[bell] scarlet: u.s. stocks closing lower today come up the -- and the s&p 500 plunging. joe: the question is, "what'd you miss?". scarlet: we discussed about the growing disconnect between credit and equities. joe: and crude cannot rebounded from its lowest low in six years. david: and the misery of a mining giant. alex: how it all went so wrong for anglo american. scarlet: we begin with the stock slumping.e index is tech was the worst performer. if you look at the nasdaq off by 1.5%. the tech index, down 1.5%. remember, but this in perspective. tech has been the best performer in the second half of the year. todayech a got slammed

and on the other hand, some energy stocks going up. so a big reversal. that dellthis news chemicals and duponte were getting together. alex: but it fell off. speaks tote really the selloff. it is adding to the dow right now, so things would have been worse if they had not been rallying. and when you look at some of the tech movers, apple really stood out to me. an 18 point decline, said they one of the streaming tv service, but it did not feel like there was a real catalyst today. if the like yesterday was the catalyst with china's trade data. joe: another thing, the dollar got slammed against everyone. the british pound went to back atabove $1.51, the euro

$1.10. that was part of the action. a big rally in commodities and non-dollar currencies. a real reversal of trends. scarlet: i want to look at the bloomberg terminal to see what struck my eyes today. natural gas, we talk a lot about oil and copper and base metals. alex: natural gas is not doing well. take a look at the level. .wo dollars right here you can trace that back to levels we have not seen since 2001, although it back to 1999. that's how bad it is. and he see that reflected in stocks over the last week or so. joe: one day natural gas will get back there. alex: no, northeastern natural gas is under one dollar. scarlet: i am taking a look at the divergence he between credit and equity, particularly

high-yield credit. so here is a relative of high-yield credit as shown by this chart. it is grinding lower. the s&p 500 has done much better. this is about until mid april. many see this faltering and the declining in september. since then, it has largely rebounded and credit has been faltering. why is there no spill over into equities? what will give? will stocks continue to tumble? joe: it cannot be that simple. here knows -- who knows? alex: it is so energy-related. joe: speaking of energy and dividends, i remember on monday limited about the partnerships and these are the pass through companies that pay a lot of dividends, these

transport companies. asy have not been clobbered much as during the financial crisis. but zim in, this is -- zoom in, this is a long-term chart. they have rallied in the last couple of days. they are up 6.5%. so, you see somebody never talks mlp's and is finally talks about how much they are down, that is a good time to buy. because they are surging. alex: you are the shoeshine boy and out. it. i never talk about so this is the time to buy. scarlet: you can see all these charts on twitter. alex: joining us now is a portfolio manager. he leads the equity team. joe: benjamin, thank you for joining us. we were just talking about the --o, it is above a dollar 10

$1.10, everyone is now talking about parity. delivered last week, did that change things? >> i think it will go much higher. i think toward the high teens. alex: what does this do to the appeal of u.s. stocks? >> i think it makes them off the nationals who have clearly suffered from a strong dollar and the lower value of foreign earnings in u.s. dollar terms and that makes those names look a little more attractive. but it also made more attractive the domestic european businesses that have all of their earnings in euros, they will suffer from a stronger euro and dollar-based investors, or european investor,

this looks compelling. scarlet: nonetheless, joe was talking about the move in the euro, but there's so much volatility. are we supposed to see that much volatility? are we supposed to invest when we can see the euro turn on a dime? >> we can see the range of possible outcomes and it is much wider than it has been. i would differentiate between near-term volatility on a day and a long-term volatility that can go up and down. so companies, that does not hurt. $.25he move from a dollar down to $1.10, that was a big move and a big improvement. stocks, as you look around the world, what is one thing that you notice on a price to sales basis? -- as the s&p 500 1.8

sales, is that the place to go between the competitiveness of the euro and the cheap valuation and the fact that ecb under delivered? >> i would certainly say that the highlights are outside of the u.s., clearly margins in the u.s. are at a high and that is what the numbers are indicating. that is why people will pay more, they get more earnings per unit of sales. in a highlights an opportunity in europe, you are paying profit to sales. but as you get recovery and some of these domestic oriented banks in germany, that is relatively weak, we have seen announcements out of their banks, clearly on .oing as well as the s&p is there is upside potential there with retail sales. and consumer confidence is coming back. i could normalize profits --

that could normalize profits over time. and in the u.s., they are firing on all cylinders. scarlet: let's focus on european banks, they trade at a discount relative to the american banks. and ofopean financials course the s&p 500 financials in yellow. are the smaller balance sheets, are they all priced in? i am not totally gung ho, but the bad news has been digested. the regulatis have been adverse. we have had concerns about the quality of assets on the balance sheet in european banks and what that means is that companies have not been generating good profit or they are not sharing with shareholders.

now we have had a lot of fines, those are rolling off and we have had adverse regulations that is more behind us. we have had a low growth and i think that we are emerging from that time. so companies can get more profitable, they can rebuild capital and start to pay out profits to shareholders. alex: you mentioned how profits may have peaked in the u.s., in europe they are just getting going. if they gain momentum and companies use that cash for share buyback the way they have in the u.s., is that a good sign? >> it is a terrific sign. europeans have not had topline revenue growth, but want to get that you are operating better. european companies are not good at cutting costs on the way down, but u.s. companies are good at that. many top revenue growth to show market -- they need top revenue growth to show margins.

and a recovery, even a small one in europe, you can get profits and cash flow and more available to pay dividends and do buybacks and so forth. joe: we also saw negative and part oft week the theory was that there is a growing block within the governing board that is opposed to more easing, perhaps in the northern countries, do you worry about that? that it could grow and be less? or is that a distraction? >> more a distraction. the fact that u.s. rates will rise at some point and we are closer to that point, maybe december or later, but that takes pressure off of the ecb and the dollar is likely to appreciate regardless. the bank of japan and the ecb do not need to be proactive because in the u.s., it is clearly in

its final stages. alex: japan is trading at a premium to europe and the united states, 18 times versus the s&p 500 musso what will that opinion be -- 500, so what will that premium the? -- be? >> it is a small and premium today than i have ever seen. i will need to see a discount before i get excited about japan. there are a lot of challenges there, declining population, ,ignificant debt, low birthrate etc. you need to see lower prices, corporate restructuring, not so much on the income statements like a cost-cutting, but what i am looking for is restructuring of the balance sheets. they have lots of cash on balance sheets. if they were really committed to boosting themselves, they would

do something with that cash. that is what i am looking for. until then, i want to buy japanese companies at a discount. alex: kind of like -- scarlet: thank you, benjamin. alex: coming up, the commodity its lowest level since 1999. we will discuss if we found the bottom or not. that is next. ♪

♪ alex steele. we are going to get right to mark with the news. mark: almost 2/3 of primary

voters favor donald trump's call to temporarily ban muslims from entering the united states. more than 1/3 say it makes it more likely for them to vote for him. it was an online survey that was conducted on tuesday and shows support at 37% among likely general election voters. however, after learning more about the plan, support dropped to 35%. and asked if they are more likely to vote for trump, 44% said it had no impact. ife president biden says donald trump wins the nomination, he will be defeated easily by hillary clinton in the election. the vice president said, mrs. clinton wins in a walk. call to prevent muslims from entering the u.s.,

joe biden says it is dangerous for america. and protesters in chicago's city hall, chanting 16 shots and a cover up. this follows several weeks of protests after a video was released of a white officer shooting a black teenager 16 times. the mayor apologized for the circumstances surrounding the death and promised reform. and the u.s. supreme court heard arguments today and affirmative action case, this is the second time the justices have looked at how the university of texas admits students. this case could limit or abolish racial preferences in admissions. ♪ mark: you can get more on these and other breaking stories on bloomberg.com. back to you. alex: now we turn to commodities, the bloomberg index

today touching its lowest levels since 1999, that is near an all-time low. joining us from his office is edward morse, the global head of commodities research at citigroup. what is the number one thing preventing commodities from hitting the bottom? edward: i think it is financial flow, the market does not want oil or copper to hit a bottom. expectations that there will be theal growth ahead, pulling markets into a correction. but we could hit a bottom, we have not hit yet. alex: if you take a look at stores, that looks like the qualifier in terms of have we hit peak storage. global inventory could get strained, but will he hit floating storage. is this for oil what would take everything to the dark side? edward: there are two things at

work. and oil, getting to in oil were the prices lower than the price producing the commodity, that would prevent it from going into southern territory. and if we need to move into floating inventory, crude oil, that would be an incremental expense that might be 50% higher at the beginning than the cost of on land storage. that would push prices down. there is plenty of floating inventory available, probably 200 million barrels of capacity in the world today that could handle a lot more floating storage than what will be necessary. we could probably, the market will test, if not in december in january, just like it did a year ago when there was a rush for floating capacity. it is not quite there yet, but it is on the verge.

it is there if you look at floating inventory in the middle, there is a lot of inventory on the seas of northwest europe and the mediterranean, but we're not there yet. joe: one of the big stories this year was the volatility, the collapse we saw in win core shares. you really know about looking at the future of commodity shery, pointing out that as this becomes more liquid, there will be massive opportunities that there are now plenty of guns so electronic. what is the future looking forward? will there be standalone commodity trading houses? will it be profitable? edward: we think it will be a profitable business, maybe not as profitable as it has been. looke of drivers that good, some trading houses -- one of them is trade finance credits are still available. they are available from

agencies, from commercial banks that do not see credit finance as particularly risky business, because they have the resources underlying the trade to give them comfort. and we think even from the national oil companies that we are seeing an extension of credit terms. the problem rather should be the mechanics of companies, companies that focus on a handful of commodities rather than those who focus on 30, 40, 50 commodities. they look like they will be in better shape. perhapshe ones trading too many commodities, try to sell them to get closer to a minimum level. scarlet: as we look at crude oil trading below $40, commodities overall continue to sink.

can you describe when we will know when we hit bottom? edward: the sign is always consolidation in an industry, that seems to be a reliable test. when you know that consolidation is taking place, the bottom is passed do. -- due. probably in the global industry, this will pick up speed, so we expect about a bottom between now and then. to thatrices really got level for a short. period of time, i think that we would see consolidation and acceleration of capacity, not just in the u.s. but also in the world. that would be a good sign the bottom is here. alex: thank you so much. copper, theng about

commodity that has slumped 27% this year. in output,eductions but that is not helping. we will discuss. ♪

♪ ♪ , the "what'd you miss?" biggest question right now in the commodity market is what is going on with copper? ed is back with me. here is what is confusing, less than a month ago, we had 10 out andcompanies coming prices fell. why? ofard: it is for a number reasons, the markets were down and there are a lot of questions about where inventory was going.

so we had a plunge in price, but underlining this as you can see is demand is falling off and that was a driver of shorting the copper market. supply is catching up with demand now. we are moving to a more balanced area more relatively quickly. the other part of this is too much attention has been looking market.hinese the chinese market we have already seen a convergence and prices between scrap and raw material and that convergence is a sign that inventory must be drawing down, otherwise it would not be happening. alex: inventories, that has also been confusing. if i look at imports into china from july until october, they tons. by 1.1 million so you have a draw in warehouse

inventory, but in increase in shanghai -- an increase in shanghai, but it does not make sense. where is it? edward: it may well be that copper is used for financial purposes, that is growing at a rate we cannot measure. you are right. transparencyck of in data, that is why you need to look at other signals like the relationship between scrap and raw material in order to figure out what is happening. alex: you brought up financing. financing could be a reason for where this is going. what is interesting, if you look at the nickel over the last few years, when this unwound in china, and it will prices could not recover because traders were not interested in using nickel for security or loans, or dumping nickel to pay back loans .

it does this hold true for copper? edward: we think a lot of it has artie been fleshed out -- we think most of it has been flushed out. the warehouse scandals of a year ago, certainly they said they y took a lot of shine off of this. the chinese government is coming down hard on these for extending credit. so the trend is certainly in the direction like the direction of nickel, but we think most of it has been flushed out. alex: always good to get your perspective, you are one of the best on copper. great to get your perspective. coming up, what is driving the disconnect between equity market and the credit markets. we will discuss after the break. ♪ the only way to get better is to challenge yourself,

and that's what we're doing at xfinity. we are challenging ourselves to improve every aspect of your experience. and this includes our commitment to being on time. every time. that's why if we're ever late for an appointment, we'll credit your account $20.

it's our promise to you. we're doing everything we can to give you the best experience possible. because we should fit into your life. not the other way around. scarlet: "what'd you miss?" let's get to mark crumpton with first work news. mark: president obama says the u.s. constitution's 13th amendment meant freedom for all. he joint congressional leaders on capitol hill today to mark the amendment's 150th anniversary. pres. obama: we would do a to service to those warriors of justice, tubman and douglas, and lincoln and king, were we to deny that the scars of our nation's original sins are still with us today. mark: the president urged

americans to push back against bigotry in all its forms. the father of california shooter tashfeen malik condemns and regrets his daughter's actions and the killings in san bernardino. he spoke to the associated press by phone from saudi arabia. he said he is very sad and in indescribable pain. a police officer from baltimore charged with manslaughter in the death of freddy great testified in his own defense today. officer william porter told it was he did not call an ambulance because gray was alert, appeared uninjured, and did not complete your -- complain of any wounds. prosecutors say porter failed to call for a medic after gray said he needed one. major league baseball recommend teams place protective netting in the dugouts. it would apply to any field level seats within 70 feet of home plate. it follows a season where several fans were seriously hurt

by foul balls. you can get more on these and other breaking stories 24 hours a day at the new bloomberg.com. from the bloomberg first word desk, i'm mark crumpton. back to you. scarlet: let's get you a quick recap on how u.s. markets closed. major indexes ending the lowest in the last 4 weeks, giving up early gains. the nasdaq off by one and a half percent. remember, that was the best-performing sector in the second half of the year. alix: and the dollar, too. that was a big surprise, the strains in the dollar. there was no reason for that. in theaw the rally pound and 80 euro and the wee akness in the dollar, a reversal from the trends today. alix: i want to highlight will prices. what formulates a bottom?

in particular, there may be more downside to go. let's take a deep dive into the bloomberg terminal. this is called b map. you are looking at all of the oil tankers off the gulf of mexico that have oil in them. some might not, but a lot have. estimated 37 million barrels of heavy crude could be setting off the gulf of mexico right now. the idea is, that is a lot of oil not being used. venezuela and mexico need to the cash there. they have been exporting like crazy to get the cash flow. that is winding up, in part, in the gulf of mexico. >> this is hanging over the industry. scarlet: that glut we keep talking about. canada's central banker says that the economy there does not need more stimulus. here is why. >> we believe there is a

reasonable probability that two years from now, we will be back at full capacity in the economy. if something were to happen that pushed us significantly outside that zone, that is when we would need to look at our options. scarlet: stephen poloz speaking with us. inside the bloomberg terminal. this is the work function for canada. the probability of a rate cut to below half of 1% has gone up. it's now at 30%. the probability of the rate staying at a half of 1% has edged to lower. that is again another example of the divergence we are seeing, or we could seat with the u.s. looking to tighten. alix: we talked about central banks, and we have to talk about the credit market. there are ominous things happening. investors increasingly are concerned. joining us now is a new river investments portfolio manager. david, we have heard high-yield

bonds, yadda yadda, but you wrote a report that we have to dig deeper. david: all the headlines have been energy bonds, and that is absolutely true. all of the debt for the energy companies have followed the price of oil. a lot is getting missed in other segments of the credit market are starting to fall. if you look at ccc bonds in high-yield, it's up 16.5%. in terms of annual default rate looking forward, a lot of those are between 10-20%. it is more than that. if you look at the straight b leverage bonds, they have lifted about a hundred 50 basis points. -- 150 basis points. the fundamentals are largely pretty good. you have to ask yourself, what

is happening here? is it the start of something more than just energy markets combining? >> what is the answer? is it the start of something bigger, or is this something that will fade? how bad could it get? david: i'm going to sound like a good economist and say yes to both. alix: on the one hand, on the other hand. david: yeah, the reality is somewhere in between. if you think back since the credit crisis, credit conditions have never been looser. underwriting standards for loans -- what has happened over the last five years, the default rate for loans and high-yield have been record low looking backwards. looking forward, i think we will start seeing defaults creep up. that is a worrisome concern. alix: we have seen that reflected in the flows, in particular the investment grade markets. slows have come down.

they are around a flat line right now. it seems like every portfolio manager we talked to says high-yield is going to be great next year. global rates are going to be low. is not going to be the trap for 2016? david: i think it is the trap. we are on the cusp of something we have been talking about seemingly forever, a debt hike. it seems like we are finally there, a week away, and we don't know how these markets are going to react. i think the most worrisome part is looking at the funding markets. if you look at the repo markets, what that tells me is that they are stressing higher rates. short-term overnight rates are starting to pick up in anticipation of the fed hike. but what does that actually mean? there is leverage entities that borrow to get higher yields and return by borrowing against their bonds, and a broker dealer will finance that. what we have seen is that that

rate has gone up. alix: the three-month dollar survey? david: it's gone up substantially in the last month or so. if you think about what that upns, they are leveraged with assets that are falling in price. some have to sell bonds. at the same time, they are being squeezed by the funding cost. this is not just high-yield across the credit spectrum. looking at the funding strategies in repo, that could lead to a snowball reaction as far as high repo costs for selling. i wouldn't quite sound an alarm, but it's something we should be looking at. scarlet: i was showing us earlier that divergence between equities and credit based on the s&p 500 and the high-yield credit market. behind your credit market blew -- the high-yield credit market in blue and the s&p 500 in

yellow. was or ever time there was a false alarm and the equity market turned out to be correct? david: i am not sure, but i think you're onto something. if you match s&p and who is in those junk-bond epfs, it's not the same. a lot of people talk about how the performance in the broader equity markets has been amazon, google, apple -- those types of stocks. that is true. you are looking at apples and oranges, but at the same time you can't ignore such a broad base drop in credit, especially going into a tightening cycle. >> you mentioned it looks likely we are going to get the first fed rate hike since the crisis. is janet yellen in doing so pouring fuel on the fire? is thisa bad time, or what she might like to see happen, some of the excess of the credit market starts to unwind? david: such a fine line.

i have a lot of respect for her. that decision is very difficult. they have gone so far down the line at this point that to backup and reverse again is very difficult. inflation, unemployment, all pointing-- at this point, hiccups in the credit markets are not going to deter them. scarlet: we have talked about the lack of liquidity in the market. is there a way to quantify how much that lack of liquidity is exacerbating this issue? david: that is a good question. when you look at the underlying issue, it is fascinating, because they don't treat that much. a universe of 37,000 bonds, how many would you guess over one year don't treat at all? >> i only know this because i saw you to be to this -- you twe et this. alix: 10,000. david: you are close, 1/3 don't

treat all year. goldman sachs might have 30 different corporate bonds with different maturities and call features. there are so many different nuances in the corporate bond world. the underlying don't treat that much. the etfs trade substantially more than underlying bonds themselves. it is fascinating. people are trading hands on agreed prices, bonds that haven't treated. it is an interesting dynamic how people are trading the credit market. scarlet: you are sticking with us david. we are going to talk bank regulations after the break. ♪

scarlet: "what'd you miss?" it is time for the bloomberg business/, a look at some of the business -- biggest business stories. the justice permit looking into breaking in the multi-trillion dollar agency bond market. they say the inquiry into the market for so-called ssa is gathering momentum as the u.s. investigates whether traders fraudigated -- violated statutes. alix: general electric in advance talks to buy halliburton's drill bits and services division. halliburton is divesting assets to win antitrust approval.

ge is also exploring bids for other assets that halliburton is seeking to hold. restaurantchipotle linked to a norovirus outbreak will be closed for a few days after testing workers for the illness. a worker became ill right after 120 boston college students were sickened. local health officials have pointed to the nora virus at the cause of the incident. the chain is already dealing with an e. coli outbreak that sickened dozens of customers across nine states. that is your bloomberg business/. -- business flash. >> restrictors on risk-weighted assets have become an issue for banks. what will happen as rates rise? we will continue our discussion. david, talk about this new era for banks. there have been a lot of regulations since the crisis. now more have come into place. we have started to see what

this new normal is going to look like. david: it is the alphabet soup of regulations. you have lcl, liquidity coverage ratio. -- lcr. you have to cover a certain amount of outflow out of the bank at any one time. rank -- sos are stat many regulations that i think what has happened is that banks are turning into utilities. joe: i recovered during the middle of the crisis, a lot of people said banks should be exactly that. we shouldn't have risky banking, thanks should not be exciting and wildly profitable. you say that the regulators have essentially achieved that. banks are boring these days. david: i think so. there is a much cost and overhead. onpliance, stress testing,

many different areas that don't add to the bottom line. you can debate whether they are necessary and hope the system, i am not sure. but the bottom line is they are turning them more into utilities. say, of analysts how can you achieve roe of x? and we can't because we are in a low profitability regime. joe: do you think there are investors that things are coming back? david: i think the regulations are here to stay. outside of completely different political regime, i think they are here to stay. they are most cumbersome for the bigger banks. when you get over hundred $50 billion in assets it becomes very difficult. same goes for over $10 million at the junior level. joe: what are the ramifications? my colleague has been writing a lot about we are things

happening in credit markets -- weird things happening in credit markets. what do you see as the impact of the banking system that has gotten boring, that doesn't have the same balance sheet capacity to take on a lot of things? david: the risk that is going to be taken is not going to suddenly be stopped, it just won't be taken at the banks. it will go to the shadow banks, non-bank lenders, the middle market loans that the banks usually makes are going to go to bdcs. you can namee, them off. the concern with that is that it is unregulated risk for one, and two, a lot of these have not seen a credit cycle. you go through a credit cycle, these models are unproven. while it may not be a risk for the system, the risks are creeping elsewhere. joe: talk about that some are.

when you say thanks are becoming utilities, that seems like a win. but we just move the risk into different areas. david: we are in enterprising market and people want to make money. these different activities are happening, just not at banks anymore. some of it is. consumernce, subprime used to be an arm of citibank called will make financial. now it's owned by fortress led group called spring leaf financial. just one example of an entity that used to happen within a big bank, now happening outside the system. joe: is someone active in the credit markets? are you interested in investing in some of these loans that are produced by these online target places -- online marketplaces? david: i won't speak for myself, but it has become popular in the hedge fund community.

they see it as a field of inefficient loans that they can better right -- better underwriter than other people. it is an interest in space. we are in the infancy of it. in between regulation, growth, and how it works, there is a long way to go. joe: thank you so much. fascinating discussion. next, we discussed how it all went wrong for mining giant anglo-american. ♪

alix: "what'd you miss?" investors abandoning anglo-american as it announces the scrapping of dividends, cutting 85,000 job, surpassing glencore in the year's worst performer. take a look at the five-year chart. stock is fallen almost 90%. this is really a fall from grace from the south african miner that produces everything from diamond to platinum to a tiny bit of copper. i have one chart that i feel tells a good part of the story. it's the decline in annual sales. it has gotten really ugly. in the last report it had revenue growth down 18.7%. estimates for the second half of the year are down 32%. corner, inart in the the right-hand corner, that is the estimate. that is unbelievable for a

slight down. scarlet: it is the poster child for mining. alix: you basically wind up getting a lot of debt, buying a lot of stuff in the boom times, and when the must happens, commodity prices slide and you are holding a bag of coal at the end of the date. depreciation in image relation and margins. if you were to look at the smoother,gins are but along that same trajectory. joe: if you look at the level of the debt they have versus the amount of free cash flow, this tells the story too. if you go back a few years ago, total debt was a little bit higher than annual cash operations. now look at the 2015 number, nearly 20 billion in debt. you have to squint to see the cash flow operations. that tells the whole thing.

i was reading that it was a big story on bloomberg today. i was thinking back to 2009 when everyone was like, get out of anything paper and get into real assets that will stand the test of time. alix: i was covering gold at that time. joe: and here we are all these years later, and everyone exposed to these hard assets are getting slammed. it speaks to the changing times. scarlet: and the numbers are stunning. you showed us death versus cap flow. $6.3 billion, which is a far cry from what it was before. eating billion dollars in debt. --$18 billion in debt. if you break it down, there are 1.7 million of dollars due in seven months. 27 issues of bonds worth $15 billion in four years time. alix: it's depressing. the question is, who is next? is bhp going to cut its dividend

yields? coming up, what you need to gear up for for tomorrow's trading, after the break. ♪

scarlet: restoration hardware reports consumers not buying as much stuff, but they are spending more on their house, as home depot indicated. alix: bank of england rate decision. want to hear anything they might think about the economy. at one point we thought the boe could raise hike rates. joe: bloomberg consumer comfort index out at the morning.

they have been in credit was done lately. alix: that is it for "what'd you miss?" lately. scarlet: we will see you back tomorrow. joe: have a great

john: i'm john heilemann. mark: and i mark halperin. and with all due respect to time magazine, nailed it. john: on our show tonight, trump and time magazine snubs trump. but first, the people for trump, and there are a lot of them. isording to a new poll, played to temporarily ban all muslims from entering the united states is