join please subscriber, a not are you if Please welcome Andrew Ross Sorkin and his guests the chairman and CEO of JPMorgan Chase, Jamie. Dimon. Good morning, Jamie. Thank you. Want to welcome Jamie. Dimon. Of course the chair and CEO of JPMorgan Diamond is at the helm as you all know of the largest bank in the country by assets. Nearly four trillion dollars is also the longest serving CEO of assets nearly any major Wall Street bank, and we should say that earlier this year. He helped bail out first Republic, which is actually downstairs in downstairs actually is which Republic, first out bail in this building during the second biggest failure in history and Of the reasons I wanted him to help us kick today off. He is he's got his hand in virtually everything going on a here and abroad they have more than 60 million customers. He employs more than 300,000 people around the world as business in the Middle East and China and heavily involved, heavily involved. heavily involved, heavily involved. Of course in policy in Washington and I will say that there there's one CEO that other CEOs say that they go to for advice and help on complex issues. It is It issues. complex on help and advice for to go they that is Jamie dimon, and I should also mention. That you were our very first speaker at the deal book Summit the first summit we ever did 13 years ago. So thank you for being here very welcome. Thrilled to be here folks and congratulations on a successful deal book Thank you. Here's what want to start the conversation. We just put it up on the screen, but you made a comment and I think maybe this will help everything or help us at least set the table. You said this may be the most dangerous time. The world has seen in decades. All right. It doesn't feel that way in some ways when you walk around on the street, but why do you think But street. it's the most but street, dangerous But street. time? So further again? Welcome everybody, you know, if you look at history and you open a newspaper vendor month of any year, of course, it's always tough stuff going on Wars and depressions and recessions recessions. And but if you look at this time and was having Ukraine a 600-mile front free and Democratic European nation, 600,000 casualties huge casualties 600,000 nation, European Democratic and free front huge humanitarian crisis NATO on the border On of NATO nuclear blackmail and it's affecting you know, all oil and gas migration food costs and all International military and economic relationships. That's pretty tough. And that was before the terrorist attack in Israel. And so I look at those things is kind of it's dangerous and you know, we need we need to get through and I hopefully will go away. But if you look at the history of battles like this, they're unpredictable. You don't You unpredictable. they're this, like battles history of don't know the full effect. And so, you know, And I've spoken a lot of people. I think you've talked to a Condi rice. Bob Gates is something military folks. They would say the same thing. This is really complex. And obviously is affecting American China as a result of this though. What do you do about it? Meaning? We can all sit and say that this may be one of the most dangerous times in the world. But how are you? How are you changing what you're doing as a function of it? Well if true about the company or About the nation. So I think as a nation so both this is my own personal view. We better have the best military in the world Bar None. There is no replacement for that. I think we learned a lesson got a little complacent and which happens your company's it company's. It company's it happens in countries, but we should not be complacent. The world is always a dangerous place. We just forgot number two, you know, I think oil and gas can be explosive explosive expensive and it hurts poor Nations and poor people. We need to be very thoughtful about it. I think this is about keeping The the Western The world together the so the Western World think of military and economic than you know within each American leadership not rude arrogant American Legion American leadership to make sure this world stays together and that affects trade that affects all economic relations and we have to do a good job at that. I don't want the book written in 50 years saying How the West lost okay. And so that's what it's going to take and hopefully we'll have that. How do you handicapped this though? Because it's one thing to say look this may be one of the most dangerous times in the world. But is that a 10% chance that it's that this is the most dangerous time. What how do you have you think about that? And it's also very hard to bet on the end of the world. Yeah. I'm not betting anything. So when we do risk management, we don't look at risk manager saying well, we don't think it's going to happen or we do look at percentages. Like what's the range of potential outcomes but my view is when you have this kind of risk you better deal with it very seriously because the chance of something going wrong is high and it goes wrong the cost that would be enormous. be would cost that the wrong goes and it high is wrong because enormous. So that's that's just how I look, I didn't so I think every citizen of the world the Democratic World should be looking at it saying what can we do to do a better job? And the first thing is the military side, you know, Ronald Reagan. We don't win from a position of weakness. You you avoid war from a position of strength we have to do that and I think we should be supporting free enterprise as a nation, you know, Bob Gates wrote a book, which is brilliant, but does it first chapter of a book called exercise of powers Symphony of power and he talks about how we overused Used and misused used sometimes our military muscle but underused development Finance it communication is like the benefits of being free and freedom of speech and freedom of religion and freedom of Enterprise Communications about that economic relationships diplomacy. So I traveled around the world America is absent in some places. The Chinese now are all over Latin America all of Africa and not against them. I'm simply saying we need to do a better job at that. If you look at our development finance and some of our stuff those efforts have been I'm down for years. And so we need to thoughtfully and strategically handle that problem. Just walk through the permutations though. If you could meaning if this is the most dangerous time, how does it metastasize you look at what's happening in Israel. We're going to talk to the president of Israel as a card stock and just a little bit. We're having the president of Taiwan on the screen in just a little bit. You just mentioned China in the Middle East as examples. What do you think Could Happen? Yeah. Well, I already mentioned nuclear blackmail so mankind faces some huge risk. There are three. I'm going to mention. Okay one is obviously these wars which not one of those three but nuclear proliferation. proliferation that is probably the most dangerous team facing mankind climate change. We need a lot of work to do them. You kind of don't really have your act together on that if you think about good policy and another pandemic, we I'm not my view we were kind of looking this pandemic, you know, it wasn't as deadly as a smallpox in that didn't kill children. And so we need to get our act together get those things done. Obviously Wars are unpredictable. And you know, what's going on in the Middle East is unpredictable there what's going on in hopefully these words will end up, you know in Armistice in peace. That's good for Ukrainian Israel, but you can't count on that happening and surely you can't count it happen before we meet again in a year from now make sure the role of business in the on the geopolitical sphere you do a lot of business in China. There's a report that you were going to underwrite the XI an IPO you do business with B dance, which happens to be the owner of tick-tock a business that a lot of people think is fundamentally a national security threat to the United States. How do you justify that? I was in China and of course, there's people afraid about you being pro-china stuff like that. And I said the Chinese know one thing about me. I'm me. about thing Chinese know one the said I And that. like stuff I'm red-blooded full-throated free. market Market pro-capitalist pro-american market and I Market salute the American government does and we're talking to them all the time about what is the right way to deal with National Security? No, it's not Shion. I've had it isn't the issue about National Security. But you know when the government comes up with what they want to do I'm going to salute and that's what JP more is going to do. But in the meantime, it's a very complicated subject. So every every nation as National Security interests, you know ours is semiconductors and and maybe and semiconductors know ours is you interests, Security some Dad, but you know for Europe its energy they are completely reliant on outside parties for their energy, you know, even for China they import I think nine or ten million barrels of oil a day. So every country is going to look at its own National Security interests. And so the complexity of China will work that we want to be part. We want to be at the table and help figure out and I think the governor is talking about the right way narrow charred and high walls semiconductors pennis 100% of our penicillin 100% of our penicillin percent of our Pharmaceutical. The parts come from there. Obviously we should fix that. But is there any part of you that says for example doing business with B dance with Tick-Tock? We're going to Kevin McCarthy on he's not a fan as you know of tick-tock. There are a number of states that are trying to ban Tick-Tock ditch. I'm not going to go through it here and I'm not gonna tell my clients you can imagine the due diligence and work we do to figure out the truth is about those things. If some of those people doing things that we think are truly bad. We would not Bank them. And of course the American government have a government have American the course of And them. not Bank We would a point of view in that. That will engage in those conversations to let me ask you about right but I also think I think engagement is good. I'm not afraid of China. Okay, we have all the food water energy. We have the Atlantic and the Pacific we are have not pissed off our neighbors got great relationship with Mexico and Canada. You know, they have a very complex neighborhood. They've done a pretty good job angry and they're all the people around them. Okay, and that's who are already militarize in Japan. The crea's Philippine Indonesia, Vietnam Philippine crias the Japan in militarize that's who are already Indonesia Vietnam Afghanistan. Pakistan and India and whatever you think about Russia are not great friends, you know like a mere 30 or 40 years ago. They were armies on both sides between Russia and China. So and they have to import 10 million barrels of oil a day. They've got terrible demographics. So I'm not afraid of China. I think we should engage exactly the way the administration do it today. And I think is good for an American Bank to be there to help America no multinationals around the world and China with their own development. If it makes sense, if for some reason American government says Nope Can't do that anymore than so be it. Okay, so but what is that risk? I don't set Farm policy things I do. But what is that risk and how do you think about that risk? And the reason I ask the question is we have a number of businesses. businesses businesses. Today. We're going to talk to Bob iger's got a big business in China as well and to the extent you think that the war in Ukraine could have been a dress rehearsal for what would happen if there was a takeover of Taiwan, maybe you don't think it's a dress rehearsal. But the reason I mention it is if in fact that were to happen if you remember most us businesses left Russia now, Could do that economically was not the hardest thing to do. It would be much harder for American businesses for I imagine you for a Disney for an Apple for a Nike to leave China if the American government makes me leave China China, China I'm leaving China, China. Okay. It doesn't matter what I think or don't think but I think your if there's a war in Taiwan. You can take all bets off that will be a major depression or major on America. We better off than China, you know, so, you know, and it would be really tough. No one thinks is going to happen but may have So as a risk manager JPMorgan handle that but that would be really bad for the world and really bad for China really bad for the people try to I don't think it's going to happen. But you know, I you can't say it won't so you have to be prepared for it. And but I think the best thing to do is to help the American government figure out what we need to do to protect our national security protect our allies keep the Western Alliance is together and make it clear to people who are adversaries or potential adversaries with the cost of them will be of bed actions. That's what we should do. We're gonna have the vice president here just a little bit. How do you think they're doing at that? I think you know I I think they've done a good job coalesce in the world for Ukraine. I think you and I can argue they should have done more quicker and stuff like that. I probably do more quicker. I think when you have you know, this type of battle taking place making it harder for Ukraine is bad and you know, we want Ukraine to be in a position where they can eventually settle this the way that they feel good about what you've done and that gets very complicated. You know, I think we need to do a better job keeping the Western World Together economically diplomatically in and strategically and in diplomatically economically Together World Western the ways I met already mentioned that we need to do more and you know, for example for the Democrats not to talk trade. So, you know, I travel the world I speak to these Ministers of finance and prime ministers and you know, we're talking about all these things about but and I which I'm for human rights labor laws climate, but these nations need help and economic relationships. They almost kind of say to me sometimes well, why can't you talk about something important called trade in economics? And I think we should we should have joined the CPP to TPP. I picked from to collect old rubbish recalled the Trump Pacific partnership and I thought my get him over the edge and what happened but didn't work and then he did the Terrace which I'm not in favor of died was in favor of focusing on the issues between all ignored for a long time about the seriousness of Chinese competitive position. And so, you know, we should we need to do stuff like that. And I think that the government has explain to the people why we need to do these trade things as opposed say we can't talk trade because some part of the party doesn't want to do it. Why why is US get involved in Ukraine America First it is that is America. That's the Frontline of democracy right now for the world and we haven't learned a lesson in 1938 and 1917. I mean we got to teach history to people. Okay, so we have an election coming up in about a year. Yeah. What do you think of the the two leading candidates right now? Oh God. I'm not, you know, I'm not going to tell you. You're not going to tell you did come out make a nice day. Bye bye. Nikki Hailey you did you were talking to Nikki Hailey liberal. Yes, I have even for very liberal Democrat. I urge, you know help Nikki Haley to you know, get a choice on the Republican side. That might be better than Trump. And is that your you that it's anything but Trump I would never say that, you know, because he might be the president I have to deal with that too and hope but but but when he was the president you said critical things about him. Yeah. I don't mind criticizing the president. But you feel any one of the big questions I think is about the business community and whether they should be speaking out or not on politics. This is a big question, especially as we get into this election and what the right answer is in this particular unit moment. You're going to have Kevin McCarthy next to got met everyone points. We took a point of view and sorry when you say politics is personal, right? So you all get to vote for who you want me or get the debate and stuff like that. We get involved in policy. Okay. I will tell you all that and we've done it. A terrible job taking care of our bottom 30 percent of earners. So you all wealthy and have money and all stuff like that. But their average their average wages are fifteen to twenty dollars a year. They're the ones who lost their job in covid. They're the ones whose health is dead dying five or six years younger than the rest of us. They're the ones who don't have medical insurance. They're the ones who are schools don't work and they're the ones dealing with crime what the hell have we done is a nation. So, you know, I agree with that we need to fix that. So when you talk about policy, obviously we should you know, we need better immigration policy. We need better education policy. We need better infrastructure policy, but you need people to run those policies in the question is which who do you think would do a better job? I'm not and the reason is the reason I ask is where is President I'ma try to help do the best job possible, but you don't Trump became president. I went to see him and join that Business Council those things almost never work, by the way, and I left at the second way way, shot. Phil happened. way My daughter wrote me a long elegant letter about basically anyone. How could you Dad you quoted Martin Luther King at the end and I called And then my other two daughters of my wife sent me a quick email saying did oh, thank you. You're embarrassing us and I called her up and said Julia you have everything right except the conclusion. I'm not taking myself off the playing field. I walk into that Oval Office try to help ever is the president as states to do a better job for our people. That's my job and I couldn't imagine saying I'm not going to walk white house because he was there I don't agree with a lot of things she does, but I also want to point out. I think it's like we're in New City, you know the Bastion of liberal Society like people we should stop talking about Ultra Mega. I think you're insulting a large group of people and and then we're making this assumption scapegoating which the Press is pretty good at to wear that somehow these people believe in Trump's family values and the supporting the personal person. I don't think that's true. I think what they're looking at is in the economy is pretty good. Like even the black community had the lowest unemployment rate ever his last year. He wasn't wrong about China he wasn't wrong about NATO. He was wrong about the misuse the mill military. So that's why they're looking at that and Maureen Dowd wrote this great piece about her brother. You know what we want your brothers. I'm not sure he's pro-trump and he's pro-republican people should listen a little bit more to this. You know, if you're a Democrat, you know, read George will read if you're if you're a republican read Tom Friedman, we should get out of this thing. There's one way or the other. the other. I'm one way or There's thing. this of out get should not mad at people who are Who are anti-abortion, who are anti-abortion, you know, if you Who are anti-abortion, if you believe in God the conception starts at the moment of birth, you are not a bad person, you know, and I just think people to stop denigrating each other all the time because people take a point of view. There's slightly different than yours and and that, you know, we're a democracy people should vote in solve some of these issues but then if you and they won't always be what you want explain this then you look at today's economy here in the United States and you could say inflation is coming down. You could look at gas prices. They're coming down coming They're prices. gas at look could You down. coming say inflation is down wages are There are some good things to be said and yet. You would think if you actually look at some of the polls and you talk to people that this economy is not a good economy. Is it so first of the most important thing is the stuff we've already spoken about now. I tell my own people at JPMorgan Chase the economy is the weather, you know, and people are always trying to guess what the weather is going to be and you know what you're making a mistake. It might snow it might rain and might be I see outside it goes up. It goes down as a company. We're prepared for all that my job during that kind of thing is to serve my client my serve to is of thing kind that during job my that all which Includes countries cities states hospitals schools Ukraine IMF World Bank, that's my job. And I know that the weather and earnings go up or down and credit losses and all those kind of things. But if you look at and if you look at the US economy, yes, all you know, almost all time low unemployment. But inflation is hurting people but employment is really important. I just mentioned about the bottom third. Okay. And so when you say Paul's that bottom third, I kind of think they have right to be pissed off. I would probably be a little pissed off if I were them and and so we And should just and act like it's a binary type of thing. What did we do wrong? We've been talking about trying to help those lower income citizens now since in President Johnson, and it's almost still where it was before you know it so I just think we've made a lot of mistakes and and so But but But the but but they just caution you in the economy when people look at the current economy and things are going good stocks are up and we've had a little bit of drugs injected directly into our system called fiscal stimulation the large we've ever had in peacetime and QE the the largest monetary stimulation two different things different effects, but they are drugs running through the system and they create this kind of sugar high and we're in a sugar high. I don't know it's going to end in if don't know I high. sugar a we're in those soft Landing or something like that. But people say well corporate profits are up. This is up. Yeah corporate Powers up because people spending a lot of money where they get the money the government gave it to him. Well, of course profits are up, you know, when they stopped spending money you know or profits will go down. you know, So I'm a little worried that we're in that little bit of a sugar high and we don't understand it. We've never had QT before. before I think it may bite more than other people. You're going to see it in volatile markets. You've seen very volatile markets now most you don't care about volatile markets unless it starts to affect the economy and which it might and then so I just I'm quite cautious about the economy and I think the And then so I just QE Q T and all this geopolitical stuff they can bite and I would just be a little careful about that just because it feels pretty good today. And you think that Jay Powell may still raise rates. You don't think he's finished are you the prevailing view is he's done? Yeah. Well, maybe we'll actually go the opposite way the prevailing view, you know, take a chart the prevailing view before every major inflection point and it's always been wrong. So like I don't look at the prevailing view in or might try gasps Gasps oh my view about the economy is I think there's a higher chance and other people that rates have to go up think of short rates and tenure rates to the Federal Reserve sets short rates. They simply dictated through and can manage it through a bunch of means they do not set the set. The 10-year rate that is set by you supply-demand inventory sentiment Capital requirements around the world. And those Capital requirements are huge governments have the biggest deficits ever and they have the biggest debt ever when we last had inflation at high numbers, you know, the debt to GDP was 35% And now it's 100% And that and you go around the world is roughly. We've been the most profit but it's roughly the same and so when Volker raise rates, you know, the deficit was small and the debt was small and now it's far bigger than that governments need more money. The green economy is going to need more money that you're the European economic energy situation requires money. Any the restructuring of trade is going to be inflationary the remilitarization of the world's inflationary. So I look at a lot of things out there that we should both dangerous and inflationary. So I just say be prepared, you know rational if you work in a risk me that the rates may go up both the short rate and the 10-year rate and be prepared that that might lead to recession. Now, you know, when I worry about Jabbar again that will hurt us a little bit will still be fine and we'll serve our clients, but I think the odds are higher than other people, you people, other than higher are odds the think I but clients, you know, I think there's still a chance of a Soft Landing. I just give it's less odds and other people that's all. Let me ask you a different question about and this is it may be a political question as well. But it's about domestic issues here and it's about actually how the bank thinks about these things for very long time. We talked about ESG and that was a big deal in the United States over the last couple of years. Larry Fink is sat on this stage and talked about the benefits of ESG. There is an enormous backlash you're trying to do a lot of business in Texas. For example, they don't want to necessarily allow you as you know, To sell municipal bonds in the state of Texas because they think that you are a lot of fan of fossil fuels I am the last woke person you'll ever meet. I don't know what the word means. I asked Kevin McCarthy one day which woke I mean you define for me like do I care about people absolutely, but let me ask you this you You this. you this You this. talked about climate change being super important. One of the biggest most dangerous issues JP Morgan's a member of the un's NetZero Alliance. Yeah, right, which means that you're transitioning your portfolio transitioning your you're right, which means that Yeah, portfolio The Pledge is to transition the didn't work for portfolio Didn't to didn't NetZero ghg emissions by 2050. Yeah the state of Texas not a pledge. It's a it's a Target but your target yeah state of Texas says well, if you're going to do that given that we like oil. We don't want to do business with you though. What do you do about that? I don't worry about it. Okay, we do it with the way you are worried about it because everybody's trying to figure out what to do know because we are honest and direct we do it people with the biggest oil and gas for the answer in the world. So I went to Texas I went on TV and I told him I don't understand this don't I told him I and on TV went Texas I to went I clean. We financed more oil and gas companies in the world in just about anybody else which I'm proud of the best companies the clean his company's the reducing the oil and gas that reducing methane. They will be the biggest part of the transition. What do you think that are not you know, and so we look at facts and detail analysis. And yes, we're also in one of the biggest green finances in the world solar wind are all the R&D taking place. And so we just do our jobs and that's that. I don't think will happen. But if it does happen, so be it we can't do music Bonds in Texas. There will be consequences. To Texas because we Bank their cities schools State's hospitals companies 30,000 employees and this time I would punch back. Okay, so we don't have to put all our employees there. I just I find it ridiculous. And so I'm not getting involved in the politics. You ask me about politics or policy. I'll tell you what I think so. I don't know exactly why they're upset with us and they'll probably reconsider that at one point same topic though could be associated with guns in America. Yeah, and the relationship that JP Morgan in the stance that the bank has taken around doing business with gun manufacturers. What's the what's the question the the quest we are going to ever be a moment. We are some state is going to say to you or there's enough States out there that say, you know what we're against this and you're going to have to change the I'm not worried if they do that. So be it, you know, I live in a Democratic Society and States if it's legal, I don't always have the right to do that. We Finance we do not Finance people who manufacture military-style assault weapons for civilian use we do finance companies that make military equipment for the military and the police. We helped the military in every way we can we've hired 15,000 vendors. I'm damn proud of that. Okay, and so I don't understand. I understand the issue. I want to reduce gun killings United States by all means possible. And so and you know, we get involved at a policy level, but it's not up to JP Morgan Chase. And so we want to do a better job, but we can't but I remember this came up the first time I can't tell you how to spend your money because someone said, why do you let people use your credit card to buy a gun? First of all, First of gun? a buy card to credit your use people do you let we don't know. Second of all, I can't tell you spend your money. It's not my job. I still want to know if you could invent it. Yes, but you brought it up years ago and I called you and told you this the federal government sees every gun purchase and has the data what you all don't know is that when a guns and their 40,000 I think people sell guns and we don't know which owns buying we just know what story you're in but those those gun folks have to give the government a written record. They look at that written record to do their search then they throw it out if they digitized it and were allowed to under the law and they're not allowed to under the law to look at the digital things. They might have seen patterns were only these killers, you know stockpiling weapons. Nope, the change the law don't tell I can't change the law, you know, if you want to change it to get out there and tell people why you should vote for this in the federal elections about the people. They should be allowed to digitize the data and use it to be looking for patterns that would lead to bad crimes. I want to open this up for questions in just a moment, but I want to ask you this you're one of the biggest Recruiters in the country. There's a big question about speech that's taking that's speech about question big a There's country. in the place on campus. Opposites these days as it relates in large part to what's happened in Israel the anti-Semitism islamophobia and the like Bill Ackman I believe is here. I see Bill here at he's been very outspoken on this issue about hiring about folks who signed some of these these pledges against Israel calling for genocide to the Jews and all sorts of things. Is that going to factor into your hiring so you this is a if if there's an individual in front of me And I can look at all these things what they did and how they did when they did is something that it might but it's not a binary thing. I'm not going to sit in tell you yes or no, you know and I you know, you know just I think it's unfair to the you know, individual and so there's no I don't have a direct answer that do I like bigots and anti-semites absolutely not what I hire a true beginner some sort probably not but that's pretty basic. That was true before we're going to have Elon Musk here this afternoon when you think of him I haven't read that book yet under Walters here. I mean obviously a brilliant human being and making unbeliever contributions to mankind, but he's you know comes with pluses and minuses and in that particular find it because we've had a few commercial disputes. You have a big lawsuit on going lawsuit big a have You commercial disputes. particular that in going on with him. It's a small lawsuit. We think we're owed money in something. They say they say something no and it's in court will win before we do open it up. Let me ask you this. You are 67 years old right. Now, you recently announced that you were selling stock and JP Morgan first time that you've ever done that what was the decision about that and does that mean that we are now talking about succession for you it have you Ernest nothing to do with that. And so I have to stock I have I bought and I Were sold to share but I never said that like a holier-than-thou like I was great. I'm not buying share. They do you go back to you know, oh, there's no oath. We had never had no the company. I understand opium want to diversify a little bit in reality when I look at it. I should have done it before that's all just a little bit. It's not really important to me is more of a forward looking thing for my family when I'm gone. And that's all it is. It's really not a big deal with no statement of any sort to be gone from JP Morgan. Well, that's totally up to the board. I am blessed. By the way, if you look at my company and the senior people there are men Are and women I mean, I'm blessed with smart talented brilliant hard-working ethical people fill a heart and soul and stuff like that people who can take my job tomorrow is totally up to the board the board talks about when everyone I'm with what do you want to do? As long as I have, you know, I can find by I think it's co shouldn't have this job. If you can't give it your full effort, but is there any I don't like the way we're talking about right now. We're talking about two presidents to people who are running for president that you know be 80 plus would you want to do this to still got a fair age? It's not an age thing. Okay, it's a would you have the energy and the ability are you adding value? And if the next person is ready at a certain time, I should go so it's the board will make that decision and that the important thing if you all and this is like the most important governance thing in the world forget all the rules and regulations and chairman and CEO and all that crap. You read about the board meets without me every single meeting and I've had them do that since bank one that is that they have conversation. The lead director often comes down and gives me a little note. Or call they'd like to Children more of axle more. Why what about this? Can you follow up on that and that and then they also about succession without me and we talk about all the time and we were very comfortable. We got great succession in place and you know, we're going to run out of time but I did say we're going to go to questions and I did see Bill Ackman with his hand up earlier. So we're going to go bill has been I should say advocating for you to run for president United States as you know, Bill. I don't know if you want to make that case right now to but what's your question? too. But now, what's your question? Good lead-in can hear me. So Jamie said he would I wouldn't run for president. But if he was anointed president, he'd take the job. So my question for you, Jimmy is well, actually so now for the powers vested in me. I'm anointing you president. Okay, it's your first hundred days. What are your top ten things? And what do you do over the first year, you know, so yeah. So the first thing I do is I probably have a cabinet was really smart talented brainy people. You might be Secretary of Treasury. It's possible. So I would have Republican I would definitely put Republicans and Democrats on it. You know, it's just a sign that I'm not going to be beholding to one side or the other but the biggest policy issues vote. The biggest one is as foreign policy stuff this war keeping the Western world's together deploy. I would double down diplomacy development finance. That is the biggest thing for the Free World for the next hundred years, but internally education work skills and cities immigration. You're not going to have a cut this this is this is hurting countries around car this this is the world. Old the you know, the uncontrolled immigration we have to do something about it education. I would I'd grow the economy. I think present Chef a growth strategy now the growth you the deficit we have to Now a growth strategy. have the only now a growth strategy Now a growth strategy. solution is growing the economy growing the economy is supporting being conducive to business when I go to France and the UK now meet the president of prime minister is pro growth Innovation proper taxation. For the people the country, I would double the Earned Income Tax Credit. I mean you just what I said about the lower paid people I would cost like 60 billion or hundred billion dollars putting doubling that income. I get rid of the child requirement. So if you're making fourteen thousand dollars the government give you 14 like a negative tax that would put more money into those those communities and they would help their kids and stuff like that. I would do that like tomorrow and make people like you pay a little bit more like you'd like this carried interest of would be gone the today. I got to office, you know, because it is unfair, you know, and so I would Is do is a bunch of stuff like that and we'll talk to Kevin McCarthy about that in just a moment be fun. Hey, but here's an important thing about that. I don't think you know, even the Democrats. I know don't think that sending a trillion dollars more to the government is going to help and we got to be very careful policy that works and money this properly spent. So, you know, I would text you more but have go to those poor people. We have to leave it there. I see the great Ron Conway in the back. I promise I'm gonna get you in just it just a little bit. We're going to have to wrap this session up because we are out of time, but I do want to thank you Jamie Donna. Thank you. Have a great rest of your summer. Thank you. Thank you very much. I'll be there in on
