Incredibly wealthy man tells young people not to worry about money or the future as long as there's no nuclear war. - You should take a look. - At these kids. Anyone who's depressed, as long as we don't have nuclear war, they're going to have an unbelievable life. [00:00:16] That is Jamie Dimon, CEO of the nation's largest bank, JP Morgan Chase. Optimistic about a future he won't be around for. Diamond thinks that technology advances and what's being called the great wealth transfer will lead to longer and more prosperous lives for Gen Z and Gen Alpha. [00:00:34] He thinks young people should just focus on their own growth and well-being and just work hard. More from diamond. Take a look at this. People say the next generation is in bad shape. Really? They're going to inherit a country that's worth 2 or $300 trillion. They're probably going to live to 120. AI is going to cure some cancers. [00:00:52] They shouldn't be bemoaning their situation. They should be looking at this world and saying, what can I make of it? You know, what can I do better than the folks before me? Some of that advice is good. Some of it does not track at all. Who cares if the country you're in is rich? If you don't get any significant chunk of that money for your own life? [00:01:10] But don't listen to me. I'm not very wealthy. Despite Gen Z's concerns about their finances, data does, and good news apparently show that these concerns to a degree, may be short lived. For example, Gen Zers people born between 1987 and 2012 say that they are having to turn down job [00:01:28] opportunities because they can't afford commuting expenses and have decided to focus on their pets in lieu of having children because kids have become too expensive to raise. In addition, they're abandoning their dreams of owning a home soon unless they believe they'll receive an inheritance soon. [00:01:44] This cash strapped president may prove a contrast to their wealthy future. However, with the great wealth transfer estimated to trickle around $84 trillion from the baby boomers and silent generations to their younger relatives. Indeed, the shift will be so great that millennials are expected to be [00:01:59] the wealthiest generation in history in the coming two decades. I will believe it when I see it. And if you don't believe me, just ask my one and only son, Henry Horse Henry, who I can just barely afford to take care of. That's not true, but you get the point. [00:02:16] Diamond also thinks that I will significantly shorten the work week to just 3.5 days. He told Bloomberg News. Please, Lord, that. Let that be. Let that be true. I want that more than anything. Let it happen right now. The banking chief, who's paid $39 million a year just in 2024, alone recommends [00:02:34] young people get off social media, telling Maria Bartiromo, Take care of yourself. If you don't take care of your mind, your body, your spirit, your soul, your friends, your family, you're not going to have a great life and enjoy it. Have a little heart and humanity. Treat people properly the way I grew up. [00:02:51] The way you treat everyone is fair and honest and forthright and you'll have a great life. This from the CEO of JP Morgan Chase Bank, he added work hard. Learn, learn, learn. Read everybody. Don't get into the ecosystem of Democrats. [00:03:08] Republican. Conservative. Progressive. Learn from everybody else. Great, great advice from a man who really keeps that common touch. I'm inspired. Jake. Yeah. So it sounds like he's giving advice to his kids. [00:03:23] And for his kids. Those are actually probably pretty good advice. Like, what are you worried about? Are you crazy? Don't worry. I'm going to leave you like, hundreds of millions of dollars, if not billions. I run the largest bank. Are you crazy? Just have the time of your life. And so, if you're Jamie Dimon's kids. Totally. I agree with that. [00:03:38] I think rich people don't enjoy their money enough. Like they like. No. I want to pass the next guy on the Forbes 400 list, and they get into, like, this greed, swirl. And so wonderful advice if you're the son of the CEO of the largest bank. [00:03:55] Okay. But for the rest of us, brother, I mean, be a little self-aware. So. Okay, now here's the thing again. Two things can be true at the same time. Look, has health, improved health over the last 200 years, life expectancy, etc.? [00:04:11] Yes, unquestionably. Are there enormously positive trends in the world? Absolutely. Should you, you know, view yourself as a victim of uncontrollable forces and just surrender? No. Absolutely not. Go out there and tackle the world. That stuff is true at the same time. [00:04:28] Jamie Dimon never. And no one in power, none of these elites ever acknowledged. Yes, but it's harder today. So don't gaslight us and keep telling us about don't worry about it. Just work hard. Yeah, okay. But you guys bought houses for like, $35,000. [00:04:45] Right now, houses are sky high and adjusted for inflation. These numbers are still much, much, much higher than they used to be, including the cost of college education, including the cost of raising kids. So all of the price have gone up. And have our wages gone up? [00:05:01] No, because of elites like Jamie Dimon basically completely controlling our politicians. All we ever did was trickle down economics. So what did they do? Corporate tax cuts. Tax cuts for the rich, deregulation for banks. And next thing you know oops. Oh yeah. We crashed the entire world economy in 2008. [00:05:18] Oh well then I'm going to need bailouts. And I'm going to need you to pay American taxpayers to pay my bonuses during bailouts. There's never any responsibility. There's never any consequences because they've captured the government. But meanwhile, that crash cost the jobs of like 12 to 13 million people. [00:05:36] It robbed the taxpayers of so much money. And and we now have less to invest in the younger generation. So we can't do free college education, which would empower those people and give those kids equality of opportunity so they could go out and tackle the world. [00:05:51] So if you're going to tell them to go tackle the world, give them the tools to do that with. But anytime somebody proposes that the Jamie Dimon's of the world come out and go. No, no, no, no no no no no no no no no no. Free college, no free. Not free but no universal health care, no paid family leave, no higher [00:06:09] minimum wage, no nothing for you guys. Only tax cuts for people like me. So please spare me that speech. I'm happy to hear that from someone else, but not from Jamie Dimon. Yeah. And you know, like you pointed out, there's certain things that some people may have access to that are better. [00:06:25] Like overall, you know, like access to food, healthcare. We got grocery stores now and stuff. But, you know, there what we're really talking about is the ability to assimilate and not really integrate, which is really what happened during integration here. Some people can make it through the cracks, but most people can't, you know, [00:06:43] like so if and especially in today's time, as you pointed out, with, you know, like housing, education, healthcare, things like that, being so expensive, consumer, goods have been keeping the economy afloat. These tariffs are messing that up. [00:06:59] But, you know, unless you're rather exceptional person in today in, in today's economy, you know, like, really good looking, really charismatic, maybe a really smart something that you're not really going to rise through the cracks. Like it's really difficult, to climb the social ladder, to climb the tax bracket. [00:07:18] In America, the American dream is not really attainable unless you're a rather exceptional person, which more and more people are having to run into. So yeah, you might be able to assimilate, but I mean, look at the stats, look at how many people are in debt. It's so, you know, Jamie Dimon, he's just kind of saying stuff [00:07:36] because it sounds good. Kind of like an old grandpa, like you said, giving his kids some good advice. But clearly he's not familiar with the struggles that most people go through just trying to stay afloat. Yeah. And one last quick thing here. Yeah, things might have improved in the last 200 years, but in the last 50 years, [00:07:52] because of trickle down economics, which Jamie Dimon loves, our wages have been absolutely flat adjusted for inflation for 50 long, brutal years. So all the costs have gone up, but your wages have remained stagnant. That's the number one problem. [00:08:08] If he wants to tackle that problem together with actual solutions, that helps the average American that I'm thrilled about it. But if you're not going to do that and you're going to tell every politician you advise, and both Republican and Democratic presidents kiss Jamie Dimon's ass every time a president is elected, no matter which party. [00:08:25] There's speculation about how Jamie Dimon might be the Treasury secretary. - And so he comes down and he. - Goes, no, no, no, don't help them. Okay. That's some progressive stuff. No trickle down on you over 50 years. I get all the money first and then maybe it comes to you and maybe it doesn't. [00:08:43] I don't know why you're not enjoying life. Why don't you go out to the beach and work hard and have all these great, wonderful things? You'll have a great future. No, no, brother. You're taking that future away from so many people with the policies you advocate for. So spare me your inspirational speeches until you're actually trying to help. [00:09:03] Every time you ring the bell below, an angel gets its wings. Totally not true, but it does keep you updated on our live shows.