of 3 bridges financial group tom welcome to the show. good afternoon now again let's get a glance at the markets what's been the reaction here the dow jones i know is down more than 500 points today i believe that's the worst day for the dow this year how are markets reacting and what can we expect going forward this week. but it was definitely a rough day in the markets and. it's no secret that wall street is not a fan of trump's terror fala sees so the reaction we saw was really to be expected but i would challenge and consider that this may have been an overreaction there will be difficulties if the trade deal doesn't get done but the difficulty is what necessarily affect every sector of the market and really everything was said today . now what about specifically agriculture you know there is this bottleneck you know even if you bought some of the surplus agricultural supply that's not going to china and call it food aid a lot of it is for animals you can't just necessarily take this soil meal or make a meal out of for a person what

of three bridges financial group. so tom this one right now isn't really impacting the you just the u.s. equity markets but there is systemic implications for global trade in europe we saw a massive sell out today with the auto good dropping more than two percent tell us what's happening in europe right now. well you know europe is facing a lot of economic pressure on a number of different fronts and particularly as it pertains to a trade deal with china the challenge they have is that their exports are dominated by many a factor of goods and leading the charges vehicles automobiles boats and airplanes certainly economic troubles in china will will certainly spill over to europe and create further problems for them yeah we saw the cac and the dax drop more than one percent to the close and now australia they're also hit really hard by this unexpected news we see the australian dollar get slammed falling as low as point sixty nine sixty five earlier today against the u.s. dollar it now sits at the lowest level so it's

and founder of 3 bridges financial group thanks so much for your insight thanks for having me today. time now for a quick break but hang here because when we return big pharma is back under heavy fire as drug companies are facing heat for alleged price gouging molly barrows contributor to america's lawyer says the hand to step through the scandal and later the world of black chain is meeting in new york at the consensus conference and we are on the ground with our producer brant job or will bring this interview is free from some of the top names and watching developments. what politicians do. they put themselves on the line they get accepted or rejected . so when you want to be president and. want to be. the 2 going to be 1st this is like them before 3 of them or 10 people. interested always in the water. we've got an amazing situation developing here in america one of our politicians has it openly admitted to congress that the u.s. dollar is that spread from. us to the previous stage of my career was over everyone wondered what i was going to do next the ball different clubs on one

i am the vice president of retirement and income solutions at principal financial group.we are based in des moines and in the chairman's home state of iowa. i am pleased to offer insight based on principles for the 75 years in the retirement industry. our experience with small to medium-sized employers and their employees, we currently provide retirement services to more than 45,500 plan sponsors of all sizes as well as five- point 9 million participant employees. at principal we care about understanding the needs of our clients and employees through such activities like councils, focus groups, real-time feedback and data collection. this information informs our innovation efforts as we seek to better connect and engage with our clients. we are tremendously proud of the innovation through underlying and digital enrollment as well as our financial tools that we recently introduced. these have driven improved outcomes for our participants. examples include the average contribution rate for newly eligible employees is nearly 8%. that is 29% of newly eligible employees deferr

staying with the president, he's just lost an attempt to prevent deutsche bank and the capital one financial groupial records to the us congress. a districtjudge ruled that congress has the legal authority to demand the records. let's get more now on indian elections. officials will begin the task of counting hundreds of millions of votes within the next few hours, as prime minister narendra modi seeks a second term at the helm of the world's largest democracy. we're nowjoined by ravi agrawal, managing editor of foreign policy magazine, from our new york studio. welcome back to the programme. the renderer modi and his party are on the road to victory, but how accurate are these exit polls? it's really ha rd to accurate are these exit polls? it's really hard to say, rico. i would ta ke really hard to say, rico. i would take them with a pinch of salt. anything can still happen. lorna renderer modi not to win at this stage, all of the exit polls would need to be wrong. it would be unusual but exit polls can be wrong, especially in a place like india where there are so many polls involved —— narendra

president donald trump has lost an attempt to prevent deutsche bank and the capital one financial groupress. a districtjudge ruled that congress has the legal authority to demand the records. china's housing boom has been blamed for a mysterious increase in a chemical that destroys ozone in the atmosphere, scientists have discovered. cfc11 — which was once widely used in refrigerators and insulation — was supposed to have been phased out by 2010. but a significant rise in levels found in the atmosphere has now been traced to insulation foam being made in eastern china to supply a housing boom. let's get more now on indian elections. officials will begin the task of counting hundreds of millions of votes within the next few hours, as prime minister narendra modi seeks a second term at the helm of the world's largest democracy. is the contest and as its final stretch, much of the attention will be focused on one indian state, uttar pradesh, our correspondent is at von rc, finding out why. —— —— va ra at von rc, finding out why. —— —— vara nasi. this is one of the most important cities for

of my calvin financial group thanks for joining us thank you daniel. and in the wake of us the breakdown of u.s. trying to trade talks both sides are jockeying for position earlier today u.s. president donald trump called the current impasse a little squabble before asserting quote we had a deal that was very close but then they the chinese negotiators broke it mr trump also said he and chinese president xi jinping will speak at the g 20 summit at the end of june the chinese foreign ministry now says that u.s. officials derailed the talks with last minute demands for a major increase in the amount of u.s. goods china would commit to buying. and joining us to give some additional insight in the current and future effects of the transpacific trade tussle on the chinese economy is in your policy specialist for the age of pacific region at the institute for china america studies because the group a group to thank you for joining us now 1st many published reports are carrying these signals from white house spokespeople and aides that mr trump president trum

ll adams is senior economist with dnc financial services group. bill, thanks for joining us tonight. >> thanks for having me. >> it's considered highly unlikely they would think about selling too many of their treasuries. what do you think -- i't it interesting they even brought it up? what do you think would happen if they did start thinking about selling inside? >> i think if we did see a large sale of treasuries by china's central bank, we would see treasury bonds fall, yields move higher over a short period of time. afr that, it's likely that the federal reserve would intervene in the treasurely market and buy treasuries, that's what the whole point of quantitative sing was. if they saw yields moving in a direction that was out of line with their goalsor the u.s. economy, i think the fed has the tools to bring interest rates back where they want them. >> our caption down on the floor of the new york stock exchange suggested that perhaps a worst case scenario would be if china just stayed o of the auction and didn't buy any more u.s. treasuues.

> impact of the waiting period might not be financially groups that many are not financially able to wait time and studies have shown and we've looked at internally. there are no inherent disadvantages we've opinion able to pinpoint based on minority status. the waiting period takes a rile whooil to get a clearance. focused on that. ason is is part of the re why it was created in the first place. creating a process anyone can use, seems like wait times have ter. n longer not shor >> i will highlight at nga a program oting candidate does not have to wait process, they can gainfully employed that has some promise because it's that wait that we tend to lose candidates. >> where do you think priorities lie in terms of adding diversity and had you orce hampering to diverse work force. n terms of the work force your just on board with perspective that correlates to more diversity we can have in terms of thoughts and creativity better off we'll be. 30% and it's at good news. >> and is that hampering you at all? > some individuals cannot accord the delay. business g a look at processes that

bank supervision and regulation that came from working at davis polk and working at the financial institutions groupt mckinsey and company. david: what did you bring to the fed that they might not have had? and what did you take from it? roger: great question. i think what i brought was the notion of diversity. not the physical diversity, though that was part of it. but remember, i said i was coming into this with a deeper understanding of regulations. when i joined the fed, most of the people on the board were academic economists and had that angle. i brought that to it. frankly, a bit more of an international focus. i had a number of international engagements at mckinsey and company. i joined the fed in 1997. you may or may not recall, but that was at the height of the asian financial crisis. i was tasked with working with asian central banks to work through that, because i had more international exposure than others. the other thing i had done at mckinsey was i was interested in some of the payment systems institutions. fairly technical, arcane things, but the fed runs both the large dollar payme

kobe support of the bureau pursuing its mission at full strength, republicans and a lot of groups in the financial services industry, advocate for banks, credit unions, so on and so forth, they'll said the bureau was overstepping its mandate, was being too aggressive and was overreaching beyond its powers which they said were also way too much for any one independent agency. so when mick mulvaney became the acting director in november 2017, he started acting all that the key pulled back the bureaus oversight of the financial services industry, he started collecting less data he sought to revise and we can a lot of the rules that had been administered and released under the obama administration in the previous director richard cordray and basically followed a checklist of all the republican industry grievances with the agency in order to pull it back and make up less of a footprint. .. he ended certain data collection practices and organized and rebranded the bureau, it wasn't called the consumer financial protection bureau. and some have been under the new director. would codify so no director cou

too late to the amazon party joining us is glenn fell from jefferies and jason ware from albion financial group finally. warren buffett has been praising jeff bezos for years and talking about how much of an oversight it was not to get in early what do you think about him getting in now with amazon trading just below a trillion dollars and up another 30% so far this year? >> you know, there's still 17% up side to our $2300 price target we've spelled out a $3,000 price target on 2022 numbers when you look at the sum of the parts across six of its businesses so if you look at the up side between 17% and 50% up side from current levels, we still think there's a lot of room. yes, he's late but the party is early and we think it's underpinned by ebidta growth that's going to be north of 20% margins can go from 6%, 7% and potentially double and you still have high teen growth they put up almost the same growth as google and they're twice the growth rate of google it's pretty amazing what they're doing at their size and scope. we are still bullish and again, we don't believe that investors are late if

delivered >> let's bring in an analyst who covers the stock jack masinko is here from susquehanna financial groupe state of the housing market especially at the high end >> decent read on the top line beat on deliveries orders were down 9% year over year that was in line with what we were looking for and the margin held in okay. margin of 20.9 x impairment. more good than bad california was still weak. california orders down 40% year over year. and they're a big builder in california there are things there that concern us stock still relatively inexpensive to its peeshz. the company's been aggressive in retooling the balance sheet, buying back stock. >> on that point you'd been focused on the improving r.o.e. over time. how does that come out this quarter? >> r.o.e. you have to look at the annualized numbers and it's up slightly year over year >> and in terms of the regional exposure is that a headwind going through the rest of the year or does this sort of suggest we're turning the corner a little bit >> i think we're going to turn the corner in the back half not only for toll but the industry y

bankwell financial group at the nasdaq at the close. 0.6% higher. >>> welcome to the "closing bell."a eisen >> i'm wilfred frost the heavyweight champion of the world broke the closing hammer i'm glad no one got hurt >> we'll be rejoined on the set in just a moment >> first back-to-back gain for stocks in the month of may the dow closing up about 0.5%. up a little less than 120 points 118 points so still higher, but off session highs. within the last few seconds, did see some selling into the close. the high was up almost 200 the low was down almost 200. sharp turn in sentiment. the s&p up a little more than 0.5% the nasdaq a clear winner on the day. technology climbed back. communication services did well, too. utilities did not. the russell 2000 index of small caps lagged behind the other major indexes up about 0.3%. >>> full team coverage of all your after the bell headlines. bertha coombs and bob pisani jon fortt standing by. kayla tausche with the latest on the auto tariff delay and leslie picker awaiting first quarter filings. we lost a bit of steam coming into the close but bi

i'm going to start with a constituent on mine joannie tibbetts vice president at principal financial group. ms. tib bits has been there since 1987. she has had several rules in the retirement division. she learned her business degree from the university of iowa and has completed product education through the wharton school of executive development. snigs to what senator widen had said about mr. tobias, he was elected state stressier 2016. in 2006 he was elected to oregon house of representatives, bake spe became speaker. senator widen's already refers to his sponsorship of the oregon retirement savings plan. mr. reed is from montana. ms. joan rough serves as chair of the american association of retired persons. ms. rough holds a justice doctorate degree. finally, ms. lynn dudley, senior vice president of global retirement and compensation policy for the american benefit. ms. dudley directs the consul's advocacy efforts regarding retirement and compensation polic policy,. she also coordinates the consul's efforts to outreach international arena including benefit, passport prior to joining t

financial protection bureau? guest: republicans and a lot of groups in the financial services industry, credit unions, banks, all said the bureau was everstepping its mandate, was

we have already done some nibbling within the financial sector, like the consumer finance stocks would be the top rated industry group within financials. so, it's not traditional, big regional banks or insurance companies at this point. joe: something that you notice is that it took a while. it wasn't until the middle of last week or late last week that people started to really get freaked out about emerging markets, e.m. implied vol. e.m. taking it on the chin today. extreme is the volatility there versus the rest of the world? luke: it's starting to pick up on the bottom edges. this is what looks like a trade war, in terms of that ratio between the u.s. domestic sensitive volatility and e.m. it's above its 2018 average, not near the peaks we have seen when trade talks -- when we were talking about 200, 200 more around mid last summer. it hasn't quite evened up to that level. when things -- what you see last week was essentially a who's who of the reach for yields. emb, emlc. u.s. high-yield and emerging-market debt are kind of what people wanted to get out of as trade talks deteriorated. they were flooding more int

on the financial times, china's biggest technology groups have been given the green light to launch digitalks in hong kong, which heralds future challenges in london and new york. the guardian reports on a new row over deportation flights after five people have been murdered injamaica since march last year after the home office deported them to the island. on the daily mail, prince charles is condemned as "misguided" by a public inquiry over his support for the disgraced bishop peter ball, who is believed to have molested more than 100 schoolboys and young men. and the metro leads with danny baker being fired by the bbc after posting a tweet about the royal baby which led to accusations of racism. the photo there shows prince harry with the baby—grow he was given as he promoted the invictus games in the netherlands. that is for next year. a quick look at the front pages. let's start off with the metro and the story of the day, and that is danny baker. what did you think when this story started developing this morning? seems to me the picture he shared of a chimpanzee dressed up in clothing

joining us now to talk about that pick and more is jason ware, partner and cio at albion financial group saying that right now doesn't make you look like you're brilliant, except for you came up with this before we heard results from lowe's. lowe's out with results this morning. that stock, last time i looked at it, was almost down by 10%. you made this call ahead of that what did you see between these two that made you think home depot is the one you're going to be sticking with >> this has been going on for some time, if you look at the difference between home depo and lowe's and across all operating statistics we look at, whether it's return on invested capital, operating margins, sales per square foot -- you name it, home depot is a better operator, they're more efficient, and they've got a handle on both their supply chain and inventory management in a way that lowe's has been envious of for some time one of the other things that home depot really has going for it above lowe's is they have a pretty superior geographical footprint with their stores. they expanded earlier in this mark

still ahead, the latest on the national rifle association as say new report sheds light on the group's financialarins has another check at weather, plus another threat of severe storms. your first look at "morning joe" is back in a moment. they're america's biopharmaceutical researchers. pursuing life-changing cures in a country that fosters innovation here, they find breakthroughs... like a way to fight cancer by arming a patient's own t-cells... because it's not just about the next breakthrough... it's all the ones after that. shaving has been difficult for me. i have very sensitive skin, and i get ingrowing hairs. so it's a daunting task. oh i love it. it's a great razor. it has that 'fence' in the middle. it gives a nice smooth shave. just stopping that irritation... that burn that i get is really life changing. get it. get it. get it! get it! crowd chanting: get it! get it! get it! (crowd groaning) (crowd cheering) narrator: give your town a reason to celebrate because every goodwill item you bring home, brings job training and more to your community. goodwill. bring good home. >>> internal

newspaper the financial times says the group's pegasus program targeted an unknown number of people using the app what the spyware was used to penetrate phones through missed voice calls the firm who searches 1500000000 uses to update their. israel classifies technology as a weapon in the company must obtain approval from the ministry of defense to sell it to foreign governments the firm maintains that software is only sold to fight crime and terrorism but a number of lawsuits accuse n.s.o. of improperly helping the governments of mexico the u.a.e. and saudi arabia to spy on journalists and activists and the murder of jamal khashoggi last year put the firm on that renewed scrutiny a friend of the journalist omar abdel aziz filed a lawsuit saying his phone was monitored by the saudi government just before the death of jamal khashoggi raphael sutta is an investigative journalist at the associated press who's been covering the n.s.a. the group extensively explains now whether the company must be held responsible or not for how its technology is used. it's one that dog the n.s.o. group for ye

challenges any minority groups are having with the security clearance problem worse than others, for example? >> i think it is the impact of the waiting period that it might not be financially feasible for underrepresented groups whether they are minority or nonminority but those that are not financially able to wait the duration of time that it takes to have a security clearance, studies have shown that there are no inherent disadvantage is that we have been able to pinpoint based on minority status. i think it is the waiting period. it does take a wild to get a security clearance. that, is focused on trying to improve that very much so. >> a very slow process. >> it can be. >> are you involved in the security clearance process at all? >> i work with human capital who is champing -- we are working closely in that regard. a do know that it will take diverse set of teams to fix that problem. >> do you see anything on the horizon for the security clearance problem. it was one of the reasons dni was created in the first place to create a transparent process that everyone can use. it seems like the wait times have gotten longer and not shorter. >> i will highlight that at nga,

the solid financial performance has been underpinned by careful financial investment. the groupwn by 7.2%. we are setting out that we are expecting the investment to increase to 5 billion pounds. that is a mixture of continuing to invest in the u.k.. we will continue to do that. in the u.s., we are seeing strong growth and we expect to be a little above $3.5 billion. we are also investing in these interconnected between the u.k. and europe. 2.2 billion pounds. so a lot of significant investment for us over the next 12 months. the politics and backdrop is very much around brexit. the brexit delay, is that having an effect on the amount of investment going into u.k. energy infrastructure? do you actively see that? us, we work very closely with regulators in the government on all things brexit. we have been preparing to make sure that we are prepared for any contingency. from an investment perspective, we are not seeing an impact. the main impact is with our interconnectedness and the three track and arel on expecting commission and the timetable we set out from the beginning. so w

social media, and the federal financial watchdog says that the new rules prohibit the collectors from suing or threatening to sue a consumer. and however, a consumer advocacy groupgh to protect consumers. e public has three months to submit written comments on the consumer financial bureau, and then the group is expected to rule on the matter based on the feedback. and consumers are really ticked off for this. >> and the reason for this is that people don't answer the phones anymore? >> that is what people believe. do you answer the phone anymore if you don't know the number. >> if you don't know or knowing that you are getting the robocalls, you are not answering. >> and it is not just those who have debt, but it is those who they think have debt and they often get it wrong. >> that could include anybody. >> yes, all of the sudden bombarded. >> geez. >> when is this? >> thanks, michael. >> yeah, we will be fine again. >> thank you, michael. >> and hopefulwhole food market taking steps to stop providing plastic straws in the stores in july and replacing with paper they will also replace the rotisserie chickens into paper bags instead of the plastic. and they are

>> this was reported by the financial times. the nso groupcing multiple lawsuits accusing of sending spy way to saudi arabia and other countries to spain on activists. the company says they license to technology for governments for the sole purpose of fighting crime and terror. shep? >> shepard: tim conway has died. the icon of television comedy's publicist said he tied after a long illness. conway was 85 years old. he's best known for his work on "the carroll burnett show." his dead pan delivery brought laughter to millions. his antics were not only a hit for viewers but he caught his co stars off guard, too. the funniest moments is when he caught his co-stars off guard. he called the midwest the heart of comedy in america. tim conway started his career in local television in cleveland in the 1950s. carroll burnett tells fox news i'm heart broken. he was one in a million. not only as a brilliant comedian but as a loving human being. she went on to say i cherish the times we had together. tim conway voiced barnacle boy on sponge bob square pa

accused of developing software used to hack mobile phones through whatsapp the financial times newspaper says the group's pegasus program targeted an unknown number of people using the app or sap says the spyware was used to penetrate phones through mr voice calls the firm has urged its 1500000000 users to update their applications now israel classifies n.s.a. technology as a weapon the company must obtain approval from the ministry of defense to sell it to foreign governments ferment tains it software is only sold to fight crime and terrorism but a number of lawsuits accuse the n.s.a. probably helping governments of mexico busy the u.a.e. and saudi arabia to spy on journalists and activists and the murder of jamal last year put the firm under a new scrutiny a friend of the journalist ahmed abdul aziz filed a lawsuit saying his phone was monitored by the saudi government shortly before her child g.'s death rafael sutter is an investigative journalist at the associated press has been covering the n.s.o. group extensively he explains where the company must be held responsible for how its technology is used

on the financial times, china's biggest technology groups have been given the green light to launch digitalondon and new york. the guardian reports on a new row over deportation flights after five people have been murdered injamaica since march last year after the home office deported them to the island. on the daily mail, prince charles is condemned as ‘misguided' by a public inquiry over his support for the disgraced bishop peter ball who is believed to have molested more than a hundred schoolboys and young men. the metro leads with danny baker being fired by the bbc for comparing the new mixed—race royal baby to a chimpanzee on twitter — alongside a photo of prince harry with the baby—grow he was gifted as he promoted the invictus games in the netherlands. and as we've been reporting, the daily mirror carries the story of freddie starr's death on its front page. 0k. ok. we will start off with the metro. this has been the big story. it actually started last night. danny baker. it started on social media. that's right. there was no other outcome than the bbc firing him, his comments on exc

the financial times says the n.s.a. group's pegasus program targeted an unknown number of people using the app whatsapp company officials say the spyware was used to penetrate phones through missed voice calls whatsapp has its 1500000000 users to update the app the israeli denies the allegations. thousands of children in angola are at risk of starvation because of severe drought that's according to the united nations many are being treated for money attrition. has the story. these health workers in angola are trying to save the weak vulnerable and hungry it hasn't rained properly in months and some of these children are severely malnourished the united nations says more than 2000000 people in the southern province of can a urgently need food and water and there are fears the situation is going to get worse. not hearing food in the community and in their families directly affect the children because their own families we have little food reserves that's why so many are in this precarious health condition. some families try to su

fight it within israel and without outside israel to support them financially morally to supposed to really support all those fake 2 groups individuals who are fighting for ending the occupation european governments are facing growing pressure to stop selling arms to saudi arabia that story and more after the fact. guys are financial survival. customers go find your guest. there now well we do some our. that's undercutting but what's good for markets is not good for the global economy. join me every thursday on the alex salmond show. and i'll be speaking to get out of the world of politics sports business i'm show business i'll see you there. you know world's big partisan movie lot and conspiracy it's time to wake up to dig deeper to hit the stories that made stream media refuses to tell more than ever we need to be smart we need to stop slamming the door on the back and shouting past each other it's time for critical thinking it's time to fight for the middle for the truth the time is now we're watching closely watching the hawks. welcome back the saudi arabian ship sent to pick up weapons in europe past being hounded by

mek, and both have said that they have not disclosed how much they've ever taken in financial renumerations from the group. >> on a 1 to 10 scale, how concerned are you about the recent actions from our administration against iran, in terms of creating real conflict? >> i think probably about a 5 at this stage. there's a lot of time between now and the next election, so just under two years we're looking at. that's enough time. that's enough time to find some sort of provocation, go onto a conflict footing which may have an impact on the political conversation in this country, but if you look at this administration, which is so close to president trump personally, so close to israel, so close to saudi arabia. bolten and others in the inner circle, this warship going there, tightening sanctions on iran even though the rest of the region -- the rest of the world said iran didn't do it, it's a troubling picture. i'd put it at a five. >> putting it at a five, a troubling picture. we're so fortunate that the expert is here. richard engel. now we have to take you to north korea, also causing new headaches for t

fight it within israel and without outside israel to support them financially morally to suppose to really support all those fake groups individual who are fighting for ending the occupation. national thanks for company this morning don't forget plenty of stories for you to say and a website you can find that. if we ever need an anti-war movement it's obviously now trying this hyper aggressive foreign policy faces little resistance in the mainstream media in fact numerous liberal news outlets function as a cheering section for the president where is the moral outrage. in 24 to you know bloody revolution to correct the demonstrations going from being relatively peaceful political protests to be increasingly violent revolution is always spontaneous or is it you know or here i mean i live with to do it and they believe that i do schooling you go to the former ukrainian president recalls the events of $24.00. those who took part in this today over 5000000000 dollars to assist ukraine in these and other goals that will ensure a secure and prosperous and democratic. this is boom bust broadcasting around the world and coverin

financial times. they lost that contest to the japanese group with kkr potentially on board, do you think they'll pursueat? what could they do >> probably not in the newspaper space. if you go back to 2015, there was a feeling that the ft was trophy asset also probably a feeling they could do more with that brand. for example in business information. they bought business insider for a high price if you look at what they're more likely to if focus on now, you e a lot of activity in the space you've got the upcoming listing of nasp aars, their classified assets there's a lot of activity happening within this space at the moment >> you mentioned axel springer's reliance on the classified ads that's a huge driver of their business also quite cyclical and i think cynical observers would look and say they're highly exposed to the volatility that comes with being exposed to the job market. do you think the timing of this bid is a reflection of where we are in the cycle >> probably not. if you look at the online classified portals, what they have benefited from, the model that would see them most closely resemb

income people, often have as much if not more credit card debt than any other income group and some their financial margin for error is bigger so they are not that concerned with the interest payments but also some of it is that you have folks leveraging the short term aspect of the credit card to do something like start a side hustle or open a business. that sort of thing. there is a giant mountain of credit card debt out there but there's certainly not just one reason why it's growing. host:host: let's hear from more callers including edward from manchester, connecticut. good morning. caller: good morning. us --ery easy for all of with the viewpoints of individuals and groups. what we should be concentrating on are the problems that we all share as individuals nationwide. when we realize that the problems, all of them that we are dealing with especially here at home in america have been plopped on our laps by founding fathers making decisions that would affect our nations future lives. people's lives land.te the laws of our if we must follow our laws and enforce our laws let the american people v

be if we did play or independence from the elites who lead us from one financial and foreign policy disaster to another. 800 groups of people what. do you have heard me talking of all the people and or abusing. taking advantage of going going. and he main task is to bring into the politics in our country on a completely new people fresh decent people who actually care. what if soon government hopefuls will begin misplacing their elite backgrounds just like some do with parts of their tax returns. freedom charlie a professor and dana at the jindal school of international affairs no longer a national opposition party in the country. i think essentially it shows that the people of india continue to be leading an investor who. is in for upward mobility and for economic growth and to become a great poet in world politics all of this you know what we do mr movies the carrying of the hopes of the people of india just because he won doesn't mean that it's all going to be easy but definitely he has the massive mandate of the public behind him. so i think that could give him strength in his 2nd term as he embarks on what he

groups. financials, wilfred, getting beaten down 1398%. >> but you'd say the other point is it's very broad only one sector knocked down more than one full percent the vix also spiking up five or six points today alone. >> let's get right to it what's driving the sell-off? bob pisani at the nyse frank holland at the nasdaq. matty desner, portfolio manager at jpmorgan. aaron brown, pimco's performing manager and managing director. bob, first to you here on the floor. >> sara, you made a very good point. the whole market is down even companies or sectors that don't really have any direct revenue exposure or buy from china. they're all down the reason everything is down is because the prospects of tariffs, new tariffs for months on end, lowers global growth prospects in general it doesn't matter whether you're getting revenue out of china or not. take a look at some of the commodity stocks, for example. oil is down to $60 that was the lowest level since at one point march bounced a little bit companies like ensco, chesapeake, down 4%, 5% or more. they don't have direct exposure to china but it's gl

financier into shale production. that is your business briefing. i will see you in a moment. the news briefing in a moment. children's services in england are at breaking point, according to a groupies and local government committee says more government funding is needed to plug an expected financial gap of more than £3 billion a year by 2025. our correspondent simon jones has the details. four—year—old daniel, murdered by his mother and her partner. baby peter connolly, who died at his home after months of abuse. opportunities we re after months of abuse. opportunities were missed by the authorities to help them. such tragic cases have led to a rise in people reporting concerns about children. housing, communities and local government committee says supporting vulnerable young people is one of the most important duties that local authorities provide, but he is warning that finances are increasingly stretched. warning that finances are increasingly stretchedlj warning that finances are increasingly stretched. i think they are ina increasingly stretched. i think they are in a desperate state, they are at crisis point. local authorities across the country of all political persuasio

we coordinated efforts here with those in other countries through the financial stability board, and the group of 20 to ensure that efforts in one country with heightened standards would not be undermined through shifting activities abroad. we also wanted to ensure a globally level playing field. in terms of accomplishments most important is that increasing the quantity of capital in the banking system. at the quantity of pure born comment equity capital has more than doubled since 2009 among the largest banks. we also required the most is this systemic banking terms to hold buffers reflecting the cost that their failure would impose on the economy. capital metrics often provide inadequate insight into how firms will fare if a truly adverse shock hits. we supplemented those accounting ratios with forward- looking stress tests which evaluate the ability of the largest banks to absorb very large losses while continuing to lend. the largest banks are restricting from raising dividends and share buybacks if they do not pass a quantitative test and qualitative evaluations of their capital planning