therefore the proposed rule will seek to expand the options available to the fdic. the proposed rule would require a bank to provide a strategy that is not dependent on an over the weekend sale. it would require a bank to explain how we could be placed into a bridge, how operations can continue while separating itself from the parent and its affiliates and the actions that would be needed to stabilize the bridge. the rule would also require bengs to identify franchise components such as asset portfolios or lines of business that could be separated and sold in order to provide additional options for exiting from resolution by disposing of parts of the bank to reduce the size of the remaining institution and expand the universe of possible acquirers. a stronger resolution planning requirement for large regional banks combined with a long-term debt requirement would provide a much stronger foundation for the orderly resolution of these institutions. it is really as straightforward as that. so finally, the bank failures earlier this year highlighted the vulnerabilities

fdic, the fed, the treasury department, did they do the right thing? oh, i don't think they had any choice at that point. i actually i was on when i worked at w ross. we rescued probably 15 different banks. and after the crisis and i was on a couple of the bank boards in the us actually virgin money in the uk and it was a failure of the regulators and we had too many regulators and you know, the fed, the fdic, you know cc state regulators in, you know, sometimes they get in the way of each other. but i think it was very much governance failure. i cannot imagine that the boards of those two institutions and actually know the chairman of the signature bank pretty well i can't imagine that when the fed and is mainly silicon valley started to say that there were problems, that they didn't do anything about it, that that was a big failure on their part, but it got to the point that it there was no other choice. and, you know, that happened in oh eight. you know fannie and freddie and it happened with a lot of banks in 0809 or ten and 1010 2010. you know i'm

now you have the fdic on top of that. what does this mean for the divergence between midsized banks have not seen these types of rules, compared to the biggest of the big, which already have the buffers to whether this kind of a storm? mike: if there is one conclusion from what is taking place this year, it is that goliath is winning. the largest, most heavily regulated banks about performed. there are more resilient, have more capital, more oversight, stress tests. this is completely different than the prior 50 years. the performance of big banks has been much stronger than expected. that is in contrast to many of the regional banks, which are now going to have more big bank supervision. having said that, i am amazed. this is my fourth decade in analyzing banks. how much change is going to take with the largest banks. for the last decade, you have had the stress test, doubled capital, increased the liquidity. the big banks came to support the economy during the pandemic. job well done. thank you, regulators. i thought mi

the fdic is looking to overall living wills.-term debt required under the proposal would marginally increase funding costs and may result in a decline of about 3 basis points. comments on the proposal are due by the end of november and, of course, carl, we know the bank lobbies have been quite busy this summer in the wake of the turmoil from the spring. >> trying to make it clear, at least to their constituencies, you can do this but it will cost somebody and likely will be the consumer. >> exactly, the borrowers. they may not get that access to credit. exactly. >>> $19,200 a month? wall street is buzzing about the salary of some of the interns that aremaking -- what they're making at citadel this summer. that's right, the interns. math geniusesselected to the 11-week program will make about $120 an hour playing the role of hedge fund traders as they look for the next kevin griffin. when i grow up, i want to be an intern. >> at citadel. >> at citadel. they said mbas are not accepted. >> is that true? >> they didn't even mention

the goal to wipe the debt for depositors which lowers the cost to the fdic. banks have a long-term debt requirement and this won't apply to smaller community banks. it's $100 billion to $700 billion mid sized threshold there. they would be required to maintain a minimum amount of eligible long-term debt equal to the greater of three things. the greater of 6% risk weighted assets, 3.5% of total consolidated assets or 2.5% of total leverage exposure under their supplementary leverage ratio if that's applicable if they follow that. the fdic is looking to overhaul the resolution planning referred to as living wills. how banks can be taken apart. some of these proposals due by the end of november but look at regionals they're in the green today. i think part of that has to do with the long-term debt amount or lower than that of what you would see at some of the eighth largest globally systemically important banks. maybe a little bit of a boost. these were pretty well telegraphed they were coming, there would have to be long-term debt requirement, but the actual am

we think back to a speech by the fdic chair a while back. this is being done because the department insurance fund took a significant hit after the failure of a set of u.s. banks. remember when the deposit insurance fund takes a hit the banking system pays for it. at the end of the day, it is a net-net situation because you have to pay anyway. the reason this is happening is to make sure that for any potential future failures that these banks are covered and the fdic would not take as large of a hit. dani: thank you for the roundup on those lines. coming up, our question of the day. what data shakes the market? we already got a nice dose this morning with the dollar stocks and yields jumping and moving. we are going to be speaking to katerina simonetti of morgan stanley. she will be joining us next. this is bloomberg. ♪ j.p. morgan wealth management knows it's easy to get lost in investment research. get help with j.p morgan personal advisors. hey, david! ready to get started? work with advisors who create a plan with you, and help you find

raytheon, rebellion, fdic, stem software, strong cyber solutions, texas a&m university, the british school public service. join me in giving a round of applause. also, a shout out to the chairwoman tish long for moderating the conversation later this. during the moderated discussion, we ask you submit questions via the note card on your table, compliments of rebellion. the incredible student interns, many of whom are looking to work for your organizations will pick up the cards after dinner and share them with our moderator. as a reminder, this event is on the record and being recorded. compliments of dell technologies . it will be available on our website early next week. now, prepared remarks by dr. dixon. please welcome asked to the stage to introduce our speaker. ash is a director of national security at amazon web service is. thank you for your support. >> good evening. it is an honor to here in support of insa and the work they do for collaborative approaches to national security challenges. we are proud of our partnership with the intelligence community which began 10 years ago. tog

we'll show you what's moving right now. >>> fdic plans nubank rules.e'll show you the requirements straight ahead. >>> some amazon employees telling cnbc they decided to quit instead of complying with a new policy that requires them to move to new amazon hub cities, wednesday, august 23'd, 2023, and "squawk box" begins right now. >>> good morning, everybody. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. yay, everybody's here. >> wow. we're really bland, and you are right there. >> sunshine. >> front and center. >> you guys are wearing the same thing. >> canary in the coal mine. >> here we go , here we go. we're going to take a look at the markets. there are strong advances across the board. s&p futures up by 22. the nasdaq up by 9 9. we'll see. we've got big

get up to 4.40% apy, and up to $2m in fdic insurance. sofi get your money right. >>> time for the "big money movers." share of yum under pressure after lower than expected second quarter revenue and issued a muted third quarter outlook. they will take plans of the summer season and look to open up 1,100 stores this year. shares are down 3%. >>> now to the morning mystery start. z -- chart zoom info taking a tumble ceo said they delivered another quarter of growth and free cash flow generation. zoom info with shares down low level 20%. >>> similar picture for western digital. revenue outlook due to weak demand for the cloud business. the company's ceo says large cloud service providers are scaling back on spending to clear out excess inventory which is causing western digital to cut spending shares are down 1.5% >>> we are morne than halfway through the earnings season and there is a conflict with the consumer spending. we have data from the cnbc all-star team. in general, strong demand with travel with airlines with robust international

another policy decision being watched closely on wall street is the fdic meeting tomorrow, which will include a proposal requiring u.s. regional banks with more than $100 million in assets to issue long-term debt. nathan, how significant are the proposals tomorrow given what we have already seen at of washington when it comes to more rules for small and incised banks? nathan: these are significant. the banks that are above 100 billion dollars in assets are looking at a shortfall. the bulk of that is for pnc, truest, u.s. bank and so forth. this proposal was initially tech drug for these look on value -- silicon valley bank failure. they dropped the threshold from $250 million to $109 and ensured that this proposal comes out. this is not applicable to the biggest banks. they already adhere to this, and certainly this will be something on the fixed income or debt signed that you will be paying attention to. we anticipate fertilization of this proposal will probably be about one year from now. jon: this is interesting. we have been covering the m&a aspect of this as well. depending on wh

get up to 4.40% apy, and up to $2m in fdic insurance. money right. - i got the cabin for three days. it's gonna be sweet! get up to 4.40% apy, and up to $2m in fdic insurance. what? i'm 12 hours short. - have a fun weekend. - ♪ unnecessary action hero! unnecessary. ♪ - was that necessary? - no. neither is a blown weekend. with paycom, employees do their own payroll so you can fix problems before they become problems. - hmm! get paycom and make the unnecessary, unnecessary. - see you down the line. ♪ (upbeat music) ♪ ( ♪♪ ) woah. ( ♪♪ ) ( ♪♪ ) ( ♪♪ ) ( ♪♪ ) constant contact delivers the marketing tools your small business needs to keep up, excel, and grow. constant contact. helping the small stand tall. >>> starting to see in tech. tremendous runs this group has had year to date but it's a little puzzling to see it now that so many tech companies have really reported super earnings take doordash who pulled back. tonight doordash reported an excellent set of numbers that shows the company can keep driving impressive growth even as it quick

get up to 4.40% apy, pay no account fees, and up to $2m in fdic insurance.nload the sofi app and earn up to $250 when you set up direct deposit. sofi get your money right. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. >>> welcome back to "power lunch" everybody the stock has been on a tear this year, up more than 80% on the year so far. though, currently more than 10% off the june high. we will bring you those numbers at 4:00 p.m. eastern time and we'll hear more from ceo lisa sue at 9:00 a.m. tomorrow, that is on "squawk on the street. kelly? >>> let's look to the other big names reporting this week. we have two of the world's largest companies, apple, amazon we'll throw in dupont as well. here to chart them, partner and chief market strategist at bell curve trading. welcome to you, bill so, we've got a very busy week let's start with apple,

the fdic plans to force banks to protect themselves. and the s.e.c. losing a court case and potentially clearing the way for a bitcoin etf. >> seeing a market reaction here. judge ruling in if favor of gray scale. that is soaring, the cryptocurrencies are up as well. checking on the broader markets now, the dow jones industrials. we're still looking at coin base, thanks. dow industrials are up about half a percent and the s&p 500 one and a third, and the nasdaq up one and a half. >>> let's start with the top story, president biden about to speak shortly on the first ten prescription drugs involved in price negotiations with medicare. the inflation reduction act, which was signed last year, lets medicare negotiate on prices for the first time ever. on the list are the most commonly prescribed drugs of all, including elquill, jardiance, all the companies are here, pfizer, merck. let's get to louise chen. i'm told the drugs accounted for $54 billion of medicare part d spending. there's a lot at stake here. what's the effect if any on the prices on the st

get up to 4.50% apy and up to $2m in fdic insurance.oney right. >>> we got about four minutes left in the program and a bunch more stories we'd like to share with you right now, so let's get to it. alphabet paring back large positions, who knew, in multiple publicly traded firms, including 90% of its stake in robinhood, the trading platform this, according to s.e.c. filings. alphabet also trimmed positions in 23andme, duolingo, sold 3.4 million shares of robinhood in the period ending june 30th, but still holds more than 600,000 shares, and robinhood has struggled since its 2021 ipo, but did turn its first ever profit in its latest quarter, but i guess google or alphabet, saying, we don't want to be quite as exposed to other stocks as -- >> i think these moves make a lot of sense in bull markets bull ipo markets, to have sort of this portfolio of holdings, but they get tough when the markets turn and investors probably want them to steamline. i think uber had a bunch of those that helped their results recently as well i don't know if we

to pay for that when you tap into fdic money. that it means all of these banks have less money for lending. and that's happening at a time that's pretty unfortunate in the cycle of where banking is at the moment. if you have less money available for loans to small businesses, if you have less money available for commercial real estate loans, which commercial real estate could be in trouble at the moment, all of those things mean that there's going to be less money available, and that could really put a pinch on the economy overall, on what businesses can do, even what some americans, individuals will be able to do as a result. how do you counteract between those two situations? >> well, you know, when credit is also not available, when there's contagion and a financial crisis, i think investors on wall street know that big bank failures can quickly have a cascade on the rest of the economy. so it's important to protect consumers and small businesses and those who really depend on that daily credit that we want to minimize the cha

get up to 4.50% apy, and up to $2m in fdic insurance.your money right. >>> welcome back to "fast money" and our chart of the week. we usually pick a stock or sector that had a big move during the week, but today we're looking at a group that's basically been flat since last friday it is the home builders, up more than half a percentage, but down less than half a percent since monday the action intrigued us, especially given how much higher rates have been. medical r mortgage rates, by the way, also went to a record, 7.2% on the 30-year fixed. guys, you flagged this one. >> which is why i think the sector's so confused typically you see price action like this at bottoms or tops you saw outside moves all week long. we have been bullish collectively on home builders, but weeks like this when you see that action has to give you pause. i don't want to make a huge deal out of it, but next week is going to tell you where the next six months go. >> funny because i wasn't on the call in the afternoon because i was on the halftime reporting but i

i think what is really compelling is due to several regulatory reforms that we advanced in the fdic program, reforms to ensure that sba could effectively provide matching capital, so we provide a loan to a fund to match private capital. we don't take any profit there will be opportunities for funds that are focused on this area to apply for licenses under the initiative. and not only get funding from us, which could provide downside protection and prove the return profile, but they get support through their relationship with the defense department and access to subject matter expert. i think that really is an elegant and exciting solution that we are seeking to advance for businesses that are getting funded. it is a broad partnership with lots of stakeholders. but that way, the vcs and the companies have activity in the federal government to understand the ways that we are thinking about advancing these technologies and object gives -- objectives. beyond that, many of these companies, in addition to seeking equity funding, often take venture debt. we have seen that market experience some ma

in order to be a full public bank and basically accept deposits, become a depository bank we need fdic approval. >> that's correct. >> and the mfc will be able to some level of participatory lending has been described will help boost up and hopefully streamline and consolidate some of the lending, some of which the city already does. could be additional lending through the mfc, but a part of the mfc is also to be in a position where at the end of that projected three years, we have proof of concept, proof that this entity can operate without a loss, infact earning a "profit" and all of that will be helpful and part of the basis for establishing fdic approval. i want to make sure i'm conceptually getting that right but if there is anything you want to add so we make sure everyone has a understanding why this two phase process and how a mfc might fit into the formation of public bank. >> absolutely. the mfc is term of art. the way to think, it is something like a green bank. you heard green banks across the country. this is something like it. we are not calling a green bank though. the m

when answering your questions about funding from sba and talking about a partnership under the fdic corticalechnology initiative, trusted ai is one of the 14 critical technology areas called out in this initiative. what's really compelling is due to several regulatory reforms we have advanced in the program. reform to ensure that fda could effectively provide matching capital to vc funds. we provide a loan to a fund to match private capital that is invested in the fund. we don't take any profit which can make the return profile more compelling. there will be opportunities for funds that are focused in this area to apply for licenses under the initiative and not only get funding from us which could provide downside protection to their funds and improve the return profile, but they get value and support through the relationship with the defense department and access to subject matter experts and phd's in the department. that is an elegant and exciting solution that we are seeking to advance for businesses in this area. it's a broad partnership with lots of stakeholders but that way, they can h

starting with the banks, the fdic is set to reveal new rules for small and mid sized lenders should theyxperience a panic similar to silicon valley bank, first republic for signature bank this year. the white house is expected to announce the first batch the administration will target with prices and lowering medicare costs. the announcement is the first since the inflation reduction act passed which requires the government for the first time to negotiate drug prices directly with the companies that make them. in tech, chuck schumer sayshe is set to meet with the ceos of the biggest tech companies in the world next month to discuss issues of a.i. and responsible regulation. wall-to-wall coverage on all of the issues. we start off with emily wilkins. >> good morning, frank. elon musk and mark zuckerberg are meeting face-to-face, but not for the cage match. they are two of the several executives coming to congress for a forum on a.i. the forum is hosted by chuck schumer as part of his work on bipartisan legislation to regulate a.i. and protect national security and personal privacy. other

get up to 4.40% apy, pay no account fees, and up to $2m in fdic insurance.n you set up direct deposit. sofi get your money right. >>> welcome back to "the halftime report. senior markets commentator mike santoli joins us with his customary "midday word." what stood out? really been one word fireworks to the downside because of fitch. is this just the pause that refreshes? >> what stands out is it seems like the first one-day proper shakeout but just a shakeout at this point one way to look at that is the low for the day, so far on the s&p, is the 20-day average that's like one of those case, very, very short term, in good up trend we don't know if it's going to hold there. i do think plenty of things lined up coming into august that said maybe it's enough for now on the upside. whether it's the seasonal stuff, you had a lot of bears capitulating we had a gdp number yesterday at 3.9, everyone celebrating a stronger economy than anticipated. then we get the fitch thing. it's an occasion to rethink where we are, but it's not even behind the yield >> there have

get up to 4.40% apy, pay no account fees, and up to $2m in fdic insurance.oad the sofi app and earn up to $250 when you set up direct deposit. sofi get your money right. >>> welcome back to "worldwide exchange." time for the "wex wrap-up. apple has $10 billion in customer deposits for the savings accounts >>> meta able to launch ray ban smart glasses this fall. >>> and microsoft is liked to hackers behind the phishing attacks. >>> and juul is looking to raise $1 billion in new funding. >>> shares of etsy are sinking after the sales outlook for the quarter are down. >>> and tom brady is the minority owner of the english football club and set to become the chairman of the advisory board. from football to futbol. >>> you see the s&p is down 1.3% from yesterday's close the futures market right now indicating an 81-point drop. the s&p is down 12 points. the nasdaq down is down 87 let's bring in the financing partner at ubs ali, great to have you on this morning. i wonder if we go through the market narrative that we saw yesterday and should we be concerned with t

get up to 4.40% apy, pay no account fees, and up to $2m in fdic insurance.n up to $250 when you set up direct deposit. sofi get your money right. we planned well for retirement, but i wish we had more cash. you think those two have any idea? that they can sell their life insurance policy for cash? so they're basically sitting on a goldmine? i don't think they have a clue. that's crazy! well, not everyone knows coventry's helped thousands of people sell their policies for cash. even term policies. i can't believe they're just sitting up there! sitting on all this cash. if you own a life insurance policy of $100,000 or more, you can sell all or part of it to coventry. even a term policy. for cash, or a combination of cash and coverage, with no future premiums. someone needs to tell them, that they're sitting on a goldmine, and you have no idea! hey, guys! you're sitting on a goldmine! come on, guys! do you hear that? i don't hear anything anymore. find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit covent

some of the other large banks largely has to do with preparation for additional capital rules and the fdicwith some new rules regarding long-term debt ownership, as an additional buffer for banks in the event of a failure, so that they can kind of toss out that long-term debt before seeking out wiping out depositors. >> we're in a period where the market is obviously sensitive to headlines about issuance, and that's what we saw when that release went out on the flip side, you have the job cut. the key line in deutsche's report, no significant changes to client cash withdrawal behavior the earnings profile, or the liquidity position, which is key. >> that's extremely key. and obviously, with all of the uncertainty we talked about earlier in the hour, regarding the banks, regarding the schwabs of the world, on the regulatory environment and exactly what they need to do to boost their capital buffers, you're going to see a lot of uncertainty what does this bond issuance mean what is some of the cash-sorting collateral damage and what does it mean for capital. all of these things will work the

get up to 4.50% apy, pay no account fees, and up to $2m in fdic insurance.e sofi app and earn up to $250 when you set up direct deposit. sofi. get your money right. we moved out of the city so our little sophie could appreciate nature. but then he got us t-mobile home internet. i was just trying to improve our signal, so some of the trees had to go. i might've taken it a step too far. (chainsaw revs) (tree crashes) (chainsaw continues) (daughter screams) let's pretend for a second that you didn't let down your entire family. what would that reality look like? well i guess i would've gotten us xfinity... and we'd have a better view. do you need mulch? what, we have a ton of mulch. >>> it's 5:28 a.m. eastern time in new york city there is still a lot of "with worldwide exchange" left here's what's on deck. stocks trying to bounce back after three straight days of losses investors looking ahead to the big july jobs report >>> a very rough quarter for apple with the company now on the longest sales slide since 2016 the stock is moving lower ahead of the opening

get up to 4.40% apy, and up to $2m in fdic insurance. sofi get your money right. ♪ (upbeat music) ♪ ( ♪♪ ) constant contact's advanced automation lets you send the right message at the right time, every time. ( ♪♪ ) constant contact. helping the small stand tall. - [soldier] take a look at this! constant contact. - they've left us a gift. - [soldier] i think we misjudged them. - i love horses. (birds chirping) - [soldier] we should open the gate. - let's see what charlotte thinks. - [narrator] at crowdstrike, we monitor trillions of cyber events to detect threats and prevent breaches before they happen to keep your business from becoming history. we stop cyberattacks. we stop breaches. we stop a lot of bad things from happening. crowdstrike. protection that powers you. ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ >>> to help us interpret the charts tonight, we're going to carolyn, the brilliant technician who r

this debt could absorb the losses before the fdic needs to get bloomberg said investors would need toressure for risk management banking. they need to look for resolution plan, including the top establishment of virtual due diligence in data rooms and up-to-date information on e personnel should a windup occur with those plans in place. it may have mitigated some of the friction we saw. >> i've been surprised that long and yields have gone back toward their highs lately. we have not seen more pressure across the banking complex where did all the bad stuff go? >> no, it's a good question. i think the level of those unrealized losses, as we saw in q2 reports, those are still there. the question remains what happens on the deposit side of the balance sheet, and we did not see much in the way of, you know, withdrawals and deposits, nothing out of the ordinary in the second quarter. we're looking at a quarter to quarter basis. there were so weaknesses after those downgrades, especially as you look at the options market and the bond market too for some of these corporate insurers . there's

get up to 4.40% apy, pay no account fees, and up to $2m in fdic insurance.ownload the sofi app and earn up to $250 when you set up direct deposit. sofi get your money right. >>> welcome back to "the halftime report. senior markets commentator mike santoli joins us now with his "midday word." what do you make of the sudden reversal, and do you think it has legs >> it's interesting, dom yesterday when we were talking about a little sell-off, pointed out that we had really just skimmed a little bit of the overshoot to the upside we got off the market we went down to a 20 day moving average right around where we're trading right now and i would look back to june if you want to talk about the best possible scenario, a 2% to 3% drop in mid june we got overbought. 2% to 3% over, like, a week or ten days, and that was kind of it not saying we're in for something like that but we do see real rotation happening instead of people high tailing it out of the market so far it looks okay, but i also can't help but feel people are lightly positioned coming into august we he

the fdic plans to force banks to protect themselves. and the s.e.c.urt case and potentially clearing th

. >> those after the close today another thing to watch today is the fdic we have marty gromberg, giving a speech at brookings institute at 2:00 p.m. about how the government should be handling various bank failures in the future there was a big piece in the journal about how governments worked and created all these laws and regulations to try to prevent bank failures from occurring, at least from needing to step in that wasn't the case credit suisse and some bank failures we saw earlier, so it will be interesting to tune in and see what he has to say on this important topic. >> meantime, the consumer will start to come into focus tomorrow with retail sales we'll get home depot later in the week target, tjx, walmart stock has been behaving great. inventories are clean, margin comps are easy we'll see how that comes together through the course of the week. >> it's interesting. very busy week in terms of earnings and economic data of course, you mentioned those 13 apz, which we've already started to see some trickle in really liking evs and having some discussionary plays regarding chipmak

. >> because of fdic intervention, svb deposit holders got their money, shareholders who kept their stock >> we are seeking restitution for our clients, to make her whole. >> according to the claims, she holds 1400 shares of stock in silicon valley bank. at its peak, those shares traded for $755 each, giving her a total of more than $1 million in holdings. as of today, the stock closed at $.21 a share, giving her holdings of value $194. >>> a high profile cold case in the east bay. tonight the prosecutor who was taking the case to trial is sounding the alarm. why she's criticizg the in baback in the e day, snsneaker dropops meant gettining online t to waitit in line.. now wiwith xfinityty mobile.. ...we get t the fastesest mobilele service and cacan get the e freshest kicks asasap. i got ththis. get ththe best pririce for 2 s of unlimitited when yoyou switch t to xfinity y mobiler $30 0 a line perer month. nicece job, littttle sis! ththey grow upup so fast.... i'm m a fan. frfrom xfinityty. >>> seven months into her tenure as alameda county's new district attorney, price is facing a recal

the fed and treasury are working with the fdic.hen the treasury issues, guess where it is coming from? it is coming from the repo facility. the t-bills are higher than the repo. once they say i want to sell more treasury bills to those getting 490, they say, i will buy. we have about $1.7 billion left of that. when that is gone you will see the pain. guy: england, japan, argentina, samoa, and chile. i think that is a tough crowd especially when the argentinians are brewing at the same time. mark connors, 3iq head of research. uber reports the first operating profit thanks to really strong ridership demand. we will take you to san francisco next. it is time for the start of. take a look at the stock. maybe not the response he would've expected on today's numbers. this is bloomberg. ♪ the chase ink business premier card is made for people like sam, who make- everyday products, designed smarter. like a smart coffee grinder, that orders fresh beans for you. oh, genius! for more breakthroughs like that- i need a breakthrough card. like

get up to 4.40% apy, pay no account fees, and up to $2m in fdic insurance.d the sofi app and earn up to $250 when you set up direct deposit. sofi get your money right. we planned well for retirement, but i wish we had more cash. you think those two have any idea? that they can sell their life insurance policy for cash? so they're basically sitting on a goldmine? i don't think they have a clue. that's crazy! well, not everyone knows coventry's helped thousands of people sell their policies for cash. even term policies. i can't believe they're just sitting up there! sitting on all this cash. if you own a life insurance policy of $100,000 or more, you can sell all or part of it to coventry. even a term policy. for cash, or a combination of cash and coverage, with no future premiums. someone needs to tell them, that they're sitting on a goldmine, and you have no idea! hey, guys! you're sitting on a goldmine! come on, guys! do you hear that? i don't hear anything anymore. find out if you're sitting on a goldmine. call coventry direct today at the number on your s

smith is a former banker and bank examiner at the fdic for many years he ran a couple of small banks he's now the ceo of the southern university southwest school of banking foundation what that is, that's a foundation that provides ongoing education to bankers this continues a trend over time or a practice at the kansas city fed of really putting a banking regu regulator, people with that expertise as the president we don't know anything about his monetary policies. he's not a ph.d. or economist by any stretch. he's just a banker for many years. kansas city gets the vote again in 2025. >> steve, thank you very much. steve liesman calling in with that news. mike, i guess unfairly to him, the question comes down to is he still a hawk or is he going to have the voice we typically see from the regional bank presidents in that direction >> i would say history suggests yes, we will we really don't know about his monetary policy intuition. but coming from the bank regulator background, that's where prior presidents of the kansas city fed came from. it has a history of being more of a hawkis

think deposit holders will be more quick to withdrawal or less quick because they're like, i got fdic's got us or we survived that >> it's tricky it all depends this is why the regulators have to be so careful with these banks because if they put the screws too tight, that makes individual consumers, individual deposit holders nervous. they've got to be slow moving, i think. it's really hard to tell jpmorgan has attracted more deposits than any of the big banks by a lion's share. wells has attracted the least amount of deposits of the four big banks. and jpmorgan, bank of america, citi and then wells in terms of -- but jpmorgan, again, 96% deposit growth over the last ten years. it's staggering in terms of the strong get stronger and the weak have gotten weaker. >> and their answer is always more capital you have to hold more capital. then they're going to lend even less. >> that's right. the capital -- the capital will force consolidation with the next banks that will be my next reporting, which banks have to consolidate. a lot of the banks that downgraded are good banks and would be g

get up to 4.40% apy, pay no account fees, and up to $2m in fdic insurance.nload the sofi app and earn up to $250 when you set up direct deposit. sofi get your money right. ♪ ♪ >>> welcome back to "the exchange." the dow has gone negative once again, but it's time for some show and tell, where we show you a chart and tell the story this was a mystery chart we showed you earlier the building supplies and material companies taking a breather after hitting an all-time high yesterday. shares are more than doubled year to late here's what the ceo said about whether momentum can continue. >> we're cautiously optimistic that the single family will be down single digits to 2022, but much better than we expected coming into the year and it also underscores our belief that fully, housing has been underbilled and there's still a demand presence that will carry us through. >>> coming up, reporting strong earnings, raising full-year guidance, but can it weather a toucher consumer environment ahead? that and more, nt.ex ♪ (upbeat music) ♪ ( ♪♪ ) woah. ( ♪♪ ) ( ♪♪ ) ( ♪♪ )

get up to 4.50% apy, pay no account fees, and up to $2m in fdic insurance.nload the sofi app and earn up to $250 when you set up direct deposit. sofi. get your money right. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're ing on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. >>> welcome back coinbase asking a judge to dismiss the suit brought by the s.e.c. coinbase just reported a narrower than expected loss and were optimistic on the earnings release, shares up a fraction of a percent. joining us now is coinbase chief policy officer with our senior washington correspondent who has been closely following the crypto clash in d.c. welcome to both of you so you guys have taken an aggressive stance in defending yourself here. do you think it's going to pay off? >> i think so. it

get up to 4.40% apy, pay no account fees, and up to $2m in fdic insurance. download the sofi app and earn up to $250 when you set up direct deposit. sofi get your money right. pano ai chooses t-mobile for business for 5g solutions... ...because t-mobile helps pano ai innovate, so they can stop the spread of wildfires. now's the time to see what america's largest 5g network can do for your business. >>> welcome back gene munster still with us he's been listening into apple and amazon's earnings call, which is -- that shows you how much talent gene's got what are the highlights here >> melissa, from apple's call, they guided revenue down 3% year over year for the september quarter. that includes the impact of fx the street was looking for plus one. if you exclude the -- excuse me, excluding the impact of fx, including it, it's going to be down one, so, that's the point where analysts are going to change from plus one to down one, but the reason the stock is fading is because it's really down three this is getting pretty hyper focused, but that's why the stock