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my exclusive interview with JP Morgan Chase chairman and CEO Jamie Diamond Diamond addressed everything from the Bitcoin Bonanza to recent attacks on President Trump's personality but first he said 4% economic growth for the US is possible this year number one I think 4% is possible uh number two remember the FED also has to react to What it SE so it's not they're not going to act not knowing what's going on so if you have a strong economy they'll raise rates more but the strong economy will will dwarf the effect to higher rates so you got to look you got to look at both sides and and then selling bonds you know the American economy is worth a hundred trillion they're selling 10 billion a month and that number will eventually go to 50 billion a month again if you have a very strong economy I'm not sure that's really consequential there might be a point in time where the FED isn't facing a favorable outcome I inflation you know think of 2019 inflation is too high they got to sell more bonds and they're going to raise rat faster than people think that's where it gets really tough to be the Fed you know not when you have a real strong economy which gives them a lot of leeway to do various things so it sounds like you're comfortable with monetary policy slowly going away and fiscal policy taking Center Stage yes what's the disconnect then I mean loan growth just okay in certain areas you've got an economy that seems like it's firing on all cylinders and yet you got trading under some pressure you got loan growth not where one would expect you know Lan growth is that's a hard one to figure out so part of it when it comes to large corporations they always have a choice doesn't have to go in a loan it can go to public markets they can get it from overseas they can do various things it's but but you are absolutely right in the middle Market where you would expect to see a little more growth today you haven't again I think it may just be a little delayed I it may just be a timing issue when we look at in the short run and you know small business volume seems be okay real estate's okay so we you know mortgages is fine obviously it'll be affected by rates going up but but so far it looks like that the economy is healthy and some of that may end up in Long growth eventually so uh how do you get more lending and housing for those lower F go score people that's a great question I've been begging our government for years that we because of servicing costs we there 3,000 we send you a bill for mortgage now in certain States 3,000 requirements to service that mortgage hugely costly hugely risky to the serer in addition to that it's cost more money to produce loans and there's been so much litigation around it that a lot of lenders have been much more reluctant to make loans precisely to lower income lower FICO self-employed prior defaults and that could be fixed very quickly so I'm hoping and the other thing we have so many people involved in the housing policy I think there's seven Regulators actually set these policies they got to get in a room and finish that if they do that the cost of mortgage will go down to Americans and you'll make it not only with the cost it'll go down for everybody but you also also open a whole segment in fact JB Mo's Economist estimated that have we done what I would consider the right thing not going back to subprime just open up the the these requirements a little bit we might have been doing half a trillion dollars more a year a year and that that alone you're talking about 0 2% growth a year and so I think that is one of the first things that that the administration could do that could actually help immediately make mortgages more accessible and cheaper for everybody and and there's no risk to it okay everything that's been written since the Great Recession has been absolutely pristine this president has criticized a lot I mean now uh his Skeptics are questioning his mental health is this something that you've worried about I I don't like the politics of people insulting each other at all from anyone ever I I just don't like it it makes me kind of angry okay particularly when you have you know the kicking people are down and all that I'm uncomfortable but I when I focus on his policy policy policy policy policy I'm not going to get into personalities that's what I focus on too let's talk about it you're the chairman of the business Round Table what does business want to see in terms of policy from this Administration yeah so the first thing was competitive tax reform you know and that was there now you you didn't see any of the brtc at least I didn't see them talking about individual my personal time they said we need for America at table State competitive tax we got that I think the next things are on the administration agenda infrastructure reform it's complex you know there's ports and highways and FAA and Highway taxes and state and local but it can be done permitting as I mentioned before inner city school education you know something I think we can all fix uh what we call Smart regulation and while we do this we should do things to help the people in America left behind I think it is true people left behind I think we should expand the ear income tax credit I think we should do a better job in IND school education but as you say the criticism on both sides that's getting in the way um the infrastructure plan you think these two sides can work together and get something done I I don't know are you but but put this way they should if they are Americans and they're patriotic infrastructure Democrats and Republicans both want I you expecting to finance some of the infrastructure uh programs yeah but I think it's it's it's more I mean if you said permitting that'll just speed up what happens if you said the highway tax credit that'll just you know get the highway tax gas bill that'll just get more building into highway so if we get more infrastructure obviously financial institutions we do do more financing but we really have to change the policies and procedures to get that done and that's jobs it's jobs and it's just like that let me ask you about uh infrastructure by the way so is the mortgage thing you know if you if had done those mortgages you're talking about hundreds of thousand new homes being built if you do infrastructure I forgot the number but people estimate a million to two million jobs well-paying jobs
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