Jamie Dimon

And they all know that really growing and having great economies rely on that.

You want to get more foreign direct investment, you need peace.

Things like war reduce the chance that people don't want to put real investment in the ground.

And then they even set up a shadow government for the Palestinian Authority with Palestinians, but professionals, lawyers, doctors, business people, to create maybe a governing structure that can actually uncorruptly govern Palestinians and create peace on the ground there and have Israel and Palestine work in a long-term course, but a course to peace side-by-side with statehood.

So we'll see.

On that one, I want to be optimistic, even though it's been terrible now for a long time.

Yeah, so some things rhyme and some things never change, okay?

There will be a credit cycle.

It's usually caused by a recession.

the type of recession determines the nature of it.

So stagflation is very different than just a recession.

Obviously the depth of the recession.

And a credit cycle is a normal cycle.

One of the things that's always different is which industries get really badly hurt.

Like you may remember in 00, 2000, it was telecom and utilities.

The Ma stocks, they pay dividends.

In 08, it was Warren Buffet stocks, media stocks.

This time, maybe it's software, maybe it's not, but something's moving that changes the type of credit.

I do think it'll be things that cause a recession.

Could be geopolitics.