david goldman. mr. and mrs. david goldman. you are married. now plays the femaude watts, laundry worker, wife and mother whose daily life is dismal before radicalized to fight for women's suffrage in 1912. >> this is a film. written. produced and directed by women. how unique is that? >> completely unique. and costume designer. makeup designer. set designer. we're all all women. i have never been a part of anything lick that before. we were a group of women who were very excited to be telling the story. >> i think about maude, very poor. loses her husband. loses her son. she loses her job. she is jailed multiple times. and i think. i don't know that i would have the same courage. >> yeah. >> as her? do you think you would have the same courage? >> it is such a hard thing. because i have been lucky enough to grow up in a life where i haven't had to fight for anything. the point of our film sort of says if you won't throw a rock for yourself man you will throw one for some one else. >> well have been left with no alternative but to defy the gove

and david goldman of reorient has spent years synthesizing market work and looking at asia. en signal for the people of china? david: first of all it is an extremely important symbol that the reforms of the xi jinping regime will be deep and profound . this is coming at the beginning, the fifth plenum will address a range of reform issues p a desist such a basic change in the party's social stance -- this is such a basic change in the party's social stance. it means that society will be different. china is looking at a perspective labeled -- labor's shortage. they will have to export jobs. the question we have is what these demographic impact of lifting the policy will be. will behavior change? years ago about generational change. we could talk about generational change in the u.s. does this signal a generational change of moving on, not so much from mao but from recent leadership in beijing? david: it is a profound change. the past 30 years, china has and exportstack economic policy, which has served them well. for a number of reasons that policy cannot continue. the world c

david goldman! you're married! >> reporter: now plays a young wife and laundry worker whose life is abysmal until she is radicalized to fight for women's rights. this was a film produced and directed by women. how unique is that? >> completely unique. costume designer, makeup designer, and other roles. i've never a part of anything like that before. we were a group of women who were very, very excited to be telling the story. >> reporter: i think about maude who was already very poor and she loses her husband, she loses her son, she loses her job, she is jailed multiple times, and i think, i don't know that i would have the same courage. >> yeah. >> reporter: as her. do you think you would have the same courage? >> it's such, you know, it's such a hard thing because i've been lucky to grow up in a life i haven't had to fight for anything. threw a rock for yourself, maybe you'd throw one for everybody else. >> we have no alternative but to defy this government. >> reporter: merle streep called for the use of violent

our exclusive interview with the co-head of investment banking at goldman sachs. davidill join us when we come back. [announcer] sunday's your last chance to save big during sleep train's triple choice sale. for a limited time, you can choose up to 48 months interest-free financing on a huge selection of tempur-pedic models. or choose to save $300 on beautyrest and posturepedic mattress sets. you can even choose $300 in free gifts with sleep train's most popular stearns & foster mattresses. the triple choice sale ends sunday at sleep train. ♪ sleep train ♪ your ticket to a better night's sleep ♪ >>> coming up, a miss for netflix. poubding those shares today. rich greenfield with us live, and josh brown will tell us what he is doing with his position. plus, the top expert on what the move in first data stocks tells us about the state of the ipo market, and the number one retail analyst for 14 years running breaks down what's ahead for wal-mart, the stock, the space, consumers, everything. carl, we'll see you in just a bit. >> sounds good, scott. see you. >> goldman sachs

david from goldman who was just on the show basically saying we're going to bumble to the finish line0 is his price target. we're already at a pretty rich valuation for the s&p. over 16 times. if you park yourself there, you'll make between 7% and 8%. plus, dividend yield. everything else is just noise. you can't guess what's going to happen, and you can't let one person's opinion decide whether you will be in the market or not. >> we know of your canadian roots, and your tie -- you have a long-standing knowledge of how commodities work. we just showed a chart of oil, which is closing in on a 4% gain today. >> oil will be $50 until the cows come home. i don't care. i love the fact that every other sector is enjoying the benefits of low oil, and we never talk about that. it's always whoa is me, the energy stocks are defining the s&p. who cares about the energy stocks? what about the rest of the market. >> that's a good point. >> certainly isn't stopping fedex from raising surcharges. we'll talk about that later. a day after twitter appointed jack dorsey as its permanent ceo, the compan

david at goldman sachs cutting to 200. he was among the less optimistic. cutting to 25. all of this means the average forecast now for the s&p 500 is around 21.47. it has come down considerably. here is the s&p. we would need to see about a 10% rally from these levels to meet those lowered projections. betty: a 10% rally from here? julie: seasonally, we do tend to see year-end rallies going into the holiday. as we know, past performance does not ensure results. betty: i read my fine print. thank you, julie hyman. for more on the markets, i want to bring in eddie perkin, the chief equity investment market or. you hear a 10% rally to the end of the year. does that sound feasible? >> it does sound feasible. we saw overpullback the summer has set us up for a rally. a lot of people have gotten very defensive. it is time to put risk back into portfolios. julie: why? the fed might be raising rates. >> we have been told for two years it is coming. anyone not prepared, i don't know what they have been paying attention to. i think it is coming. whether december or early next year,

david: goldman sachs are hiring traders from glencore and hedge fund capital management in an attemptties team. earlier this year so explain this one to me. they had not very good results that came out. high risk is a trading park. they want to go into commodities , which seemed high risk to me. stephanie: this is their dna. >> and they pulled back on a lot of investments in the area. they had a great commodity investment business for a long time. a skilled that back and sold columbia minds, not a good investment. holding back up on the trading side because they lost some traders earlier this year. are nothas said they leaving commodities even as everyone else does. they will stick it out and they hope to be the one remaining player that captures a lot of markets. this is the place you could go if you are a commodities trader. they do have a place to go, it looks like goldman. >> maybe. we are talking about tito's people here for the moment. it looks a little counterintuitive, but it makes me wonder whether this does not signal goldman's ambitions or intentions or expectation about th

and the guy that nails this is david goldman step for years, at bank of america.it is basis points, 1/10 of a percent higher than it would have gone. >> we have a lot of other investment-grade companies who need to issue bonds over the course of the next two or three years. tom: why? >> they have done all the shareholder from the activity like taking over companies or promised dividend hikes and buybacks, and have to find all that to the debt market. that will be something to watch. mike: why do we see, i don't want to call it a blowout, but moving spreads given the fact, as tom has been pointing out all morning, treasuries are dropping gekko is there more concerned about companies ability to make gekko is are dropping a more concern about copies ability to make profits? >> pricing credit as if we are in a recession. again, moving at of the general economy on that front. however, the other argument is the corporate bond market has been incredibly frothy over the past five years things to qe is not just rates. people talk about a stock market bubble, but more money

later on today, we are going to talk to david solomon of goldman sachs.more about the outlook. when we come back right now, what first data's ipo means for the rest of the financial technology industry. the dow is up 63 right now. be right back. daughter: do you and mom still have money with that broker? dad: yeah, 20 something years now. thinking about what you want to do with your money? daughter: looking at options. what do you guys pay in fees? dad: i don't know exactly. daughter: if you're not happy do they have to pay you back? dad: it doesn't really work that way. daughter: you sure? vo: are you asking enough questions about the way your wealth is managed? wealth management at charles schwab. >>> the biggest ipo, down slightly. currently trading at $15.75. it is down about 1.5%. it is on high volume too first data volume surpasses every component of the s&p. what does this mean for the payment space? for more, joining us on the cnbc news line is gill luria. we have been waiting for this ipo to happen. what does this mean for the payment space? >> t

joining us now here at post nine is goldman sachs chief u.s. equity strategist david kostin. you gained headlines a week ago saying you were lowering your forecast. where are you? >> my forecast is the s&p 500 will end the year around 2,000, and will rise next year to about 2100. the argument behind reducing our target for this year was really the fact that the chinese economic activity is coming slower than we had originally anticipated. and energy prices, as you know, the energy earnings from energy companies have declined pretty significantly. so, the argument behind a reduction in earnings, basically is what drives the reasons for a lower price target. if you want to keep that in a simple mind, looking at $109 of profits this year, down 3%. lower earnings generally relates to a somewhat lower market. the idea of the lower market is lower relative to our target. our target had been 2100. lowered that slightly. >> you also said the multiples at risk. >> think about this. the fed, baseline forecast, the fed will increase interest rates in december. and that is generally asso

i remember david at goldman 'schs, everybody balance sheet was affected.: i am going to say it proudly. we never took government money at barclays. every quarter was profitable. we never had a fear of not having deposits. jamie it is interview with you, stephanie, yesterday said the same types of things. it is about the management. we are coming back to the same issue about, how do you protect the larger -- tom: cash on the balance sheet. thank you, tom. we have bob diamond with us for the rest of the hour. what would you like to ask him back up send us your questions on twitter. --next, distort the results historical results in the canada election. next on "bloomberg ." ♪ stephanievonnie: welcome back to "bloomberg ." yum! brands has made it official. it was put off its china business into a separate publicly traded company. it has been in a sales slump in china because of food safety scandals and increased competition. has beatennologies estimates. it announced a 12 been dollar buyback. makes a widelogies range of products from jet engines to air

like some of the goldman sachs. davidit down with brian moynihan, tell us what he had to say. erik: whether it is citigroup, jpmorgan, bank of america numbers, yesterday, i have been wondering, how much better with the banks be doing today if it were not for dodd-frank? if you are living in a precrisis world because it is dodd-frank that hurt the fixed-income business in two ways -- heavy to and the will of trading, so when i sat down with in aeo, brian moynihan, charlotte, i asked him if would be good for his company. rian: we would run the company the same way. we to $12 million in charges he cares there were charge-offs and credit cards, whether it was mortgage businesses. erik: you see the value? brian: we run it for the customers and stay in a prime consumer space. erik: with us capitol, he would be more profitable. brian: it is there and it is investors capital and of the cannot put it to work, we put the rest to work to get a good return. at that is the challenge. when it gets too high, the investor will want to re

whether he killed his ex-wife nicole brown simpson and her friend ronald goldman and robert kardashian going to be played by davidchwimmer. >> wow. riveting. as you can see, travolta, he just nails it as shapiro. "american crime story," the people versus o.j. simpson will be premiere in february on fx. >>> up next, justin bieber certainly full of surprises these days. >> the singer just dropped a video for his single "sorry" off of his upcoming album "purpose." a day earlier than he promised. he based the lyrics seems to be all about her, of course. always about her. selena gomez. he's begging for a second chance in one of the verses. ♪ one more shot at forgiveness >> interestingly enough, we never actually see bieber himself in the video. his new album "purpose" will drop in full on november 13th. >> this is like justin timberlake and britney spears all over again. that whole saga from the last generation. >> who else has a new good music video out? gwen stefani, people are saying also about her ex. >> got to check that one out. >>> another major singer making headlines this morning. >> following up on a story w

. >> i know david tepper, he schooled me at goldman sacks about some bonds i wanted to buy for someoneever since then i've been in awe of the man. i think he was there to talk about the incredible charitable work that he was doing which is a remarkable. a guy who goes ohhome, believes where he went to school. >> day two after news from pfizer and allergen confirming friendly talks. 3.08 is the number there. many are wondering what the price would be paid by pfizer. the likelihood would be all in pfizer stock. the combined company must be 40% of allergen shareholders, so they would qualify for inversion and become an irish taxpayer. pfizer shares down a bit. you will have a large spread here regardless if they get to an announcement because of the fear of politics. is it likely the treasury would change the regs again? no. one of the key reasons pfizer seems to be moving now as opposed to waiting for any length of time to have gone by is that they want to try to close this thing before the end of '16, before a new congress comes in. working with the current map that they have as it deal

yes, there is news from opec and goldman, but we are on the back of what has been a substantial rebound in the past couple of weeks. david: thank you, julie. mark crumpton is at our news desk. the european union is telling russia to stop bombing modern groups opposed to syrian president bashar al-assad. the demand comes days after cruise missile attacks. foreign ministers of the eu's 20 nations say russia's actions are of deep concern and must end immediately. ministers are concerned that vladimir putin's intervention could widen the country's civil war. the dutch safety board is set to release its findings in the crash of malaysians airline flight 17. it is not likely there will be any definitive finger pointing. instead, the findings will likely describe the damage observed and what weaponry may have been involved. the plane crash on its way from amsterdam to call him for in 2014. an iranian court has convicted washington post correspondent jason rezaian of espionage. the u.s. has criticized a run for trying him in secret. he has been held for more than a year. in roseburg, oregon, students return to class at a communi

. >> let's move the discussion on david to retail banking as well because as susan's pointed out, investment banking, the likes of j.p. and goldman has been under pressure. what about the retail banking at the moment? is that the more sensible place to have exposure at the moment? >> well, i think actually it's very hard among the largest banks to have exposure only to retail banking because of the ones that you mention that reported last week including jpmorgan, wells fargo, bank of america, citigroup. they all have about a 50-50 mix between commercial or wholesale banking and retail banking. certainly in the retail sector you're seeing very good credit quality. you're seeing relatively strong loan growth or better loan growth than we've seen and, of course, that is a slightly more profitable business because of the slightly lower expense ratio than the institutional side. >> david, one more question for you. i know you cover u.s. banks. given your expertise when it comes to the banking sector, just wondering when you look at what's happening with deutsche bank today, this change in strategy exit five executives, it doesn't come

goldman sachs as the fed may not raise rates until next year. stephanie: happy tuesday morning. it is our second day on bloomberg "go." i'm stephanie ruhle. david the most: this is influential conference. let's break down the interviews. jeff smith. that's break it down. bob dry filled, we have

david r.: it was a combination of a lot of things. sachstner is in goldman brought expertise to the table.a community-minded. all of my businesses or not of my desire to change communities. years, michael has been to get kids into college, educate young kids. -- setndards and totems standards and tones in the community. peoplepartnered with like usaa. they donate 10% of their profits , along with ours, to put into a foundation where we invest. it is a natural extension of what i was doing before. i wanted to be the best basketball player, now i want to be the best business person, not just for trophies or for money in the bank, but i think we have tremendous impact. david: how do you choose communities? david r.: right now, it is merely invest. i have been in san antonio. what we had been doing in charter schools in san antonio will impact the country. so many areas now, we go into houston. i partnered with hilton global. the university of houston. 25 kids that year. send them to visit our departments at our hotels. they get time at the university of houston and focus on hospitality, and w

goldman sachs, mcdonald's, microsoft. the super-rich invest in the companies of the future that may die and they -- david: they inherited it and don't worry they will lose it. >> not so much that that they have so much money they can afford to liz. espn was creation of the getty oil trust. you need that estate tax wealth going towards risky ideas. david: nobody knows risk like trump through, right? he risked a lot. but he has lost some too. >> republicans are coming out with very interesting tax plans. i kind of like all of them. david: do you like donald's the best? >> they're all good. some are better in different ways. i will say this, that is really healthy debate. what you're getting on democratic side which is fascinating is class warfare. hillary clinton from what i understand, next couple days will put out her wall street reform proposal. this will be another attack on wall street. it's a way to apbees the left, maybe attack biden who a lot of people think is getting in the race. he has a lot of support on wall street. this is really class warfare -- david: john, have you seen anything from any democrat, frankly on

david: the person who got the documents should it with his boss. it is not just one person at goldmanich is a frightening thought that somebody with such insight from a government agency -- stephanie: this guy who was fired was then fired from jefferies. david: sadly, we have to say goodbye to bill daley. thank you so much for being here today, bill. still ahead, pfizer and -- are expected for a merger. ♪ stephanie: we will see how america did in the third quarter. a blockbuster deal in the making. pfizer is in talks about allergen. germany's biggest lender plans to burst -- boost returns by cutting jobs and scaling back overseas. welcome to the second hour of "bloomberg go." david: we will build on the second hour. stephanie: indeed we are. let's take you to some news. vonnie: china is taking steps to defuse a time bomb. china'sng child pug -- one child policy. all couples will be allowed to have two children. china wants to boost the number of births by 2 million per year. indiana -- in vienna, discussions will include the u.s.'s key european allies along with russia and iran. russi

david: it is not a brand-new thing. other large firms like goldman sachs and j.p.ific operations for some time. differs your approach from what j.p. morgan is doing? deborah: a lot of firms are looking at this, a tremendous thing for the market in general. that is where investment firms will start to focus. it is a great thing. we have the broadest investment capability in the world. to put all those resources behind and innovation like this, we think that is something incredibly good for both the market and investors. stephanie: i think so much of what i bring to blackrock is the impact based approach. stephanie: thank you so much. we want to run part two of my exclusive interview. ryan told us what he thinks about funding and expanding around the world. >> at what point do you need more and where will you look? >> we have plenty of cash at this point. dreams include expanding aggressively around the world including asia and china. no plans for an ipo. >> how is china going? >> it is growing 700% year-over-year. those people renting out their homes are not paying

david faber. a lot to work with today. earnings from goldman, citi and

david: thank you very much. it is bank earnings season. .e may see the chill jpmorgan kicks things off at a couple of hours after the bill. tomorrow, we will hear from bank of america and goldmanachs thursday. .pmorgan might give us a read let me just start with the timing. this happened after the noon -- in the afternoon after the bell. >> there were a few calls that got schedule because of the columbus bank holiday and i'm guessing they tried to find a began.fore crunch a change from past experience. david: when you look at the third quarter, not great across the board. the capital market, how was that? how would you characterize it? >> in august, you had a very significant dislocation across many markets including overseas markets. while you would expect that to have an impact on trading, it basically brought underwriting businesses to a halt. also, it would probably have an effect on advisories well because some firms decided deposit before moving ahead. david: recent commentary for some of the management team. how important are the finances question mark -- finances? top five names are disproportionate amount of overall financials. s&p. a big chunk of the david: what will

goldman's timothy m moe. >>> good tuesday morning. welcome back to "squawk on the street," i'm carl quintanilla with sara eisen, simon hobbs, david faberks soggy here, though oil reversed its losses. pay attention. we're dealing with a lot of data that's been soft around the world. earnings season going into second gear tonight. >> here we go. our road map this tuesday morning. weak china data weighing on stocks at home. goldman sachs chief asia strategist tim moe will join us live with his take. >> and the democratic presidential candidates get ready for their first debate tonight in vegas. the republicans are still trying to figure out a new speaker of the house. >>> and also ahead, ab inbev agreeing to buy sabmiller in a deal worth 104 billion. what does that mean for this country where they'll have a 70 market share? >>> we start with the latest out of china data overnight showing more signs of a slowdown. exports dropping 4%, imports dropping 17%. investors shifting their focus to the soon to be released gdp data. joining us is tim mow from goldman sachs. what a good day to have you in town. >> great to be on. >> investors not lik

goldman in washington. >> back now to the problems being caused by that nor'easter. some places could set historic records with more than foot of rain. david begno is in hard hit charleston south carolina. good morning. >> reporter: the rain is coming down at the pretty steady clip here in charleston and we are at the beginning of whether the national weather service is saying could be a historic rain event for the potential for life-threatening flash flooding. right now this morning as we come to you live, 40 vehicles, and streets in charleston are closed and where we are right now on calhoun, people are trying to drive through the water. governor nikki haley has declared a state of emergency here in the state as she warns people to prepare for what is coming. overnight authorities reported multiple evacuations took population in north myrtle beach and the north town of georgetown. similar in north carolina there are reports of evacuations happening over night. roads are washed out. in waste deep water in north myrtle beach. and authorities say they have responded to several accidents and motorists stranded in water. amtrack is also suspe

david: trade is good. john: globalization has made the world richer. the biggest thing about our lives will not be about goldmanhese strange things that happened. it will be about one thing. in the emerging world, over one billion people came out of poverty. that was the big seismic thing in all of our lives. david: everybody is against it. who is for it? john: the emerging middle classes for it. in europe, consumers -- in the end, logic tends to push through. the tantalizing thing is that you would get greater growth through this. one of the tragedies of europe is that single market just is not exist. you cannot sell services across different barriers. stephanie: didn't there used to be great faith in season -- didn't there used to be great faith in trade? john: back when there was a pro-liberal agenda, back before the second world war, there was another huge push. victims, they are very concentrated and very clear. steel factoryt a and say they are losing because of that. it is difficult to say in every single car steel is slightly cheaper so you are doing better. david: with a resume on monday? skeptical tha

goldman sachs? this is an extraordinary quarter and i have to tell you it's the first of extraordinaries. >> what's the multiple you should put on that number >> 30. >> 30? >> davidt's the fastest growing large cap stock. >> bernstein -- we're talking google. bernstein has a 950 target, 22 times 17. >> i'm just telling you the earnings are still not even being seen yet. when they get youtube right -- >> you're getting up well past 1,000 with your target if you use that kind of multiple on 16, jim. >> yes. >> okay. fair enough. >> obviously the argument here is we all misunderestimated the surge business. >> they say listen, search is really big. yeah. it turns out ordering the world's information is big. these companies are ambitious. daniel yellen, don't take their earnings to heart. they are wiping out earnings of other companies. >> they are. david what do you think about ibm? >> that's right. ibm, emc, these companies that don't seem to be make it happen. >> k smart, sears. >> pandora down 30%. people looking at youtube and they are ready to squeeze music in addition to apple. >> we haven't heard from apple. pandora they were like in total denial. they whistl

goldman sachs as the fed may not raise rates until next year. stephanie: happy tuesday morning. it is our second day on bloomberg "go." i'm stephanie ruhle. david: welcome. the most: this is influential conference. let's break down the interviews. jeff smith. that's break it down. bob dry filled, we have tom stier, and we have one more. one very special member of the family. >> i'm loving it. the best green room in new york. david: bloomberg surveillance is on radio right now. you can catch him on bloomberg radio. he will be with us 30 minutes from now. stephanie: we are bringing you the morning must-read. for now, let's get you with the first word. the news you need to know. vonnie quinn is delivering. budweiser, maker of they have rejected and informal takeover offer. miller's executives. some shareholders looking for an offer in the $110 billion range. backrd if they will come with another offered. the rain ended in south carolina, but floodwaters are still rising. it may be weeks before officials decide which washed out bridges are safe to drive on. president obama care the way for the hardest hit areas to get federal aid. how many american