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Daily Mail
27 minutes ago
- Daily Mail
Trump's finance guru goes to war with America's top banker: 'His predictions have never come true'
Donald Trump 's treasury boss has dismissed Jamie Dimon's warning that the rising national debt could cause a bond market crisis. The JPMorgan Chase CEO sounded alarm last week, cautioning America's overspending - especially during the pandemic - and quantitative easing will lead to a 'crack in the bond market'. But Scott Bessent brushed off his fears, alleging throughout his 'entire career' Dimon has issued stark predictions and 'none of them have come true'. 'That's why he's a banker- a great banker. He tries to look around the corner,' Bessent told CBS News' Face the Nation with Margaret Brennan on Sunday. Bessent argued 'we are going to bring the deficit down slowly' and highlighted how the US is 'taking in substantial tariff income right now', which he estimates could save the use $2 trillion. He also pointed to Trump's plan for price controls on pharmaceuticals, alleging it could 'substantially push down costs for prescription drugs' and save the country 'another trillion'. 'We didn't get here in one year, and this has been a long process,' Bessent continued. 'So the goal is to bring it down over the next four years, leave the country in great shape in 2028.' Bessent added that debt levels that 'the deficit this year is going to be lower than the deficit last year, and in two years it will be lower again'. America's top banker, however, did not seem phased by Bessent's dismissive remarks and doubled down on his debt warning Monday. The JPMorgan Chase CEO told Fox Business' Mornings with Maria program that the national deficit is a 'big deal' that could create a 'tough time' for the bond market that causes spreads to widen. 'If people decide that the US dollar isn't the place to be, you could see credit spreads gap out; that would be quite a problem,' Dimon said. 'It hurts the people raising money. That includes small businesses, that includes loans to small businesses, includes high yield debt, includes leveraged lending, includes real estate loans. That's why you should worry about volatility in the bond market.' The comments echoed his earlier warnings about potential market turmoil, citing rising US government spending. Dimon, during an interview at the Reagan National Economic Forum on Friday, warned of a 'crack in the bond market', but added that while the market may panic when it happens, the bank would likely benefit. Market makers like JPMorgan often benefit from volatility, as frequent exchange of assets drives up brokerage fees for their trading desks. 'I'm hoping that we change both the trajectory of the debt and the ability of market makers to make markets,' Dimon warned, while suggesting the 'crack' could appear in 'six months or six years'. Shifting US economic policies have sent bond markets tumbling in recent weeks. Trump's flip-flop on trade policies, along with suggested tax cuts and spending surge, have sent the bond markets tumbling in recent weeks. The rise in treasury yields post 'Liberation Day' tariffs, which Trump described as the bond market acting 'yippy ', forced him to hit a 90-day pause on tariffs. The banker, at the forum, also aligned himself with Trump's recent campaign to close the loophole that enables private market investors to benefit from lower taxes. 'We absolutely should be taxing carried interest,' he said, echoing Trump's efforts to close the provision long-cherished by investors. Dimon proposed using the revenue to double income tax credits, even for individuals without children, noting that the estimated $60 billion additional cost from this initiative would directly benefit communities, families and homes. Dimon, 69, is one of the most prominent voices in corporate America and has regularly been consulted by administrations during times of crisis. His name was floated for senior economic roles in government during the 2024 presidential campaign, including Treasury Secretary, but he stayed put at the bank. Dimon has been running the biggest US lender for more than 19 years, outlasting many other CEOs. When asked about the timeframe for his succession, Dimon said 'it's several years,' adding, 'there will be an appropriate time and then I may stick around for a couple of years as chairman or executive chairman... I love what I do.'
Daily Mail
30 minutes ago
- Daily Mail
Cruel Diddy berates young Cassie over 'whack' performance in resurfaced video: Live trial updates
Sean ' Diddy ' Combs' trial for sex-trafficking and racketeering is on its fourth week in New York City federal court. The music mogul, 55, could spend the rest of his life in prison if he is found guilty of using his wealth and fame to run a criminal enterprise. A former personal assistant who accuses Diddy of rape testified Monday under the pseudonym Mia. She said that she continued sending the hip-hop mogul loving messages for years after her job ended in 2017 because she was 'brainwashed.' Mia followed Cassie as the second of three key prosecution witnesses. The third, using the pseudonym 'Jane,' will testify later this week. Combs, 55, has pleaded not guilty. His lawyers concede he could be violent, but he denies using threats or his music industry clout to commit abuse. WATCH: Resurfaced video shows Diddy humiliating Cassie over BET performance A video of Diddy berating Cassie over a less-than-stellar performance of her hit song Me & U on BET in 2006 has been making the rounds as his trial continues in Manhattan. Cassie had an infamously poor performance on the iconic BET show 106 and park; she said on the stand that Diddy supported her after it, which made them closer. 'Cassie right here, she had a a whack show... she had a pretty whack show oin BET,' the music mogul said as the singer nervously smiled next to him. 'She did not perform at the level of the Bad Boy excellence... but at Bad Boy we're with our artists through their growth periods.. through their bad shows and good shows.' All the explosive testimony from inside Diddy courtroom on Daily Mail's podcast The Trial To hear all the explosive testimony from singer Cassie Ventura and the other witnesses in Sean ' Diddy ' Combs' trial, tune in to Daily Mail's hit podcast The Trial. From sworn testimony to video evidence and the rapper's every subtle move, our team of journalists take you inside the courtroom of the world's biggest celebrity case. Daily Mail has been following Diddy's downfall from the very beginning. Join us as we hear from experts involved in the case, and members of the rapper's inside circle. All the explosive testimony from inside Diddy courtroom From sworn testimony to video evidence and the rapper's every subtle move, our team of journalists take you inside the courtroom of the world's biggest celebrity case.
Daily Mail
41 minutes ago
- Daily Mail
Brooklyn Beckham and Nicola Peltz reveal plans to start a family amid rift with David and Victoria
Brooklyn Beckham is excited to build his own family with wife Nicola Peltz, as tensions continue to simmer between him and his parents. During a new PDA-packed interview, the eldest son of Victoria and David gushes multiple times that he can see kids in his future, and that Nicola will be an 'amazing' mother. Brooklyn and his wife Ni cola Peltz hinted at the ongoing unrest with Brooklyn's family in a newly released joint interview, before the feud imploded with David's 50th birthday celebrations. And in a video released by Glamour Magazine, the couple can't hide their excitement about their long future together. Taking on the magazine's Friend Test, the pair are tasked with looking into each other's eyes for two minutes and revealing what they see. Romantic Brooklyn immediately gushes: 'I see us when we have our kids,' as Nicola adds: 'I see the future father of my kids.' From A-list scandals and red carpet mishaps to exclusive pictures and viral moments, subscribe to the 'The most important thing someone can do in their life is find that person for life because they'll really change everything and they'll make everything better,' Brooklyn later adds. And revealing what he has learned from his four year relationship with Nicola, Brooklyn honed in on his wife's nurturing nature. 'We have four dogs and the way she treats them, I feel like you're gonna be the most amazing mum with our kids,' he told her. As for Nicola she was keen to highlight her husband's 'pure, good intentions.' 'I like when you say be happy and follow your heart or go with your gut because sometimes I feel like your head is overthinking and your heart is super emotional but I feel like your gut is just that intuition that you just go with,' the US actress mused. David Beckham, 50, and wife Victoria, 51, have become estranged from eldest child Brooklyn, 26, whose heiress wife, 30, has been blamed for the rift in the once tight-knit family. And in the new magazine interview with Glamour Germany, conducted in April, the couple opened up about outside interference in their marriage and hinted at worsening relations with the Beckham clan, as they instead focused on the advice they'd received from Nicola's billionaire parents, Nelson and Claudia Peltz. While Brooklyn appeared to be deliberately omitting mention of his family, as he shared a different meaning behind the name of his hot sauce, Cloud 23. The aspiring chef's representative told last week how the number 23 was a 'warm nod' to David, who wore number 23 while playing for Real Madrid and LA Galaxy, inspired by NBA legend Michael Jordan, in a touching move that appeared to be an olive branch to his father. However, in the new interview, Brooklyn failed to mention his father, simply stating: 'The 23 stands for our engagement date and my age back then.' Elsewhere in the interview, he and Nicola also seemed to hint at interference in their relationship and the ongoing reports of the family feud. When asked how they 'protect' their relationship in the spotlight, Brooklyn stated: 'Ignore the noise. Keep your head down, work hard, be kind. People are always going to talk. What matters is that we're happy together.' While Brooklyn was present at the Victoria's 50th, both he and his wife failed to make an appearance at her 51st. And while his younger brothers Romeo and Cruz took to social media to pay their birthday tributes to their parents, on both occasions Brooklyn stayed silent. Brooklyn appeared to nail his loyalties to the mast when he posted an image on Instagram of himself and Nicola riding a motorbike, writing: 'My whole world x I will love you forever x I always choose you baby x you're the most amazing person I know xx me and you forever baby.'
