HIM TO GET HIS THOUGHTS BON THE
ADMINISTRATION’S POLICY.
MARIA: I READ YOUR LATEST JUPE
OP-ED.
YOU TALKED ABOUT THE REGULATORY
VIRCHLT YOU TALKED ABOUT
INCREASING MILITARY SPENDING,
FOCUSING ON ECONOMIC GROWTH,
DEVELOP A PLAN FOR THE ENERGY
INDUSTRY AND FOOD SECURITY,
RESTRUCTURE GLOBAL TRADE, DEAL
WITH CHINA, THOUGHTFULLY AND
WITHOUT FEAR.
SO IF I DIDN’T KNOW YOU FOR SO
LONG, I WOULD THINK THAT MAYBE
YOU’RE RUNNING FOR SOMETHING
WITH THIS OP.
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 A I ALSO MAKE THE
POINT THAT AMERICA HAS TO LEAD
FOR AMERICANS.
THE IF WE GET THESE THINGS
WRONG, PARTICULARLY GROWTH AND
GLOBAL DIPLOMACY, ET CETERA, IT
WOULD BE BAD FOR ALL AMERICAN
CITIZENS.
I THINK WE COULD BE GROWING AT
3% A YEAR.
THAT WOULD HAVE ADDED 15 15,000
PERSON OVER 20 YEARS, GO TO 3%
VERSUS 1.7.
I’M NOT RUNNING FOR PRESIDENT.
I THINK IT’S IMPORTANT WE
SUPPORT RATIONAL AND
COMPREHENSIVE POLICIES.
MARIA: A FEW YEARS AGO YOU SAID
YOU COULD BEAT TRUMP.
DO YOU STILL THINK YOU COULD
BEAT TRUMP?
>> I’M NOT GOING TO ANSWER THAT
QUESTION.
I DON’T THINK I NEED TO BECOME
PRESIDENT, SO --
MARIA: OKAY.
WHAT ABOUT THE TREASURY
SECRETARY?
WE UNDERSTAND JANET YELLEN IS ON
HER WAY OUT.
HAVE YOU SPOKEN TO THE WHITE
HOUSE ABOUT TAKING THAT JOB.
>> I HAVE NOT SPOKEN TO ANYBODY
ABOUT THAT JOB.
MARIA: WOULD YOU WANT THAT JOB?
>> I’M HAPPY WHERE I AM.
MARIA: YOU’RE THE ONLY CEO WHO
HAS SEEN AND WITNESSED AND
PARTICIPATED IN AND LED US OUT OF THREE MAJOR BOOMS AND BUSTS,
OF THREE MAJOR BOOMS AND BUSTS,
THE DOT-COM BOOM, DOT-COM BUST,
HOUSING BOOM AND BUST.
THE REGULATORY AFTERMATH.
WHAT DID YOU LEARN ABOUT THAT?
>> I THINK IT’S ABOUT WHAT YOU
RELEARN.
IN TERMS OF BUSINESS, WE’RE HERE
FOR CUSTOMERS.
SO TO ME, WHEN I TALK ABOUT
FORTRESSED BALANCE SHEET AND
TECHNOLOGY, I WANT TO SERVE YOU
INCLUDING FOX AND -- THROUGH
THICK OR THIN.
I DON’T ALWAYS KNOW WHAT THE
FUTURE IS.
IF I’M PREPARED FOR IT, I GROW
MY COMPANY THROUGH THICK OR THIN
AND OF COURSE MY FINANCIAL
RESULTS WILL BOUNCE AROUND AND
SO IN TERMS OF CRISIS, IT’S
HAVING THE ARMY TO FIGHT IT
BEFOREHAND, PROPER MARGINS,
PROPER ACCOUNTING, AND THEN WHEN
THEY HAD THEY HAPPEN YOU BETTER
MOVE VERY QUICKLY AND KIND OF DO
THE RIGHT THING.
BUT THE BEST EXAMPLE YOU’RE
SAYING, HOW RESILIENT THE
COMPANY IS.
IF YOU GO BACK EVERY DECADE,
BACK TO 1900, IT’S BEEN BIGGER
THE DECADE AFTER INCLUDING WORLD
WAR I, WORLD WAR II, SO TERRIBLE
THINGS.
THE RESILIENCY OF THE SYSTEM IS
UNBELIEVABLE 6789 IT’S.
IT’S THE TYPE OF THING WARREN
BUFFET REFERS TO.
IT DOESN’T GO BACKWARDS.
IT’S ALWAYS GROWING AND
INNOVATING, AND PART OF IT IS
THE PROSPEROUS ECONOMY, WE NEED
TO MAKE SURE WE DON’T CRIPPLE
I’LL WITH BAD POLICY.
MARIA: WHAT SHOULD THE NEW
CONGRESSES BE FOCUSED ON?
WHAT IS YOUR OPINION OF THE NEW
CONGRESS, 118th CONGRESS NOW
IN PLACE, READY TO GET TO WORK.
WHAT SHOULD THEIR PRIORITIES BE?
>> COMPETENT POLL CIVIL I MEAN,
WE -- POLICY.
I MEAN, WE NEED COMPETENT
POLICY.
WHETHER IT’S DEMOCRAT OR RAIN, D
REPUBLICAN, I WANT THEM BOTH TO
SUCCEED.
I’M A PATRIOT.
I WANT MY POLITICAL LEADERS TO
SUCCEED.
WE NEED COMPETENT POLICY, IN
EDUCATION, HEALTHCARE.
WE SPEND TOO MUCH MONEY.
WE HAVE TOO MANY SICK PEOPLE WHO
COULD BE HELPED WITH WELLNESS
PROGRAMS.
I THINK WE NEED INFRASTRUCTURE
SO WE STARTED THAT.
I THINK IT’S A VERY GOOD THING,
IF WE SPEND THAT TRILLION
DOLLARS RIGHT.
I THINK THE IRA AGAIN WE SPEND
MONEY RIGHT.
IMMIGRATION, WE NEED AN
IMMIGRATION POLICY, WE NEED TO
STOP ILLEGAL IMMIGRATION, WE
NEED MORE LEGAL IMMIGRATION AND
THEN I WOULD HAVE THE HEART FOR
DACA AND THINGS LIKE THAT.
IF WE DO THOSE THINGS RIGHT
WE’RE GOING TO GROW AT 3%.
THAT PAYS FOR BETTER SAFETY NETS
FOR PEOPLE, PAYS FOR STRONGER
MILITARY, IT MAKES AMERICA
WEALTHIER AND YOU CAN LIFT UP
PEOPLE WITH JOBS WITH BENEFITS
AND DIGNITY AND GROWTH POTENTIAL
AND THEY START THAT JOB, THEY
CAN CLIMB THE LADDER AFTER.
MARIA: THERE’S A FIGHT RIGHT
NOW IN WASHINGTON RIGHT OFF THE
BAT ON DEFENSE SPENDING.
BECAUSE OF THIS PROMISE TO GO
BACK TO ’22 LEVELS.
ARE YOU SUPPORTING ANYBODY YET
FOR 2024 PRESIDENTIAL ELECTION?
>> I AM.
MARIA: AM NOT.MARIA: LET ME GET
POLICIES OUT OF THIS
ADMINISTRATION, 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 IT, YOU
WERE QUESTIONED ON IT DURING
YOUR TESTIMONY BY THE HOUSE
FINANCIAL SERVICES COMMITTEE.
HERE’S WHAT YOU SAID.
>> PLEASE ANSWER WITH SAME PELL
YES OR NO, DOES YOUR BANK HAVE A
POLICY AGAINST FUNDING NEW YOU
OIL AND GAS PRODUCTS, MR. DIMON?
>> ABSOLUTELY NOT.
AND THAT WOULD BE THE ROAD TO
HELL FOR AMERICA.
WHAT CAN DID YOU MEAN?
>> YOU NEED SECURE -- UKRAINE
HAS POINTED THIS OUT.
WE NEED SECURE, RELIABLE ENERGY,
FOOD, AND NOT JUST US.
EVERY COUNTRY.
WHEN GAS PRICES WERE TOO HIGH,
ALL THAT HAPPENED IS C O2 GOT
WORSE, COUNTRIES ARE PAN PANICKI
AND THE ENERGY SUPPLY IS
PRECARIOUS.
I BELIEVE WE SHOULD DO THINGS
ABOUT CLIMATE C O2 BUT IT’S NOT
A SIMPLE THING LIKE JUST STOP
FINANCING THEM SO IF I COULD
STOP FINANCING A GOOD OIL
COMPANY, THAT ISN’T GOING TO
HELP.
WHAT WE NEED IS PIPELINES,
PERMITS, WE CAN’T EVEN GET THE
PERMITS TO BUILD SOLAR.
WE NEED TO GET A PIPELINE TO GET
GAS DOWN TO LOUISIANA SO THEY
CAN SHIP IT TO HELP ALLIES IN
EUROPE.
SO WE NEED VERY COMPREHENSIVE
POLICY AND I DON’T THINK WE HAVE
THAT RIGHT YET.
I THINK WE’RE SPENDING TOO MUCH
TIME YELLING AND SCREAMING AT
EACH OTHER AS OPPOSED TO WHAT DO
WE NEED TO ACCOMPLISH THESE VERY
IMPORTANT GOALS OF CLIMATE,
SUSTAINABILITY AND RESILIENCY
AND EFFICIENT AND EFFECTIVE OIL
PRICE AND DELIVERY.
MARIA: I MEAN, HOW DO YOU
ANSWER THAT PRESSURE?
YOU’VE BEEN AMONG THOSE HAD THAT
THEY’RE TRYING TO GET YOU TO
STOP LENDING AND WHAT’S THE RISK
OF THIS EXPANDING INTO SOMETHING
ELSE?
DON’T LEND TO GUN MANUFACTURERS,
DON’T LEND TO CONSERVATIVES,
DON’T LEND TO MACHINE TOOL
COMPANIES THAT MAKE THINGS FOR
DRILLERS.
WHAT’S THE RISK THAT THAT
ACTUALLY BROADENS OUT?
>> IT MIGHT.
WE’RE GETTING THIS FROM 20 OR 30
STATES.
IT’S HARD FOR ANY BUSINESS WHEN
HAVE YOU TO DEAL WITH DIFFERENT
RULES AND REGULATIONS.
SOME OF THE STATES MAY HAVE
LEGITIMATE COMPLAINTS ABOUT SOME
OF THE BANKS, ET CETERA.
CERTAINLY NOT US.
KENTUCKY IS ASKING THAT WE STOP
OIL AND GAS FINANCING.
WE’RE THE BIGGEST IN THE WORLD.
I DON’T KNOW HOW YOU CAN MISS
THAT.
WE DEAL WITH ONE BY ONE.
I’M NOT GOING TO GET FRENETIC
OVER IT.
WE DO WHAT’S RIGHT FOR OUR
COMPANY, OUR CLIENTS, AND OUR
COUNTRY AND SO WE TRY TO STICK
-- ALWAYS DO THE RIGHT THING AND
OBVIOUSLY WE DO A GREAT JOB FOR
OUR SHAREHOLDERS.
MARIA: SO YOU’RE NOT GOING TO
SHUT DOWN LENDING TO THESE
COMPANIES THAT MAY NOT BE IN THE
NARRATIVE OF THE DEMOCRAT PARTY.
>> I’M NOT GOING TO STOP
LENDING TO ANYONE THAT’S A
NARRATIVE OF ANY PARTY.
WE WILL DECIDE FOR OURSELVES
WHAT THE RISK IS, WHETHER WE
WANT TO DO IT, IT MAKES SENSE.
IT MAY NOT ALWAYS BE YOU AGREE
WITH IT OR REPUBLICANS OR
DEMOCRATS AHE AGREE WITH IT.
THAT’S WHAT A DEMOCRACY IS, BY
THE WAY.
MARIA: I SPOKE WITH THE FORMER
PRESIDENT OF THE KANSAS CITY
FEDERAL RESERVE AND A HE WAS THE
ONE HOLDOUT IN 2010 WHEN HE WAS
THROWING STIMULUS HERE AND
THERE, HE SAID I’M HE VOTING
AGAINST IT.
HE SAID IT’S NOT JUST RAISING
INTEREST RATES, HE SAID IT’S THE
UNWIND OF THE BALANCE SHEET,
YOU’RE TAKING A TRILLION DOLLARS
OUT OF LIQUIDITY OUT OF THE
MARKET AND THAT WILL CAUSE A
MARKET DISRUPTION.
DO YOU AGREE?
>> PROBABLY, YEAH.
I DON’T ALLSTATE ALWAYS AGREE WI
ONE IS RAISING RATES.
THE OTHER IS TAKING BASIC CASH
OUT OF THE SYSTEM AS THEY SELL
SECURITIES.
THAT MIGHT CAUSE VOLATILITY IN
NATURE GETS AND THEY’LL HAVE TO
-- MARKETS AND THEY’LL HAVE TO
DEAL WITH IT WHEN THEY GET
THERE.
PART OF IT IS RULES AND
REGULATIONS, PART OF IT IS
FISCAL STIMULUS.
I EXPECT AT ONE POINT IT WILL
CAUSE A PROBLEM.
I DON’T THINK WHEN THAT PROBLEM
HAPPENS I DON’T THINK THEY CAN
PERMANENTLY REDUCE, STOP QT.
I THINK THEY’LL HAVE TO CONTINUE
QT.
IF THEY DON’T, THERE WILL BE TOO
MUCH LIQUIDITY IN THE SYSTEM.
MARIA: YOU’RE NOT EXPECTING A
PIVOT THEN.
SOME ARE TALKING ABOUT CUTTING
RATES SOMETIME THIS YEAR.
>> RATES WILL RELATE TO
INFLATION.
QT WILL RELATE TO VOLATILITY.
I THINK THEY’RE GOING TO HAVE TO
BE WILLING TO TAKE A LOT OF
THAT.
I THINK THEY HAVE TO DO QT.
I DON’T THINK THEY COPY VOTE.
I THINK IF SOMETHING HAPPENS
LIKE WHAT HAPPENED IN THE U.K.
THEY MAY PAUSE IT FOR A WHILE.
THEY MAY REVERSE IT TEMPORARILY