horace cooper. gentlemen, welcome back! a, shannon, good to see you! shannon: let s start with inflation and i will let jamie dimon, ceo of jpmorgan, explain how he thinks this whole thing is going to play out. it s a hurricane. right now it s kind of sunny, things are doing fine, everyone thinks the fed can handle this, that hurricane is right out there down the road coming our way. we just don t know if it s a minor one or super storm sandy yeah, sandy, or andrew, or something like that, and you better brace yourself. shannon: horace, i cannot imagine that if the message the white house wants out there, is it? they want to hear brace yourself or how bad it s going to get. i have to keep telling everyone who wants to pay attention to what s been going on, the president has made things worse. this isn t the case of he can t figure out what to do.
they re going to feel it. businesses are passing on a chunk of these higher prices through everyday americans, that means higher prices for energy, gas, heating, housing, the cost to rent, the cost to buy has gone up, and food. we saw record price spikes on everything from chicken and salad dressing to baby food in the last 12 months. really sharp numbers. i asked jamie dimon, ceo of jpmorgan, if he s concerned about a downturn. he says he s not forecasting a recession, but it could absolutely happen. he s concerned about three key things. high inflation, which we ve been talking about. the fed s efforts to cool off inflation and, of course, the war in ukraine. he said these are powerful forces. they will combine probably next year and no one really knows exactly how it s going to turn out. we have all of this, which doesn t really add up to great news for consumers. there is a silver lining? the silver lining would be the fact gas prices have cooled off, down 2 cents overnight,
this isn t about two piece s of legislation. it s about the inflection point i mentioned earlier we are in our history, the world history. reporter: and it s an inflection point palooza. it s not just related on what he wants to do on his domestic agenda. that s the point he s going to make today when it comes to raising the debt ceiling. the president is going to be meeting with bank ceos and top business leaders to really use terms like potential recession, economic catastrophe if the u.s. doesn t act on this, and for the first time in its history ends up defaulting. he s going to continue to absolutely place the blame on republicans. we saw him do that earlier in the week. we can expect the same messaging. he s going to use these people he s meeting with to, again, reiterate the message. you see there bank ceos of citi, of jpmorgan, of bark of america, aarp and the realtors, the people who represent those who might be really, really impacted.
the finger at republicans and say if you re not going to do anything on this then yes, in their view, in the white house view, get out of the way. we will try to do our own thing which as of last night it seems he has potentially blessed. but then it will be a huge problem for the president to try to justify why he hasn t supported democrats going with the nuclear option on things like voting rights and gun reform legislation which his party has pressured him to do over this summer. what biden is doing in bringing the business leaders in to talk about the debt ceiling is saying hey, republicans, i m bringing in your daddies. right? those gop lawmakers look at these business leaders. these are their heros. this is who they want to get the big donor checks from. if the united states defaults, that doesn t mean all the federal workers aren t going to get paid. that impacts our credit rating in all the ways we borrow that will get more expensive. the ceo of jpmorgan is the
his name. yeah, i mean, there is the potential original sin of having supported trump, of having continued to support him through his presidency but there s also the continued cowardice of saying we are at a crossroads but don t ask me to completely pick up the mantel to be the one to go against him because i m afraid that he might smack me down, which is what has happened. as we ve seen just earlier this month frankly with the one politician who tried to stay in position as she challenged him and it didn t really go that well. afraid they might smack him down even though he lost the election. i find fascinating. i want to get your thoughts while we have you on the economy as well. the same day the jobless claims reached a new low for the pandemic the ceo of jpmorgan jamie dimon had this to say. listen to this. people actually have a lot of money and don t particularly feel like going back to work. so the gop can t find a coherent message but the economy is sort of doing some wor