Fox Business Network anchor Melissa Francis got an exclusive interview with the CEO of JPMorgan Chase (NYSE:JPM), Jamie Dimon. After touring bank branches in Florida, Francis got Jamie Dimon to share what he really thinks about the so-called “Volcker Rule.”

The regulation, a specific part of the Dodd-Frank Act, was originally proposed by former Federal Reserve Chariman Paul Volcker. It’s meant to prohibit U.S. banks from making speculative investments.

JPMorgan’s Dimon obviously doesn’t think a whole lot of the scheme.

“Paul Volcker by his own admission has said he doesn’t understand capital markets,” Dimon told Francis in the Fox Business interview. “He has proven that to me.”

Check out the clip, starting at about 1:05 in, courtesy of Fox Biz. The zinger is at around the 2 minute mark.

Dimon also went on to say we won’t destroy the market, it will simply “go overseas.”

There’s no way of knowing what the impact of the ban on proprietary trading will be long-term, so some of this may just be bluster. But a look at bank earnings recently show that the momentum simply isn’t there.

If investment banking revenue is drying up, what’s going to replace it at JPM, Citigroup (NYSE:C), Bank of America (NYSE:BAC) and other leading financial stocks? Well, Dimon is optimistic that the worst of housing is over. He actually told Francis, “I think we are at the bottom. Housing prices are still going down a little bit. All the lean indicators are good; rental prices are up, mortgages are at all time affordability.”

But investors should take that with a grain of salt. After all, JPM has a lot riding on a housing recovery, so it’s natural for the CEO to put a happy face on the real estate market.