over jpmorgan, and you take jpmorgan because you own it and don't own bank of america. argue the other side then. >> you know, i just looked at bank of america and obviously i own jpmorgan and goldman, and these stocks seem to be trading together and bank of america has out performed jpmorgan, and prior years it has been the reversed i look at all the multiples and they are trading between 10 and 11 times, and they have had a nice run of late we went more market weight earlier this year. the outflow out of the financial groups is supportive going forward, and the money out of a firm going from 200ish to 216, and that playing field moving back towards the banks is helpful. i don't think we are going into a particularly deep recession, if we go into a recession in the next six months at all, which i am still -- i don't think is my base case, so yeah, i think the financials are a good place to be right now >> i like the point amy just made, she cites the firms of the world and money coming out in maybe a more heavily scrutinized atmosphere for more speculative parts of va

i'd like to zero in on the bank of america. mister moynihan, are you aware of how many ppp loans your bank has facilitated on behalf of its customers? >> almost 500, 000, 95% are forgiven and paid already. not sure about the rest of them. >> how many of those loans in terms of percentage, have those loans been forgiven in full, as opposed to impart? >> the loans that are forgiven, our vast majority have been forgiven are full. >> in full. what we're starting to see here, with some reporting in the intersection, this is one reason why i was curious about the numbers. we're starting to see that bank of america is refusing to forgive some ppp loans in full. but in terms of the portal, the bank of america set up it's very difficult to appeal these decisions and in fact what we're seeing is that bank of america had pre populated forgiveness amount in their portal, sometimes drastically lower than small business owners had anticipated, and had qualified for. in instances where the small business owners had documentation, there is very

she pleaded with bank of america to reverse t transaction, but the bank denied her client saying she fer even if it was a scam. i've been with bank of america since i was like 15 years old. i've been a loyal customer with them and and then this happened they're just like whatever, you know, it's just like oh we can't help you. now we as bank of america why it would not refund her money when it did refund other victims of the exact same scam whose stories we've told you before now the banks had to considers each case individually. however, federal regulators are looking into whether these apps should provide consumer protections. i'll be reporting on how bankers responded to a congressional hearing on this issue for now. gabrielle is trying to replace that stolen money. now yesterday, you know seven on your side story about at&t. we said the company did not respond to our numerous requests for comment we made a mistake due to a typo our request via email misdirected to the wrong at&t employee. we apologize for our mistake and thank at&t for its prompt response to resolve the concerns o

manus: oil up over 10.5%, bank of america, we have given back some of those games, bank of america talkingut a squeeze in the diesel market. the unknown is if opec-plus cuts , what does that do to oil prices? that bolsters russian revenue. dani: we had saudi talk about the need to reduce further and they will do so if necessary. we ♪ manus: this is "bloomberg daybreak: europe." i am manus cranny in dubai with dani burger. dani: hostile forces. chinese authorities pledged to crackdown on protesters' anger about government covid policies. the imf's says it may need to cut the nation's growth forecast. james bullard says the central bank will have to maintain its plan for rate hikes. the u.k. is said to be readying a relaxation of ring fencing rules in a bid to get a brexit big bang for banks. you have to kind of fuel for the fed speakers, who have been hawkish, but it is a market that is not necessarily inclined to price that in. commerce make needs to essentially rush commerzbank needs to essentially indicate that rates will go higher than 5% to get any sort of tightening in financial condi

kirwin said, i'm the president for bank of america for greater washington, d.c. it's truly a privilege. i'm here on behalf of 200,000 teammates, including about thousand in this area, to thank you for what you're doing, to express our great pride and privilege that we have, be the principal corporate funder of this of the smithsonian's cultural rescue initiative and of this program. it's you know, we truly value history and legacy in our company. and that don't measure it in the thousands of years that you do with the work you're doing. but our companies oldest element goes back to 1784. the massachusetts bank we have ledgers with john hancock and, paul revere as clients here in washington. it goes back to the bank of metropolis. we funded 20% of the rebuilding of washington after the british. i see a few brits in the audience destroyed our capitol. we're over that now but we're really proud our time our time with this cultural risk initiative goes back a little less time. 2018, we were, as richard said, the original corporate funder. we're very proud to do that.

kind of financial headwinds a little differently of course, it's been a great time for the banks and one of the largest banks in the world, bank of america salesforce, we have such an incredible relationship with brian moynihan now for a couple of decades. and now adding in his business bank, corporate bank, investment bank into the salesforce family. we want to be able to give each one of those, you know, incredible important parts of bank of america our customer 360 platform and they have all their own uthiecke needs whether it would be in sales or marketing or commerce or even in collaboration with slack so the ability to work with bank of america once again, to increase their use of salesforce, that's fantastic for us and we're thrilled you also mentioned t-mobile. of course we love mike we've continued to grow with mike mike has done an incredible job with his merger. now he is really focusing on his b-to-b capability which is what this next level of our relationship is about, helping him to go to market more aggressively, directly to business and the third one you mentioned, michael bell and that's another multidecade relationship

bank of america, assets of approximately 244 trillion dollars. predecessor bank secured a mortgage with real and personal property. the bore was property included 13 enslaved people. a predecessor bank agreed to a 10,000 dollar mortgage to u.s. secretary of state john forsyth, with 40 enslaved people as collateral. jpmorgan chase, assets of approximately 3. 38 trillion dollars. predecessor banks accepted 13,000 enslaved people as collateral for loans. came into possession of 1250 enslaved people from defaults on loans. in the case of jpmorgan chase, there has been an apology. publicly made. and an announcement of a five billion dollar scholarship, which amount to about $384. 61 per enslaved person, these want to people in louisiana. i have a question for each of you. question is this, if you believe your bank has done enough to atone for your involvement with slavery, kindly raise a hand into the air. let the record reflect that no hand has been raised. next question. will you publicly publish an atonement plan before your next appearance before t

of the committee at any time. this hearing is entitled, holding meghan banks accountable. oversight of americas largest consumer facing banks. i recognize myself for four minutes to give an opening statement. testifying before us today, we have the ceo of the seven largest u.s. commercial breaks that each serve millions of consumers. chairwoman of this committee, i prioritize connecting rigorous oversight over our nation's largest banks and their activities. last year for these mega banks that survived for us. since then our motion continues, to battling ongoing epidemic. inflation that is affecting every household budget, russia's invasion of ukraine, raising interest rates another crisis. and better that economy. in this environment, the role of banks played to protect consumers and provide access to affordable credit is absolutely critical. over the past several years that we've seen several symptoms of banking across the country take a dramatic shift. our nation's largest banks have gotten even bigger during the pandemic. in part through mergers, regulators have rubberstamp these acts -- fo

dani: there you go, some of the points from bank of america you are seeing now. wonder, semiconductors specifically, you have a biden and xi of the g20, how much of the attractiveness of the semiconductor sector depends on american-chinese relations. anita: i think what has been happening on the semiconductor front is we do have inventories. we've also seen production go up greatly across semiconductor companies globally. we are at a point where companies are getting behind end chips they need. the semiconductor industry is not going to grow at the same pace as the last few years in terms of china, u.s., and what will happen. don't think we could comment on that. let's see what happens. manus: i know you want to see two specific catalysts before you would be much more bullish. one is around the fed pivot, which is a rented pivot narrative rather than actual fact, but the china reopening is the second prong of your narrative. when you see this, does it embolden you -- i want to understand this -- take more china risk or tepidly take more china risk? how do you defi

but one thing we have to consider is bank of america can't afford if this doesn't work because they'reignature on 780 billion of cash that's a lot of money for them so this is purely a marketing effort to go out there to have nice scores and be on the good graces of maybe -- the court congress not coming after companies like them. >> so patrick just to kind of reiterate to audience what you said because it is important point. this is not about finance here or economics, this is strictly about woke culture diversity eangt inclusion scores and basically making an appeal to the woke community hey leave us alone look what we're doing. >> listen i just recently went through selling company in the last five month and we sates down with 50 different private equity many of the bigger names. i can't tell you how many asked about our dia score because they're asking regularly. they want to skee questions what percent sage hispanic what percent sage this, what markets are you in they're being pushed esg is a real thing and scores are a real thing. >> insane that a financial institution that liter

joining me to talk about this and a lot more is bank of america's brian moynihan, chairman and ceo, one of the biggest banks in the world. you know where the economy is headed. get into all of that and we appreciate you coming in to cnn this morning. >> first of all, congratulations on your new show to you and your colleagues. >> thank you, things like the rail strike or the war in ukraine and, know, what happens in china, shutdowns, all sort of things that can really derail the economy and everybody knows that. we've been dealing with it for quite a period of time. if you look at the core economy, hour team has a, a mild recession predicted middle of 2023. and coming back out of it later in 2023. now, that was predicted to happen this year earlier this year. there was going to be a real slowdown. fed raise rates and all pushed out largely because of one thing. u.s. consumer, spending money and just got our spending from thanksgiving to last saturday and it was up 3% over last year, up 23% over the year before. 20% where it was in '19. you see, booking travel and things like that, you s

reporter: she drove to bank of america and put him on speakerphone. >> i said scam. r listened as the scammer tried to get more money. >> one of the assistance grabbed the phone. reporter: the bank managers called the fraud department. she says we will help you. but even the bank managers were put on hold for two hours. >> the lady helping me try to talk to her coworkers. reporter: they never got through. her money was gone. she filed a claim, confident she had proven her case. but she did not. bank of america denied her claim, saying she had authorized a transfer even if she did try to stop it. >> the lady said i gave them the money. reporter: bank of america tells us it is unfortunate when people fall for scams. there is no guarantee we will get the money back since the customer has authorized the payment. the bank did not say why its own managers could not reach their own fraud department. kim says they tracked her money to an online account that was shut down right after the scam. the branch manager tells us she gets scam reports every day. she would not comment o

2.6% inject me right now vice chairman chief investment officer of pension and benefits plan at bank of americath banks is here great to see you. thanks so much for being here bank of america global reach calling for 3/4 negative, 1.5% growth next year expectations for macro stair as well as 2023? >> maria, i think the third quarter numbers that you just put out there are pretty consistent with what bofa global research team is looking for i think third quarter is really backward-looking to a point where i don't think, almost irrespective of the number i don't think going to have a big effect on anything, the focus will quickly shift to how is fourth quarter print look? even more importantly how does the 2023 look? as you suggest, right now, our bofa global respectful team looking for 3/4 negative 1.5% growth followed by positive growth in the fourth quarter. maria: okay. so the year will be largely you think recessionary? what does that look like from your standpoint in terms of job cuts, in terms of you know, the -- inflation story? and the fed? >> i know it is going to it is part of what we

bank of america senior u.s. economist. le bit of breaking news, the toronto stock exchange, they are experiencing some technical issues right now. coming up, president biden once high taxes on oil companies that have just generated huge profits. some of those profits are being reinvested in production. how will the president's transversal -- -- is a bad idea. we are hearing that a lot. we are going to discuss this story next. this is bloomberg. >> this is bloomberg markets, you are looking at the principal room. bloomberg tv at 3:00 p.m. new york time. this is bloomberg. keeping you up-to-date with the news from around the world, here is the first word. spacex launched its powerful rocket from florida on a classified mission for the u.s. space force. the rocket's booster was expected to climb deep into space and place a payload into orbit roughly 22,000 miles above earth. it is the first operational national security space mission for the falcon heavy. chief justice john roberts has temporarily block the irs from turning ov

. >> jenny, i referenced at the top of the show, the chase that's what bank of america is talking about today, their flow show the $25 billion in 35 weeks. you have got a lot of money coming out of european equities looking for a home they say they see a move into the year end but they would fade greater than 4100 on the s&p 500. they think you may get a hot payroll number, which ends all the optimism, but what do you think about what they're talking about and what they're seeing? >> it's funny because it goes straight back to what we were talking about last week, which is could we have a rally, yes, and you had specifically said what if we get to 4100 that's not really exciting, is it in. >> relative to where we were i think people would think it's exciting >> where we were and where we are today oats not saying much >>> give me 100 more points on the s&p. >> sure, i'll take it. if we end the year here, i'll consider it a huge victory i think it's interesting as jason put together it's a basket of pros and cons i look at now to the end of year as a battle of positive sentiment versus t

morgan, citibank, bank of america and legacy home loans have each implemented programs to help bring omeownership opportunities to communities of color. i applaud that work. and i look forward to seeing what we will do to create more opportunities. further, hud is soliciting actionable feedback on the availability of small balance mortgages. we want to know what barriers prevent you from originating these loans on 20 recommendations for how we can increase the volume of small mortgage loans in fha programs. people who live in less-expensive or rural areas often find it difficult to get a mortgage for a lower-priced home. today, we released a report assessing the limited supply of small mortgages and how that impacts affordable homeownership. i hope this report and your feedback help us identify steps we need to take to make change in the small dollar market. we need your partnership. our agency and the entire biden-harris administration strive to close the racial wealth gap through investments in communities and people. we can't do this work without partnership and engagement, but mos

not just me pleasure to introduce larry de, rita from bank of america. larry? [applause] >> thanks very much. just to show that the army still has enough time, they put me in front of general -- from our tommy aisle. i was the navy for 15, years but how biden embarrass you too badly. i'm larry derita, as cohen, said the president for bag america, for greater washington, d. c. i fear in fact of 20, 000, teammates including -- to thank you for what you're doing, to express our great pride and privilege that we have to be the principal corporate founder of the smithsonian rescue initiative, and it, we truly value history legacy in our company. we don't measure the thousands of years of work that you're doing, but our companies all this element goes back to 1784, the massachusetts bank, we have letters with john hancock and paul revere's clients. in washington, it goes back to the bank of metropolis. we funded 20% of the rebuilding of washington after the british, and i see a few brits in the audience, destroyed our capital. we are over that now. we are really proud

but i'd also like to welcome, a guest from bank of america, who supported the initiative from the beginning, and finally my smithsonian colleagues, and those from sister organizations involved in cultural heritage protection, like the department of state, the fbi, the national council museums, and others who have participated in this program as instructors, guides, and enablers. the ceremony today and what it stands for is especially significant. and since we as a museum study and present history all of the time, let me take the liberty for a few moments to tell you how and why we got here. the recent history begins in 2010 with the earthquake in haiti. it killed over 200,000 people, left the country in a devastated state. patients look towards their history and culture to give them strength. a sense of resilience at the time, they need it most, to recover from that tragedy. but their artwork, their artifacts, their archives, the museums, the libraries, galleries that were buried under the rubble, and the danger of being lost forever. the smithsonian had close ties to many cultural figures

this morning bank of america survey came out on the biggest tail risk.e see geopolitical getting worse, russia, ukraine, china, taiwan. we see it. we talk about it, but in real life it is happening. oil has turned around. it was down. it is up huge. the market has given back a lot of its gains. how do you invest in this sort of environment? >> it is really difficult to invest in this kind of environment. you're right, we're all worried about the war in ukraine metastasizing into something worse. say it is an accident, it is an accident they aboutly fired rockets into poland and killed people this is not good. if this keeps happening it might require a response which is why the markets i think are very on edge. but this is as you pointed out one of the most difficult years of to be an investor. not just because the stock market is down. that's bad enough, the bond market is down, the volatility is high, everything seems to be going haywire all at once. it comes back to the original sin of this market. we have high inflation that is a really big game-chang

we are the biggest of the banks here in terms of our presence in rural america.e very much are committed to continuing that to the extent that we have exited the location we've tried to be very, very conscious that we are not leaving the town on banks. with that be through having another bank there or working with another bank to take over our facility. we do view the fact we are so big and rural america is something that is important to read to make sure we continue. >> go ahead, just go right down the line. >> our branches are in the markets we serve plus extend beyond that one or 50 or 200 margaret's bird we will continue to be there. i will tell you back early 2011 or 12 we sold a bunch of our branches to smaller to make them stronger in the rural area with sir we weren't in your state but in other states at that exact idea in mind they needed banking. of his soul deposit to another bank would be helpful but. >> i am now proud were in 48 states of open branches in north dakota, south dakota, wyoming, north clinic, south ghana, montana, billings, boseman i thi

coming up in the next few weeks. >> jessica, reiterating her buy, thanks for joining us from bank of america >>> we'll turn to the midterm elections. investors are focussed there results are still coming in with the control of both the house and senate still up in the air but the democrats had a better showing than many were expecting. joining us is jimmy from american enterprise institute. as far as investors are concerned, jimmy, i don't know, if they were bullish on the idea of gridlock still looks like we're going to get that with the house of representatives going to republicans, even if it wasn't as big of a margin as they were expecting. >> if you buy into the notion that gridlock is good, and i think gridlock is not good, we need to do a lot with immigration and deregulation, but if you think gridlock is good that might be the case unless, of course, the gridlock means there's gridlock over raising the debt ceiling that is not good i think before the election, people thought well, we might get good stuff here. gritds locke is bad. we'll extend the trump tax cuts or something now the

the digital age is waiting. >>> let's get to jim and "stop trading". >> citi saying bank of america hasprice your account or you won't make as much money the bank stocks have been very good i think it's a mistaken call bank of america, there are regulatory issues. but i really like the company. i like the stock by the way, just checking in polygon, down 3.2%, $8 billion marketing cap. polka dot, down. and sheeba down 2.6, $5 billion market cap the elusive solana is down 2.9%, $5 billion market cap. those are bigger than many of the stocks - >> you add them all up, it's one johnson & johnson, or two. >> this is real people's money, they have a chance to get money back this is good this is not powerball, people. real money, got a chance to go and, you know, binance, aren't they the first national bank >> we used to think sam bankman-fried was the guy -- >> james street -- >> that day has ended. >> you're there. >> m.i.t. >> who else gave them -- good school >> yeah. >> i can think of a few people. >> you've been watching twitter over the weekend. >> i was offered a job at m.i.t. they do h

that is sebastian raedler, head of european equity strategy at bank of america. ming up, the approval of the eu's energy package could move to the 13th of december. we will bring you the latest on the meeting taking place in brussels today. this is bloomberg. ♪ guy: gas prices are easing in europe, this after they have held off approving emergency measures that were designed to cap gas prices. let's go back to maria, who has been at the meeting in brussels. walk us through what has happened at the meeting, or more properly, what has not happened -- more importantly, what has not happened. maria: there has been many talks about a cap, but we are wrapping up the day with no cap at all. there are two debates going on parallel, but they are different. you have the gas cap, that is what the energy ministers debated today. there is a package that has been put forward, but the sticking point -- it's not a secret -- is the 275 euros per megawatt hour in order for a mechanism to be triggered. the countries that want to see a cap say that this is not a real cap and it will

according to the latest bank of america survey, 92% of respondents in the survey say that stop elationat fl ation. let's get back to the rocket launch. artemis one coming from nasa. you can see some of the boosters now getting ready to take off, we are just moments away from this rocket launch. it will be going to the moon. this is the moon mission with the hopes of sending people back to the moon. there you go, you have left off, folks. that is artemis one, launching into space. this was long awaited. it was scheduled for august, this is finally overcoming technical glitches come overcoming uncooperative weather, even a delay this morning, this launch was supposed to actually have been about 44 minutes ago. here we are about 6:50 a.m., we have finally gotten take from artemis one. into space. the goal of this is to send people back to the moon, and, eventually beyond. it is really a re-upping of nasa's attempt to get folks back into space and back to the moon. this itself, is a moon orbit test launch. we do indeed have takeoff, perhaps a couple minutes late then when it was planned, a

you treated out earlier from bank of america, we can go into that but there are like 29 flavors. jonathan: futures up 2.9% -- .2%. lisa: that speaks to where we are. we are watching a bunch of fed speak, michelle bowman, lisa cook the opening act before jerome powell takes the stage at brookings institution at 1:30 p.m.. curious to see what he has to say about the 2% inflation goal, if you doubled down on that and says it is ok if we go into a recession, because it is crucial to price stability in the economy, watch for some movement. we will also hear from janet yellen, the amazon ceo, larry fink and mark zuckerberg. curious to see what janet yellen has to say about the u.s. and european alliance especially around the inflation protection act and how the joint effort is to counter some of the china preeminence. we get a host of data at 10:00 p.m.. i will be looking at the beige book through 2:00 p.m. because nobody else will. i think it will be interesting to hear the commentary. joel stated one of the most important data points of the week. how much do we see this contract, the

oh, here in the capital, beijing, the line, the banks of america for several hours, many holding up blank pieces of paper. now a symbol for this growing unrest and an act of defiance in the face of chinese censorship. we want basic human rights. we want to freedom one, a free our country from this on fire. absurd regulation in shanghai, another outpouring of anger and something different. that will concern not only china's ruling party, but also it's leda. oh my god, amongst the crowd, one protest the shouts out. down with she ging ping. c then they replying, unison stepped down. it's dangerous to criticize the government and his leader here and such a public challenge is extremely rare. oh to, there's no surprise when police move in that detain, protested. oh, these latest protests was sparked by the deaths of 10 people in a fire at an apartment building in the city of m g, with ac ations, that strikes covert restrictions were to blame the jewels to remember those who died there. and now at the heart of these growing demonstrations, we have human dignity, we're humans, we are chinese, an

but bank of america, goldman sachs, and deutsche bank all say more pessimism. bank of america thinks the s&p will end next year at 4000 where we are now, and goldman sachs and deutsche bank saying a recession is not yet fully priced in. manus: and morgan stanley is qt. what would that do to the bond market? we have christine lagarde disbelieving of the peak in inflation, you have readiness to do another cut in oil. let's have another look at oil and across assets, this is what we have got. nymex is bouncing as china seems to be now under control but we will get more clarity about covid tenths. mark mobius looked at $10,000 as the next beat on bitcoin. yield differentials is what will drive the narrative in 2023. dani. dani: a dollar not bothered, a rare occurrence for 2022. let's get the latest from the ongoing efforts to tame inflation to covid protests in china followed by the market reaction and more fallout from ftx. manus: let's put the fed speak in perspective. they are stressing and prepared to raise rates to curb further inflation. enda curran is there.

to join the conversation on twitter and before we begin, a big thank you to our event sponsor, bank of america. i would like to welcome to the stage our first guest, former republican governor of new jersey who was also the epa administration -- administrator and is now a big critic of her former party, the gop. please welcome to the stage governor christina whitman. what made you decide to join the forward company? >> the republican party has become a cult. they have no set of sensible principles on which it is based. whatever trump says people should believe, that is not my definition of a party and when i wrote my book in 2005, i was worried about this very thing happening. and watching what was going on, it was clear we needed to do something different so i started the renew america movement and we began as republicans who were trying to bring the republican party back to the center on the basis that this country does have a center and centerleft party but people were going more to extremes. we realized early on that it was not just republicans that we needed, we needed central democrats.

"visionary" ceos and founders most recently the likes of mark zuckerberg, elon musk and, oh, yeah, this banking guy now missing is corporate america in need of a major leadership reset? morgan >>> plus -- no more fun and games. bank of america downgrading hasbro highlighting problems we discuss 'lbeig bk.wel rhtac good luck. td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!! please ignore that. td ameritrade. award-winning customer service that has your back. these days, td ameritrade. our households depend on the internet more and more. families grow, houses get smarter, and our demands on the internet increase. that's why we just boosted speeds for over 20 million xfinity customers, on us. so you get more of the speed you need for day and night streaming. more speed you need when you're work from homeing. and more speed you need as your family keeps growing. check in on your current speed

apple and bank of america and chevron are the largest for the company.n omaha, louisiana pacific and jefferies are higher in the pre-market. and turning to appaloosa management tepper trimmed apple and alphabet now other notable moves? bill ackman's canadian railway now worth $1 billion disclosing positions in bath and body works and tjx the retailer is the sixth largest holding. and tiger global boosting positions in alphabet and datadog and service now. new to the portfolio stakes in applovin anti-want semiconductors seema. >>> thank you. now former president trump is expected to announce a bid for the white house in 2024. this despite a number of hand picked candidates losing races in the midterms. the latest trump ally to fall is kari lake. democrat katie hobbs will be projected the winner all of this as republicans move closer to securing a majority in the house of representatives after a series of confirmed wins overnight in new york, arizona and california joining me now is james pethokoukis and a cnbc contributor. jimmy, good morning. >> good mor

on the other site, we have hasbro with the debord -- a double downgrade from bank of america and analystsre arguing that hasbro overplayed its hand. we are seeing a decline from oatly. it highlights the continuing macro headlands that are impacting companies and offsetting some of that perhaps muted reaction to stocks in other parts of the markets. >> you do have smaller stories that are making up the parts of the stock market move but you have the mark -- the bond market is doing and microscopic moves coming off key headlines. yet he had that perhaps the bond market is pricing in some of what she is saying. let's dive in be exclusive -- the exclusive interview. >> it will probably be appropriate soon to move to a slower pace of increases but what is important to emphasize, we have done a lot but we have additional work to do both on raising rates and sustaining restraint to bring inflation down. john: let's bring in uber international economic policy correspondent mike mckee. the fact that vice chair brainard was one of the fed official to talk about the need earlier on to move faster, i

bank of america trades just under 12 times earnings. for closer to 14 times but it's got a 3.4% yield. goldman trades at 11 times earnings my alma mater, 2.6% yield wells fargo, right in the middle, less than 13% earnings, 2.5% yield but if the underwriting business comes back then the banks would be incredibly compelling down here. even though we missed this i'm not talking about this, right here now you have high net interest margins, decent yields and you get the earnings that come from investment banking they can buy back shares it's so cheap it will be likely to crush it. i'm not saying you will be immunized. i'd much rather own the fina financials thinking someone dumber will come along and take you out of your positions at higher levels. i know we're not catching the bottom of the banks but catching bottoms is risky you you're playing a dangerous game if you catch the high flying stocks but if you buy jpmorgan or bank of america at 12 times earnings, that's not a game, it's an investment i like to say, there's always a bull marke

but i think when you saw the yield curb go inverted, we saw the big rotation out of those big banks, the bank of america and j.p. morgan. but we took them down in waiting. asset managers do better in the higher interest rate environment. so i think that is why you see the rally in some of the names. so a little careful. that is why i like being a call spread not on outright call in this case. >> how about disney. they are planning to freeze hiring and cut jobs. that is according to an internal memo. the news coming after they try to climb back from a rough few months. brian is keeping to a few keep factors to keep it frozen? let it go? >> when you look disney it bounced off the low recently. we saw the job cuts coming from the netflix and other streamers of the world. maybe get some growth out of that way. but i think this might just be a bare trap to some degree. if you look at disney, it has the competition of the other streamers and potentially the parks. they're great. we saw a big pickup after covid. when the cpi number came out, one thing that people did not talk about are the averagely earnings.

her and know the talent she has shown already in our office i'm sure she will do the same at bank of america. >> we will do that and her father already works for us. >> you should have called us. >> jesse: some things will never change. democrats have always baltd out their biggest backers for years. if you donated just enough money to democrats, you could do just about anything. harvey weinstein got away with raping women for years. jeffrey epstein was flying minors to pedophile island, even bill clinton rode on his jets. we are seeing the same thing play out with this crypto mega donor sam bankman-fried who just robbed investors in broad daylight. a million people woke up, their life savings vanished. over $2 billion of ftx's client's money poof. is mini madoff behind bars? no, is he chilling in the bahamas. biden is not even trying to extradite him. why would he? he gave joe $10 million in 2020 and spent over 40 million more on democrats in the midterms. this ponzi schemer's dirty money bought democrats dissent. he is their second largest donor just behind soros. this mini madoff crypto k

this is from bank of america hold to sell and i would take the other side of that trade in a nanosecondack is a fantastic operator >> how about helping viewers set the table for snow, crm, okta? >> they haven't come down enough i think they have to slim down i think okta, if you take a look at the last -- if you look at what they said at palo alto, they're coming on strong on identity, which is okta's area that would be a soup to nuts they can cut out okta. i think okta is very worrisome i love frank he does not care about a stock i don't think he looks at a stock. not at all salesforce might have to bite the bullet here. i think that their table of employment is too high, or at least they have to do -- my travel trust has owned salesforce since the beginning, and i'm concerned. i'm concerned because this is coming off of the dreamforce quarter, and i don't know what marc benioff can do. we're not -- we've made our sales. we're not selling anymore. i think that the company is doing -- is one of the few winners in the space, along with service now, but the multiples are too high there's

musk purchased twitter last month for 44 billion dollars about 13 billion of that came from big banks, including bank of america, which also could face losses. investment bankers say the effect of that possible bankruptcy will come down to what exactly was signed in the deal. when pressed for comment, bank of america officials refused to comment in other recent interviews, though, the bank's ceo brian moynihan says he's not losing sleep over the deal. >> well, tonight we are learning that amazon will lay off thousands of employees in its corporate and tech divisions. our core for his has made. you spoke to a san jose state university business professor for a little perspective >> that is according to a new york times report. if that happens, it would be the first major staff reduction in the history of what some say is one of the most influential economic and cultural forces in the world. >> when you do layoffs, people often look for opportunities to reduce headcount and corporate close to the decision makers and they have the power and people people often say, well, we've got too many. >> robert wood is the pr

stuart: got to get to the stock market real fast, amazon has bad news coming from i think bank of americabank of america's u.s. 1 list but they are still calling stock a buy. you also have jeff bezos this morning telling cnn he's giving away the majority of his $124 billion wealth in his lifetime, but bad news here, german anti-trust widens the amazon probe. also, he is reducing their call to 103 for the stock, and the slowest sales growth in a holiday period upcoming to end this year. i'll let you know more. i'm heading over to seattle next month to talk to management. stuart: okay. i'll be in australia. >> lucky you. stuart: now elon musk was at the g 20 meeting. >> that's right so he beamed in , wearing his indonesian batiq ue, being very culturally appropriate. so what he said in that is he worked seven days a week, too many hours and saying he has too much work on his plate. now that's not good news by the way for investors, because when he runs three companies already, including a trillion dollar electric car company, and now he's added a $44 billion social media company, that has p

and you bought it to say jp morgan, bank of america, would they accept it no, they'd think you're insaneyou own these now after the collapse of the jp morgan of crypto, you might want to take this opportunity to cash out i bet jp morgan or bank of america would accept the proceeds in dollars if you made the money in things so important that we see them all the time. cardano and salata or maybe, maybe, the hilarious dogecoin. cash them in before it's too late and don't look back i like to say there is always a bull market somewhere and i prom face to help you findsomewhere i'm jim cramer see you monday >>> on the morning of august 2nd, 2016, bitcoin investors woke up to news of a shocking digital heist. >> nearly 100,000 bitcoins have been stolen. >> i logged into my account and noticed that my entire account had been drained i was crying and sweating. >> the word started spreading on social media everyone was freaking out. >> it was gut wrenching. >> bitcoin prices plummeted. bit fin exhalted trading. >> the

think has to happen especially if the fed isn't as aggressive as expected. >> so michael over at bank of america says they're happy nibblers of new leadership of small cap, industrials, resources, emerging market bonds, china/japan, weak dollar plays. which is interesting because the dollar is weaker and that has to be certainly considered a major part, weiss, of why stocks have been able to get some traction how about -- how about that idea the small caps, some industrials which you obviously agree with, if you're willing to buy a honeywell or put united in that category, talk to me about what he says. >> one part of what he says is easy, china. the risks have not come down there. stock prices have, but not down far enough we have to go through all those reasons, i think they're pretty obvious. when the mark has come down as much as it has why would you go to other markets when you can find value in this market? now, when that value comes to fruition in three years or as jim is hoping in a year, which i doubt because you can't base anything on the atlanta fed because they're too aggressive -- e

let's go through a couple of supearlatives with bank of america. could bring in more than $1.2 billion in terms of not worrying much about subgrowth but monetizing what's already there, the psward sharing and et cetera the other one i would say on the advertising side, b of a is talking about $719 million from advertising with its basic platform from 2025 if they can demonstrate over the next couple of quarters that those numbers are realistic i don't know see how you sell the stock. so i think they've done a pretty good job reorienting the story they're no longer going to be talking about subgrowth. now it's about how much more money they can make and that's what wall street wants right now. wall street wants profits. it's less enamored with grow at any price. so i think they're doing all the right things, great management and technically you're about to see the 50-day cross above the 200-day. the bulls starting to take control here so i'm going to stay with it for now. >> what's your take here >> in the last month netflix, apple, hulu, all raised

musk purchase twitter last month for 44 billion dollars in about 13 billion of that came from big banks, including bank of america, which could face losses if this bankruptcy actually does materialize. investment bankers say the impact of that would be basically be determined by what was signed in the contract. and when pressed for that bank of america officials refused to make any statement. we have heard recently, though, in interviews with the bank ceo who said that he is not losing sleep over the deal. >> 8.41 is the time and tis the season for layoffs. that's for first we saw meta and twitter and now amazon is supposed to lay off about 10,000 workers. this is according to the new york times. and if it happens, it would be the first major staff reduction in the history of one of the most influential economic and cultural forces in the world. amazon business experts say that the local impact, if any, is yet to be seen. we reached out to amazon for an official statement, but we haven't yet heard back. we'll keep you posted. >> a 42. we'll be right back. >> it's a 44 and about 48,000 researchers tutors and teach