IT IS TIME FOR THE WORD ON WALL
STREET, TOP INVESTORS WATCHING
YOUR MONEY.
UBS WEALTH ADVISER ALI
MCCARTNEY, FOX NEWS CONTRIBUTOR,
SCOTTY MARTIN AND STRATEGIC
WEALTH PARTNERS PRESIDENT AND
CEO MARK TEPPER, GREAT TO SEE
EVERYBODY THIS MORNING, THANK
YOU VERY MUCH FOR BEING HERE.
SCOTT, THINGS OFF WITH YOU, I
WANT TO GET YOUR TAKE ON THE
HURRICANE THAT’S COMING
ACCORDING TO JP MORGAN JAMIE
DIMON WORRIED OF ECONOMIC
HURRICANE ON THE HORIZON.
ALSO THE WAR ON UKRAINE.
JP MORGAN WILL BE CONSERVATIVE
WITH BALANCE SHEET.
YOUR REACTION, SCOTT?
>> WELL, THE HURRICANE IS HERE.
IT’S GOT LANDFALL ALREADY
POSITIONED SO JAMIE IS BEHIND A
FEW MONTHS.
THE CONTRAST STAPLES WITH
MR. DIMON AND MR. MOYNAHAN, I
THINK WE HAVE A SOFT LANDING
UPON US.
IF WE WANT TO KEEP WITH THAT,
THE ADMINISTRATION, ALMOST
MAKING SPEECHLESS LACK OF
PROBLEM TYPE OF ISSUES IN DC
WHEN IT COMES TO ALL THE THINGS
THE ECONOMY IS FACING.
LET’S EXTRAPOLATE THAT TO TREASURY SECRETARY JANET YELLEN
TREASURY SECRETARY JANET YELLEN
WHICH ALMOST MADE ME SMOKE MY
BITES YESTERDAY AFTER HEARING
SOUNDBITES.
LOST CONTROL OF THE INFLATION,
LOST CONTROL OF THE ECONOMY AND
NO POLICY TO DEAL WITH.
THE REALITY IS WE SHOULD BE TAKE
CARE OF AS FAR AS FINANCES HERE.
BE SENSITIVE TO CHANGES IN OUR
LIVES, WHETHER IT’S OUR JOB,
WHETHER IT’S INCOME AND WHETHER
IT’S OUR SPENDING AND TAKE THAT
GOING FORWARD AS A WAY TO SAY,
HEY, LET’S GET THROUGH THE
RECESSION, THE SLOWDOWN WHICH IS
UPON US NOW, FASTER AND SMOOTHER
THAN WE HAVE BEFORE AND COME OUT
BETTER THAN WE WERE THAN WHEN WE
GOT INTO IT.
MARIA: I’M NOT SURPRISED AT
JAMIE DIMON STANCE, HE SAYS THE
BANK WILL BE MUCH MORE
CONSERVATIVE.
LET NOT FORGET WHAT HAPPENED IN
2006 AND 200, RIGHT, HE CAME
ACROSS JP MORGAN DID, TRIED TO
HELP WHEN THE U.S. TRIED TO HELP
DOOMSDAY, HE ACQUIRED BEAR
STEARNS AND HE GOT SLAMMED FOR
IT.
REMEMBER THE ASSETS THAT HE
BOUGHT FROM THE DARK DAY AND
SLAMMED BY REGULATORS AND HE
SAID I WILL NEVER BE THERE
AGAIN.
HE IS SUGGESTING THIS AGAIN THAT
THE FED WILL START UNWINDING
BALANCE SHEET AND HAVE ASSETS
FOR SALE.
GUESS WHAT, JP MORGAN WILL NOT
BE THERE AS BUYER THIS TIME
AROUND.
>> WE CAN THINK ABOUT OTHER BAD
BANKS WHO WERE ZOMBIE BANKS.
JAMIE DIMON WAS A HERO BACK
THEN.
I THINK THE GOOD NEWS IS AND
SOME OTHER THINGS MR. DIMON SAID
YESTERDAY THAT THE CONDITIONS
ARE NOT HERE THIS TIME BUT STILL
DEFINITELY ECONOMIC IMPACT TO
CONSUMERS AND BUYERS OUT THERE.
MARIA: YEAH, MARK TEPPER, WHAT
DO YOU SAY THAT HE’S SAYING THE
BALANCE SHEET WILL BE MORE
CONSERVATIVE.
LOWER EARNERS ARE GOING TO
REALLY FEEL THE PINCH IF THEY
CAN’T GET THE LOANS THAT THEY
WERE EXPECTING.
>> WITHOUT A DOUBT, BUT, LOOK,
TO SCOTT’S POINT, TO YOUR POINT,
TO JAMIE DIMON’S POINT, THEY
WERE PUT IN A VERY, VERY
DIFFICULT SITUATION BACK IN
MID-2000’S AND THEY DON’T WANT
TO SEE HAPPEN AGAIN.
AND THE SCOTT’S POINT I THINK
THE HURRICANE IS ALREADY HERE.
ALL OF THE SMALL BUSINESS OWNERS
I TALKED TO BELIEVE WE ARE IN A
RECESSION OR WILL BE IN A
RECESSION BY THE END OF THE YEAR
AND I THINK BUSINESS OWNERS ON
MAIN STREET, I THINK THEY HAVE A
BETTER PULSE ON THE ECONOMY THAN
THE FED WHO HAS BEEN LYING TO US
AND POLITICIANS WHO HAVE BEEN
LYING TO US.
I WILL TAKE MY CUES FROM THEM.
MARIA: YEAH, WHAT ABOUT THIS
INFLATION RATE AT 8.3%.
I WISHED THAT IT WAS 8.3%.
THE STUFF WE ARE BUYING IS IN
DOUBLE DIGITS LIKE I MENTIONED
EGGS UP 22% YEAR OVER YEAR.
THE PRICE OF AN AIRLINE TICKET
UP 33% YEAR OVER YEAR.
THE AVERAGE OF 8.3% AFTER ALL OF
THE WILD SPENDING FROM THIS
ADMINISTRATION BUT OIL PRICES
THIS MORNING ARE DOWN.
WE’VE GOT REPORT THAT IS SAUDI
ARABIA COULD BOOST PRODUCTION IN
RUSSIA’S OUTPUT FALLS AFTER
EUROPEAN SANCTIONS, MARK, THE
NATIONAL AVERAGE IS STILL AT
ALL-TIME HIGH, 4.71 A GALLON.
ANY EXPECTATIONS FROM YOUR
STANDPOINT FROM THIS OPEC
MEETING TODAY, MARK?
>> I DON’T KNOW EXACTLY WHAT --
WHAT I EXPECT OUT OF THIS
MEETING, WHAT I WOULD EXPECT OUT
OF US AS A COUNTRY IS THAT WE
SHOULD BEGIN RAMPING UP
PRODUCTION.
I MEAN, ENERGY POLICY
DOMESTICALLY HAS BEEN MISHANDLED
FOR DECADES, MARIA, IF YOU THINK
ABOUT IT BACK IN 2008 WHEN OIL
WAS OVER $140 A BARREL, WE WERE
IMPORTING IT.
SO WE WERE BUYING IT FROM OTHER
COUNTRIES A FEW YEARS AGO WHEN
OIL WAS 50 TO 60 BUCKS A BARREL,
WE FINALLY BECAME NET EXPORTERS
SO WE FINALLY STARTED SELLING IT
AND EVEN A FIFTH GRADER CAN TELL
YOU THAT BUYING STUFF AT 140 AND
SELLING IT, SELLING IT AT 50 OR
60 IS BAD MATH AND THIS
ADMINISTRATION UNDER THE
INFLUENCE FROM PROGRESSIVES,
THEY HAVE BEEN FOCUSING ON GREEN
ENERGY AT ANY COST, YOU NEED TO
TAKE THE CROSS HAIRS OFF OF THE
INDUSTRY’S BACK BUT AT THE SAME
POINT IN TIME, WALL STREET,
MARIA, HAS CONDEMNED ENERGY
COMPANIES FOR PURSUING
PRODUCTION AT ANY COST.
SO, OF COURSE, NOW THEY ARE
FOCUSING ON MANAGING THE P&L
BECAUSE THAT’S WHAT WALL STREET
HAS WANTED, THAT MEANS RUNNING
LEANER AND LESS PRODUCTION AND
ALL OF THAT IS DOWN FOR THE
CONSUMER.
MARIA: I THINK IT WAS PRESIDENT
TRUMP THAT LOADED UP THE
STRATEGIC PETROLEUM RESERVE, HE
BOUGHT UP OIL IN THE 30’s, HE
SAID THE PRICE OF OIL, IT’S
CHEAP, LET’S BUY IT NOW AND HE
WAS SPOT ON.
ALI, WE WILL GET THE MAY ADP
REPORT AT 8:15 A.M. EASTERN.
THE JOB’S NUMBER OUT TOMORROW,
ALI AND I’M WONDERING IF THE
JOB’S PICTURE IS GOING TO START
WORSENING BECAUSE YOU HAVE A
WHOLE HOST OF TECHNOLOGY
COMPANIES ANNOUNCING LAYOFFS,
THAT’S CERTAINLY A TELL-TELL
SIGN AHEAD OF WHAT CAN BE A
RECESSION.
>> IT’S A GREAT POINT, MARIA.
AND THE TRUTH OF IT IS WE HAVE A
SURPLUS OF WORK IN THIS COUNTRY
AND A SCARCITY OF EMPLOYEES, NOT
ONLY IS THAT CAUSING INFLATION
BECAUSE THE EMPLOYER IS LOSING
POWER AND LOSING MONEY TO WHAT
RISING WAGE GROWTH BUT IT’S ALSO
CAUSING A LOT OF GOODS
INFLATION, A LOT OF SERVICES
INFLATION HERE AND SO I THINK
WHAT THIS NUMBER IS GOING TO
SHOW IS ACTUALLY EXACTLY WHAT
EVERYBODY IS EXPECTING WHICH IS
THIS AMAZING INFLATION PICTURE
FOR THE EMPLOYEE IS BEHIND US
AND THAT THE -- WHAT WE ARE
LOOKING AT IN THE FUTURE WHICH
IS EXACTLY WHAT THE FED IS
TRYING TO DO, DAMPENING
CONSUMPTION, DAMPENING THE
AMOUNT OF MONEY THAT CAN BE
SPENT.
NOW TO YOUR POINT, I SPENT THE
WEEK BEFORE LAST WITH VENTURE
COMPANIES AND THE WAY THAT
EVERYBODY THERE TO THE JAMIE
DIMON POINT PREPARING FOR A
QUOTE, UNQUOTE RECESSION IS BY
MAKING THEIR FIRST LIST OF
EMPLOYEE CUTS, RIGHT?
SO WHEN YOU TALK ABOUT THE
PENDULUM SWING, RECESSION TO
EXPANSION, THAT IS DEFINITELY
WHAT’S COMING NEXT.
THAT IS DAMPENING DOWN THE
HATCHET FROM AN EMPLOYER
PERSPECTIVE.
MARIA: YEAH, IT’S A GREAT POINT,
IS THAT CHANGING THE WAY YOU’RE
ALLOCATING CAPITAL RIGHT NOW,
ALI?
>> NO, I MEAN, NOT REALLY.
I THINK THAT OF ALL OF THE
THINGS THAT HAVE BEEN HITTING
THE TAPE AND PEOPLE HAVE BEEN
WATCHING SINCE THE PANDEMIC
THERE’S MUCH LESS SENSITIVITY OR
REACTION NOW TO THIS NUMBER
BECAUSE EVERYBODY KNOWS THE
PATH, RIGHT, THAT JUST LIKE WE
TALK ABOUT IS PEAK INFLATION
BEHIND US, WE KNOW THAT PEAK
UNEMPLOYMENT OR PEAK EMPLOYMENT,
AND SO I THINK WHAT WE ARE
REALLY LOOKING FOR IS UNDERSTAND
CAN THE FED AND THIS IS
EVERYTHING THAT WE’VE TALKED
ABOUT AND YOU’VE BEEN TALKING
ABOUT, CAN THE FED STOP THIS
INFLATION AND PART OF THAT IS
THE JOB’S PICTURE.
MARIA: YEAH.
YEAH.
RIGHT, WE WILL GET THE NUMBERS
AND SEE IF IT’S A MARKET MOVER.