Welcome to the Eric Erickson Show podcast, Our Three.

Hello and welcome. It is Eric Erickson here across the United States of America.

Glad to have you with me. I got gotta play you some audio. This is Jamie

Diamond. He's the head of was J.P. Morgan. He is one of the financiers of America and the

world who all of the experts listened to. Last year when you said look look, we're worried about the macro story, you said, J.P. Morgan is going to be fine, but we're going to act like a hurricane is coming. We're going to behave. We're going to do what we need to do to ensure that we are going to be fine. What did you do? Yeah. I think I would change that. We always run the company, not knowing the future is.

And that's why I talk about fortress balance sheets and margins and growth.

We know they're going to be tough times.

And what I want to do in tough times is serve you whether it's good or bad.

To do that, I need the capital and liquidity to handle the stress environment.

And so we have always done that. So when I said I'm prepared, we're prepared at Hurricane. We were prepared before I talked about it. We were prepared before the 07 one and the great financial crisis because I know that bad things happen. And very often they happen in a way you do not expect. So we spend a lot of time. We do 100 stress tests a week, but it doesn't mean I got the one that's going to happen next time, the one that's going to surprise you and catch you off guard. How many Fed ride hikes will there be from here, you think? How many more rate hikes? Look, I think the implied yield curve is we get to 5%. I think there's probably a 50% chance. that's right. I think there's a 50% chance that'll have to be six.

That's, you know, I don't know.

Five or six for rate hikes.

So just for timestamping purposes,

so that you know, if you're listening later,

I'm talking at 208 PM, Tuesday, January 10th. The Dow is up 112.99.

NASDAQ is up 75 points. S&P 500 up 18 points. Last year was a terrible, terrible year for the stock market.

We will see where it heads right now.

But there is a growing sense across markets and across banks and across, well, really the entire financial sector that something bad is coming Janet Yellen this is

breaking news has been asked by Joe Biden to please stay she She was planning to depart.

Some suggested if the election went badly, she'd be ousted.

She herself wants to be done.

Now, the reason Janet Yellen wants to be done, and this is commendable, you do need to

...