it may have actually been acquired by goldman or was about to be acquired by goldman, but it was a separatepany and managed separately. and eventually, as a result of joining j aron, i started getting integrated into the goldman sachs firm. did you ever meet, and have you ever met the person who turned you down at goldman? i knew who it was, and it was-- that person still here? no, no, that's-- this is 35, 36 years ago. for many years after i got to j aron/goldman sachs, there would be no one threatened by being at odds with me. it took me a while to work my way up the letterhead. you wound up as the vice chairman of goldman sachs. well, you know-- it took a number of years. it may have been a blink looking back, but living through it, it wasn't so quick. i got more involved in the equity business, got in charge of sales and trading, and then over time i became a vice chairman of the firm. one of several. but my particular coverage was over all the sales and trading businesses at that time. but trading business are ones where you can lose a lot of money very quickly, so you were always, i a

the government is taking people out of goldman sachs and those people are not returning to goldman sachsn they get out >> blankfein went on to list the long line of luminaries that came from goldman sachs and entered high level positions within the government. among them hank paulson who was known for his work here in china. when he talks about there shouldn't be growth at all costs, that's an interesting phrase we also talked about tax reform, the valuation of the markets, the downside risk of the market and the possibility if you get this fiscal stimulus whether from tax reform or infrastructure, there's a risk of overinflating, overheating the economy. we'll share those comments later on it's perhaps a contrarian view than you've heard elsewhere on the street >> great stuff about his tweeting we'll have to see moving forward whether he continues with this outspoken tone, which so far has kind of worked for him even though it's a big departure from a secretive confidential ceo of an investment bank in the past >> yeah. he didn't show any signs of letting down his criticism he seemed to

sachs will have hubs in paris and frankfurt goldman c.e.o. lloyd blankfein told french newspaper le figaro that employees currently in london will be able to choose between the two cities after the u.k. leaves the e.u. the bank will also hire new staff to help fill out the offices goldman currently has six thousand employees in london the new hubs will ensure the bank's access to the e.u. single market post breaks it all financial correspondent against quarter filed this nonsense. it was that see all lloyd blankfein is claiming that some of his employees they actually might rather work in paris then and frankfurt so that might be one reason but then again it also might be that goldman sachs is looking for some leverage meaning if you have two competing offers here might negotiate and tax incentives for example goldman has done something similar when they picked the headquarter here in new york city so that might also be a reason and then looking ahead france actually might play a bigger role when it comes to financial regulation in a europe a

but when they leave goldman sachs, they leave goldman sachs.ple have talked about the revolving door between government and industry. i would say, it's not a revolving door at goldman sachs. we're not taking a lot of people out of government. the government is taking people out of goldman sachs, and those people aren't returning to goldman sachs when they get out. >> he followed up that comment by listing a long line of luminaries among them hank paulson, treasu treasury secretary, one-time ceo of goldman, who was known for his extensive deals he did in china. so, obviously, blankfein is owning the fact goldman is a training ground for people to go and serve there country and he said it right there on the record, it is not a revolving door, it is a door that closes after they leave goldman guys, back to you. >> interesting that we just heard from gary cohn with john and lloyd with you, as it appears at least corporate america really trying to push the benefits of the tax package as we know it right now. great stuff, kayla on your ongoing trip t

goldman sachs says by the end of 2019, 3.5%. we haven't seen that since 1968. >> i think what's most important about that 3.5% number, david, is that it's coming with a higher percentage of the labor force actually working, so the labor participation rate has also been increasing, that's very important and i think that people are starting to feel better about trump. because as low as his ratings are. they're better than his counterparts in france, germany, and the u.k. david: and john, we are at the beginning, john tamny of the holiday spending season, but already we are getting record numbers, so, there's really a lot of good news afoot. >> well, yeah, spending is always and everywhere an effective production, people are producing more and they're productive and that's economic growth. i'll add that with americans, it's always-- and this is what steve said, it's always about economic growth. americans aren't terribly political people. look how many vote in american elections. americans are thankfully about producing things and

because here's the thing about goldman. when you become a goldman partner, almost like you're like in the mafia, like ivy league mafia, and you do think about how policy affects the firm. they will say no. they say they're independent thinkers. i don't believe that i believe everyone of these guys going into politics this, is the scary thing having so many goldman guys in government, they think about how polly helps or affect the firm. that is not the way you do things. some of that, john rogers, anomaly republican, doesn't mind -- neil: phil hurt if i has try next at that, and governor's office and push $15 minimum wage and high tax on guys like you. >> will direct muni bond business to go to goldman sachs. that is why john rogers doesn't mind that. neil: do you think that cynically would happen? >> yeah. neil: we don't know that -- >> i think it will happen. i'm not sure but i think it will. neil: thank you very much, my friend. charlie gasparino. steve ballmer will be joining us here. steve had an interesting -- i got to

. >>> plus, a race for wall street's top job who could be the next ceo of goldman sachs.t discussion and much more on "worldwide exchange. >>> cyber monday following a record weekends of sales, we've got a roundup of all the big numbers ahead. >>> breaking overnight, publisher meredith buying time, inc. >> bali on high alert as volcanos send ash high into the sky. the details of that coming up. monday, november 27th, 2017, you're watching "worldwide exchange" on cnbc ♪ ♪ >>> good morning very warm welcome to "worldwide exchange." i'm wilfred frost. >> i'm seema mody in for sara eisen. happy cyber monday. >> to you. cyber monday a day you'll be celebrating. >> will you be celebrating or shopping online? >> i did go out on friday. we'll have to see. >> we will have a discussion meantime, take a look at global markets. our setup for today, u.s. futures indicating a slightly higher open. just keep recapping what happened on friday which was a shortened trading day. large and small cap stocks were both strong. s&p 500 index gained .2 of a percent. among the individual standout

goldman sachs coming near you. the change in strategy that is sending them hunting for marketing. stephen roach shares his insights on president trump's asian tour. we have u.s. market closing in two hours. let's get check on were stocks are trading. taylor: modest moves, mostly unchanged. if we take a little bit of a dive it gets interesting. typically on the s&p 500, still shying away from the 2600 level. 10 points off the record high we saw last week. things get more interesting if we go into the individual movers, particularly when it comes to mna. startoking at shggp to trading at speculation rumors. some analysts saying it might be worth more like $28 a share. ggp getting a little boost today. qualcomm trading higher. it formally rejected broadcom's offer this morning at $70 a share. they said if that were to get to offer, you might see shareholders a little more excited about this deal. that is what is going on over in land. let us look at square and twitter. square, it raised to $44 a share over $38 a share. that stock of more than 1%. twitter has been getting a lot of the

we will start discussing goldman's 10,000 small business program. we will probably move on to some bitcoin conversation. oil market seeing a move higher here. opec is agreeing to extend oil supply cuts to the end of 2018. now, they are saying that talks had moved on to details at midyear review. how will they detail it, hobbled how will they review the cuts? this is bloomberg. ♪ david: the senate debates its tax bill today and probably may take it to a vote. what will they be voting on? for some answers, we turn to kevin cirilli. welcome back. thatems like the trigger has just come up in the last two or three days is key. kevin: yesterday, senator bob questioning janet yellen during her going away testimony and saying whether that's asking whether or not she was concerned about national debt. you going fed chair said she's extremely worried about such debt and then senator corker used it as an opportunity to suggest that he was working with republican leadership on a trigger point in order to activate a source of revenue for the united states govern

sophie: rational exuberance is calledmeone at goldman it.trategists say they are keeping an eye on inflation expectations, which could rock the boat when it comes to an outlook for stocks. we are potentially seeing the stock rally continue. keep in mind there is little on the agenda to provide some clear agenda. keep in mind we had more remarks from the pboc's governor. he has a pine further on the need to promote systemic financial risk. we shall see if that will imperil the recent rally in china and hong kong. futures in tokyo and seoul are pointing higher. keep an eye on resource stocks today. yvonne: we have been looking ahead to what to expect to come out from the q&a with janet yellen and the former boe governor mervyn king. she has been saying the fed is reasonably close to their goals. long-runw that sustainable level come inflation, but they are close to achieving that dual mandate. what else can we expect from the fed? has there been any reaction so far to janet yellen's remarks? sophie: she also addressed the need to consider a po

goldman has raised its u.s. growth for 2018 to 2.5% in florida's unemployment forecast -- and lowered its unemployment forecast to 3.7%. hammond told the "sunday times" is planning on pools and investment that will make it easier for construction companies to build wrote sites that are already planner approved. global news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. saudi arabia's energy minister says opec and its allies should announced an extension when they gather at the end of the month. foreignaid that investment in saudi arabia, including the plan shares in its state oil company, will be unaffected by the corruption crackdown in the kingdom. this will be unimportant milestone to announce/ . my preference is to give clarity to the market with what we are going to do. i remain respectful of the news of my colleagues and i think ultimately everyone is committed in aing the right thing, way that doesn't leave any of the member countries on

had not been saved by the fed, goldman would have been fine. >> goldman would have been but not some others. >> other counter parties were in similar --. >> one of the other things to understand about goldman is things were not just hedges as promise to promise. they also took security interest of one kind or another, right? >> counted in the 18%. >> what? i don't even know -- you know all the technical stuff. the point i'm trying to make is on this one it's kind of a simple thing which is one of the reasons you run the flow through in the alternative what you do is get a kind of foreclosure in the financial markets with their repos organized in a way which allows for instant foreclosures independent of the usual rules on mortgage markets and so that also kind of protects things. so you have to protect goldman in order to get at a.i.g. because otherwise goldman will protect themselves. the other point i want to make on mark to market. this is a, i think a twofold answer. to the extent that you have readily tradeable market prices on various things, on a daily basis it's perfectly sen

markets to wage war against country contrary individual to individual and we saw it in greece when goldman sachs and their buddies decided to tear down that country to rip it for billions of dollars of the profits john paulson we got goldman sachs and now it's spilling over into the crypto world and the geopolitical world that's happening. with this manufactured consensus public will. when the right wing closest to protect themselves. with the flaming. lips. we can all middle of the room say. you. are welcome back this is arch international live from moscow now the diplomatic standoff between russia and the us has spiraled over whether to extend a chemical weapons and probe in syria on friday moscow vetoed a resolution on the issue for the second time in twenty four hours russia is calling for major changes in how the joint investigative mechanism works. russia has no interest in finding common ground you have stopped trying to shift the blame on russia and russia has not negotiated with any of us used to this is a deliberate attempt to disinform a should russia will not agree to any mecha

you mentioned goldman, there's a great example in your story. one trade we heard about , one client who asked for a $10 million risk trade and goldman offered it to them at 20 basis points, which is a fraction of the 1% it usually charges. that client said we will go with goldman more than any other bank right now, we are so tempted by this risk offering. mark: is a real reversal of the more conservative trading environment we have seen sense the crisis. trista: that's true. mark: how does that play into it? trista: it does seem to be a reversal of the older area post crisis regulation. it's perhaps an unintended consequence of mifid. broker crossing networks are going to be banned with banks, they are coming in with a new type of trading venue. this requires that you use your own books to back up the trades. that, by definition, is principal trading. the banks are all positioning themselves right now saying let's get back into principal trading. mark: u.s. banks set to take on more stocks risk. they all get the glory. let's go back to the marke

sachs are moving many off their employees from london now over to frankfurt and by the way goldman sachs is going to be also the company who will organize the i.p.o. of this company. as humans is under fire here in germany for cutting thousands of jobs while making a good mother money in some of its divisions is that reasonable while the company makes good profits. here you're right there has been lots of controversial talks about this issue many politicians have already called being very irresponsible because the gas turbine business of the men's is not really profitable at all at the moment i guess we can say that's why as humans has announced that they will close to major production facilities in the state of the next need more than seven thousand people in those production facilities are at the moment in great fear that they might lose their jobs when you talk to investors though they are understanding that it's doing this decision even though business in general is doing very strong because they have zero. corps have to make sure that at the end of the year all their divisions are p

up more than 100 points, being led by goldman sachs -- >> goldman slacks?'ve done some work on goldman goldman is so far away from its peak price to earnings multiple, it's extraordinary >> okay, but maybe deserves to be >> well -- >> profitability is not what it was. >> fixed income is not great there's no volatility in fixed income >> and also, their client flows are different. hedge funds don't make them as much money people don't want structured products as much as they have previously nobody is better at reengineering their business than goldman nobody in financial services but they got to do it. >> they have to. and they -- look, they still are creatures of needing volatility. volatility comes back in fixed income, you're going to say, what was i doing not buying goldman? >> so what did the work you do on goldman lead you to conclude? >> that goldman is too cheap on a book value and too cheap in terms of its adoption and technology and understanding where technology is going and how to make it so that you don't have 600 traders in the trading room any

i think goldman understands that idea. if aig had not been saved by the fed, goldman what it been fine. --er counterparties objecttein: one of the -- one of the other things to -- dotand about goldman, you know all the technical stuff? the basic point i'm trying to make, this is a simple thing, the alternative, you're going to get a kind of foreclosure. the financial markets are organized in a way which allows instantaneous foreclosures. that also protects things. you have to protect goldman in order to get out of aig. market, this is a twofold answer. what happened in 1988, which can happen again, you are trying to market to market those good securities, you the abilityors -- to say i'm going to keep my assets off of the market in a bad. of time. it is that inability to delay which forces them into markets, which lowers the price even farther, at which point the cycle starts to complete. is aad of thinking this regulated institution, think of it as a signal -- single owner of an asset, -- in that case, you fundamentally w

speaking of goldman sachs, headlines coming across, singapore police are said to be examining goldmane part of singapore criminal probe -- the singapore criminal probe. this current employee is said to be interviewed. this is a year-long scandal that has been wrapped up. this includes the goldman sachs --. this continues to be, and of course -- this continues to be a widening scandal, that has wanted -- and goldman has wanted to distance himself. >> it's interesting, the investigator meetings with current and former goldman sachs employees, they didn't stress the bank itself is not the focus of the investigation. certainly, this raises questions about the dealing of singapore, as well as the u.s.. also, a willingness for the u.s. side of things as well. a lot of questions about the justice department and new york's banking regulators. the investigation didn't result in charges, though it does draw scrutiny when it comes to u.s. authorities. on for somen going time now, a couple of years. since 2015. also, if anna, another piece of news that happened a while ago that caught our eye was

simpson's attorney: "but he's never going to pay the goldmans. he's adamant about that.ccasions. you can look this up in media, youtube, social media, he's not going to pay the goldmans anything, certainly not willingly pay them anything towards that judgmentbruce fromong/friend of oj simpson: "oj said he would never work if he had to pay the goldmans. it's time to give him a second chance." (nats court)enter bruce fromong, longtime oj-friend, who was also held up at the palace station during that robbery attempt.he also came to oj's defense during the parole hearing. he knows the sports memorabilia business very well. bruce fromong/friend of oj simpson: "you've got autographs, you've got steiner, you've got all these companies ... have new oj simpson memorabilia now."so if the goldman's aren't getting any of the money from the memorabilia sales, where's it going?bruce fromong/friend of oj simpson: "the money went to a lawyer, he didn't get any of it. malcolm lavergne/o.j. simpson's attorney: "the money usually goes to the lawyers first, alright? before anybody gets it,

lloyd blankfein, goldman sachs chairman and ceo and michael bloomberg, founder of bloomberg lp. i may ask them about bitcoin. jonathan: looking forward to it. 34 minutes away from the opening bell. we will bring you that. in terms of what the action is happening, it is not inequity markets. -- not in equity markets. the story in the bond market, a little something like this. yields up by a basis point. the dollar showing a bit of weakness against the euro. the opening bell, coming up. this is bloomberg. ♪

the chairman at goldman sachs says now is not the best time for tax cuts.he comments in an exclusive interview with bloomberg. i can't see that this is the moment when you would want the most fiscal stimulus in the market, when we are kind of mostly at full employment, when gdp last registered at 3%. i don't know this is the moment you provide the biggest stimulus. juliette: global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. you can find more stories on the bloomberg at top . japan closed for the session today, china is just closing out its session. you have seen some weakness coming in from large caps, about .1%. we have seen the rally coming through in apple supplies in the region. kospi at a high. a fifth consecutive week of gains for the regional index. this is the picture of the apple supplier semiconductor. to $19uncement to pay up million to handle him lax biotech. net income lower than a year ago. the worst-performing stock in terms of consumer goods in india today. manus: thank you very mu

goldman sachs's chief asia-pacific economist, what's going on?> i think we are seeing pretty synchronized global growth. above trend growth. we are pretty optimistic about the year ahead. rishaad: absolutely. seeing inhat we are the equity market is predicated on fundamentals, for a change. good earnings. good earnings season. decent outlooks as well for the coming quarter. the thing is, how long does that sustain the momentum? >> we still have room to grow in a lot of the world, in asia. inflation has allowed central banks to be pretty patient. we do think it's going to move higher in 2018. that's going to be a change from what we saw this year, but we don't think it's going to move higher for -- fast enough to force the hands of central banks. rishaad: what kind of interest rate hikes are you expecting out of the fed next year? >> we think the fed can hike once a quarter. they've already been doing that, if you count sleep -- if you count the announcement about the balance sheet. they have been moving. we think they will continue to move. what

decided to tear down that country to rip it for going to dollars of the profits john paulson got goldman sachs and now it's spilling over into the crypto world and the geopolitical world that's happening. now. she'll be even begin. to deprive them of from absolute. depends on those we need to do that with. i one up at a song we will meet today. with mr saddam i love and respect to let him get me or the here now with jamie as well one quarter of the room. now at the five day but because hillary got money but that never. see let him to make the point i meet with me in the mail room how comforting closer gave up because of me it's because he sees when i would. chose seemed wrong. just don't call. me if you have to shape out just comes to the ticket and in detroit equals betrayal. when so many find themselves worlds apart we choose to look for common ground. seen years ago i traveled across the united states exploring america's deadly love affair with the gun bad guy trying to get to one of my family members he would have better a lot better and i think they are inheriting one of my my babie

because goldman sachs predicted it. goldman sachs could be beneficiary of its own market forecast. let's go to my buddy charlie gasparino. "wall street journal" james freeman is here. conservative review deneen borelli. dineen, begin with you, end with you, that the tax cuts are the great economic elixir, what do you think? >> debate around tax cuts and tax reform has sent the market up. it has been up six times with the dow over 24,000. gdp over 3% as well. so just a conversation about it. but it is all about the certainty with the market. businesses will know where we stand, where the country stand when it comes to taxes. they will know how to plan in the future. to reinvest, grow their business. neil: how do they feel baked into this was a feature that raises taxes. >> bad idea. neil: not a good thing to plan on. >> bad idea. you mentioned if there is recession. what if north korea does something bonehead that would have effect on economy that. >> is economic term, boneheaded. >> thanks. neil: james, your fine paper mentioned something interesting i hadn't even thought about. th

using markets to wage war against country trade individual the individual and we saw in greece when goldman sachs and their buddies decided to tear down that country to rip it for going to dollars at a profit john paulson. goldman sachs who now it's spilling over into the crypto world and the geopolitical were all that's happening. they all. say. yes to all this is all the good. the get. to six. years ago i traveled across the united states exploring america's deadly love affair with the gun bad guy trying to get to my family member he would had better lie. i don't i think it right there and hurting when i buy my babies says my book was published in the year two thousand more than half a million americans have been killed by foreigners in the u.s. side going out is thought to me as i did this this is a middle school we go through drills and we put ourselves in real scenarios it was interesting to see who actually got hit by the plane log on fire decided to return to the subject to track down each gun on a who i'd met and photograph those years of god i don't know this but we are not. all ov

, the umni association chirning at goldman sachs say it's not going to spur that economic growth. the most have seen their pay checks leave for other countries. and that a 20% corporate rate would enable businesses to compete internationally and create jobs here in america. business round table agrees. a recent e.y. study found that if the u.s. had had a competitive corporate rate of the kind that chairman brady is proposing, the u.s. would have retained 4,700 companies that fled our borders in the last 13 years. mr. chairman, we commend this important step forward in the process and we strongly support your efforts to deliver legislation to the president's desk this year. ladies and gentlemen, house ways and means committee chairman kevin brady. [applause] he did the introducing for us. >> we have time for more questions. the most important question i have, being married to someone from houston, is where did you watch game seven? or did you really watch it? mr. brady: so we were finishing up the tax reform plan. the parade in houston is today so i have one more up the tax plan. w

steel and new york merchantile exchange and goldman sachs and joined goldman in 1990 and became a partner in 1994 and rose to be the head of the commodities division and ultimately commodities fixed income division and co-head of the equities division and co-head of the global securities division and then openly in 2006 the president and chief operating officer and a director. and he is under tight schedule so i'll start right now. gary are thank you for doing that. >> i was wondering how many of my bio you memorized? >> i memorized a bit of it. are the egos bigger in wall street or workout? >> what egos either place. >> host: and have you found since you were the point man or one of two point men, people call you and how important their issue is for national security or defense or whatever reason? >> no less or no more people have call me than for long time. maybe it's a personality flaw, but it seems like no more, no less than before. >> host: people aren't calling you more than a year ago? >> not really. >> host: you don't have high school friends calling you all of a sudden, just a fe

goldman has lifted its outlook next year to 2.5%. is not opposed to removing the obamacare mandate repeals from the senate tax proposal if it would help it past beard -- it pass. the treasury secretary and white house alleged that the director the sundayll toured talk shows. the government will make a so-called offer on the brexit deal before a key summit next year. the deadlock in negotiations. linend's warrants are in with the david davis from last week. china says it is cautiously diplomatica solution can be found to stop north korea developing nuclear weapons. the ambassador said his government has done everything it can do to hold the program and the reason answer can be found if all parties engage. envoy to xi sent an north korea last week just days after discussing north korea with president trump. singapore's prime minister says growth could top 3% this year. addressing his party convention, he said singapore is benefiting from the growing world economy but must upgrade domestically to sustain growth. expects to expand social

how about goldman sachs? the alumni association that helped assemble this tax plan from goldman sachs, the children at goldman sachs, they will say no, it's not going to spur on that sort of economic growth. and thirdly the center for tax policy whose numbers in my judgment based upon the analysis that we've all done with them, stand up when you look at them. they are indicating that there might be the sugar high of growth for a year or so but you will be stuck with the debt that will be passed on to these children for a tax cut for people at the very top. now, this is as i said this is a missed opportunity, there is broad agreement, the code needing the fix, reform and changed. let's close on the stove for all of you who are going to begin to scrutinize these proposals as a go through the weekend and monday at noon time with the kickoff. in 1986, the ways and means committee took testimony from 450 witnesses. in 30 hearings. over the course of years and months, from the time that dick gephardt and bill bradl

lloyd blankfein is the chairman and ceo of goldman sachs.hanks to david westin as he sat with lloyd blankfein of goldman sachs. that is at the sustainable finance -- forum in new york. he talked about taxes a little from thescal stimulus tax plan. removing some regulations could boost the economy. he talks about bubbles and says that the fed plan to unwind policies and let securities rolloff might be a good thing. he talked about a level of discomfort when it comes the big -- to bitcoin. >> a lot going on today. it is all about the bank of england. we are down for the first day back since our early october. yesterday, we closed at the highest level since august 2015. it is all about the first rate since july 2007. this is a wonderful chart showing you -- going back to 1930, the peaks and troughs. you know what has happened since the financial crisis. for the large part, 50 basis points. after brexit, it went down to 25 basis points. a chart showing you what has happened since 1930. the big reaction has been in the currency market, sterling s

tive told uss' execu commodities is continuing to be a problem for goldman sachs. on pace to be worst year for commodity trading since goldman sachs became public company. ramy: we are seeing it down by six months or so. interesting. i am curious, what is the reason of earnings,erage much of it has to do with volatility or the lack thereof. what about moving ahead? any volatility offense you are looking into? laura: in the u.s. we are looking a lot of politics. as we saw in the last fourth and third quarter, we saw when donald trump came to power, a lot of these traders, whether in equities or credit, were excited because they thought these regulatory changes would come from reform. we have not seen a lot happening on this front. there are regulatory changes that could happen. if you are a trader, you are looking at those and trying to figure out if they will be based on surprises. yvonne: i think next quarter will be even more tough because you have the base effect and all the client activity we saw during the election, and what happened there. what we have been h

goldman sachs lowering the rating on the stock.ssed the $6 billion deal between march marvell and cavium, check out the best selling stocks, nvidia, lam research, up 100%. bitcoin surpassing $8,000, a level goldman sachs team forecasted it would break through but certainly garnered a heated debate as to whether this is another sign of a market top. carl >> seema, thanks, we'll see you in a bit let's get over to the bond pits as well check in with rick santelli, good morning, rick. >> good morning, carl. if you're up looking at interest rates, you would see familiar areas of the curve in terms of where they are trading yieldwise except for the shortened of course two-year note yields are different. we'll get to those in a minute looks like they popped and in a way they did if you look at the one-week chart pretty much, we're continuing to hunker down between the 2.32 and 2.38 level a key start date around mid october, you can see it's a very consolidating type pattern if you look at bunds under the same microscope of time, it's very

goldman sachs was a guy named goldman and a guy named sachs going door to door selling stuff. walmart was sam walton with a pickup truck, store front and high school education. so all of our big businesses were once small ones. we need to reward small business owner. i'll give you a tax increase -- decrease if you have a fund that funds small businesses and startups in emerging markets. but if you have half of black america, i don't care how brilliant they are, how smart they are, how clean they keep their nose, who have a credit score below 620 by no fault of their own, you cannot get a home loan, you cannot get a small business loan. >> and financial literacy, that can crack this? >> this is the civil rights issue of our generation. it's not in the streets, it's in the suites. >> martin luther king toward his death was talking about economic empowerment and financial literacy. >> he was doing more than talking about it. he pivoted toward it. what's called the poor people's campaign. so people don't think this is a black issue, abraham lincoln created a bank in 1865, march 3r

markets to wage war against country a country individual the individual and we saw in greece when goldman sachs and their buddies decided to tear down that country to rip it for billions of dollars of the profits john paulson we got goldman sachs through now it's spilling over into the crypto world and the geopolitical were all that's happening. and they call me a useful idiot i mean you called me a useful idiot a useful idiot useful idiots go expressing my opinions on t.v. there's two things missed doing it behind this record is a simple strategy we attack persons instead of talking about the org what's next why stop me from getting this close to the white house i'm with a group code pink why not ban the color pink one outstretch dildo right i should be sent to the town of london because going to try to break me on the wheel but out with a long time of this sort of nonsense you don't scare me and i'll continue to voice my opinion i'll continue to speak out in good company i'm in good company you going with me you want to do this because we're a free thinker. feel french the unions lead a

the banks continue to rally, goldman sachs in the lead. a lot of progress on tax reform, not to mention that the open meeting in vienna continues , and the oil extension deal cuts are being extended for another nine months. vonnie: speaking of this rally, the top performer in the s&p 500 is kroger, up 9.5%. shares soaring after a long quarter. abigail doolittle is here. this is the stock of the hour. -- kroger has and gotten busy. they put up a huge quarter, the earnings by 11%. if we hopped into the bloomberg, we can see that -- performance and why it matters. the company has been in a downturn, even ahead of the potential competition from amazon. we are seeing, many quarters ago, we had strong comp, and then declining. we are in the second game in a row. we see that this gain is better than the previous. investors say maybe they will do just fine against amazon. they had a strong quarter relative to business operations as well. the stock is down in a big way. i believe it is down more than 10% on the year. it is going to take some time f

. >>> goldman sachs is forecasting another year of 4% global growth in 2014. with em strength offsetting the slight slowdown in developed markets. as a result of steady growth and low inflation, goldman says the risk of recession is low, but the risk of market draw downs is high the co-chief markets economist from goldman sachs joins us today. thank you very much for joining us >> thank you for having me >> the goldman sachs piece was making waves over the weekend, particularly the view on the u.s. in the sense that you're calling for four rate hikes out of the fed next year market expectations are closer to two let's start with the u.s where is that strength coming from >> i think it's rotating more into investment this year. that's new i think that should be positive, accompanied by productivity looking better alongside that we expect some wage pick up and obviously with the tax incentives, there may be more consumption. on the consumer side and on the cap ex side the economy will loo healthier. >> one of your top trades is shorting ten-year treasury yields

>> well, i have to go with goldman on this one, stuart, because goldman's reasoning was that earningsbeen strong and they can -- they consider that earnings will continue to be strong. i think that will continue to be a driver but the things we love to talk about, reduced regulation, tax bill, this year or whatever we can get it through, we will continue to be drivers. stuart: okay, so you think we are still going up some more, is that right, dr? >> that is absolutely correct. and especially december is the biggest up month of all the 12 months, it averages since 1928, 1.5%, so dow 24,000 is within reach and probability. stuart: the market is going up. 24,000 by christmas? >> i think it could get there for sure. we will have big retail season. people are feeling upbeat. all indicators point to that and when consumers are up to beat they go and spend money. stuart: disney stock up a quarter, 25 cents this morning. but pixar's chief is taking a leave of absence, pixar prints money for disney, it is a unit of disney, every time pixar releases a mee voo up she goes, that gentleman, he's t

lankfein ofh is b goldman sachs. 20% in a day does not feel like a currency. we will see. if it works out in gets more established and trades like a store value and does not move up and down 20% and there is liquidity in it, we will get to it. betty: sounds like for many folks, ink quoting -- including lloyd blankfein, it is speculative. we spoke to a tech consultant who said it is, it does represent a new wave of buying and selling. maybe wall street has to wake up to what these tech strategists are saying. paul: there was a lot of interest in the blockchain technology behind this. but in terms of the currency, perhaps not so much. valdis dombrovski says the e.u. does not consider it the currency, but a commodity. another weight in with one of my doesite questions, when this in pinch on the sovereignty of nations? let's take a listen. authorities at the global level have not yet focused on the dangers of the development of this scam. when they do, i think some people will get hurt. it was a new invention to lose mon

charlie, what is going on with goldman, how can they write the ship here? does it just depend on an improving trading environment? >> yeah, when people talk about a bad trading environment, that often means long and wrong it often means you were badly positioned for some market goldman has always done a very good job in commodities and commodity markets have been particularly tough other people have not had the same really poor trading results that they have i think it's a great trading firm it absolutely is a great trading firm i think they've been badly positioned >> so are you a buyer of goldman here >> i'm an owner. i absolutely am an owner it's not the table-pounding chief it was a couple years ago but have a lot of the best people have a growing, lending business, growing asset management business that's actually very strong and frankly, they do pretty well in the equity underwriting markets right now. all the fpos you're reading about coming out of china are participating well it's the trading area that's been the top laggard this year. >> fred, what

you joined goldman. >> yes. >> turned out you were a good trader. worked your way up and worked out. >> yeah. it's been a good run. >> let's go back to the tax bill. >> you sure? you sure you don't want to talk about trading? >> well, your great skill in trading, you're going to lose money. you have to get over and go on to the next thing. you can't get depressed. >> exactly right. >> did you have trades that just didn't work and how long did you stay with them? >> most of your trades don't work. >> really? >> yeah. >> wow. okay. [ laughter ] >> i mean, that's the difference between good traders and bad traders i always say. >> okay. >> i always said, 80% of your trades aren't going to work. you have to realize the 20 that are really good and stick with them. >> okay. so now you were a registered democrat. is that right? >> i still am. >> all right. still are. so did you actually know president trump before you got this position? >> no. >> never met him? >> never met him. that's not true. we met each other once at a yankee's game. in george steinbre

with goldman sachs making the pitch ends formal papers due next month. the fiscal year ends on june 30. we are seeing shares up more than 3% this morning. league help justice the top spot in the worldwide box office for the second week owing and $113 million in 67 territories. the latest pixar animation with second claiming the top spot in america other thanksgiving debut. mexico andonth in has been a hit and china taking an $18 million of the weekend. coming up in the next hour, we have the market open coming up and we are joined to talk about the outlook of 2018. we will chat with him for the next 10 minutes or so. he has been quite bullish for thea and japan as well as bank did they could hit 32000 and 18. taking at the live pictures they looked at a volcano there after the second eruption we have seen. we are seeing that this morning. ♪ ♪ kong livem. in hong from bloomberg's asia headquarters. this is "bloomberg markets: asia." , asia-pacifics looking to build on record prices after more fresh highs on wall street. sets of another milestone, surging

goldman sachs is the biggest owner of its u.s. dollar debt.news powered by 2700 journalists and analysts in more than 120 countries. let's go to juliette saly for an update. looking at the japan is closed for a holiday today. the regional benchmark on track. stocks.vement and is ip we are watching the apple suppliers. we have seen some of those suppliers rally. chinese bonds are under quite a bit of pressure. the aussie dollar is falling after flat retail sales for the month of september. hong kong retail sales are coming. this is bloomberg. emily: yesterday, lawyers for twitter, google, and facebook lawyers ongrilled by capitol hill. they were forced to answer about possible russian interference in the 2016 u.s. elections happened on their platforms. their ceos were notably absent all stop i spoke with the twitter ceo for his thoughts on what went down in congress this week. and how much responsibility these three companies bear. >> it was separated into two things. responsibility once they understood the problem and issue to discover the sco

goldman sachss, is warning pain is coming for investors.lt in on see bank stocks as malcolm turnbull has called for that inquiry into the industry. pulling up the board to show you that downturn for aussie banking stocks. the big four losing over 1%. one stock falling over 2%. this is malcolm turnbull announced a wide-ranging commission. the banks had been pushing instead for an inquiry to restore public trust and in political uncertainty that they say is weighing on the sector. as you can see from this chart 83 86, aussie banks have been 2017 pressure for most of given the string of scandals we have seen in the space ranging from misleading financial advice, attempted rate rigging, anti-laundering laws. energy shares also under pressure as we wait to hear from the opec meeting in vienna this thursday. betty: thank you so much. we just had breaking news a few moments ago about marvin goodfriend being nominated to the board of governors on the fed. is a carnegie mellon university professor and why be respected, even possibly have been on the

sachs who gets arrestedes the person goldman sachs wants arrested. then there was a news can't that the high frequency trading code, the ron he had to be arrested and held without bail was this code, if it fell into the wrong hands, it was some high door hyperbolic use by the prosecutor and i thought, goldman sachs is the right hand? you're presuming it's been in the right hand? there's code that can do this? i realized i needed to know what high frequency trading was and danny moses said this guy who could explain it and i said who is this guy? and i went -- which i should have done in the first place -- and stat and listened to some electric toward from the these guys investigating the stock market and my jaw was on the floor. thought, why didn't i listen in the first place? so "flash boys" comes about because of the conversation but no other one. >> host: jim from west palm beach, florida, you're next. >> caller: hi, michael. big fan. read "liar's poker," read "the big short," saw he movie "blindside." could you give us your comment on the current