the goldman sachs communacopia, big interviews are on the way. in just a second we'll be joined by altimeter founder and ceo brad gerstner, a big one, and later george lee, the head of the goldman sachs global institute will be here as well to talk all things a.i., and we are excited about that one, too. let's take you to the markets with 60 minutes to go in regulation what a different picture it is at this moment it was a rough open. it has turned around, though, thanks to some buying in big tech nvidia leading the way today the ceo and founder jensen huang, telling this very conference he is seeing, quote, great demand for the company's chips. financials have been the weakest part of the market today as well some of those have turned, too, including goldman sachs, chairman and ceo david solomon telling us earlier in an exclusive interview things look pretty good in the economy right now, and that was a big deal that stock trending higher throughout the afternoon and now in the green by half of a percent. let's bring in altimeter's brad gerstner

they're neutral to slightly loolkt sensitive. >> let's get to goldman sachs, forecasting a decline inheir trading revenues that seems like a big deal for just about everyday. >> it's interesting because there was mixed results. other banks gave guide answer. goldman was by far the weakest you had other banks talking about revenue being up slightly versus down by 4%. third quarter last year was a very strong trading quarter for goldman in particular as well as citigroup because of fixed in trading, and the trading this year is a little weaker, so what i think you are going to see are mixed results. but clearly goldman's numbers were the weakest. >> what about allied financial kind of flagging some issues with consumer credit and people having the ability to pay off auto loans and things like that, is that something that you see banks struggling with or is this more of an ally issue? >> it's more of a lending issue. jpmorgan gave guidance on credit card losses than what they set in line earlier in the year as others talked about, credit being relatively resilient so i think it's more of

economy. >> shannon: but goldman sachs ceo david solomon says not so fast.nplaying this report on harris' economic plan. >> what the report did is it looked at a handful of policy issues that have been put out by both sides and it tried to model their impact on gdp growth. the reason i say a bigger deal has been made of it is what it showed is the difference between the sets of policies that they put forward was about to tense of 1%. i think this blew up into something that's bigger than what it was intended to be. >> shannon: greg meyer was told he only cares about billionaires and i don't how many of them work overtime. >> greg: i love the difference between these two plans. the harris plan according to goldman sachs gdp growth was two tenths of 1% come i think that might fall in the margin of err, what do you guys think? in fact, all analysis like this is one big margin of error. if you could predict this stuff, do you think you could maybe predict other things like the stock market? right? this is why you diversify. this is why you rebalance, allocate as

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when i first got to goldman sachs, the oils were hot as a pistol.ere different days. you could have oil companies double and double again in a short time as if they struck oil. everyone got caught up in the oils. the families i work for wanted oils. i wanted oils for my personal day. every day seemed like another great day in toil patch. servicer, driller, you name it. then one day oil plummeted. some global tensions had jacked up the prices were settled. the next thing the bull morphed into a bear. those who owned nothing but oil stocks, including yours truly were crushed. i learned firsthand the concept of diversification. while occasionally violated some of my rules, i never intentionally avoided diversification. from my early days at goldman sachs, i learned the principles of investing building solid ideas to build long-term wealth in a way that suits the customer. consider yourselves the customer of this show. stick with cramer. >>> coming up, wall street's most reliable tag team squares off to answer your questions. keep in touch. "mad money"

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and finally, the goldman sachs ceo come i don't want to get involved iis.e out the next day and started talking about the fact she is talking about goldman sachs, they want to get in the middle of this and shame on him for doing it. now trump doesn't want to tax overtime and your question was excellent. billionaires don't make overtime as far as i know. >> shannon: may work a lot of hours but not getting paid hourly. >> judge jeanine: they are not. it's a question of time before she says that, too. she said she wanted to tax tips, "newsweek" ran an article and said kamala wants no tax on tips, and the majority of republicans agree, as though she made it up. it's a game! >> shannon: harold, i see some skepticism registering on your face. >> harold: i listen to the judge -- >> shannon: taking it in. on debate night the other night even the groups in some of these small focus groups that they had that said they thought the vice president won, they still gave large advantages in some of these groups to president trump when it came to the economy and how they th

economy and she cited goldman sachs as her authority on that. here's what she said. >> the best economists in our country, if not the world, have reviewed our relative plans for the future of america. what goldman sachs has said is donald trump's plan would make the economy worse. mine would strengthen the economy. what the wharton school has said is donald trump's plan would actually explode the deficit >> guys, that's one of those bait pieces we're talking about as kamala harris there mentioned the wharton school at penn, obviously donald trump went there. he could not resist responding to that. the harris campaign clearly knew that by dropping that mention of wharton in there they would get under trump's skin it seems to have worked last night. no real indication whether there's going to be another one of these debates, guys trump was askedabout that on fox news last night. he said he won the debate. so, therefore, he doesn't think he necessarily needs one the harris campaign said they would be open to another debate. we'll see what happens b

the goldman sachs communacopia, big interviews are on the way. brad gerstner, a big one, and later george lee, the head of the goldman sachs global institute will be here as well to talk all things a.i., and we are excited about that one, too. let's take you to the markets with 60 minutes to go in regulation

they don't have a big balance sheet hike goldman sachs.lot this year, they pay 100% of profits out in dividends, and they have no debt. and we think m&a is coming back big, even more deals get done as interest rates go lower. we like it a lot. stuart: how much do they pay? >> over 4%, and they pay a special dividend once a year. stuart: blue owl capital. >> similar story, just a different company. they're doing a lot of the debt on these different deals to get cone. they're a -- done. they're very much tethered to the lower rates, more deals getting done. stuart: okay. i'm going to check the big board again because now we're down 366 points. there we go. now, can you show me the dow losers? i want to know where this loss is coming from. lauren: while they pull this up, just to tie this back to interest rates, there's a growing chorus, now citi says the fed's just cutting 25 basis points next week followed by 50 in november and again in december. stuart: okay. do we have the list of the stock stocks, which of the big name stocks in the dow

goldman on trump. "we estimate that if trump wins, the hit to growth from tariffs and tighter immigration policy but outweigh the policy." new spending and extended middle income tax credits with slightly offset lower investment due to higher corporate tax rates. that is the outlook for the economy. the outlook for earnings, goldman, rbc, across-the-board, the outlook for earnings on the s&p 500 under harris, not great. lisa: which is why we have to do scenario analysis. what does it look like depending on who wins given how big the trump trade was earlier this year. this great chart highlighting the probability, if you get a full democratic sweep, a republican sweep. you get a lot of what you hear about. tax cuts on the trump side and additional taxes and spending on the harris side. then you look at the likelihood which is the same across the board because it will be split. this is what a lot of people are banking on. jonathan: it is difficult to process but it plays into the idea of a bit of risk av

annette will speak to the ceo of goldman sachs at 9:30 british summertime.e'll also get the view from the ecb when we hear from the bank of portugal governor and ecb board member mario centeno at 9:45 british summertime. >>> coming up, we are day three from the conference. we will have the latest from liverpool after this break. introducing the second chance offer from betmgm. what'd he say? if you bet on a player to score the first touchdown and instead he scores the second? boom! you get your money back - in cash. straight cash? second chance, you heard? what if my guy fumbles, and some other guy scores first? second chance. what if you need a second chance to land on the field? this offer only applies to touchdowns. you alright? i hurt my spleen! get the second chance offer from betmgm. the sportsbook born in vegas. craig here pays too much for verizon wireless. so he sublet half his real estate office to a pet shop. there's a smarter way to save. comcast business mobile. you could save up to an incredible 70% on your wireless bill. so you don't have to c

i think goldman cited it as well.e know what happened to japan in the so-called lost decades and the deflation trap and the issues that china is facing. i was in shanghai the week before last. the pboc governor spoke outwardly about the issues of the threat of deflation and on friday the pboc it self came out in a rear statement saying that a big priority going forward for the rest of the year is combating deflation. factory gate deflation has been deflation for 23 consecutive months. tom: 23 straight months of softer prices coming through. stephen engle, thank you for the context around this new and grim data set coming from china and the potential policy response. shanghai has been hit by the biggest iphone -- typhoon in more than seven decades. disrupting holidaymakers at the start of what is a national festival in china. china's financial capital initiated an emergency response on sunday closing bridges, ports and highways. all flights were canceled in the evening. coming up, striking boeing factory workers are re

goldman sachs down 3% or 4%, dow stock shaving 150 points off the dow.ing out the lack of parents in the world. jonathan morris is here to take on the declining birthrate. that is next. chase knows how to put the hart in your local community. evan! you're helping them with savings, right? (♪) somebody just got their first debit card! ice cream on you? your money is a part of your community, so your bank should be too. like, chase! new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job on indeed, it's easier for talented candidates to find it. which makes it easier for you to hire them. visit indeed.com/hire it's odd how in an instant things can transform. slipping out of balance into freefall. i'm glad i found stability amidst it all. gold. standing the test of time. stuart: during his visit to indonesia pope francis expressed concern over the lack of parents, people choose to raise pets instead of children. jonathan morris is here. i know why the birthrate declines. anywhere in the world you've go

goldman ceo throw a lot of coldwater on that right away.e a look. >> what goldman sachs has said is donald trump's plan would make the economy worse. mine would strengthen the economy. >> sean: that report which was mentioned last night in the debate came from an independent analyst and it's interesting. of the glut more has been made of this then should be. what the report did is it a catahan for policy issues that have been put out by both sides and try to model their impact on gdp growth. the reason i say a bigger deal has been made is what it showed is the difference between the sense of policies they put forward is 2 tenths of 1%. >> sean: if this guy had half a brain does he not realize taxing unrealized capital gains the death of capitalism or the new green deal is the death of capitalism? do you have to be the head of goldman sachs to understand that? no. at multiple rallies today in north carolina harris continued her long-running why the donald trump wants to cut your social security and medicare. but the official republican party

she says it backs her economicme over president trump's what goldman sachser has said is that donald trump's plan would make the economy worse. >> goldman sachs, for example,sa hachs, fs said that my plan woul grow our economy and his plan would shrink economy. >> but goldman sachs ceo>> sha david solomon says not so fast.n he's downplaying this report on harris' economic plan.harris >> what the report did is it looked a handful of policy polic issues that have been put out by both sides, and it tried to model their impact on gdp growth. and the reason i say a bigger deal has been made of it is whage it t it showed is thef poli difference between the sets of policies that they put forward. put was about 2/10 of 1%.o i think this blew up into something that's bigge's bigger what it was intended to be. >> all right. well, greg, i was told that he only cares about billionaires and i don't know how many of them work overtime. >> i love the the difference between these two plans, the trump and harris plan, according to goldman sachs. gdp was 2/10 of 1%. i think that might fall in the marg

but now goldman-polin is gone and the conflict continues. >> many of us have been living in a period in which we often feel like our pain is not seen. i can imagine that those who stand on the other side might feel that way too. i think we need to take a moment to acknowledge people's pain. we need to insist on help. that is something that was important to hersh and that was important to his parents and we cannot let that die. >> city council members were also in attendance at the memorial tonight. council member hahn called hirsch "child of berkeley." and told berkeley attendees, "we stand with you and mourn with you." >> resident biden expressed that he was devastated and outraged by the news and will meet with the hostage negotiation team today. and benjamin netanyahu vowed to prevent further propensities -- atrocities. >>> developing news in san francisco, wide receiver ricky piersall is out of the hospital after taking a bullet on saturday. bullet holes and evidence markers were visible a day after the shooting. da lin reports on the mayor's reaction as well as a boost of unifor

. >> goldman said down 10% >> investment banking revenue will be softer, because our mix of business in this quarter won't be strong. >> check out shares of ally financial dropping over 17% after the company said credit challenges are increasing, particularly around auto loans so, are the banks sending signals that a true slowdown is here there's a lot to unpack. but i turn to you for jpmorgan and banks. >> so, jpmorgan, i -- you know, my gut reaction to seeing the stock down $16 was, wow, this is probably overdone. it rallied a little, i thought, all right, let me just listen to exactly what he said, and anyone can do that, you just go on jpmorgan investor relations, even if you weren't at that conference, they put it on so, just a little psa there. and it wasn't about this quarter, it was about next year, he said there would be net interest income a little too optimistic i don't know how much optimistic means in terms of billions, right? at 91 1/2, he said a little optimistic so, you know, i took a little bit of hair cut there. he talked about expenses, actually that the street was

to the point that top economists in our country, from nobel laureates, to people at moodies and goldman sachs have compared my plan with his and said my plan would grow the economy. his would shrink the economy. some of them have actually

what goldman sachs has said is that donald trump's plan would make the economy worse. mine would strengthen the economy. what the wharton school has said is donald trump's plan would actually explode the deficit. 16 nobel lawyureates have described his economic plan as something that would increase inflation and by the middle of next year would invite a

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. >>> we begin tonight with vigil held in berkeley for hirsch goldman-polin. he was found dead. many blaming benjamin netanyahu for in their words sabotaging a cease fire deal with hamas that has been under negotiation for months. tonight at the synagogue attended by the family, hubs remembered to gather the life of the victim. >> reporter: right behind me is the synagogue where hersh goldman-polin worshiped with his family. people gathered to remember the 23-year-old they saw as a symbol of hope. a symbol that is now gone. it was standing room over at congregation beth israel at a memorial remembering hersh goldman-polin. the 23-year-old was taken hostage by hamas. he was one of six hostages found dead this week in a tunnel in gaza. president joe biden says all were killed by hamas. >> completely heartbreaking. and crushing. there is profound grief and mourning in this unit. >> reporter: yonin is the rabbi here where he utters his first prayer. >> it teaches us to go deep into the pain. to create greater space for it. that's what we are doing tonight. creating a sacred vessel t

goldman sachs is way down dragging 130 points off the dow industrials. the 10 year treasury yield still above the two year yield, we are looking at 370 for the 10 year. the price of oil $68 a barrel, down to 67, another dollar. bitcoin at 56 earlier, 56,700. the media is rattled. kamala harris's honeymoon is over, the euphoria stated in her lead in the polls is disappearing, trump may win. debate night could seal the deal. pull out the stops. concentrate on trump and how awful he is. look at the anti-trump headlines in one day in the new york times, donald trump's long history of belittling women on the debate stage. as debate looms trump faces questions about age and capacity. that's the lead story today. trump should be scared, very scared debating kamala harris. there's a similar cascade of condescension and bias throughout the media including abc news which will host the debate. the court of media opinion, trump can't get a fair shake, doesn't deserve it. answer with extreme prejudice. the media doesn't care that harris has ducked media questions. sh

goldman sachs off to a rough start in september. coal mine for the group? we'll find out. refa meyrit ter this. ♪♪ ♪♪ beaches jamaica sale is now on. visit beaches.com or call 1-800-beaches. >>> they will unveil the powerful ai chip and they're planning a board meeting to discuss ways to trim down the company. our reporter is covering all the action here to break it down. >> intel sells the second generation ultra processing code is 30% faster than the previous generation and faster than the competitors. amd and qualcomm. they're promising increased performance and stronger battery life. the executives from microsoft, dell, google said intel's latest chip will be featured many their latest laptops. but the news didn't really move the stock. closing down 8% on the day. wall street analysts also throwing cold water on intel's restructuring efforts. the raymond james writing that regulatory approval can delay the potential sale of altera. the company is considering. burnstein raising a question whether it would be a buyer of intel's fo

citigroup goldman sachs trading lower in sympathy. financial down 18.4%. the worst day for that stock since 2020. this has to do with the presentation of barclays the company made saying they are seeing lots of auto loan delinquencies. credit conditions are tough. credit card delinquencies already multiyear high and you can see this is weighing on capital one financial. to be clear, led financial, financial loans on cars. vehicle loans but that the overall credit card complex is called. the bank sector in world of pain. let's turn to one bright spot. oracle up 12%. very good quarter. record profits. record sales. the sales grew 7% on a year-over-year basis. hey i demand helping out. microsoft seems to be going around for the ride. other big tech names such as apple and alphabet -- i don't know about alphabet but elf -- but up will not doing so well. microsoft going along with the ai demand. oracle having one of its stays in sometime. scarlet: investors liking the news about oracle and partnerships with some of those hyper scalars. thank you so much abigail

goldman sachs reiterating their view.stay with us, this is bloomberg. ♪ ♪ >> market has come to the view that 50 basis points is appropriate. tom: that was bill dudley backing a 50 basis points cut the upcoming meeting today. this is where the market is on tenterhooks. in terms of the probabilities based on swaps, based on swaps, 54% chance of 50 basis points. let's flip the board and look at how the changes are coming in driven by bill dudley and he says they will go 50 basis points because policy is restricted, unnecessary given the softness in the labor market. wall street journal reporting, citing the dallas fed president saying i prefer 50. jp morgan says they will go 50. many say 25 basis points. let's flip the board and look at another story because low rates build into the argument. you should buy the dip on ai, lower rates and fundamental support the ai story. they have a basket of stocks. in includes nvidia and microsoft. they say now is the time to get exposure, plenty more. opening trade, this is bloomberg. ♪

it benefits the oil companies, black rock and goldman sachs, with their $100 billion wind energy and carbon capture projects, it's all draining the middle class, and that's the only issue you can talk about in the democratic party, i joined the environmental movement, to protect the habitat to preserve the wildlife to detoxify our ami and none of these issues are of concern to the party itself, the rank and file... to judge ourselves by our intentions and not by our actions, yeah, that's right, i was like that, so the democratic party sees itself, it sees itself, my friends, the democrats, they see themselves as part of the good guys, the cowboys, you know, they're like the good guys, at fort apache, surrounded by hordes of barbarians who... it's electing a president who has dementia because you're voting for an apparatus and you're not vote for, you know, another presidential candidate who was appointed without any election, essentially got rid of democracy to save democracy, appointed a candidate who hasn't given one interview to any news source in 40 days, and you know, one of the

we are joined by michael marsh at goldman sachs.s we take a little bit more focus on this now then. michael, i appreciate the time. good morning to you. i hope you're well. fairly interesting time in the credit markets. does demand come back with the lower rates environment? >> good morning. thank you for being with us today. 14th equity finance onference. 1,500 investors in the building today. we will certainly feel for how they're positioning themselves as we head into the year. i think the credit markets do feel good. a number of factors, i think you heard from jan talking about the economy being in reasonable health. soft landing being our base case. from the technical standpoint, the investors in fixed income and credits continue to see inflows. the other factor we consider is the lack of net use apply which puts the balance into the market which generally shows strong performance. if we look at the yields, they were up $100 billion which is close to a record. on the net basis and netting out repayments, we have negative issuan

so, for now, for this interim goldman, the priority is to contain the law of the situation. and as you know, that the police is not still fully functioning, but it seems that in shooting, just as for the victims of the recent process, these a priority for the garden, instead of goldman. all fields have mentioned that they are compiling a list of those who lost their lives during the demonstrations. and also i have also talked to some of the advisors in an interview moment. now he just loved the one of the youth advisors who left the july brought as stated that they are determined to hold the allow me league and it's lead to is a comfortable before they can readings free, enter into the politics. this implies that the allegations against them will be totally investigated and followed by legal trials. so bad about the w been goal. you. thank you very much so that thanks hope francis on his tourist, se agent has signed a declaration with a grant, a mom of indonesia. this is think almost the declaration was against using religion to still conflict. the head of the catholic churc

kamala harris says goldman sachs is signing off on her economic plan. fast, joe concha and cheryl casone are here to talk about it next. ♪ some days, you can feel like a spectator in your own life with chronic migraine, 15 or more headache days a month each lasting 4 hours or more. botox® prevents headaches in adults with chronic migraine before they start. and treatment is 4 times a year. in a survey, 91% of users wish they'd started sooner. so why wait? talk to your doctor. effects of botox® may spread hours to weeks after injection causing serious symptoms. alert your doctor right away as difficulty swallowing speaking, breathing, eye problems, or muscle weakness can be signs of a life-threatening condition. side effects may include allergic reactions, neck and injection site pain, fatigue, and headache. don't receive botox® if there's a skin infection. tell your doctor your medical history, muscle or nerve conditions, and medications including botulinum toxins as these may increase the risk of serious side effects. chronic migraine may still keep yo

okay, just on the 1st point that you made, you think that the pen was and budget model, even goldman sachs that they might be some passes on analysis here. what about the non past on committee for a responsible federal federal budget? what said the house has plan, could add $1.00 trillion dollars to the us deficit over the next decade and that trump would cost taxpayers about the same. yeah, and again i to, it's hard to look at the static models that just look at the, you know, the actual, you know, simple math on, on how much is you cutting taxes. but you have to look at the economic growth of follows. and you saw a tax revenues go up, tax revenues in the us are all time highs. they're way too high. i think spending is a problem. i'm not saying that trump and other republicans are totally innocent on spending. but you see the rapid expansion of the deficit since bought and took off as you know, get, you know, these reckless spending plans are all going to the depths that we're not paying for spending has to be caught in i, i, i can't promise you to the trump will be as good as the t

dani: goldman sachs economists are cautioning that the u.s. trump presidency. the researchers led by alec phillips wants tighter immigration policy and think it would outweigh the positive fiscal impulse. should be the harris win with a democratic sweep, goldman said they would be a slight boost to gdp growth extender to spending an middle income tax credits, slightly offsetting the impact of higher corporate tax rates. elon musk's internet provider starlink is reversing course saying it will comply with brazil's top court ordered automation access to x. the change follows a judicial order which froze darling's bank accounts. and the demand to aspirational luxury is forcing swiss watchmaker for financially. there the first brands to confirm they are using state assistance so when a group's ceo called a "small watch crisis," under the government the swiss state pays up to 80%. that is your bloomberg brief. jonathan: up next, looking for a soft landing. >> the fact that core inflation is running below 2%, to me that suggests that they are alread

budget model full costing that. trump would greatly increase the deficit. others have said this, goldman sachs sacks, one of the world's biggest investment bags recently said trumpets low economic growth. what do you think of his plans to the economy especially compared to houses? well, i think, you know, there's problems probably some partisan influence at the pen morton, as well as the goldman sachs. and i think they, they would probably look more at, at the dynamic growth follows tax cuts for example. and in tax revenues end up increasing. so i think if you look at a step from a static point of view, yes, come all of you could argue hers is only one trillion trumps. has 5 choice tax cuts work and they works for the trump administration, especially after they took effect in 2018, 2019 was a seller year. so i think he's got the track record. i totally agree with the corporate tax rates cut. um that's, that's always beneficial to the economy. it's better for workers, it's better for customers, it's better for shareholders. so it's worked before it worked in 2018 and i'm sure it would wor

goldman sachs chief economist jan hatzius joins us at post nine. as it relates to the question of what the first cut looks like? >> i think it was a little weaker than expected. we thought that the payroll number might look a bit soft but it was slightly below our forecasts. there was some downward revisions. the household survey basically did what we thought. so i think you could certainly make an argument that the funds rate is very high and you should move off a 5 handle and so there is a rationale for a 50 basis points cut like last time, i thought there was a good case for doing a 25 basis point cut. whether that's what they will do is less clear. i think at this point, to me it looks more likely they do 25 with a clear message of ongoing cuts, with, of course, signals that there will be more cuts to come, you know, if you look at what chicago fed president goolsbee said earlier in the week. >> yeah. >> a case for a string. but there's still some information to come, of course, in particular next week's inflation numbers, but at this point i'm

hav do you really have to be the the head of goldman sachs to understane d that? no. at multiple rallies today in north carolina, harris also continued her long running lie that donald trump wants to cut your social security and medicare. but the officialr al republican party platform and donald trump in his own andd trumr again say oppos just the opposite. as you can see on your screeitn a complete and total lie from kamala harris. here with reaction, fox business host david asman and economist even more.moore. stephen, start with you. you know, look, i've mentionedoe this many times on this show, on my radio show. i started adult life. i was living paycheck to paycheck. not exactl y the most fun timee al of my life, although i was pretty happy actioth wasn back to be honest. money not having money didn't me miserable. and i always loved working. i don'make m t even know what an eight hour work day looks like. i didn't know it then. i don't know. then. what now. ta i have no idea what that woulde look like for anybody. but thesanybode are innovative . if w.e get the

. >> caterpillar, goldman sachs, oil company chevron, caterpillar is down 4.5%. goldman down 4%.vron being hurt by a big drop in oil prices. you got terrible china demand, too much oil coming out of iraq, two big reasons why crude getting crushed. we're just over like a couple of cents over 70 bucks a barrel. despite, kelly, global risk ratcheting up all over the place. >> we were just at 80. you blink a moment ago, almost up there. >> i know somebody that knows something about oil as well and he's here. >> it's a good day to have you here. >>> also, check out shares of nvidia, which are down 8.5% right now to about 1.09. and a big reason for the nasdaq's decline. normally on big market days like today we bring on analysts, asset managers to talk about what individual investors should do now. today, we'll ask individually who we introduced you to mina, she invested 10 grand into nvidia in 2011. held it through all the ups and downs. it's worth $3.5 million. not to give away too much, it's worth $3.5 million today. we know many of you have similar stories with nvidia, stocks. inst

i think goldman also took down forecasts.r economic data in the u.s. as well. what do you make of the market's response, has it overdone it or do you think there's more selling to come? >> certainly the china story is the head wind for oil. we've seen it in terms of lower imports, lower utilization rates. i think the question is where do prices go next? given we're having the demand concerns in the market does opec proceed with adding barrels into the market. one of the big selling pressures we saw this summer was the announcement from opec in june they would start phasing out their voluntary cuts over the course of five quarters. and there was some in the market that believed like they were locked in, they were on that roller coaster and going to put those barrels on no matter what and others like ourselves that said, look, depending on where the market is, what the data looks like we think they could pause those increases or reverse them. so we think there's room for opec to reverse course or cause the increase in barrels.

you mentioned visa you had mixed commentary from jpmorgan goldman sachs, ally, got that, but you had brit good data from truist, bank of ame america, morgan stanley, and all of them said the consumer is in good shape that's 70% of our economy. i think consumer is in good shape. if you listen to the banks, the retailers, and in retailers, there's haves and have-nots, and the haves are winning, supporting, showing that the consumer is doing okay. >> ed, i would also wonder how this attempt at a rotation is playing into your view as well alongside this hard/soft landing debate and what does it mean we've had this idea we're transitioning from a megacap growth-led into -- whether that means more volatility, and maybe a retrenchment, or maybe it means the rest of the tape can pick up the slack. what are you seeing in terms of the evidence in the market behavior itself? >> there does seem to be rotation going on, and the fed in the matt rho view, but also the reality situation, a lot of them, it's decelerating fairly rapidly. historically, the small caps have outperformed when the fed has

. >> -- half economists in the world have reviewed these plans goldman sachs, for example, has said that my plan would grow our economy and his plan would shrink the economy and send us into a recession by the middle of next year. >> goldman sachs ceo david soloman says hey slow down harris, before out theing that report said it came independent analytical made out bigger than it the is said on wednesday the reason i say a a bigger deal made of this what it showed difference sets of policies put forward that difference, 2/10 of 1%, remember about numbers saved solomon saying these are numbers. >> when inflation ticking up nothing but if 2/10 of 1% goldman sachs report oh, my gosh my plan is better come on, this is why american people don't trust politicians can you be honest transparent? >> politician aren't snoons a lot of folk with campaigns, nugs and bolts of politics grounds, speaking of georgia kamala harris and campaign is doing they are employing same strategy that, one used in 2020, it is rule by less strategy, traditionally republican won counties trying to cut into donald trump

into goldman sachs, it's an interesting call from goleman sex.ou're coming into a little bit of a late cycle u.s. economy. there's consensus that we are toward the end of it and therefore slowing down and that recessionary call is getting louder. the timing of that is unclear. but goldman sachs is talking about a very slight boost to gdp, not only in a kamala harris presidency but a democratic sweep of the white house in 2025 or 2026 compared to what it might look like under president trump in the next 12 months. saying the peak of about .5% in the back half of the year is a big deal because they are basically highlighting concerns around immigration, feeding the consumer resilience. there also assuming an import stair from china as well. that is the difference and also market participants are starting to say maybe your international and domestic policies could be more market friendly. tom: coming up, $50 billion in financial support, china going all in on strengthening ties with africa. more details, next. this is bloomberg. ♪ new projects means

why would shares of goldman sachs, for instance, be down on something like that?an was really more about their investment banking outlook, but here's what i'm working on. i feel like there are high-end consumers -- or let me say it this way, there are middle consumers that are cosplaying as high-end because of all the leverage a out there in the system. and i think if we have a hiccup in the employment data, i think the impact on the consumer can be more because all that liquidity we got post-covid or during covid, it's pretty much gone. charles: yeah. i think louis vuitton, they said aspirational. [laughter] everyone's, like, hey, you can have access to the the it. and by the way, we just saw the credit number this week, and it was shocking. people were trying their best to keep up with the joneses. i don't know how much longer they can do it. let's talk about the revisions that are coming. key areas, operational risk, credit risk, market risk. you feel all that would be adjudicated, so to speak. >> yeah. so the simple way to think about it is these rules came fr

goldman with trading being down 10%. high for next year and then you flip it around, and you then had brian moynihan talking at bank of america, talking about reiterating net ii and increasing for the fourth quarter in terms of nii and talking about no issues with the consumer, no growth slowdown, morgan stanley is talking about an m&a pipeline that is accelerating you talk about cross currents. you have haves and have notes in the banks as well. a lot of unknowns, a lot of things to pick and choose from, but i think there is opportunity. >> you do? okay there is always opportunity when there is some, you know, when things pull back from, you know, really incredible levels, like nvidia is down 23% maybe that's an opportunity. or maybe it is another warning sign about things. when buffett has so much cash, that concerns me when jpmorgan goes down $11 in one day, when oil can barely get out of its way at $67 a barrel, when you have a bad week like we had last week and it is the month of september, with october as it usuall

he worked on wall street and at goldman sachs and now works in private equity. catastrophically, brandon was forced to work on gun violence prevention after the tragic loss of his daughter to gun violence. he created the carly short better tomorrow foundation's mission is to ensure people who want to go to college have been impacted by gun violence have the resources they need to attend and focus on the academics while they heal from trauma. i will let brandon share more about his amazing work in his conversation with the lieutenant governor. these men have taken different paths in their lives but they share a common vision and commitment that can ensure every american can live free from gun violence and are working tirelessly to make it happen. let's invite them up. brandon short and lieutenant governor davis. [applause] >> good morning, everyone. hello. first, it is great to be here with you this morning. i want to thank the center for american progress and i want to thank my friend brandon short for taking time to be with me this morning. adam talked a little

by the way goldman-c, one of the world's largest investment banks, has been trying to take control of strategic resource supply chains for several years now. according to estimates by the american bank, the functioning of the modern digital economy is fully ensured by 50 essential minerals and 17 rare earth elements. neither the europeans nor the americans will definitely succeed in the next 10-20 years. it is also worth noting that russia occupies a solid position in the global rare earth element market. last year, our country confidently was the leader in the extraction of more than twelve types of mineral raw materials. russian aluminum was the most popular among unfriendly countries. it was imported by 37 countries, in addition to 26 unfriendly countries, actively purchased titanium from russia. uranium, cobalt, nickel, selenium, tungsten, platinum, palladium, tillur and many other resources mined in our country are in high demand. it is no coincidence that vladimir putin recently proposed at a government meeting to consider limiting the export of valuable resources, naturally, no