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Briefly Noted: Dimon Unbound?
Did Jamie Dimon today say what he really thinks? And does this lend support to Tom Luongo’s theory of everything?
Dimon is head not only of the largest US bank but also of the single most important bank in the world. So, when he speaks, people listen—especially because he says he’s sitting on $1.2 trillion in cash. And boy did he speak. Among many other things he had to say, he gave a full vote of confidence to Jay Powell:
It got worse: besides predicting a hard-landing and a 30% crash, the CEO of the largest US bank also said his “gut” tells him that the Fed funds rate will probably have to rise higher than the 4% to 4.5% level many economists are predicting, as inflation persists.
Still, Dimon said he has “total faith and trust” in Fed Chair Jay Powell, and that stagflation is far worse than most of the other potential outcomes as the Fed works to cool price pressures.
With Dimon’s backing, one would expect Powell to be pretty secure in following out his policies.
But then …
In separate - and far more provoative -comments made earlier in the day during a JPMorgan investor seminar where he led a fireside chat moderated by JPMorgan's Gergana Thiel, Dimon made some extremely outspoken comments which however you won't hear on the mainstream media, telling a small group of listeners that was closed to the press that the "President of the Unites States needs to stand up and say we may not meet our 2050 climate objectives because this is a fucking war”.
He also said “time to stop going hat in hand to Venezuela and Saudi and start pumping more oil & gas in the USA”
We know that’s not happening as long as Dems are in control, so …
Echoing what he has said before, Jamie said this is the way the USA maintains its standing, as the future of the world is by pumping more oil and gas and using energy security to ensure Western unity.
Energy security? There is still the small problem of getting our oil and gas from here to there—at an affordable price. That’s where “unity” gets a severe test, when cheap Russian energy could be available to anyone willing to break ranks.
And he did say when it comes to ESG “investors don’t give a shit” warning not to "cede governance to do-gooder kids on a committee”.
Finally, he stressed the need for strong American leadership that is not being provided by either party. His conclusion: the world needs American diplomacy and neither Trump or Biden can lead the USA.
As far as we know he didn’t say who he’s backing.
And speaking about ESG and things nobody gives a sh*t about, this item about the biggest purveyor of ESG plays into another thing that Luongo has been saying, about Larry Fink and Blackrock:
BlackRock, the world's largest investment manager, reported assets under management (AUM) plunged 16% year-on-year to $7.96 trillion in the third quarter amid global equity and bond market turmoil sparked by central banks aggressively raising interest rates to quell elevated inflation. Reported AUM missed every average analyst estimate, while the Bloomberg consensus was around $8.27 trillion.
New York-based BlackRock reported a smaller-than-expected decline in quarterly profit as demand for exchange-traded funds and other low-risk financial products increased fee income. Most of its money is made from fees charged for investment advisory and administration services.
BlackRock products, known as long-term funds, only attracted $65 billion of net inflows, missing the $104 billion average estimate.
That crack about ESG is the same thing Dimon said to the House a week or two ago. Adding that it was bad for America, and not apologizing for anything he said.
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