more after the break with gary cohn, president and ceo of goldman sachs.business" ♪ >> "trending business" welcome back. you are watching "trending business". -- you are watching "trending business". welcome back. global recession, bets are higher, chances are higher, that we may into that. to continue our conversation. i'm joined by gary cohn, president and ceo of goldman sachs. we were talking about china. let's talk about the u.s. there is a tendency to get lost in the noise, so many metrics to use to measure what is happening in the u.s., but the heart of your business is there. what is the sense you get? >> we run a global business. half of our business is u.s., half global. the u.s. is still important to us. the u.s. is interesting right now. it is confusing. a lot of the metrics are starting to point more negatively, and there is talk about recession in the united states. ,egative rates, slowing economy all of those issues that the rest of the world is facing now. the u.s. is better than people may feel. the u.s. consumer is still very, very strong.

talkingheard gary cohn about it. oliver: yes, gary stole some of mine. essentially, the volatility implied here with the money options on all of these bank stocks, banc of america, deutsche bank. it has gone beyond just deutsche bank get we saw that investors confident,ling too but it is not just deutsche bank. if you look at bank of america, morgan stanley, a lot of these have started to unwind, and now investors are starting to say these are going to be pretty volatile securities, not just now but going forward, and that is a big for the market. five out of 10, 6 out of 10 sectors will -- were performing, but with banks down three quarters of a percent, it is hard to get going. that is almost 1/5 of the s&p earnings right now, and as gary pointed out, not only are they looking at the fundamental picture, our banks going to be holding the bag on some of these companies whose earnings are starting to demand a, but it is also sort of a very excitable part of the in -- industry. we all have memories of 2008, when we have ceos coming out saying, "yes, we ar

bloombergs david ingles at an exclusive interview with president and coo of goldman sachs, gary cohn,hanghai, and of right into what he is focusing on. gary: we have global problems with growth. we cannot fix these with local monetary policy. we have to talk about monetary policy more globally and we have. work? does it still all guns blazing. we had the drg and won't get into details, but six or seven years of race at these levels. what have we achieved?that is a little bit of my point. years, andto seven relatively low to zero interest rates, with very little growth to prove for it, and almost no inflation. that leads one to question how effective has this monetary policy bent. what this monetary policy has been more effective at initially is countries trying to use their lower interest rates, i believe, to lower their currency to try and grow their economy at the expense of another economy. what has happened is every other central bank is then lowering their interest rates to not allow their economy to be the victim of someone else's growth. david: and the public -- gary: no, they

gary cohn, president at goldman sachs.hang xin, chief executive officer and co-founder at soho china. and ray dalio, chairman and chief executive officer at -- chief investment officer at bridgewater associates. thank you so much for joining us. ray dalio, is there something that the west misunderstands about chinese markets? and does that exacerbate the volatility we have seen the last few weeks? mr. dalio: i think there is a lot the west does not understand about chinese markets. i think the essence of what's going on in china is an adjustment. they have four major challenges. they have a debt restructuring challenge. they have an economic restructuring challenge, so they have to come up with a new model for the economy. they have a capital markets challenge. to build in an efficient way that circulates capital through the system better. they have a balance of payments challenge. having to do with the pressure on the currency. capital outflow, those types of things. these are things that have happened repeatedly througho

emily sat down with gary cohn and asked him why bloomberg has yet to go public. to go public. >> oversell still has access to capital, they are closing around as we speak. emily: unprecedented. gary: they are continuing to grow, they do have cash flow. they are doing the things i was talking about other companies doing. they are investing a of their u.s. earnings and u.s. cash flow in building up their international and china business, but their u.s. business is pretty to be very positive for shareholders. emily: what about investor liquidity? garrett: that some point, investors were liquidity but as long as a company is growing, investors are crating value. they will get concerned if you rounds.t rounds or down come and then they will start work more about liquidity. the companies having trouble raising capital doing a flat round, a down round, having to create more security or preference for new investors, that is when you will start hearing about, you know what, i am managing other people's capital and i need liquidity. and lee: what is your relationship with t

we will hear from goldman sach'' chief operating officer, gary cohn. stephanie: welcome to "bloomberg ," here at bloomberg world headquarters in new york city. i am stephanie ruhle. david: the market is down, up, we don't know where it is. stephanie: we will bring inexpert and try to break it down. david: who better than to have john mack with us? they will help us sort this out, i hope. stephanie: we have to cover the economy with janet yellen about to testify. we have to get our head around what matters to her most. clearly she hurries -- clearly she cares about data. the question is, is a data around the world as we look at china, japan, brazil, or is it the economy improving slowly? we have breaking news right now. matt: first i want to give you news on time warner's dividend. if you are a shareholder, you will be happy about the fact that time warner is raising its dividend. well, you might be happy. $.40 -- to $.40, a quarter per share. you are getting a next her nickel and a quarter per share. as far as earnings are concerned, we have eps fr

francine: that is a victory lap from gary cohn, the goldman sachs president. carlo messina.e said, we did everything better and faster fine. even if we have measures on these non-farming loans the selloff continues. what reverses that trend? carlo: let me at the point on goldman sachs definition because i want to talk intesa sanpaolo. if you look at the italian banking system, the average equity is the highest in europe. if you look at the leverage, it is the highest in europe. it is comparable with the one of goldman sachs. that's right, but these are the figures. so, investors can make their position, they can consider some risky situation coming from non performing loans. if you have to evaluate a situation of a bank, you have to consider the risky assets. so, goldman sachs and other european banks have a significant number of level three assets and their balance sheet. without any kind of underlying assets because you have a piece yourper that is inside level three assets. in the italian situation, you have nonperforming loans but something to be evaluated on gross nonpe

we will hear from goldman sach'' chief operating officer, gary cohn.bloomberg ," here at bloomberg world headquarters in new york city. i am stephanie ruhle. david: the market is down, up, we don't know where it is. stephanie: we will bring inexpert and try to break it down. david: who better than to have john mack with us? they will help us sort tou

and from goldman sachs, gary cohn, and we are seeing a pickup in companies like uber, and viacom sharesrter profits pre-plus, disney earnings just hours from now. and could college football propelled results? but first, a look at the markets with julie hyman at the markets desk. julie:

as gary cohn said, we took our medicine early. not have a lot of leverage.ans that are probably at risk. for free,aw material or close to free. jpmorgan had record earnings the last two years. some of the other banks are not far behind. this will be a golden age for wall street banks. banks, a different story. d too much into the american economy. >> the overall concern is demand. is it falling off around the world. the financial sector there is a good place to focus your concerns because they will focus on it profits go down. mohamed el-erian made the point that you need to differentiate. when you look at the options of spread in u.s. banks, they are low. and specific banks like deutsche bank, they are higher. but commerzbank had higher-than-expected earnings. you have to look bank by bank. matt: i am looking at the ea page on the bloomberg that say there has been a 10% decline in earnings over the same quarter last year. energy companies had a 74% decline in earnings. the problem is a lot of them on the balance sheet, energy in the loans. we mentioned the

francine: gary, 20 seconds? mr. cohn: so i agree with the chairman. i want success very much. i agree with madame lagarde. we all want clarity. i agree with the chairman. we're hoping for success in all the policy areas. one area i would throw my two cents in is, china seems to be more receptive, in your point, to more trade policies. and getting some of the trade policies done, with the united states, would be very beneficial for both, in growing both economies. francine: final words, 20 seconds. ms. xin: i think china is going through this transition period, and there is going to be a lot of volatility and noise. it is important that policy makers and the media are not focused only on the short-term noise, but are committed to the long-term reform. thank you. [applause] ? ♪ >> from our studios in new york city, this is "charlie rose." charlie: we begin this evening with election 2016, the first one on one democratic debate took place in new hampshire last night. hillary clinton bernie sanders sparred over the records as progressives among other issues. >> this whole discussi