JPMorgan Chase CEO Jamie Dimon Discusses Economic Impact Of Virus With Stephanie Ruhle | MSNBC

by birtanpublished on August 16, 2020

INTO THEIR OWN HANDS. AT LEAST AS IT RELATES TO INEQUALITY AND HOW WE ADDRESS IT NOW. AMAZON, GOOGLE, VERIZON, JPMORGAN CHASE AND MORE THAN 20 OTHERS COMING TOGETHER WITH CITY

GOVERNMENT TO CREATE OVER 100,000 NEW JOBS AND DEVELOP RETRAINING PROGRAMS FOR LOW-INCOME AND MINORITY WORKERS. FOR THE FIRST TIME SINCE HIS HEART SURGERY BACK IN MARCH, I

SAT DOWN WITH JPMORGAN CHASE CEO JAMIE DIMON TO TALK ABOUT THE PROGRAM AND THE ECONOMIC IMPACT OF THE CORONAVIRUS. AS THE ONLY PERSON WHO LED A MAJOR BANK DURING THE ’08

FINANCIAL CRISIS AND NOW THE COVID CRISIS. HE HAS DEEP CONCERNS ABOUT HOW WE CAN RECOVER WITHOUT WIDENING THE INEQUALITY GAP. MY FIRST QUESTION TO HIM, WHY

HAS HE JOINED AND LED THIS INITIATIVE? >> IT IS A HUGE EFFORT. THE IMPORTANT PART IS, 30 CEOs COMING TOGETHER TO TRY TO TACKLE ONE OF SOCIETY’S BIG PROBLEMS,

WHICH IS GETTING INNER CITY SCHOOL EDUCATION, LARGELY MINORITY, GETTING THESE KIDS THROUGH SCHOOL AND WITH A HIGH-PAYING JOB. AND I PERSONALLY DON’T THINK

YOU’RE GOING TO FIX IT JUST GOVERNMENT ALONE. YOU NEED BUSINESS. 80% OF THE JOBS ARE IN BUSINESS. BUSINESS HAS AI. WE KNOW WHAT WE NEED.

AND WE CAN HELP TRAIN THE TRAINERS. >> BUT IS BUSINESS TACKLING THESE PROBLEMS BECAUSE GOVERNMENT FAILED IN TERMS OF POLICY AND DIDN’T DO THEIR JOB?

>> POSSIBLY. BUT THAT’S TRYING TO POINT FINGERS WHO IS TO BLAME. I DON’T CARE WHO IS TO BLAME. I WANT TO GET THOSE KIDS WHETHER IT’S HIGH SCHOOL OR COMMUNITY

COLLEGE OR COLLEGE SO THAT WHEN THEY GET OUT THEY SAY, MY GOD, I’VE GOT A JOB THAT’S WELL PAYING. >> PHILANTHROPY IS A DROP IN THE BUCKET.

YOU DO INFLUENCE GOVERNMENT. FROM A GOVERNMENT PERSPECTIVE, WHEN YOU LOOK AT THE ECONOMIC IMPACT AND THE PAIN PEOPLE ARE FEELING, WHAT DO WE NEED TO HAPPEN MOST RIGHT NOW FROM OUR

GOVERNMENT? WHAT DO THEY NEED TO FOCUS ON? >> SEPARATE THE LONG TERM. WE ALWAYS FOCUS TOO MUCH ON THE SHORT RUN. COVID IS A PROBLEM.

WE’LL GET THROUGH IT. >> HOW? >> I’M GOING TO GET THROUGH IT IN A SENDING. IT’S A PROBLEM. WE’LL GET THROUGH IT.

WE HAVE TO FIX INFRASTRUCTURE. WE HAVE TO FIX IMMIGRATION. WE HAVE TO FIX EDUCATION. WE HAVE TO FIX HEALTH CARE. THOSE THINGS ARE ACTUALLY EXTREMELY DAMAGING AND WE HAVE

TO ACKNOWLEDGE IT AND MORE TO THE POORER FOLKS HERE, MINORITIES. NOT TO ME. AND SO TO ME, WE SHOULD TACKLE THOSE PROBLEMS.

COVID ITSELF, I THINK THE GOVERNMENT TOOK BOLD, DRAMATIC ACTION. I’M GOING TO GIVE CREDIT TO STEVE MNUCHIN, JAY POWELL, THE ADMINISTRATION AND THE DEMOCRATS

AND REPUBLICAN CONGRESS. WHO WOULD HAVE THOUGHT THEY COULD MOVE THAT QUICK? YOU KNOW, PPP, AND YOU CAN ARGUE WITH PPP AND IT’S BEEN REDESIGNED A COUPLE OF TIMES.

BUT THEY MOVED VERY QUICKLY. PROBABLY SAVED 30, 35 MILLION JOBS. WE’RE NOT THROUGH THIS THING YET. THE GOVERNMENT HAS TO DO MORE

PARTICULARLY FOR SMALL BUSINESS, UNEMPLOYMENT INSURANCE, ET CETERA, TO GET US THROUGH THE NEXT 3 TO 6 MONTHS AS WE OPEN UP. WE’RE GOING TO HAVE TO OPEN UP.

IT CAN BE DONE SAFELY AND SOUNDLY. YOU’VE SEEN IT BEING DONE IN COUNTRIES AROUND THE WORLD. WE MADE A FEW MISTAKES IN CERTAIN PARTS OF THIS COUNTRY,

BUT OPENING UP WILL BE OKAY. YOU CAN GO BACK TO WORK SAFE AND SOUND AND SO THAT HOPEFULLY THE ECONOMY WILL HAVE A CHANCE TO RECOVER. THERE’S GOING TO BE SOME SCAR

TISSUE FROM THIS ONE BUT THAT WE HAVE A CHANCE TO RECOVER. >> RIGHT NOW, DO YOU THINK WE CAN? YOU HAVE 200,000 EMPLOYEES THAT — DO YOU THINK YOU CAN

BRING THEM BACK TO WORK SAFELY? WE HAVE MILLIONS OF KIDS THAT NEED TO GO BACK TO — >> YOU GUYS CAME IN HERE TODAY. THERE’S SOME PEOPLE. THIS BUILDING IS ABOUT 10%

OCCUPIED. THE TRADING FLOOR IS ABOUT 25%. AND, REMEMBER, WE HAVE 4,000 BRANCHES OPEN. THAT’S 40,000 PEOPLE RIGHT THERE.

WE’VE GOT PEOPLE WHO MOVE MONEY AND CASH IN VAULTS WHO ARE WORKING EVERY DAY. WE HAVE A LOT OF PEOPLE AT WORK. BUT THERE ARE A LOT — THERE’S STILL 150,000 PEOPLE WORKING

FROM HOME. AND I THINK WHILE THERE MAY BE SOME PERMANENCY TO SOME OF THAT, THERE’S A HUGE VALUE TO WORKING TOGETHER. IN TERMS OF COLLABORATION AND

CREATIVITY AND TRAINING THE YOUNGER PEOPLE. HOPEFULLY THERE WILL BE A VACCINE AND HOPEFULLY PEOPLE DO IT REALLY SAFELY. WE’RE NOT GOING TO DO ANYTHING

TO JEOPARDIZE OUR PEOPLE BUT GIVING A LOT OF FLEXIBILITY, ESPECIALLY TO SCHOOLS NOT OPENING AND SO WE HAVE TO FIGURE IT OUT. BUT WE’LL NAVIGATE THROUGH IT.

>> SHOULD SCHOOLS REOPEN? >> I DON’T KNOW THE ANSWER TO THAT. >> YOU SOUND VERY — >> I HAVE DAUGHTERS WITH CHILDREN AND ONE SAYS X AND ONE

SAYS Y. THINGS HAVE TO BE DONE SAFELY. AND I JUST DON’T KNOW EXACTLY HOW YOU GO ABOUT THAT. BUT WE’RE — BUT THE SOCIETY HAS TO REOPEN.

WE CAN’T BE DOING THIS A YEAR FROM NOW AND THINK THAT IT WON’T CAUSE DEVASTATION IN THE ECONOMY. AND BY THE WAY, TO THE HEALTH OF PEOPLE.

THE HEALTH EFFECTS — THE NEGATIVE HEALTH EFFECTS OF DEPRESSION AND DRUGS CAN BE REALLY BAD. >> NO DOUBT. >> WE SHOULD BE VERY CAUTIOUS

HOW YOU LOOK AT THIS ISSUE. >> YOU DO SOUND VERY OPTIMISTIC. THEN WHAT DO YOU SAY TO THAT SINGLE MOM IN THE BRONX WHO HAS TO GO BACK TO WORK BECAUSE SHE’S A CASHIER AT A GROCERY STORE AND

SHE’S NOT PART OF A TRAINING PROGRAM, BUT HER KIDS ARE GOING TO SCHOOL VIRTUALLY. AND THEY DON’T HAVE A COMMUNITY CENTER TO GO TO. AND THEY DON’T HAVE A CAMP

BECAUSE OF ALL OF THIS. I’M SUFFERING. I’M NOT GETTING THE EXTENDED UNEMPLOYMENT ANYMORE. >> I’M VERY SYMPATHETIC. AND ONE OF THE BEAUTIFUL THINGS

THAT’S BEEN HAPPENING BECAUSE YOU ARE IN THE CITY AND YOU PROBABLY HEARD IT, 7:00 EVERY NIGHT, PEOPLE STICK THEIR HEAD OUT THE WINDOWS AND THEY’RE CLAPPING AND THANKING PEOPLE —

>> THAT DON’T PAY THE RENT. >> NO, BUT IT SHOULD GIVE US A LITTLE CIVILITY TO THANK PEOPLE AND TO REALIZE THAT ALL THESE JOBS ARE ESSENTIAL AND STUFF LIKE THAT.

SO IF THOSE PEOPLE NEED SPECIAL HELP, THERE’S UNEMPLOYMENT INSURANCE. THERE’S MAYBE — WE’RE GOING TO TRY TO DO SOME CHILD CARE STUFF WITH SOME OF OUR EMPLOYEES.

I’M VERY SYMPATHETIC AND MOST OF THE COMPANIES ARE TRYING TO HELP THEIR EMPLOYEES THROUGH THIS. MOST OF THEM. THEY CAN’T ALL DO THAT, BUT MOST OF THEM ARE TRYING.

>> BIG BUSINESSES. BUT BECAUSE YOU WERE INVOLVED IN PPP, HALF THIS COUNTRY IS EMPLOYED BY SMALL BUSINESSES. DO YOU THINK A YEAR FROM NOW WE COULD ONLY HAVE BIG BOX STORES

AND CHAIN RESTAURANTS? >> NO. >> HOW ARE THEY GOING TO STAY IN BUSINESS? >> THERE ARE 20 MILLION OR SOMETHING SMALL BUSINESSES.

A LOT OF THEM ARE ONE-PERSON SHOPS. BUT THERE ARE A LOT OF SUCCESSFUL ONES STILL SELLING GOODS ON AMAZON. BUT THERE ARE THE ONES WHO ARE

REALLY SUFFERING. >> WHY DO YOU FEEL SO CONFIDENT? I JUST KEEP THINKING ABOUT THE 30 MILLION PEOPLE THAT DON’T HAVE JOBS RIGHT NOW OR WHO ARE BEING FORCED TO GO BACK TO WORK

AND THEY DON’T HAVE CHILD CARE OR HEALTH CARE. IF WE DON’T PROVIDE HEALTH CARE TO EVERY WORKING AMERICAN, HOW CAN THEY FEEL SAFE TO GO WORK? >> IT’S A GREAT QUESTION.

BUT I CAN’T ANSWER THAT ONE QUESTION. REMEMBER, EVERYONE GETS HEALTH CARE WHO GOES TO A HOSPITAL. SO YOU DO GET HEALTH CARE. YOU GET TESTED.

YOU GET A BUNCH OF DIFFERENT THINGS. COVID JUST MADE IT LOOK WORSE. HEALTH CARE HAS BEEN A PROBLEM FOR 30 YEARS. WE SPEND TWICE AS MUCH AS OTHER

COUNTRIES. 40 MILLION PEOPLE UNINSURED. THE OUTCOMES, WE HAVE UNBELIEVABLE DOCTORS. UNBELIEVABLE HOSPITALS AND MEDICAL AND PHARMA AND DEVICES.

BUT TWICE AS MUCH. WE KNOW TWICE AS GOOD OUTCOME. WE DON’T TEACH NUTRITION AND WELLNESS IN HIGH SCHOOL AND WE SHOULD. THERE’S SO MANY BASIC THINGS WE

DON’T DO AS A SOCIETY THAT WOULD HAVE MADE THIS MUCH BETTER. >> THEN GIVEN HOW WELL YOU KNOW THE FINANCIAL SYSTEM, BIG BUSINESS, SMALL BUSINESS, CONSUMERS, YOU HAVE A LOT OF

INFLUENCE OVER THE GOVERNMENT. YOU ARE A BIG PART OF THE BUSINESS ROUNDTABLE. AS CONGRESS IS DETERMINING THE NEXT ECONOMIC RELIEF PACKAGE, WHAT DO YOU THINK THEY NEED TO

DO MOST? >> I DON’T THINK WE HAVE THAT MUCH INFLUENCE. AND, YOU KNOW, REMEMBER, THE FOLKS IN CONGRESS SPEAK TO EVERYBODY.

THEY GET A LOT OF DIFFERENT GROUPS THEY SPEAK TO. TRYING TO FIGURE OUT THE RIGHT THING. I THINK THE UNEMPLOYMENT INSURANCE EXTENDED.

THEY SHOULD JUST SPLIT THE DIFFERENCE. MOVE ON. $400, $400. THERE SHOULD BE PPP. SOME KIND OF EXTENSION,

PARTICULARLY FOCUSED ON THE FOLKS WHO NEED THE RESTART MONEY OR THE ONES WHO DIDN’T GET IT THE FIRST GO AROUND. A LOT OF — MINORITY BUSINESS GOT MUCH LESS THAN THEY NEEDED.

>> THEN HOW DO YOU READ THIS? WOULD YOU SAY WE’RE IN A RECESSION WHILE — >> YEAH. >> YES? >> WE’RE IN A RECESSION BUT

YOU’LL HAVE DELAYED EFFECT BY SEEING THE NORMAL EFFECTS OF A RECESSION. THAT MAY NOT HAPPEN UNTIL LATE THIS YEAR, EARLY NEXT YEAR. BUT IT WILL EVENTUALLY AFFECT

INCOMES. HOME PRICES, IT WILL WHEN PEOPLE REALIZE THEY MAY NOT HAVE A JOB. SO YOU’LL SEE SOME OF THE EFFECTS OF THAT. >> YOU CARE AN AWFUL LOT ABOUT

POLICY. WE’VE BEEN TALKING MORE ABOUT POLICY THAN JPMORGAN P & L. DOES THAT MEAN YOU COULD SEE YOURSELF A MEMBER OF AN ADMINISTRATION?

A TREASURY SECRETARY? >> I LOVE WHAT I DO AND DON’T THINK I’M SUITED TO POLITICS. >> WELL, WE’LL SOON FIND OUT. JAMIE DIMON WHO IS CHAIRING THE NEW YORK JOBS COUNCIL.

THAT PROGRAM, THE NEW YORK PROGRAM, IS A BLUEPRINT WITH A

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