big banks should no longer be required to be in a program that was to oversee the banks. is that right? >> yes.yy9 although, it didn't change the -- >> you're the one who said we're not going to do that. so at the time, you justified dropping these banks from increased supervision on the ground that these banks, and i have it here, have significantly shrunk their u.s. property print, and their u.s. operations are much less risky than they used to be, closed quote. your timing, of course, was impeccable on this, just a few months later archegos blew up, and resulted in billions of dollars of losses to credit suisse. now, before you told the banks like that that they didn't need extra scrutiny from regulators, before that did you see any warning signs that these banks had some deficiencies in their risk management? >> yell, the losses -- well, the losses occurred outside the united states. >> yeah. >> are you saying losses outside the united states can't affect operations inside the united states by the large multinationals? surely not. >> but we don't supervise their opera

the fed is responsible for approving bank mergers, which have led to banking deserts across the country do you agree the fed contributed to the loss of banks in rural areas? >> i don't. when we look at bank mergers, among the factors that we take into account that we're required by statute to take into account is the convenience and needs of the communities served by the institutions. and the closing of branchs, where those are going to be closed, the plans for that are carefully reviewed by us. >> for the last decade, part of that time -- well, right after you left the bush administration and into your time with the trump administration at the fed, from 2009 to 2019 we've lost 5,600 bank branchs, 20% of branch closings since 2010 have been the only branch in the census track. the fed's job is to make sure we have a strong banking system. it includes access, it includes the strength of local communities and access to banking services. we know if there's not a bank in the area, we know where people turn, they're more likely to turn to an unregulated, high interest charging financial serv

i hear a constant refrain people don't trust banks, especially the biggest banks. they have been burned by predatory mortgages and high overdraft fees and expensive second chance accounts. they watch wars on - - wall street for scandal after scandal and wall street bands on - - bounce back but they will not allow that distraction to happen and they remember the taxpayers are forced to foot the bill. tomorrow for the first time will bring the ceos of the six largest banks in the country to testify in front of us. we are to hold accountable the institutions that for far too long holds power in the economy that really continues to grow. today will hear testimony from the federal chair the person responsible for supervising these banks. checking wall street's powers is supposed to be your job and enforce a lot of old banks accountable for misdeeds with meaningful punishments not a slap on the wrist or a paltry find it doesn't make a dent for these three firms is just a cost of doing business. your job to stand up to the people who don't have corporate lobbyist or take

government granted these banks. i was wondering, how much do you think j.p.morgan actually saved from those federal government exemptions from overdraft fees? allison co. with regard to -- allison: with regard to the overdraft fees -- and bank of america made good on their product -- that it goes to the overall product. bank of america offers a product where you pay a flat fee per month, and you don't have overdraft fees. but then there are products where you don't pay the fever run and you do pay those fees. it is about the overall pricing. i missed it if the point was made today, but there are a lot of benefits that go into it that the bank spends that you don't necessarily see on cyber spending and the like, etc.. a lot of the investments that they make, and that is the argument that jb nyman -- that jamie dimon has said in the past. the important thing is with these fees from the bank perspective is to be transparent to the customer. by the way, there is a war going on maybe from a business perspective, separate

your bank, j.p. morgan, collects seven times as much in overdraft fees per account and your competitors. how much did j.p. morgan collect in overdraft fees from their consumers in 2020? mr. dimon: i think your numbers are totally inaccurate, but we will have to sit down. >> it is public knowledge. mr. dimon: can you just answer my question -- we did not overdraft the fed account. >> i'm sorry, mr. dimon. that was not the question. you had an automatic protection. i am asking, you were recommended the regulators recommended you offer that same protection to your customers. how much did j.p. morgan collect in overdraft fees from their customers in 2020? do you know the number? mr. dimon: i don't have the number in front of me. >> i have it in front of me. it is 1.463 billion dollars. that is nearly $1.5 billion that you collected from your customers. do you know how much j.p. morgan's profit would have been in 2020 if you follow the recommendation of the regulators and waived overdraft fees to help str

basic banking services. this week also marks the tragic anniversary of the murder of george floyd, a black man, by white police officers which focused america's attention on racial injustice in this country. the mega banks responded by making a number of large commitments to support minority depository institutions, community development, financial institutions, and communities of color. given that these banks have repeatedly been found to discriminate against our communities, the ceos will be asked to explain if their banks are following through on those commitments and to learn what additional actions they will take this year to address racial disparities that remain pervasive in our banking system. i'm also looking forward to hearing from our witnesses about their progress improving the diversity and inclusion of their senior leadership, their boards and their investment in diverse owned firms. diverse representation at senior levels is key to ensuring a fair and equitable recovery for all communities. th

systems and everyone had bank accounts instead of printing paper the central bank does bookkeeping and adds zeros to the government's check you count which the government then spends so it's it's hyperinflation we're on the road to hyperinflation it's a question of whether they get off of it before the currency is destroyed or whether we go over the cliff sow the federal reserve and the government says that they've got a 2 percent target on inflation but they also admit that the. we broke through 2 percent where they're heading to 3 percent shadowstats which of course tracks the rail inflation if you were to funnel wind all they had donica just one says the testicle mirages that are put in there to hide it sells us that inflation's really over 10 percent 12 percent now in fact and we see commodities as you point out lumber doubling and tripling in price copper new all time high agriculture new all highs and yet the language that comes out of the central planners is they say quote we are fighting deflation how do they how does that how do they even misuse that word so that's a great cha

branches. 20% of bank closings since 2010 is the only bank in the census track. the fed's job is to make sure we have a strong banking system that includes access, the strength of local communities and includes access to banking services a, and we know if there's not a bank in the neighborhood often, these are often low income areas low and urban, people are much more likely to turn to an unregulated high interest charging financial service entity. my time expired. senator toomey, you're recognized. >> thank you, mr. chairman. as i mentioned in the opening statement, there are a number of troubling signs that the fed is attempting to get in the business of environmental policy. as you know, the fed's regulatory role is to ensure the safety and soundness of the financial institutions that it regulates. let me ask you a simple question. i think this is probably a yes or no answer. are you aware of any banks that failed due to superstorm sandy, hurricane andrew, the california wildfires, or any other recent weather event? >> no, i'm not. >> i'm not either. and you c

it is possible that when the banks resume. a very few people who have not recovered from their fear may again, begin withdrawals. let me make it clear to you that the banks will take care of all needs. accept of course the hysterical demands of taught us. and it is my belief that hoarding during the past week has become an exceedingly unfashionable pastime in every part of our nation. it needs no profit to tell you that when the people find that they can get their money. that they can get it when they want it for all legitimate purposes the phantom of fear will soon be laid. people will again be glad to have their money where it will be safely taken care of and where they can use it conveniently at any time. i can assure you my friends that it is safer to keep your money in a reopened bank. than it is to keep it under the mattress. confidence and courage of the essentials of success in carrying out our plan. you people must have faith. you must not be stamped by rumors or guesses. let us unite in banishing fear. we have provid

as it turns out, the four largest banks in the world are state owned banks from china, and the fifth largest by a small margin is japanese. so the more the banking -- so before the banking committee ties itself in knots over the controversial issues today, i would encourage everyone to remind themselves that we are all americans. we have a collective and strategic national interest to having a team of banks that are locally active and international leaders, but who are, above all, american. the last thing any of us should want, at least any of us that want to see a global banking system run by the chinese government. that is the road we will be continue traveling down if we keep disparaging these firms while china, japan, and others run circles around us. mr. dimon, i would like to preface my first question to you, sir. as of last month, the consumer prices have been increasing by more than 4% year-over-year, to a level of inflation we haven't seen in more than a decade. i am concerned at the government's role in making this problem worse. can you share your thoughts on the level of

to low-cost banking. we are committed to helping transition to a low carbon economy and have set a goal of achieving net zero greenhouse gas emissions, including our financial missions by 2050. and finally, for our company come out while we still have significant work to do, we are committed to voting -- devoting resources necessary to operate with strong business practices and maintain the highest level of integrity and have an appropriate culture in place. thank you for having me and i look forward to answering your question. >> mr. solomon, you are recognized for five minutes. charles: --david: thank you for giving me the opportunity to speak. these have been challenging times, the pandemic salt across the world -- even today, our hearts go out to the people in india and others around the world who continue to suffer from the virus. however, because of the swift action taken by congress, the federal reserve, and others to combat the health and economic crisis, i am very optimistic about our future. as

or mank bank of america. a lot of ways to view it and those with exposure your in the banking industry have a lot of room in the upside in terms of what they will make in the next six to nine months. >> blackstone hit a new all-time high so financials are favorite broad swath so favorite financial mike khouw >> i like morgan stanley especially as long as we have asset prices at relatively high levels, they've transitioned very effectively to the asset business that ben fits the from higher asset prices. another point in terms of valuation. only since the credit crisis we would talk about financials in terms of book value we say all else equal assuming they're in decent help if they get below one time book it is cheap but prior to the credit crisis we should remember we weren't saying they were expensive when trading at higher levels, two to three times, so jpmorgan at 2.5 times is a high level relative to its history since the credit crisis, yes, it's true for all financials in a longer history we can look at

they were to lean more into investment banking, into commercial banking, and when we think about thethe year of the coronavirus that has ravaged the global economy, everyone worried that a bank like db would fall under the weight of bad loans, but it is increasing dealmaking and trading that has helped it hold its footing and come out looking stronger than before. tom: i want to get to the book value into the state of new york city right now. this is all off the acclaimed bloomberg terminal bq screen, which is really easy to use and is sort of apples to apples. deutsche bank cratering, even with a comeback 0.46 book. the giant commercial bank of paris, bnp paribas, 0.67. leading the way at two times book, jp morgan in new york. we forget how flat on its back european banking is. with that, what is the state of play for deutsche bank in new york? sridhar: i really don't think at this point in time they can be thinking about u.s. dominance. the real contrast is the difference between european banks and american banks since the global financial crisis in the last decade. u.s. banks have

the central bank or other commercial bank because they are seen most interchangeable owing to the federalartment insurance and banking supervision that provides protection for consumers and businesses alike. it is not obvious new forms of private money that reference the fiat currency like stable coin can carry the same level of protection. they could lead to concerns about consumer protection or at large-scale broader financial stability risk. by contrast the introduction of safe central bank money that is accessible to households and businesses and digital payments would reduce counterparty risk and associate consumer protection and associate financial stability risk. the second consideration is that the potential for cbdc to reduce or eliminate operational or financial inefficiencies here today the speed by which consumers and businesses can access funds following a payment can vary from a few seconds up to a few days. advances in technology including the use of distributive ledgers and smart contracts may have the potential to change the way of payment, change the ways in which paymen

you know the banks issue bank money the federal reserve issues reserves and now what we're seeing is indications that the fed is going to start using those reserves or using its issuing power to connect with ordinary people and as you said that really short circuiting out the banks with that and that's really a radical departure from 2008 when the banks were sort of part of the solution now the fed is stepping up and coming to banks out john are going to have to cut it off they're having back on soon to talk about the stuff banks are being icaza report thanks max all right and that's going to do it for this edition of kaiser report with me max keiser and stacy everett want to thank our guest john titus until next time by oh. well the pandemic knows you know blood is. on the t.v. . the summary we don't have with you we don't have the facts in the whole world needs to be. judged as comedy classes but is this sentence. better we should. everyone is contributing way but we also know that this crisis will not go on forever the challenges created with the response has been so many good peo

bank of england on thursday. it will be interesting to see how they talk about the improving data the uk data has been strong of late as well we will see what they say on that front also, another round of bank earnings and uk politics with a notable week plenty for investors in the days ahead. >>> one stock in focus for you today. luft lufthansa. shares are up 2.5% lufthansa is trading higher after the german airline announced to fly to 100 destinations this summer they are calling for digital prove of vaccinations to replace quarantine measures. positive news for the summer season >>> warren buffett's berkshire hathaway bouncing back from the loss last year in the first quarter thanks to the market rally. the business also saw cash piles surge to $145 billion at the end of 2020 as the pace of buybacks slowed in a virtual shareholder address, he defended the company decision to back away from airlines last year >> imagine if berkshire was the 10% holder it would be like -- they might have very well had a differen

dress not bank. many jobs have already been cut but since then the bank has not managed to become profitable or contra is downside of downsizing the right move forward here in order to catch up with banks for example in the united states who are making a lot of money again and is that even what commerzbank wants no this is really not the end you know catching up with large u.s. investment banks is not what commands bank is aiming at it simply has shown comments about that is that it's not able to compete in this market the new strategy of commands bank is to get hopefully as many private customers as possible and the 2nd important business is the business with the german middle stunned large and excuse me medium sized and small size german companies the problem for comments upon here is that compared to competition is really strong in particular from the public sector savings banks which are called spot cason and folks bank and here in germany these banks are extremely successful with private custome

21 banks are national banks. the o.c.c. true lender rule only applies to 21% of the banks in our country. does a rule that only applies to 21% of the banks really promote parity between state and nationally chartered institutions? this chart shows plain as day that it does not. moreover, state chartered banks are the primary banks currently engaged in the kinds of marketplace lending envisioned by the o.c.c. true lender rule. many state banks have innovative and thriving partnerships with nonbank lenders today. the o.c.c. true lender rule will cause those partnerships to shift to national banks. why would a nonbank lender choose to partner with a state bank that lacks the legal clarity of a national bank or savings association and the preemption that follows federal law? i do not believe they will. there would be a great deal of legal uncertainty for them because of state consumer protection laws in many of the state bank partnerships we see today in the marketplace lending arena may disappear as the nonbank lend

haidi: let's take a look at the bank of japan. the governor backing the feds transitory view on inflation and you can hear our excuse of -- our exclusive conversation. vaccination speeding up in victoria. catherine bennett tells us it's time to drop the phased rollout. this is bloomberg. ♪ vonnie: you are watching daybreak australia. u.s. covid death fell over the weekend to the lowest in months. johns hopkins university and bloomberg figures of that show the u.s. added slightly more than 12,000 new cases. does the fewest since the early days of the pandemic last year. deaths from the covid-19 virus have declined consistently as the vaccination campaign to cold. to u.s. disease experts say china's help is needed to chait -- to trace the origins of covid-19. the commissioner under the trump maturation said information supporting the wuhan lab leak theory has increased. he says beijing has not provided information to disprove it. another expert says not knowing how the virus started puts the world at risk of future outbreaks. presid

ceos of various banks talk with the senate banking committee.his hearing is just under three hours. >> stock prices are soaring, your own compensation >> look what has happened to our country in 30 years time. prices have gone up, stock prices have soared, your own compensation is stratospheric but workers are getting a smaller and smaller share of the wealth they create and they are working harder than ever. we have a racial wealth and income gap that has barely budged since we past the civil rights act. we had it recession were millions lost their jobs, wall street still made record profits. in a pandemic where half a million americans died we had the highest on employment since the great depression. wall street still made record profits. i sense a pattern. like most americans, i understand bankers are rich and most people -- some people are going to be wealthy, i understand that. but wall street happens -- wall street profits happen at thische society we want to live in. the invisible hand does not lay off workers, the invisible hand did not

you see the norges bank, the bank of canada, may be the reserve bank in australia, and know the boe cuttingut that easing bias. guy: i think this is the start of a process. i think we can probably look at it that way. they are just stretching it out little bit longer, making it last a little bit longer. therefore, it has less impact on a day-to-day basis, but over a long period of time, it allows the u.k. economy a more even glide path in terms of the recovery out of this pandemic. we are still really only reopening. we are still not fully open here in the u.k., so we still haven't fully felt the effects of the easing process. the services data today was superstrong, but nevertheless, i think the expectation is the data are going to pick up and get better. they are talking about really strong growth for the u.k. economy. that is a number that we haven't had for quite some time. jes staley was talking about this over at barclays a few days back. the big question, is that commensurate with u.k. 10 year at 78 basis points? that is a big question for the market to answer. james athey, director

and banking supervision . and the fact that these scandals happen over and over again and banking supervision lags behind when it comes to how these banks do business it's in comprehensible. now. 17 german cities have now decided to take joint legal action against the insolvent greensill banks including claims for damages however the insolvency administrator expects the proceedings to take at least 5 years. is changing its policy as a result in the future the city will only invest in secured assets. so for me the business teams are largely to be dot com slash business. it's not just a sanitarium in. the burial ground and found intact. people who perished wants to. find the final resting place. anonymous alive forgotten by the wilds. never mole long. we've got some tips for your bucket list. corner. and some great cultural memorials to boot. we go. to. a low and welcome to a new edition of focus on europe thanks for joining us today nato is pulling its troops from afghanistan and that includes the german bund a

it would mean that banks go under and the banks of course don't want to go under and they're the ones calling the shots there's still the game theory of whether or not china will continue to send us goods whether they'll continue manufacturing for us and sending it and you know it also is a similarity to the end of the spanish empire when you know they ruled the we in the latin america south america region and just plundered the gold and the same thing happened there where by spanish themselves and about not having to work and they just brought in french people to kill their farms and do things like that and that's where i mean we've already had the export of all our manufacturing jobs and that as we say all the time is innovation and growth and. progress happens on that on the factory floor we don't have that anymore but now we don't even have people working in a mcdonald's and figuring out you know customer service or something like there's this is the next level this is like the end of the spanish empire days this is what happened there and it could be what's happening now right so

you know the banks issue bank money the federal reserve issues reserves and now what we're seeing is indications that the fed is going to start using those reserves or using its issuing power to connect with ordinary people and as you said that really short circuiting out the banks with that and that's really a radical departure from 2008 when the banks were sort of part of the solution now the fed is stepping up and putting the banks out john we're going to have to cut it off air have you back on soon to talk about this stuff thanks for being icaza report thanks max all right and that's going to do it for this edition of kaiser report with me max keiser and stacy herbert want to thank our guest john titus until next time by oh. is your media a reflection of reality. in a world transformed. what will make you feel safe from. the isolation community. are you going the right way or are you being legs up with. direct. what is true what is faith. in the world corrupted you need to descend. to join us in the depths. or remain in the shallows. if you want when you can for both of us with t

banks.expect the biggest decline in banking jobs in history, and that's due to the automation in the back office and the digitization in the front office, and ty, that certain stems from a lot less people per branch you're going to see more self-help automated tools. the job that should be growing in the banking industry, anything related to technology or advice that should continue to grow, as -- they highlighted, so while the absolute number should be reduced. we think the average salary per employee will continue to increase. >> mike mayo, as alleges, great to see you >> thanks for having me. >>> coming up, president biden touring a ford factor, as the company is about to unveil -- and it's the $550 billion cap. even after their recent sell-off we'll be right back. our retirement plan with voya, keeps us moving forward. hey, kevin! hey, guys! they have customized solutions to help our family's special needs... giving us confidence in our future... ...and in kevin's. voya. well planned. we

that means edd gives the bank the taxpayer funds to distribute and the bank in return pays edd for theivilege of handling the money. so it's profitable for both bank of america and edd. back in march of 2020, before the start of the pandemic, edd received $290,000 from bank of america. in may, that shot up to $2.4 million, reaching a peak of $5.7 million for the month of september. >> oh my gosh. actually, i didn't know those s, to really review what we're doing. >> good boy. >> reporter: back in san francisco, robert leonard and his side kick alby just want their thousand dollars back. and after calling kpix 5, they got it. >> son of a gun, i got a call this morning. so that was a good thing. and i thank kpix channel 5 news. >> reporter: once again, bank of america turned down our request for an interview, but says that it is looking forward and welcomes the opportunity to meet with the plaintiff and the judge. that happens later this week. ken and liz? >> kenny, do we have any idea how many people have received refunds at this point? >> reporter: liz, we continue to ask bank of ameri

banks. k at the very least, we should be making sure that all of your employees are being fairly compensated. i know that bank of america has pledged to raise their minimum hourly wage for all employees to $25 by the year 2025. i want to ask the rest of you if you are willing to make that kind of commitment. >> on behalf of morgan stanley, we're going to take a look at it. i discovered last night we have one employee under minimum wage. i promise you that person is getting a raise. the vast majority of our employees are well above the minimum wage. >> i get that. i am looking to see if people will make a commitment to raise the minimum wage $25 per hour by the year 2025. if we could go down the list. let me know if you are prepared to do that or get back to you. -- or get back to us. >> we will look at it and get back to you. >> speaking for goldman sachs, we have relatively few employees under $25 per hour, but we are prepared to look at and get back to you. >> speaking for citigroup, we wa

protests across the west bank as anger grows over the israeli occupation and the offensive on gaza. television on sun summary here in doha with continuing coverage of developments across the middle east families inside the strip speaking of terror and chaos as israel's bombing campaign forces dozens from their homes fires hundreds of rockets in response there is a threat of a ground assault looming as israel mobilizes tanks and thousands of troops at its border with gaza. and in other news several indian states look overseas to buy their covert 19 vaccines the number of infections climbs about 24000000. again in the occupied west bank 4 palestinians have been killed by israeli security forces this morning we're looking at 4 different locations for you right now top left ramallah where those protests have only increased in the past hour since we were on a protest against the israeli occupation and what's happening of course in gaza as well bottom right for you is bethlehem where protests many of people gathered for peaceful protests in. after friday prayers but that anger as we say o

cathay bank out in chinatown in l.a., they are building a smaller bank.y centric, china/asian model. what is the metric for jamie dimon to make this go? what is the culture model for big banking five years out in america? ken: particularly for jp morgan versus other u.s. banks, it has sizable presence in the capital market, so it is a quasi-investment bank. that culture permeates the bank, but they are also a world leader in terms of consumer stability to get a hold of technology, fintech, and harmonize with your brick-and-mortar bank branches and financial centers to delight the customer. there's no disruptors coming into the market, including goldman sachs, so you've got to be on your best game. i think for jp morgan and bank of america, they really execute well in the consumer area. jonathan: what did you make of the story would put out this week on square may be getting into business banking? ken: square really has two principal businesses. it is a high-growth tech company. one is payment processing. the other is cash. it is just leveraging to gain sh

about a quarter of the bank's revenues.d, jennifer has been at the bank for 27 years. lately she's been working on the consumer business. she jumped to the consumer business from investment banking in 2010. manus: what we want to understand is whether jamie dimon is any closer to the exit. he hasn't really shown any great impetus to run out onto wall street and say bye-bye. >> absolutely, and that is the big question. he's always had a stock answer when people have asked if he was leaving. he's always said it will be another five years. he is absolutely a rockstar ceo. he's the only one remaining from the credit crisis era and he help navigate that really well. j.p. morgan chase has quadrupled under his watch. you can understand the bank saying it will be a significant amount of time before he steps down. but he is 65, so perhaps the clock is finally taking on the last five years. annmarie: what struck me as the timing of this. next week all these executives will go down and testify to congress. how significant is this move

a deposit at a large bank is different than a deposit at another bank. driven by a hybrid distribution system that is physical and digital. it is driven by multi products, whether it is a checking account savings account, credit card and mortgage. but the depth of banks has been greatly exaggerated over the last few decades. lisa: just quickly, i am wondering what you think in terms of mergers and acquisitions. how consolidated could the industry get as you estimate a cut of 200,000 jobs? mike: there should be an acceleration in bank mergers. the small banks need to generate scale. that was mentioned as the number one reason in the last few years. bb&t and suntrust merged, now known as truist. more mergers will come. jonathan: a lot has been made of esg and diversity, and you touched on that yourself. why do you think that wasn't part of the consideration for morgan stanley's shakeup? mike: ultimately, the ability of managers to generate the returns , help the firm as a whole, and represent the firm drives these decisions. so jamie dimon didn't select th

has here, the bank of england is another central bank trying to explain away any increasing inflation. that was the message we were getting from them, and as such, bloomberg economics does not see a hike from the boe until the third quarter of 2023, which is a long time from now. mark: it is ridiculously far away. it is people's jobs to forecast with me hike is going to be, but these things are path dependent. this situation is going to evolve. the same people might forecast a hike for early next year and it might not seem irrational to make that change. we know central banks are not going to veer from their dovishness. we know there are enough reasons to expect a volatile data print. the year on your fx are quite a romantic. because of the pandemic, there are ways to explain that this is all temporary, this is going to pass. it is hard to know what is the right answer. i do know we are not going to know for sure for months, and in the interim, it is going to see through to more and more people that we've got an inflation tsunami. that is important even though the structural inflation

you know the banks issue bank money the federal reserve issues reserves and now what we're seeing is indications that the fed is going to start using those reserves or using its issuing power to connect with ordinary people and as you said they're really short circuiting out the banks with that and that's really a radical departure from 2008 when the banks were sort of part of the solution now the fed is stepping up and putting the banks out john we're going to have to cut it off there have you back on santa talk about this stuff thanks for being icaza report thanks max all right and that's going to do it for this edition of kaiser report with me max keiser as they are to thank our guest john titus until next time . ready to work for you can put up a little bit. to do good they see a major overhaul. just to keep the interest. force ninety's through you but i see no reason to get the white. flesh a little fish not go for it it's the beautiful bill the mortar should be out of these that the. bullet was a skilled workforce and the she beautiful was a ball of the wood school that once th

just entries in a ledger, usually managed by a bank. only a small portion exists as physical currency, like cash or coins. think of it this way. your employer deposits a $1000.00 into your bank account. then you pay $200.00 in taxes, $500.00 for rent, $200.00 for bills and shopping and so forth. what are used? credit cards, debit cards, paypal or bank transfers. they're all just pluses and minuses, indifferent, digital ledgers. that's why there's almost no need for physical money in our daily lives. during the financial crisis in 2008, a mysterious figure called photoshoot, a modal published this 9 page white paper. it said with big current open source software. we can create or money without banks or governments. i this new nerd money called crypto currency is created and thought in computers. and before long there was a growing fan club, mostly guys like roger via today. he's a polarizing figure, but back then he gave away thousands of coins to kickstart the movement, and they all called him bitcoin jesus. i think that for many years

land in the west bank so 65 percent of the butler of the west bank territory is under israeli direct military control the control of the israeli settlements which are living in the last oh now palestinians in the west bank continue to face discrimination continue to face its israeli checkpoints and also the reality of the wall the wall and the occupation have taken over palestinian areas or is in the west bank including i get a cut or resources of natural resources. this is this has been a difficult challenge for probably since we also have to remember that in the west bank there are more than. $500.00 israeli checkpoints which couple if any of the from each other not israelis from palestinians but really cutting off palestinians from palestinians. that is a goal if we move. to the 3rd group which is the 3rd palestinian national group which is in jerusalem in which are 7 palestinians have been facing a systematic policy since $967.00 on the occupation of youth jerusalem they have been facing that systematic policy of home infliction and demolitions and discrimination in including sen

senior banks analyst on the line with us as well.ange of topics -- a range of topics will be discussed today. >> the bingo card has china on it, compensation, diversity, mean stocks -- there is a wide range of issues. those are the things people may expected to hear about. there are matters that have been burning on the minds of bankers. those things include diversity, eviction moratoriums, access to credit, and sherrod brown said earlier that these ceos are the most powerful ceos in the country. he said he was worried about how much money was going to stop -- stock buybacks than to lending. alix: what were some of the standouts? >> they highlighted all the good things they have done in the last year or so but still saying there is a long way to go. what struck me the most was frazier's statement that there would be a big role for the banking system to serve those in need. inequality will be a big thing. before this i took a look at the proxy statements and saw the ceo compensation ratios. these -- that was a big deal in 2019. guy: l

are un-banked. you know what it is for white households? less than 2.5%. my bipartisan colleagues, myself and congressman from arkansas has got a bill moving in the senate for -- for financial inclusion. it us what we must do. 70% of our african-americans live in neighborhoods with no branch bank. you may start. what are you all doing, what can we do? is this something we can add to our financial inclusion will? we will be glad to work with you. you've got the largest numbers of branch banks. what percentage of yours is in the black neighborhoods? >> congressman, i share your concern on the issue and also the desire to make changes. we as an institution are committed to bringing about the change that's necessary to bring more of the individuals that you are talking about into the system. >> what would be that change? put more branches available, reach out to community organizations? get these accounts established. >> i think it's a combination of financial education. it's a combination of product de

is another bailout of the banks it's a rolling bailout of these insolvent banks that don't have any net book value book value. of all the major wall street banks is negative they have no book value it's a it's a complete farce but the complete farce only somebody has to call it that's how game theory works the united states u.s. dollar standard post brand woods was a farce until de gaulle sent a naval ship and got his gold back then and the farce and somebody has to call it not everybody could live americans living off your house price gains as something new don't merican that's something we saw for a long time in the u.k. we witnessed it by lots of our friends who just extract equity from their house prices which were going up 2 or 3 times the average wage and the united kingdom so if you have a property you happen to have bought it in the eighty's then you are sitting pretty and not having to work but eventually somebody has to work and somebody if you're working you want to you want to make sure that like hey why does everybody else in the world why did these billions of people g

the central banks themselves _ banks? the central banks themselves will _ banks?s - themselves will have to follow quite a narrow path. if they slow too much, the economies could slip back into slow growth or recession. if they accelerate, inflation could take off. quite a change in the markets, we could see some of the us unicorns being devalued and other companies coming through in a cyclicalform. you hinted at _ through in a cyclicalform. you hinted at job _ through in a cyclical form. you hinted atjob shortages in the hospitality industry, very much struggling to fill lots of positions, particularly waiting staff and chefs. why is that happening?— happening? quite a lot of --eole happening? quite a lot of people have _ happening? quite a lot of people have moved - happening? quite a lot of people have moved into l happening? quite a lot of- people have moved into delivery jobs in the consumer sector, also it's been quite a big period when people have had a lot of price increases, food price increases, energy moving to new highs. a lot of people looking for hig

, banks within europe.these will not be -- if we see a broader selloff across markets. we have been much more selective intra-indices. anna: a reduced interest stock correlation, interesting point. thank you very much for joining us. thushka maharaj, j.p. morgan asset management global multi-asset strategist, will be continuing her conversation with us on bloomberg radio at 9:00 a.m. u.k. time. with k bloomberg business flash. >> apple is facing a class action lawsuit in the u.k. over claims it overcharged many -- over 28 million customers in its app store. it's another legal heading for the tech giant, already fighting other cases across the world. unlike the case with epic games, this london suit is over the alleged harm caused to customers, rather than developers. apple says the case is meritless. sources tell us the u.s. justice department has stopped a probe endorsement role in the 1mdb scandal. there is no official comment from either side but it removed a potential legal heading for the big, as malay

and again, we take a look with the other banking regulators from the perspective of banks' interaction or intersection with those cryptocurrency, but a lot of the debate and discussion really sits more with the market regulators. >> you've opened up a pandora's box i'd like to dive into, but unfortunately we don't have the time and it's short right now. dr. brainard, thank you so much. it was a great pleasure to hearing your insights and taking our questions, kicking off the 2021 program. my pleasure to have you. thank you very much. >> a pleasure to be here. thank you very much. >> live today, testimony on federal reserve regulations on the u.s. financial system with the fed's vice chair for supervision, randal quarles. watch at 10 a.m. on c-span 3, on-line at c-span.org or listen live on the c-span radio app. >> next, new york senator kirsten gillibrand asks for a vote on her bill handling crimes including sexuality saul. enough co-sponsors to defeat a 60-vote filibuster. and one argued that it would go through the defense and his bill instead. here is the debate.