at the financial oversight committee.his is 2.5 hours. >> the committee on oversight and government thank you for being here. this is important and it affects every american. it is a vital part of the commerce in united states -- in the united states. we are here to talk about the postal service and to ensure options for long-term viability. 40% of the mill volume is carried through the united states postal service. workers are spread throughout the country and it is the backbone of a $1 trillion mailing industry that employs 7.5 billion people. -- 7.5 million people. there is an unprecedented financial crisis. mailvolume has declined -- volume has declined by 25%. as a result, the postal service has lost money for nine straight decade ofh nearly a long-term financial challenges. the agency has unfunded liabilities, including retiree health care and it has exhausted the statutory debt limit. what it needscks for critical investments, chief among those is a delivery fleet, projected to cost $6 billion. think about the post

because when you get a financial package, it's just on paper. you don't get to know, if you are a student that doesn't have responsibility for finances yet, it's a lot of money, you may not have the $70,000, $80,000 job that you are expecting. it may not happen that way. so students are not prepared for that. >> well, kind of what david is saying, people aren't really prepared in high school for that type of debt. mentally i would like to consider it an investment of sorts. you may not be paying off the debt immediately or in the next year after graduating. in the end. >>> you are going to be making more money than without a college degree. >> i'm hearing a bit of optimism and positivity in your voices, it's overwhelming and it's a topic that you chose because it's so relevant. you don't seem to be as concerned that this is a doomsday scenario. >> no, there's other options, and you can have other programs that cover the loans. if you have a good job. and you have family members, it could get easier for you. so i have a bit of optimism. >> i hear

system or help to get financial system if available. that obligation exists simply because of the tax exempt status. if you want that status of tax exemption, you're supposed to help those less fortunate. so when that bill comes, the hospital must ensure that it has people in place to assist the patient in filing for financial assistance if it's available. and if the patient doesn't have any coverage but his or her income is so low that they qualify for free or reduced cost care, the hospital should ensure that patients know that help is available. common sense. employees should explain the process and patients' rights. tax exempt hospitals cannot be in business to profit off poor people who may not know what form to file. that is not what congress intended to happen when we created the tax exemption. during the course of my investigation into mosaic, i made clear that they must have adequate personnel. in response to my overtures, mosaic has hired seven resource advocates to assist with medicaid, supplemental assistance, and social sec

financial shock. shock occurs and income does not suffice, the least it spend the solution is for families to turn to their liquid savings. perfect storm the i was referencing earlier. what we're trying to do with our research is think beyond income. income is a very important metric for understanding where families fall in the overall distribution. it is not sufficient if we really want to understand whether they are financially secure. been looking at lots of different metrics, including incidents of financial shock, which in research we have done, shows that 60% of experience an unexpected financial shock in the previous months. $2000.ical shock costs most families just do not have that kind of liquid savings on hand. expensing of financial shock as well as fluctuations in their incomes and expenses, it leaves them in a precarious place. it becomes a cycle of not having enough and being constantly stressed. host: the april job figures are the bureau of labor statistics, unemployment rate, 5%, jobs

they want to do good things, even if it is not financially. the whole point of the harvard students. they want to get as, rather than cs or ds there. the bottom line is there has been no great country, no great empire. no great society that's ever gotten ahead with socialism. every great country out there that's risen to preeminence has risen on the back of capitalism. >> one-third of young people in this study support socialism. what are they eating? you have to explain that. >> well as the millennial on this panel i think i have a few opinions about this one. listen it is not about socialism versus capitalism. >> actually that is what this segment is about. >> i'm not a socialist by i think there is a gray area, and a very large gray area here between the 1% of the 1% of 1% capitalism that i my generation is against versus complete socialism. you have the millennial under the age of 35 like myself who grew up in this nafta free trade era political world we live in today. where capitalism got out of control. it wasn't about supporting the ame

in fact, they have the most to lose through financial advisors' hidden fees and complicated financial products with lower returns. it's time we protect these so-called small savers from conflicted, biased advice. mr. president, over the years, millions of families have worked hard. they have put their money away for retirement and they have invested their savings to grow their retirement nest eggs. in short, they have tried to do everything right. unfortunately, some financial advisors have not always done the right thing. they haven't had to, and that needs to change. but the resolution that the republicans are offering today would be a major step backwards, so i urge my colleagues to reject this resolution, and instead of attacking families' best chance at guaranteed, unbiased retirement advice, i would hope my republican colleagues will instead work with democrats to ensure more seniors can have a secure retirement, expand their economic security and help our economy grow from the middle out, not from the top down. thank you, mr. president. i yield the floor. and i suggest the abse

how does that help financially? >> to broken package volume over the past year -- the past five years from the 49 growth in package volume, more than 1.5 billion packages come in the postal service delivers roughly 30% of all packages in the country. president some blood and the national rural letters carriers association needless to have greater flexibility with work force to be responsive to the customer requirement of an amazon and others that were working with. >> what you project in the future? do you see an expansion of that? it seems like this online shop being -- i literally go to the mall myself. apparently that is sold -- and now. do you see that expanding more? >> hyper wrote. the challenge is a very competitive delivery space. we compete for customers every day. competitive pricing and has made investments to our standing. we need to recognize/strength is last mile delivery, the so-called bluebird -- bluebird bluebird -- the challenge ultimately the package growth among more than offset the losses and fi

that financial engineering has become rife.panies get five times as much money from doing financial activity. you have airlines hedging oil. until recently, ge was a too big to fail bank. it is affecting the economy as a whole. katty: we are seeing some of this play out in the political season with bernie sanders. will it change? rana: if you look back at when markets' towards the best philosophy began, it began in the 1970's, then continued in the 1980's and 1990's. we are at a tipping point. the fact that outsiders are grabbing so much attention in the campaign and hillary is having more trouble getting traction then you would have thought, people know the economic airtime is broken and they are looking for change. katty: the book is " makers and takers" thank you for writing it and thank you for joining me. the world of finance and how to create jobs playing out on the political scene in the united states and other countries as well. you are watching "bbc world news america." still to come on tonight's pigs are helping cure

what was the financial crisis.you listen to michael lewis and the big short, i watched the movie. must have said wall street is ripping off individuals 400 times. as someone who covered that extensively and knows, and beat up on wall street plenty. i can tell you it was less of a ripoff of more of banks literally handing money to people that couldn't pay it back. that was the scandal. so the average american is -- gary: imposed by the government. >> that's right. anthony: it was a circus. >> you have a couple things going on. the liberal media proposing propaganda, you have basically reiterated and repeated on college campuses, and, you know, you have political candidates that are trying to seize on it, some at the far end, like bernie sanders, and some in a lighter way, somewhat lighter way in donald trump. >> some of this is conversation, guys, the r word, regulation, if you want to go to the one thing that hurt businesses, whether it's wall street or whether it's small businesses, it's the tens of thousands of r

it operates with no taxpayer funds to the brink of financial crisis by forcing it to assume the financialurden assumed by no other agency or company is the height of the financial responsibility of congress. problem should fix this that we created. today, as we are having this debate about the future of the postal service, and yes, there are issues we need to work with, and miss brennan, i have been clear with you in private conversations and i'm entrusting you to continue to keep delivery standards as one of the primary objectives. as i look with our postal customers and mailers who depend on us, one of the things i wanted to talk about is the downsizing commitment that has been made by the postal service. reducing your workforce by 200,000 careers since 2006. reducing your work hours by 330 -- three to 31 million. changing operation hours. can you, miss brennan, and i would like mr. orlando to weigh on this as well in my mailers if you have time. how has this consolidation and reduction of workforce aligned with the phase one and phase two initiative?rk phase one.eted phase two, we comp

financial transactions in financial institutions in the world take place in dollars. that is very different than a u-turn where our financial system is part of the transaction. some of the opponents of the iran deal have friday to conflate the two. >> we will go live now to the >>> is the swift network safe? has the treasury tested it and you find it's secure? on the g7, a lot of the countries are having difficulty with imports from china right now. what sort of message will the g7 have for china given that china really won't be at the table? >> i'm not going to comment on the specific investigations going on now regarding the cyber issues other than to say every time there's an incident, it's taken very seriously by all of the relevant authorities and there's no exception here. in terms of china and its impact on markets, we oob yusly have conversations in different groups at different times. we're going to be meeting at the g7 next week, just a couple of weeks later we'll be in china for our dialogue and later in the summer, in july we'll ba back in china for anothe

it combines the word financial and technology.fers to the services used for information technology, the services commonly used in the u.s. where fintech has taken root. in china, financial services using smartphones began five years ago and have been rapidly expanding in the past three years. ja lei works for an i.t. firm in shanghai. as chief of the beijing branch, he has been going on business trips several times a year. his smartphone has become an irreplacement part of his routine. since online financial services began, jai hardly ever carries around cash. he uses the qr codes of various stores to pay for purchases. ♪ store clerks check customers' phones to finish payment. in china, there is no service charge for deposits within the same bank in a city. but a charge is applied for remittances from bank "a" to bank "b." financial service companies using smartphones have partnerships with all banks, enabling individuals to transfer money between any bank without paying a charge. now any small vendor in beijing can allow payment

financials are leaving those games.eing increasing speculation that the fed will raise interest rates in. soon. the s&p 500 gaining 1.3%. the dow up 1.2%. the nasdaq gaining 1.7%. let us now bring in abigail doolittle, who is live from the nasdaq. what are you seeing their? re? abigail: the global rally in equities is taking place at the nasdaq. the index is up 1.6%. in the nasdaq 100, there's only one stock trading down. one of the biggest boosts for the nasdaq. are the shares of apple. it is the longest winning streak in more than a month from bullish to bearish as wells fargo is saying that yesterday's report that apple has asked suppliers to prepare for work iphone seven some expected is likely to cause consensus estimates -- to drive estimates above consensus. perhaps an upside to the estimates. todayr big performer here at the mastec are shares of netflix, up nearly 4% as it was announced that netflix has an exclusive deal with disney. that will start this fall the netflix will exclusively stream disney movies. th

aboutbrennan testified the financial shortfall at a hearing at the financial oversight committee. this is 2.5 hours. >> the committee on oversight and government reform comes to order. thank you for being here. this is important and it affects every american. it is a vital part of the commerce in united states -- in the united states. we are here to talk about the postal service and to ensure options for long-term viability. 40% of the mill volume is carried through the united states postal service. workers are spread throughout the country and it is the backbone of a $1 trillion mailing industry that employs 7.5 billion people. -- 7.5 million people. there is an unprecedented financial crisis. mailvolume has declined -- volume has declined by 25%. as a result, the postal service has lost money for nine straight decade ofh nearly a long-term financial challenges. the agency has unfunded liabilities, including retiree health care and it has exhausted the statutory debt limit. what it needscks for critical investments, chief among those is a delivery fleet, projected to cost $6 bill

i like financials, citi, and a couple of financials hitting recently. options have been there for a while now in jpmorgan and other names. >> you're steering this ship. you can do whatever you want. >> i've been on the wheel. i'm just doing what i'm told. a big day for michael coles with the stock rallying. we'll tell you why the retailer could move 10% on earnings tomorrow. >>> tesla's annual shareholder meeting is under way. will the ceo give any updates on the giga factory or what about hitting production numbers. the call just came in. she's about to arrive. and with her, a flood of potential patients. a deluge of digital records. x-rays, mris. all on account...of penelope. but with the help of at&t, and a network that scales up and down on-demand, this hospital can be ready. giving them the agility to be flexible & reliable. because no one knows & like at&t. >>> welcome back to "fast money." crude oil a slight fallback today. a steady climb into thursday's biannual opec meeting where leaders are expected to make little headway in cutting global pro

worsening our financial situation. >> and in your testimony you state postal service's financial condition continues to deteriorate and you say it's growing mail volume and increasing spensincrease ing expenses, is that correct? >> yes. >> do you believe some of the reforms we've been talking about bringing up the postal service to, you know, engage in other lines of business that may be profitable like other postal services around the world do, soliciting some of those restrictions, lifting the burden of a unique prepayment requirement as mr. rolan rolando pointed out unique to the postal service, no other corporation in america is held to that standard in terms of prepayment, whatever it is, $5 billion plus, plus the medicare reform i think we've been talking about, which i wish mr. ferenhol was still here, that's not a giveaway. those things could they turn around that financial description you've offered in your report? >> gao has not taken a position on specific elements in that proposal. however, we have supported appropriate restructuring of the retiree -- >> i'm running out of time

what role should financial stability played in setting monetary policy? >> i've been talking to good questions. >> you are the author, peter. >> i believe the fed should not be in the financial stability business. i believe we have the fdic, and i think that should be sufficient so it should strengthen the fdic and take the fed out of. the reason for that is because it creates conflicts within. multipurpose agencies generally don't do a good job. the best job gets done if you concentrate their minds on the task that they're supposed to carry out. and for the fed that's clearly monetary policy. >> quickpoint from alex. >> the original purpose of the fed in creating so-called elastic currency was financial stability. and, in fact, that the time of the foundation of the fed they were forecasts that th they woud to longer be any financial crises or cycles once we have the fed. obviously a a very poor forecat spent by the best forecasts we've ever had it turns out. they're all so bad last night but on the point of regulation, i wrote about your book and "the w

a simple yet important document could prevent you from making a major financial mistake. all that and more on "nightly business report" for thursday, may 5th. >> a day before the monthly jobs report is set to be released a number of federal reserve officials are speaking on the economy. we'll have more on that shortly. >>> we begin with the massive wildfire that's engulfing canada's oil-rich province of alberta, disrupting production and sending ripples through the global energy markets. oil companies are evacuating workers, shutting plants or reducing production. the disruption sent oil prices higher initially, above $46 a barrel. but when reports came in that some production may be returning, the gains were paired, settling up 1 with respect to just above $44. dierdre bosa is in wood buffalo, alberta, with more on the blaze, the thousands displaced, and the damage it's done. >> reporter: clogged highways. an overwhelmed airport. and an entire city evacuated. this is ft. mcmurray, the heart of canada's oil fans. and it's on fire. as of this morning a total of 49 wildfire

financial institutions institutions.- looking from a u.s. perspective you have a slightly different view from what is happening in europe. guy: thank you very much for your time. .e is going to stay with us we are going to hear more from morgan stanley. tv.s on bloomberg he thinks the u.k. will stay in the eu. we will bring you that interview next. ♪ guy: welcome back. lovely, lovely, lovely. this is as good as it is going to get in london. we are going to see highs of 18 today. yes, that is what we are going to have today. let's get some details with juliette saly. juliette: thanks guy. deutsche bank is the subject of an investigation into whether the -- they inflated the values of securities and the mortgage bond trading business. that is according to people with knowledge. in recording the losses that have helped boost the banks earnings for several quarters. john cryan has another headache with mood is cutting the banks ratings to two grades above junk . touches performance has -- deutsche's performance has been week. macro economic unce

lars: we look at it from a financial stocks perspective.he move into negative interest rate has had an impact on the banking sector. ecb policy has been to improve the financial transmission mechanism. the banks have started to complain that negative interest rates are hurting their ability to lend. the ecb is trying to do the best thing by keeping money cheat but is hurting them online for the banks. francine: so you are lucky you don't work for a bank right now. but i guess you miss priced risk , or financial assets are being mispriced. does that link into your world? lars: we have an interesting situation. we're not borrowing money. you are generating cash. francine: good problem to have. lars: but our shareholders, they in some ways would prefer we invested the money. they can't invest the money elsewhere in guinea return. we are very prudent about this. we don't want to accumulate liquidity. we give excess liquidity knocked to the shareholders every year. francine: lars, great conversation. lars rhodium sorenson -- lars rebien soerense

financial conditions unless they tighten significantly, effectively comfortable with the easing of financialonditions. when they hike, conditions are going to tighten. between now and september, if you get a significant tightening and that that is essentially crying wolf, we are not going to hike, i think you need to clarify that the tightening and financial conditions was enough of a threat, but as of today, if growth continues as expected, and the fed does not go, we're not expect in the go in june, but we decided to stall this, does not mean we are not going in july, they could keep talking about july probability. -- een july and december, >> if they did not go in june, with baby or two lower their dot plot? how do they have a hawkish lowering of the.? >> -- lowering of the dot? july and sayo november or december, so there is still some gap and the key assumption would he that financial commissions -- conditions do not tighten. dollarket new where the was so when they came in and height. , the expected financial conditions would be unchanged. in a mini version, in the second half of the y

you have to be somewhat careful within financials.pure play on the fed is the overall financial sector, it is the banking sector within it. vonnie: have you changed your allocation, percentages at all? investor: if i as an think about where i'm willing to it may not risk, necessarily be in the pure equity space. 5% upside plus 2% dividend on a , if mysitive scenario expectation for high-yield is that may be a better opportunity. vonnie: anastasia amoroso, thanks. david: coming up, you will hear from the bond king himself, bill gross. find out how he's positioning jenness among that's janice -- janus capital. ♪ jon: this is "bloomberg ." futures in the u.s. a little bit firmer. --gest today pop in europe two day pop in europe -- the higher by a fifth. a stronger euro, up about .25%. gold snapped a six-day losing streak with the headlines generator in the crude market. brent up .9%. we are back through $50 a barrel. vonnie: time now for first word news. two members of donald trump's team tell bloomberg an endorsement by paul ryan is

basically the financial statements did properly state their financial health at the end of the year. single audit we had no findings. all received unmodified opinions. when we were here last year and frd audit results we did report a material witness for the san francisco international airport in the process of capitalizing their fixed assets. there was an approximate $45 million audit adjustment to be booked and there was a material issue. happy to report it was reminded in that t -- reimmediated that finding and took the appropriate steps to remediate that finding. they have a clean bill of health. no reports this year. management did well in that result and no management issues to report in that timeline. any questions? >>supervisor aaron peskin: colleagues? thank you, ms. avis. and now we may hear from the a fore mentioned significant deficiencies. maybe we start with someone from the department of technology. i don't see mr. -- here. >> i'm the new securities information officer. boya. we concur with the findings. this is something that's been known for a while and we are workin

the apparently elevated sensitivity of financial conditions to monetary policy. uncertainty about the location of supply-side constraints provides another reason for gradualism. there are potential concerns with this gradual approach, however. it's possible that monetary policy could push resource utilization too high and inflation could move temporarily above target. in an era of anchored inflation expectations undershooting of the natural rate of unemployment should result in a temporary increase in the inflation rate. but running the economy above its potential growth rate for an extended period could involve significant risks. a long period of very low interest rates could lead to excessive risk taking and over time to unsustainably high asset prices and credit growth. macroprudential and other policies are designed to reduce both the likelihood of such an outcome and the severity of the consequences if it does occur. but it is not certain that these tools would prove adequate in a financial system in which intermediation takes place outside the regulated ban

financial transactions in financial institutions around the world take place in dollars.that is very different than a u-turn where our financial system is part of the transaction. and i think some of the opponents of the iran deal have tried to conflate the two. you know, as long as the dollar is the reserve currency of the world, it will be used in financial systems other than the united states. that is very different than opening the u.s. financial system. mr. cook: david lawder from reuters. >> thanks, dave. i just want to come back to the swift network. is the swift network safe? has the treasury tested it and did you find that it is secure? also, on the g-7, a lot of these countries are having very much difficulty with china's imports from china right now. a lot of their overcapacity is coming to their shores, including ours. what sort of message will the g-7 have for china, given that china really will not be at the table. mr. lew: i am not comment on any of the specific investigations that are going on now regarding the cyber issues other than to say that every tim

its financial situation is dire. we place the postal service on our high risk list in 2009 where it remains today. today i would discuss the factors effecting the postal service's deteriorating financial condition, the status of unfunded liabilities and choices congress faces to address these financial challenges. the postal service's financial struggles are well documents. in 2007, it has lost over $56 billion. the situation is primarily caused by a decline in mail volume, particularly in first class mail combined with increased in expenses, largely because of salary increases, compensation in benefits alone will add costs. the gap between revenue and costs continues despite the efficiency initiatives undertaken by the postal service. regarding unfunded liabilities and costs, they are a large growing burden on the postal service. at the end of 2015, they all 5 $125 billion in debt which accounted for 82% of its revenues. retirement benefits -- the postal service stopped making required payments in 2011 and not expec

and what happens when you have financial institutions that make it through a financial crisis unscathed, that can lead to husband ris. so they overexpose themselves going into the next downturn. i think that's what's at the heart of what bank of the ozarks is doing. they've taken their new york lending book from zero to -- to mostly construction lending. it borders on ridiculous. >> carson, we've got to leave it there. great to speak with you. >> thank you. >> carson block of muddy waters. so there are two things to unpack here. the call on buybacks, and accounting, aggressive accounting. >> dan nathan talks about this all the time, the difference between nongap, and gap. when companies disclose, they talk whether it's gap or nongap. so it's out there. he just said, there's nothing illegal about this. it's for you to do your homework. i think the point is, the chasm between the two continues to widen. i don't know how wide it can get. but that's the direction it's headed. at some point something comes home to roost. >> the other aspect is the buybacks. we've heard that for so long. cars

couldn't that potentially benefit the financial sector? >> i think that is a perfect good argument on sovereignty. but if we are in a global economy and we wish to benefit from the global economy, we have to work with others. on financial services there is no expectation that if britain left the european union there would be any diminution in the strength of regulation and financial services. the government's made that clear. the regulators have made that clear. indeed financial regulation in britain is more onerous than that required by the european union. that is british government decision so there is no belief or expectation at all that if britain leaves all of a sudden financial regulation would diminish. >> mark thank you very much for being with us here this morning. policy chairman of the city of london corporation. >> before break we want to bring you live pictures of paris. french foreign minister is due to to arrive why relatives of the passengers on that egypt air flight are awaiting more information. expected to make a brief s

financial literacy is part of that because economics is part of social studies. >> great. david, in prince george's county, the program there is relatively new. how is it going so far? >> it's going amazing. you see young people come in. they are having --he adhere to that budget. they have to figure out what's my mortgage going to be, am i going to buy a car, am i going to get cable, what's that cell phone going to be like. all those things up until then they have taken for granted, now they have to adhere to a budget and the learning that happens to make it. >> how has ja, junior achievement worked for prince george's county? are you starting to see the fruits of the labor so far? >> absolutely. i think best learning happens when students experience. so with me now is a really enlightenment and light bulbs are going off in a way this says, hmm, next time i ask mom or dad for money, when they say no, i understand. and so we're seeing that the school system, in fact, the state of maryland in a lot of ways are so inspired by junior achievement now requires financial literac

it uses the words, financially profitable. fiscally rewards. financial benefit. the select panel's investigation revealed that the rocurement business technician performs every conceivable task in the harvesting process immediately after an abortion occurs, however, procurement businesses essentially, the middle man, between the abortion clinics on one hand and the end users, the experimenters, researchers on the other, still pay abortion clinics a fee, even though the clinics are not incuring any additional cost in the process. exhibit d-1 shows the abortion linic charged the middle man $11,365 for harvested baby parts called, p.o.c.'s and blood. the abortion ws clinic charged the middle man, gain, this time $9,060 for harvested baby parts, and blood, even though the clinic did not incur any additional expense in the harvesting process. after obtaining the organs from the clinic, the middle man-made it easy for end users to purchase baby body parts. the procurement business order form, or drop down menu, for baby organs, illustrate just how easy this is. on the

i have already given my financials. my financials show i'm worth more than $10 billion by any

planning that happened years ago and in the strategic plan that goal focuses on at loernlt financial plan with the costs if this fair and provided more comprehensive methods and the stewardship entrusted to our care- the replacement project is a major endeavor that effects the enterprises the business services that are also look to build on the work of asset management to refine the process we're really proud the sfpuc got a bond upgrade from the s&p that was raised to a did you believe a with millions of dollars it is critical as we embark on the multi billion dollars funding of ssip the upcoming rates to prepare for the new rate package is good. >> the next goal the stakeholder and community interest that speaks to the values of services we are seeking proactively for the communities to understand the needs and concerns and implement the changes and also striving to build a stronger relationship with the stakeholders so as we move forward with future rate chang allies to understand the needs for investment in this system through our work in the southeast around the improvement prog

economic and financial system.my, in whites, the velocity of money and then in blue, wall street and the s&p 500. 40 years into the financial crisis, all trend along well. and then the financial crisis happens, see a huge divergence for the first time. i would argue that it represents the feds accommodation and actions to save the system. all that money pumped into bond buying sent the money to a record low, but it took us out of the great recession. gdp stabilized and risk assets go to all-time highs. he couldcenarios where see of the convergence. let's take a look at the bullish and optimistic, which should mean money shoots back up as it begins to change more quickly in the economy and the s&p 500 can hopefully hang on to those. vonnie: it's going in the wrong direction, isn't it? right.: right now, it is going in the wrong direction. record low, so much liquidity but the optimistic reading of it , technically, there are up to's reasons to believe he could see it spiked higher, which would support the s&p 500 an

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your view on financial stocks. they're moving today.of a we'll trade it to day, sell it tomorrow or is this a long standing investme in. t idea? >> it depends on what you're outlook for the actual result of the economy is. if you think that economy is getting better, then you might get that steepening that boris is talking about. that is really what banks need. remember, they lend at the long end and they pay depositors at the short end. the bigger the difference between the two, the better you're going to get in terms of bank profitability. how far if, the actual data comes in weak if, we see, for example, we're expecting about sub-2% growth for the total year that, could actually keep the curve somewhat flat. that may the nobody as good for banks. and i'm not sure that the fed is even going to be able to do that june rate hike if in fact we're underestimating the volatility that british referendum is going to bring into the picture. i think that is completely not discounted by the markets. i think there is more potential for volatilit

incidence of financial shock. spent anericans unexpected financial shock in the previous 12 months.ck cost $2000. most families do not have that kind of liquid savings on hand. when they are experiencing a financial shock in addition to fluctuations in their incomes and expenses, it really leaves them in a precarious place. they don't have the savings are the wealth. then it becomes a cycle of not having enough and being constantly stressed and behind. host: the april job figures are out. unemployment rate, 5%. 160,000.d give us a quick assessment. guest: quick reaction, lower than some economists expected. still a decent number. still a good number. the sustainedn rate you would have wanted to see continued wage pressure. the other planet raping at 5% is a good thing. it probably has polar to fall -- father to fall to bring people back into the labor force. the tighter the labor market, the faster wages will go up for everybody. we want as much job creation as possible. growth has been low. we can expect to be adding 200,000 jobs a month in perpetuity with growth less than 1% a qua