goldman sachs reported a 77% gain in profits from a year ago, but wall street was hoping for more. although investment banking was strong, fixed income took a big hit. c.e.o. lloyd blankfein summed up the banking business this way, "the operating environment was more difficult given global macroeconomic concerns." joining us now with more analysis on the outlook for banks, fred cannon, director of research and chief equity strategist at k.b.w. >> fine, susie, how are you? >> susie: what do these reports tell us about the health of the banking system, and also about the u.s. economy? >> l the banking system is healthy, but not growing is what they're primarily telling us. and also, there's the haves and the have nots. wells fargo, and j.p. morgan differentiated themselves from the other large banks. other good news. but overall it's a mixed bag. and the economy as the businesses get bettered the cob suerm still has a big overhanging debt, what does this tell us about lenlding on that level? >> what's going on in consumer loans is we're seeing pick up in credit cards. american expres

why would anyone in his right mind take the opposite side of a trade with goldman sachs? i mean, according to classical free market economics if a person is a shady banker or something, people stop doing business with them. and yet there they are bigger and badder than ever. >> but, but that only, that only holds where there's a real free market. where there's an assumption that there is an informational or i should say an asymmetry of information between buyer and seller. you're always going to side with the one that you know has the asymmetry in their favor. and i think that really is a piece of what's gone on in the crisis which is there's an understanding that there are those who are always in the know, always given advance information, have access at the levels of government where they know what the outcomes are before the questions have often even been publicly posed. and so you're right. in a closed system that was free market, you're right, you wouldn't take the other side. you, i'm sorry, in a free market you might take the other side was everyone can't be right

take the opposite side of trade with goldman sachs?ean, according to classical free market economics, if a person is a shady banker or something, people stop doing business with them, and yet, there they are bigger and badder than ever. >> but that only holds where there's a real free market. where there's an assumption that there's an informational or i should say a-symmetry of information with buy r and seller, you side with the one who has a-symmetry in their favor. there's an understanding that there's those who are always in the know, always given advanced information, access to levels of government where they know where the outcomes are before they know where the announcements are publicly posed so you're right -- in a closed system that's free market, you're right, you would not take the other side. you -- i'm sorry -- in a free market, you might take the other side because everybody can't be right all the time. there's an assumption and understanding that it's not working fairly so right now you're right -- all i think you're s

as the bank of america and goldman sachs trading lower on the session -- so bank of america and goldman sachs trading floor. >> basically, problems with the real-estate market, and i roddick, the market is rebounding. is that because of the housingl market? >> if you look at housing starts and building permits, those numbers are much better than expected. we're still talking about very low levels. in is a long one, but at least for one month, he saw some signs of life from the housing industry and the shares from the housing companies are doing very well. we got some numbers from ibm. also, much better for technology and housing. >> coca-cola is also in focus this tuesday. tell us more about that? >> also, one of the biggest winners in the dow industrial average. coke was reporting an increase. the business was less, especially in the emerging market. coca-cola, classic at, a u.s. corporation, doing well. >> at the new york stock exchan, thank you very much. the euro zone debt crisis has dragged on for a year now, and despite all attempts so far by politicians to get it under control, t

is in a permanent economic decline even goldman sachs announced it will layoff two hundred thirty employees all right now let's switch over to greece where just yesterday the parliament passed a plan to implement new austerity measures attention remains high on the streets over the last twenty four hours signs that frustration levels are growing demonstrators continue to take to the streets to voice their opposition to these austerity measures and to fight for some major changes to their government and again some of these policies that have drained the economy also today in the united kingdom more than half a million public sector workers are involved in a protest against government plans to change their pensions and freeze the pay for more on the turmoil in the u.k. i spoke to charlie veach the founder of the love police he gave me an insider's perspective on what's happening on the streets of london take a listen. yeah i think there are big parallels between what's happening in greece and what's happening in britain of course protest of birth and to be a very british and civilized but the

you one hundred percent of bankers like lloyd blankfein who said they don't need any help from goldman sachs we don't use any help from the government but we know for a fact they've received trillions and help oh absolutely. stunt of their entire existence is due to the large desk the government assistance the redistribution of wealth these a v the government to these mottoes on wall street who are adding nothing to society they are the parasites they are the leeches well you know on a number of regards because first of all while some of them will recognize that tarp was there they know that's a government program but it's the taxpayer and their triple a rated debt that backs these banks they give these banks zero percent money to speculate around the world and to destroy other economies they have unlimited capital available to them and zero percent interest rate to speculate with and if they make a bad bet they get bailed out so it's actually let me explain something here see there is a betting strategy involved it's called the martin gayle betting strategy if you go to the roulette wheel a

these private equity bankers is he said there was a lack of transparency again this is caused by goldman sachs has hidden all of the everything assets debt everything off balance sheet nobody knows there is no crisis coverage possible anymore thanks to goldman sachs and j.p. morgan well there will be once they securitize everything right now the acropolis has a value on the greek books of zero and now when goldman sachs comes in and they take control of the acropolis and they create a security based on the acropolis and acropolis back securitization program it'll have a value on the global markets but it'll be traded off balance sheet in the dark exchange rates will have any access to it but the international bankers will be throwing it back and forth and they'll be borrowing against it that's the key thing all these so-called austerity measures are a way for go. and sachs to securitize great assets to lay another two three four hundred billion in debt on top of the five hundred billion and so you've said many times that after greece and the rest of europe america will come become the next vic

a securitized everything right now the acropolis has a value on a greek books of zero now when goldman sachs comes in and they take control of the acropolis and they create a security based on the acropolis in acropolis back securitization program it'll have a value on the global markets but it'll be traded off balance sheet in the dark exchange greeks won't have any access to it but the international bankers will be trading it back and forth and they'll be borrowing against it that's the key thing all these so-called austerity measures are a way for go. sacks to securitize greek assets to lay another two three four hundred billion in debt on top of the five hundred billion in debt so you've said many times that after greece and the rest of europe america will come become the next victim of the i.m.f. taunting the u.s. the i.m.f. is following the same exact plan that they enacted against europe economic crisis in greece could reach the united states i.m.f. warns so first they're saying the money markets banks may spread the contagion according to officials so if something happens to greece t

this is part of the campaign to breed more goldman sachs bankers because psychoanalysis means that you lack empathy and you need to be completely devoid of empathy to do your job effectively at goldman asset stripping cause.

goldman sachs said cisco's sales growth is set to rebound in 2012. wall street's worst performing sector: sprint nextel taking the biggest hit. its second quarter loss widened as more than 100,000 subscribers dropped the carrier. sprint shares plunged almost 16%, their biggest one-day sell- off since 2008, down 82 cents to $4.34. the wireless giant lost 28 cents a share in the second quarter, more than double the loss analysts had expected. separately, sprint inked a 15- year deal with wireless startup lightspeed to build and operate a high speed network. the dow's worst performer: exxon-mobil on disappointing earnings. profits rose 41%, but not as much as analysts expected-- a rare earnings miss for the oil giant. exxon earned $2.18 per share, 15 cents below expectations. revenues rose an impressive 33% to $125 billion. still, exxon shares came under pressure, falling $1.85 or more than 2%. several of exxon's smaller rivals in the oil patch also reporting mixed second quarter results. conoco phillips came out with better than expected earnings but i

>> gold is goldman sachs! is this legislation or reasonable facsimile gets passed by both houses of congress, will it be an historic event, pat. >> i think if they got the obama big deal be historic. i don't think they'll get a small deal. i think they're going to get some baby cuts and increase in the debt ceiling. >> eleanor? >> if they increase the debt ceiling, okay, disaster averted. but it's hardly historic. >> you'll get a fizzle and it will happen probably august 1. >> if they got a 4 billion- dollar or 4 trillion cut in expense to go with me, it would run! >> do you walk this fast all the time? >> only when i'm running away from you guys. >> media tycoon rupert murdoch didn't only deliver the news this week. murdoch was the news and continues to be the news. the owner of the news corp, a $32 billion media con gone rat, is in the eye of a whirl storm. the rap is hacking. murdoch's journalists have been hacking into the cell phones apparently of the owners and users of those phones. police reports say t

top is the university of california followed by goldman sachs and microsoft.t is not the individual but the group. >>guest: and major banks fill out the rest of the top 15. >> will the group come back and give more? >>guest: some are. hollywood will. >> why is goldman sach offering up this kind of forecast which is gloom and doom for the economy and an administration which they support? >>guest: some would say it is an objection they own. they own the mall. some people say this. look, they have enormous influence. the facts are undeniable. the problem is the administration likes to attack everyone who brings the facts but the facts are there and people know what is happening if their lives. >> you have a personal dislike for the administration? >>guest: i think the democratic party should be standing for ordinary people and i think they are standing for special interests and capitalism. i think it should be the voice of ordinary people. i don't think they know what an ordinary person is. that list of contributeers, 'many ordinary people are on that list? >> go