00:00We did get a 48-page annual letter from Jamie Dimon where he talked about everything from the
00:06American might and need to keep our military and economic power to concerns over a credit cycle
00:12and to private credit. We're joined now by Bloomberg finance reporter Catherine Doherty,
00:16who I'm sure has read every single one of those 48 pages. Can we start with this idea that he
00:21says
00:22that the U.S. needs to get stronger? I know that it's always talking your own book, but this feels
00:26especially so considering that JP Morgan is plowing so much money into this project of investing
00:32on things around, what is it, the resiliency and security of America. That's right, yes. And this
00:39follows also the announcement they made last week about the American dream. So he's really taking
00:44this opportunity, which he did a year or so ago as well in his annual letter, of speaking not just
00:51as
00:51the leader of the largest U.S. bank, he's speaking almost as if he is a policymaker. He's talking
00:56about how his business and other businesses can impact not just the U.S. economy, but the global
01:03economy at large and some of the risks that he sees. I think in this letter, he really focuses on
01:11the uncertainty that still remains. And a lot of the question marks when you talk about resiliency,
01:18he's talking about the U.S. being an example of a strong base that he thinks needs investment,
01:25which is why JP Morgan has committed some of its balance sheet to supporting companies that would
01:32speak to this initiative of supporting military and supporting other AI and technology initiatives
01:40that again would all speak to this strength of the U.S. economy and just building out businesses
01:48businesses from the ground up.
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