Jamie Dimon

Other things, inflation's a big thing, it's not just oil.

So we'll see, right now this will add a little bit, literally a teeny bit to inflation, not a lot.

Well, it may not be geopolitical.

It may be the companies that start to lay people off.

The most important thing in the world today is geopolitical.

What happens to the free Western democratic world, which has kind of been under attack by Russia and Ukraine, by Iran in the Middle East, a little bit by China who wants to divide and conquer the Western world.

you know, both militarily and economically.

You know, you have all their neighbors are rearming because of their actions, not because of anyone else.

So those are the most important things.

I'd add global deficits are so large, but those are like, I call it like large moving tectonic plates that may or may not affect the economy in the short run.

They may be determinative in the longer run.

And some of these things, when you talk about war, you know, Vietnam, you know, did it affect the economy in the very short run?

No, it had a 20 year effect after that.

So you've got to look at these things as they're moving plates that can take five years to have an effect, but effectively real.

Right now, the economy is doing fine.

Asset prices are high.

People are assuming things go on.

I mean, no one you talk to has any idea that credit spreads can gap out a lot.

And they could, just because of sentiment.

And so, yeah, I think there's a little more exuberance than I think there should be.