAT AROUND.
I WILL BE HONEST WITH YOU,
EVERYBODY KNOWS MY POLITICAL
BIASES SO FORTH.
I KNOW JAMIE.
I DON’T KNOW HOW HE VOTES.
MY GUESS HE VOTES INDEPENDENTLY
ON COMMON SENSE.
THIS IS NOT A POLITICAL
STATEMENT.
HE IS MAKING A COMMON SENSE
BUSINESS AND BANKER STATEMENT AS
AMERICA’S SECURITY STATEMENT.
THAT IS THE WAY I READ THIS.
>> TOTALLY AND I WATCHED THE
INTERVIEW AND I WAS HONORED TO
BE ON THE SAME SHOW SHORTLY
AFTER IT RAN.
LARRY: OH.
>> MISSING YOU OF COURSE, I
AGREE AS I HAD LISTENED TO IT, I
THOUGHT THIS IS JUST COMMON
SENSE.
WHAT IT REALLY IS AMERICAN
EXCEPTIONALISM IN AUDIBLE FORM
AND NOBODY NEEDS TO APOLOGIZE
FOR IT.
HE JUST DOES A VERY GOOD -- BY
THE WAY NOT THE FIRST TIME.
AS YOU NOTICED COUPLE WEEKS AGO
IT WAS HIS TESTIMONY IN RESPONSE
TO A QUESTION BY DEMOCRAT ON THE
HOUSE FINANCIAL SERVICES
COMMITTEE THAT MADE SO MANY
HEADLINES BECAUSE AGAIN HE SPOKE
TRUTH TO POWER IN THE BLUNTEST
FORM AND NOT OFF PHONE
OFFENSIVELY, BUT IN A BLUNT
FORM.
PEOPLE MEAD TO HEAR, THIS IS A
LONG-TERM ISSUE.
THIS ISN’T ONE AND DONE.
THIS ISN’T A SHORT-TERM ISSUE.
WE’RE IN, LARRY I BELIEVE IN A
RECESSION.
WE SEE INFLATION CONTINUING AT A
HIGH LEVEL, IF NOT RISING A
LITTLE BIT, RIGHT AS WE KNOW IN
THE LAST DAY OR TWO.
WE’LL FIND OUT MORE TOMORROW
WITH THE CPI WHEN THAT COMES
OUT.
WHAT IS AT THE HEART OF THE ALL
OF THIS WE’RE TRYING TO GET OUT
OF A RECESSION, OUT OF INFLATION
BY STIFLING DEMAND WHICH IS WHAT
THE FEDERAL RESERVE DOES.
WHEN YOU AND I KNOW FULL WELL
THE WAY TO GET OUT OF A
RECESSION AND INFLATION, THE
BEST WAY IS TO INCREASE SUPPLY,
TO BUILD AND PRODUCE MORE OF
WHAT WE HAVE, WHAT WE’VE BEEN
BLESSED WITH AND LEAD FROM
AHEAD.
LARRY: WASN’T IT, THAT WAS THE
HEARING WHERE ONE OF THE LEFTIES
SAID SOMETHING WHEN ARE YOU,
WHEN ARE YOU GOING TO STOP
MAKING LOANS TO OIL AND GAS
COMPANIES OR SOMETHING LIKE
THAT?
WHEN WILL WE TURN OFF THE FOSSIL
SPIGOTS.
AND HE SAID I HOPE WE NEVER DO
BUT IF WE DO THAT IS THE ROAD TO
HELL, SOMETHING LIKE THAT.
>> SHE CALLED FOR PEOPLE TO
BOYCOTT AND TAKE THEIR MONEY OUT
OF HIS BANK WHICH WAS TERRIFIC.
HE RELATED THAT OFF.
YOU’RE RIGHT.
I FORGOT ABOUT THAT ONE.
I SHOULD HAVE PUT IT IN.
I ENJOY HIS WAR METAPHOR BECAUSE
TO SOME EXTENT, NOT ONLY RUSSIAN
INVASION OF UKRAINE AND IT IS
TOTALITARIAN ASPECTS VIOLATING
SOVEREIGNTY AND SO FORTH, BUT
ALSO, HE SEES CLEARLY THAT WE
SHOULD BE THE SWING PRODUCER,
NOT THE SAUDIS OR OPEC PLUS.
WE WERE, AND WE SHOULD BE AGAIN.
TO SOME EXTENT THAT IS A WAR
METAPHOR?
>> IT IS BUT A VERY APPROPRIATE
METAPHOR BECAUSE REMEMBER WHEN
WE FINALLY WERE ABLE TO LIFT THE
PROHIBITION ON EXPORTING OIL.
THAT WAS A REALLY BIG DEAL WHEN
WE DID THAT, THAT IS, THAT
CHANGED THE ENTIRE GLOBAL
MARKET.
AT THE TIME, YOU KNOW, PREVIOUS
TO DOING THAT THE BRENT, WHICH
IS OF COURSE THE GLOBAL INDEX
AND WTI WERE SEPARATED BY AS
MUCH AS SOMETIMES $30.
WELL WHEN WE BECAME THE EXPORTER
AN EXPORTER, GREW OUR SUPPLY,
MET THE GLOBAL DEMANDS WE WERE
ABLE TO BRING THE PRICE, THE
GLOBAL PRICE OF OIL DOWN.
THAT BENEFITED THE WHOLE WORLD,
NOT JUST THE UNITED STATES BUT
THE WHOLE WORLD.
AS YOU RECALL THAT LED TO
BRINGING DOWN THE PRICE OF
GASOLINE.
THE REASON WE HAVE AN INCREASE
IN PRICE IN GASOLINE PRICES NOW,
ISN’T DEMAND ISSUE SO MUCH AS IT
IS A SUPPLY ISSUE.
WE WANT TO BE ABLE TO SUPPLY A
GROWING DEMAND FOR A GROWING
GLOBAL ECONOMY.
THAT’S THE SOLUTION.
THE SOLUTION ISN’T TO SHRINK
DEMAND.
WHICH IS WHAT THE OTHER SIDE
WANTS TO DO, BUT THAT BECOME AS
NATIONAL SECURITY ISSUE, LARRY.
LESS DEPENDENCE ON ADVERSARIES,
MORE DEPENDENCE ON FRIENDS.
IT WAS REALLY AT THE VERY EARLY
STAGES PRIOR TO THE WAR IN
UKRAINE, PRIOR TO THE, THE
RUSSIAN INVASION OF UKRAINE
JOE BIDEN WEAPONIZED NATURAL GAS
BY GREEN-LIGHTING NORD STREAM 2
PIPELINE.
LARRY: RIGHT.
>> I WAS IN UKRAINE IN THE
MIDDLE OF JANUARY.
EVERY LEADER THERE INCLUDING
PRESIDENT ZELENSKYY BEGGED US TO
NOT DO THAT, AND PRESIDENT AND I
HAD AN ARGUMENT ABOUT IT JUST
BEFORE THE SHOOTING STARTED.
WELL, HERE WE ARE WITH OUR
ALLIES IN EUROPE, LOOKING FOR
HELP AND WE HAVE AN
ADMINISTRATION THAT IS NOT ONLY
HELPING THEM, NOT EVEN HELPING
AMERICAN ENERGY AND AMERICA’S
OWN RECESSION AND INFLATION
CHALLENGES.
LARRY: BUT WE MAY DO IT AGAIN
BECAUSE THE, AS I UNDERSTAND IT,
THE BIDENS ARE TRYING TO
REGULATE SO NO MORE EXPORT OF
REFINED PRODUCTS.
SO WOULDN’T WE BE LETTING OUR
ALLIES DOWN AGAIN, PLAYING INTO
PUTIN’S HANDS AGAIN UNDER THAT
KIND OF REGIME?
>> ABSOLUTELY.
ABSOLUTELY.
WE JUST STRENGTHENED HIS HAND.
WE WEAKEN OUR OWN.
AND FURTHERMORE, LARRY IT IS NOT
GOOD FOR CLIMATE.
WE PRODUCED THESE PRODUCTS AT A
MUCH CLEANER STANDARD THAN DO
OUR ADVERSARIES.
NONE OF IT MAKES SENSE AT ALL,
OTHER THAN JOHN KERRY GETS TO
TRANSFER HIS CLIMATE GUILT TO
POLLUTING COUNTRIES, IF THAT
MAKES HIM FEEL BETTER SWELL.
THAT IS A PRETTY BIG CONSEQUENCE
AND COMPLETELY UNNECESSARY.
THIS IS WHY I THINK JAMIE DIMON
IS SPEAKING OUT SO STRONGLY
BECAUSE HE SEES US AS MORE THAN
JUST JPMORGAN CHASE SURVIVING.
JPMORGAN CHASE IS GOING TO BE
FINE BUT IS THE AMERICAN
REPUBLIC GOING TO BE FINE AND IS
THE WORLD GOING TO BE FINE IF
AMERICA SHRINKS FROM ITS
LEADERSHIP POSITION IN ENERGY
PRODUCTION AND DEVELOPMENT.
LARRY: JUST ON THAT VERY LAST
POINT, VERY, VERY QUICKLY, A
POINT STEVE FORBES MADE
YESTERDAY HERE ON SET, THE
DIRTIEST OIL COMES FROM RUSSIA,
VENEZUELA, THE SAUDIES, THAT’S
THE DIRTY OIL.
WHICH ARE THE CLEAN OIL.
SO IF YOU’RE AN
ENVIRONMENTALIST, I WOULD THINK
YOU WOULD WANT MORE AMERICAN OIL
AND OF COURSE PARTICULARLY
NATURAL GAS.
GIVE YOU THE LAST WORD, SENATOR
CRAMER?
>> WELL, UNLESS I FORGET THIS IS
AN ADMINISTRATION THAT IS
NEGOTIATING WITH IRAN.
YOU KNOW, IF THEY WANT TO MAKE
IRAN A BIGGER PLAYER.
LARRY: RIGHT.
>> SO, HOPE IRAN BENEFITS FROM
THIS BEHAVIOR.
JAMIE DIMON IS NOT STRETCHING AT
ALL WHEN HE MAKES A WAR FOOTING
ILLUSTRATION.
IT IS ABSOLUTELY RIGHT ON POINT.