저자: JamieDimon · 외국인
요약 보기
Dimon은 국가안보 관련 1.5조달러 규모 JP모건 안보·회복력 이니셔티브를 소개하고 희토류·의약품 등 중국 의존 공급망을 강조했다. 단기 미국 경제는 소비·기업이익·주식시장 호조로 양호하나 고용 둔화와 인플레이션 잔존을 언급했다. IPO·M&A 파이프라인은 재개됐지만 경기침체 시 빠르게 닫힐 수 있다고 경고했다. AI는 단기 대량 실업보다 점진적 영향을 줄 것으로 보며 재교육·역량 강화를 제시했다. AI 데이터센터 투자 약 5조달러 규모에 대한 수익 창출은 시간이 걸린다고 평가했다. 디뱅킹 논란에는 정치적 이유로 고객을 차별하지 않는다고 답하고 규제 개편을 요구했다.
다듬은 글
And we begin this Sunday morning with America's economic security is national security. The Trump administration releasing its annual national security strategy report highlighting threats from China and Russia while also leveling criticism at NATO allies including Europe which the administration says will be unrecognizable in the coming 20 years if the current open migration policy continues to erode national identities.
The report questioning quote whether certain European countries will have economies and militaries strong enough to remain reliable allies. Many of these nations are currently doubling down on their present path. Unquote. The president using tariffs, defense deals, and personal diplomacy abroad while pushing tax cuts, deregulation, and a manufacturing and energy renaissance here at home.
This upcoming week the president is expected to begin an economic road trip to tout his affordability and economic policy successes as corporate America increasingly partners with the Trump administration on issues over national security. And joining me now from the Reagan National Defense Forum in Simi Valley, California at the Reagan Library is the chairman and CEO of JP Morgan Chase, Jamie Dimon.
Jamie, it's great to see you. Thanks so much for joining us. Maria, I'm thrilled to be here. And it's great to be able to talk with you from the Reagan Defense Forum about this big news that your company released recently that you've launched a one and a half trillion dollar security and resiliency initiative to boost critical industries.
Tell me a little about what your objective is here and what industries you deem as most important for the US economy that you'd like to invest in. Right. So, you know, it's become pretty obvious particularly since the invasion of Ukraine that national security is critical not just for us but for a lot of countries.
And you have if you had any illusion the world would be peaceful for the rest of our lives and I hopefully it was shattered. And you know, at that point you know, people realized I heard from military officers, I heard from companies, you know, we didn't have enough production capability to make the bombs that we needed to ship.
Uh we had rare earths. You've already heard about the rare earth problem. We rely on China. And it's not just about China but we rely on single parties for things we need for F-35s and nuclear submarines. So, the and we we rely on China for something like 90% of the ingredients going into our pharmaceuticals and 90% of our penicillin.
And again, it's not all about China. It's about United States needs to have security and resiliency about things for security that we can rely on. This year we said, what can JP Morgan do? So, it's really and we we broke it out into seven 27 very detailed categories. So, it's rare earths of which there are many by the way.
It's lithium. It's it's the medical ingredients. It's drones. It's satellites. It's cyber. Uh It's even education in some cases but what we need to do get the the workforce. In some cases just having the backup resiliency. And and Jamie, of course, this weekend at the Defense Forum China is going to be one of the key topics there.
I want to get your take on how you're managing things of course as one of the most important banks in the world, JP Morgan certainly in in America. How do you manage the China threat? Now, if you look at what we're doing in China, we bank I think 3,000 multinationals in China. So, these are a lot of companies some of who are going to be here.
You know, and and so that we kind of have clients there's network of clients. We try to be very careful but you know, we're not going to violate American national security policy. What would you walk away from a deal from an IPO if you felt that that company was assisting the People's Liberation Army?
Well, it depends what you mean by assisting the People's Liberation Army because but the answer is would we would we walk away from a deal? Absolutely. We don't have to chase any deal or any client something like that but then you have to define assisting. Is that food, sneakers, or is it military equipment?
You know, so if it's assisting military equipment, absolutely. And I presumably that would be on the sanction list of the United States government. If it's something that's kind of innocuous, you know, no, we're not going to walk away from that company. You know, if the United States government decided that we should then we would.
And I should point out our government is fully engaged with China. And you know, and I I appreciate that. They should engage. We shouldn't be afraid of them. I'm not afraid of China. I think what we need to do is make sure we're secure. And and and Jamie, obviously national security is economic security and vice versa.
I want to get your take on what your sense is of the 2026 economy. What to expect in the year ahead. What is your sense of the broader macro story for the year ahead, Jamie? So, I'll give you short term and long term though. In the short run it looks like the American consumer is doing fine. It's chugging along.
Companies are making profits. Stock markets are high. And that that could easily continue. There are a little small negatives, you know, like jobs are weakening but just a little bit. Inflation is there and maybe not going down. We're just coming off of the longest shutdown in history and of course, the Securities and Exchange Commission was shut down.
I wonder what kind of an impact that had on IPOs, on capital markets businesses for you. Yeah. So, first of all, I just want to say out shutdowns are stupid. They damage America. They shouldn't happen and we got to figure a way not to have these things happen. You can blame Democrats or Republicans.
This is their intramurals are damaging 300 million Americans. And I I think that's just dead wrong for any reason. Uh And but yeah, so what did it do with IPOs? Well, IPOs basically stopped for for I don't know, 30 days or whatever it was but the markets are wide open. You know, the IPO backlog is huge.
The debt backlog is huge. The M&A backlog is huge. Yes, they're all going to come but I'll give you a proviso. Pipelines are like accordions. They open and close. So, whenever people ask us is invest you know, the investor community asks us, what's the pipeline? I'll I say we'll tell you the pipeline but don't assume that closes.
If the markets get south, they're going to recession, those things can close pretty quickly. Jamie, what's your sense of jobs because here I think there's a little more nuance to the story. It's not just about the macro story. Now you've got to look at artificial intelligence and the fact that AI is creating efficiencies to the extent that it is cutting jobs.
What is your plan to ensure that Americans are ready for this new revolution that's underway with AI? Yeah. So, I think that before you do AI, jobs have gotten a little weaker, wages have gotten a little weaker. And when you talk to you know, businesses, they're going to be a little more cautious hiring.
That's not because of AI. That's just because they want to do more with less and you know, they look at their order books, etc. And look, I I don't think AI is going to dramatically reduce jobs like it's unbelievably next year. And for the most part, AI is going to do great stuff for mankind like tractors did, like fertilizers did, like vaccines did.
It'll save lives. We'll be working you know, maybe one day we'll be working less hard but having wonderful lives. So, it'll cure a lot of cancers. It'll have composite materials. Now, of course, it needs to be properly regulated. There are downsides to AI just like there are to airplanes, pharmaceuticals, cars.
All things get bad used by bad people. So, assuming that you know, the government figured out some way to put guardrails around AI. Um and it but it won't eliminate jobs. That doesn't mean that people won't have other jobs. You know, my advice to people would be, you know, critical thinking, learn skills, learn your EQ, learn how to be good at meeting, how to communicate, how to write.
You'll have plenty of jobs. And and if it does happen too fast for society which is possible, you know, we can't assimilate all those people that quickly. Like if you look at you know, the what happened on farms and the internet and electricity, it took a while. This may be a little bit longer. It'll be a hard a little harder to assimilate people.
If we can't, we government we government and we the companies, society should look at how do we phase it in a way that we don't damage a lot of people. Like you know, like we should have done a little bit more on trade assistance years ago when you had a town that got damaged by the closure of a plant.
And that you can do. You can you know, retrain people, relocate people, income assistance, early retirement. Uh you know, and the next job may be a better job but they have to learn how to do the job. And as you know, skills are you know, can you can earn a quite a bit of money with skills. If you look at this year, you have a huge amount of construction that needs to take place.
And to do that construction, you need roads and trucks and drivers. You need servers. You need fiber. You need all that. So, it's going to cause probably more jobs in the short run in total. Yeah, I mean, we've talked about the fact that we're going to need more electricians and plumbers. And like you said, you know, those trade schools.
But Jamie, I guess what I'm asking is are we going to see any return on investment on all this money anytime soon? I mean, Jensen Huang told me that we're talking about trillions of dollars every year going into the build out of data centers. I mean, look at all these data centers that we have actually seen built in America.
I mean, at this point we've got about 5,000 data centers that have built for AI. When you add up all this money, all this trillions of dollars, [snorts] where's the return on investment, Jamie? So, I think I just I heard I haven't read it yet but I heard we did a research report about how much. It's 5 trillion.
And that includes everything. The data centers, the servers, the chips, the fiber. It doesn't include doesn't necessarily include the power plant or the transmission lines but and then we were going through today like where you where's the money going to come from? Public, private, private credit. Uh you know, specialized type of finance, asset backed securities.
There will be big winners. You know, you remember out of the internet you got Google and Facebook and Amazon and tons of others and whole new technologies and but it took a while to you know, to for some other things to come in like the iPhone or something. So, here it will eventually pay off. Look, Jamie, before you go, I've got to ask you about the special counsel, the former special counsel Jack Smith and that Arctic Frost investigation, Jamie, because we had Devin Nunes on this program, former chairman of the Intelligence Committee, who said your bank was subpoenaed to give his bank records up, and he was upset about it.
Here's what he said on this program just a few weeks ago. Watch this. [snorts] When they Arctic Frost went after our bank records at Trump Media, that's inexplicable because we didn't exist. So, what reason did they have to go after us? And I've seen I've seen Jamie Dimon and others at JP Morgan say this over and over again that that they don't debank people for political reasons.
Well, then why the hell did you debank Trump Media? [snorts] Jamie, what do you want to say about that? Did you send over the bank records of Devin Nunes or Trump supporters to the special counsel when he wanted that information? Pe- people have to grow up here, okay? And stop making up things and stuff like that.
So, and I can't talk about an individual account. We do not bank people, debank people for religious or political affiliations. We do debank them. They have religious and political affiliation. We debank people who are Democrats, we debank people who are Republicans, we've debanked different religious folks.
Never was that for that reason. And that's number one. Number two is I don't like debanking people. We live under very strict rules and regulations and requirements and to protect the country, and we have to report things to the government. We're required to report things to the government. I can't even tell you when we do it cuz I'm not going to tell you that either.
Uh uh And so, I've I want to change these rules. I actually applaud the Trump administration who was trying to say the debanking's bad and we should change the rules. Well, damn it, I've been asked to change the rules now for 15 years. So, change the rules. And you know, and that's why a lot of this stuff takes place.
It is really customer unfriendly, and you know, we're debanking people cuz they're suspected things or negative media or all these various things. So, uh uh And the last thing, which is really important, we don't give information to the government just cuz they ask. We're subpoenaed. We're required by court to give it to the government.
And I've been following subpoenas with this administration, the last administration, the administration before that, and the one before that. And I don't agree with a lot of it. You know, the government does a lot of things that I get angry with banks. So, let's let's just take a deep breath and fix the problems as opposed to like blame someone who's put in that position.
So, uh And we've been quite clear about this. We've given recommendations to the government on how they can fix it, how we can change the rules and regulations to dramatically reduce reporting and debanking and things like that. And I would tell the government, if if we see something that might possibly be bad, we'll report it to you, and you decide.
Why do we have to decide? That's the position we're put in. I mean, as someone who's covered global business for so many years and now covers politics as well as policy so closely, I have a problem with, you know, the special counsel taking advantage of corporate America to use corporate America to do their dirty work.
Because it wasn't just the banks, it was also the telecom companies. Don't forget, they sent subpoenas to Verizon and AT&T to get phone records of Trump supporters. I mean, you know, a political witch hunt. So, that's what I think our viewers, you know, want to understand how this happens. Yeah, well, that that is not me.
That's your your courts and government and stuff like that. But the government, you know, Democratic and Republican governments have come after us both. So, don't let's not act like this is just one side doing this. This has been going for a long time, and we should stop, you know, uh uh militarizing the government that kind of way.
Hey everyone, I'm Emily Compagno. Catch me and my co-host Harris Faulkner and Kayleigh McEnany on Outnumbered every weekday at 12:00 p.m. Eastern, or set your DVR. Also, don't forget to subscribe to the Fox News YouTube page for daily highlights.
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