the business roundtable and jpmorgan's jamie dimon with something else on their minds, redefining what should be the philosophy of a corporation. former ubs america's chairman and ceo robert wolf is on hand to explain why shareholders may no longer be number one. >>> plus, huawei's big break. silicon valley versus france? and charlie breaks it on ge's latest attempt to fight off very pointed fraud charges. less than an hour to the closing bell. let's start "the claman countdown." liz: we have this breaking news. twitter stock, let's look at it, it is jumping nearly 3% after announcing it's changing its af advertising policies. moments ago, the social media giant announced it will no longer accept advertising from state-controlled news media entities. it says they can still use the product but cannot advertise. much of this is related to what video we just saw and that is the protests out of hong kong. twitter saying it has uncovered nearly 1,000 accounts originating from china looking to sow political discord in hong kong, where of course there have been mass protests about basically c

jamie dimon and bernie sanders. that is a pretty interesting combination.te sure they are saying the same thing. i would imagine, in fact, they are saying quite the opposite. that jamie dimon is saying the worker is important and we are going to have that is part of a platform for the business roundtable, but i bet if you asked him if unions were welcome and if they should be at every company, he might just have a very nuanced answer to that particular question. so it is really interesting optics here. guy: i think it will be a question that would be worth asking because the business roundtable talked about that idea. it talked about the fact that labor is an important constituent in all of this. whether that labor is unionized or not, we will wait and see. but 60% of americans still support unionization. we are talking about getting wages higher, rebuilding the middle class, that kind of stuff. you wonder whether or not they could ultimately be pulling in the same direction. we will wait and see. vonnie: exactly. we will continue to discuss. another politi

morgan's jamie dimon. david: joining us now is sonali basak. heard some bankers are going to get more bonuses, also private equity and hedge funds, but some other people are going to not get such big bonuses. sonali: there's a lot of people on wall street that will get lower pay. isnson associates' report only through the first half of the year. david: doesn't it sort of makes sense? when the banks aren't making as much on equity trading, they won't pay their equity traders as much. surprise, surprise. sonali: it makes sense. if you look at the end of last year, banks were coming off of --ord pay and record pay off and record payouts for shareholders, with stress tests going so well. you had a record first four months of the year, i know you are seeing it in the pay. the --s it's a same with is this the same when it comes to ceos? sonali: we will see at the end of this year. if the performance is not doing so well, are they going to be having record payouts like in the past? was last year the top? this year hasn't been looking well so far. davi

not according to the latest from some of the world's biggest companies, including jamie dimon.hey want to abandon the long-held view. business roundtable released a statement saying the purpose of a corporation is to serve all constituents. that includes employees, customers, investors, and society at large. scoop.berg rival bankers seeking a role in our emco's ipo seek and advisory mandate. with advisoryo mandate. out itsans to roll subscription service by november, part of the tech giant's drive to reach $50 billion in service sales by 2020. the company will introduce a small selection of shows over the next few months. it could be a trial period as apple builds up the service's library. matt: thanks very much. 10 minutes away from the open. we are going to look at your this iso watch, bloomberg. ♪ matt: let's get your stocks to watch from around the newsroom. dani burger is looking at osram licht. annmarie hordern focusing on pandora. this is, i assume, the jewelry maker? >> that is right. had 2019 guidance they kept in line, and while they did report operating but was-- it

and as you know, jamie dimon is chair of that round table, being a ceo of j.p.n, a long time banking partner of ours. my view, is we're doing those things they are talking about. we have a great company, and we have -- >> i mean -- >> i guess my point is. lou: what? >> we do great work with went our facilities, reduce. we're getting people when they are released not back in criminal justice em system, we'e talking, i encourage banks if they want to be part of overall solution, we're in the sweet spot, on helping people get better prepared. >> we know they don't give a wit. >> you know, i know there is a lot of banks. >> legal recourse? >> well, i tell you, there a lot of folks on hill, in house and senate, and even regulator this engagous this topic, there is a lot ofinist. lou: they have a responsibility to shareholders and what they are doing here is outrageous. why is there not a challenge from the fed, why are they not reacting here? >> i tell you -- >> justice department. >> i will tell you, there is a lot of interest. i can't share anything tonight, but a

jamie dimon. a very sophisticated man and he has the london whale. had a number of criteria, risk-weighted assets, they had four criteria at one point. the london whale change the parameters. times in the first four months of 2012 he kept changing the goal posts, reporting to senior management. they didn't catch it. david: you grew up in the 1950's, 1960's, and now we see in argentina the resounding defeat of president macri. we see what that has done to the markets today. is the financial market much more connected today that you effect -- into account what is happening with argentina and the peso, as opposed to when you were in new york? peter: we were very egocentric in effect -- into account what is happening the '. we were right about the united states, stopped worrying about europe, we were worried about russia. to hideto take tests under your desk in the event of a nuclear attack, which was extraordinary. but we didn't have the connectivity. and importantly, finance was not as important. nobody spent all their time worrying about finance. we d

paul: now, to defend jamie dimon if, he did call me after the editorials and said, well, they were ad, you know, i take your point about shareholders. we all have to continue to serve shareholders. but look, he said, this isn't about selling out free markets. this is not us committing to the battle over the future of american, the american economy and american free enterprise and just telling -- not letting people distort who we help, pointing out that we do help employees and shareholders -- >> well, then it's meaningless are, right in the fearful part of this is the community part because companies that do a good job, sustain business have to please their customers first of all and then have to please the employees to keep their talent. so the question is, as i think james put it, who's going to decide the community good? is it going to be the sierra club, you know? i don't see the community good being determined by saying let's give money to a vouchers program, i don't see these ceos tying their compensation to community members, community ratings of the groups that they want. als

first of all jamie dimon was at center of this, jpmorgan chase ceo.eading a shift for the business roundtable and a lot of other ceos are on board. we have former ceo joe grano with us. what do you think of this move? >> it is not new, new. there are some corporations that follow that thesis. i'm delighted jamie dimon is taking the lead because i think he is the best executive we have right now, but a corporation needs to look at it seven as a partnership. you have obviously your clients, your shareholders, your employees. every major decision has to be fair and equitable for all three. if you cut any deal for one of them then you're stiffing the other two. i would say some ceos and corporations lost sight of all that. if that is only maximizing shareholder value, that is tainted an creates problems. connell: number one, people would say if your goal is to maximize shareholder value, keep it simple, somebody comes in with a social issue, political issue, as it may be, as a ceo, that is for somebody else, keep that outside of work, we're focused on sha

i hope my conversation with jamie dimon helped prompt this. i'm going to keep pushing because i'm going to hold them to that promise. we need a capitalist economy that works for the stakeholders, including the shareholders paired because long-term, the shareholders when when the stakeholders when paired that is what i've been working on there. more specifically i am introducing a bill to mandate the credit reporting agencies maintain, hold it, reasonable data privacy standards. [applause] rep. porter: because right now, they can gather all that data without your consent, and do absolutely nothing to protect it. that needs to change. i'm introducing legislation on that. i'm also working on -- we're having hearings on abusive debt proceedings, on the student loan crisis. i founded the college affordability caucus. outstanding student loans. we have $1.5 trillion in outstanding student loans. that is a huge problem for our economy. but it does not do any good to solve the student loan debt of yesterday if we do not make the sticker price of colle

you're right, a year ago, you're right, that was absolutely the right call when jamie dimon was calling for 4.5. josh, you're absolutely right. >> so today is the wrong call? >> at is.45 on the ten-year? >> can they not? >> why do you need -- >> is it impossible? >> who cares >> if you're long -- >> it matters. >> certainly low to like ridiculously low why don't we go plaid, to quote "spaceballs". >> commodity trader sitting on the desk sugar and a penny? >> that's what you're investing for? why not buy bitcoins and bury them in your backyard? >> if you're looking at a port follow -- to jenny ace point you're not getting enough currents yield out of a conservative -- we all agree on this premise, but what if we're saying we're looking for total return on this portfolio, which might mean when bills come due for a retiree, they have to sell down in equity or sell down some bonds rather than pull that income out, that is what financial advisers in this country are doing for millions of people in retirement or close every day. we have no choice, so i appreciate the world that you want to li

toapparently made some calls wall street executives, including jamie dimon as markets were lunging lasteek. tell us about that. last week. tell us about that. >> he spoke to not only jamie city, but also the ceo of were supposed to have a call with the treasury secretary over other matters. president trump took this opportunity to talk to them about the markets. we do not know a whole lot. according to people familiar --h it, we don't know will don't know a lot about the details. the president expressed his concern about the markets that day. thanks very much. jody schneider in hong kong joining us to talk about the president's week in bedminster. let's talk about what futures are telling us about the open. gains in futures across the board after some big gains in the cash trade in asia overnight. ftse futures are getting 0.7%. doc futures of almost 100. almost 100.es up . >> don't be confused by negative interest rates. carlsberg shying away from cheap credit. chief sayss companies that issue debt because it is cheap may end up with balance sheets they can't afford. worchester -- reces

not according to the latest from some of the world's biggest companies, including jamie dimon.ndon the long-held view among discontent over income inequality. business roundtable released a statement saying the purpose of a corporation is to serve all its constituents. that includes employees, customers, investors, and society at large. now for a bloomberg scoop. it's the saudi aramco ipo. role getkers seeking a an advisory mandate. top dealmakers from around the world have been sent to meetings in the middle east. that is your bloomberg business flash. thank you very much. rates. cut their borrowing costs a tiny bit cheaper after the pboc introduced a new market benchmark rate for the first time. the changes part of the nation's push to connect a rate system to conditions in the market. the change greeted with a chinese equities this morning. eoin walsh is still with us. i'm very excited about this yesterday. i might be proven to be correct. a whimper or a whopper for you? >> somewhere in between. the markets are affected 10 basis points the most. i think they came in at five

the business roundtable, led by jamie dimon, says it will leave behind the investor centric model.tives like jeff bezos say they will serve our constituents, employees, customers, investors, and society at large. >> that group you are mentioning, led by jamie dimon, released a statement yesterday saying that while each of our individual companies serves its own corporate purpose, we share a fundamental commitment to all stakeholders. now is probably a good time to check in on where the state of investor rewards stands. we have seen buybacks decline about more than 10%. this likely is not any sort of altruism or goal the business roundtable set out. last year, we saw all of those tax cuts. companies actually overspent last year. we are likely to see buybacks pulling away from where they were last year. there is certainly room for corporates to cut, especially if the economy continues to be weak. 77% is spent more on buybacks than dividends. at.dends nothing to sneeze this past quarter, they reached a record $14.24 per share. that goes into that lower yield story. investors love that

the likes of jamie dimon, moynahan, all on the phone with trump. goods, transportation, even autos up there. scarlet: the inverted yield curve. crazy. joe: it is crazy. i love that theory. scarlet: on the downside, you got safe havens of choice. staples, theyd are up but not as much as the rest of the market. you put it altogether and it has been a pretty straight line higher. caroline: for once -- scarlet: the russell 2000. caroline: finally the upper former. scarlet: it has lagged behind everything. be innot a good time to this stage of the cycle. we are moments away from the close. seven minutes to go. let's take a closer look at some of the action in the markets. jessica, what are you watching? jessica: i'm taking a look at crude oil because it has been a whirlwind of a week. fluctuating between gains and losses this week. if you take a look at my chart, closed below $50 a barrel. the driver has been the u.s. and china trade war and the concerns about oil demand. i want to bring up the opec report today, which has been much focused on. we had o

money printing phantasmagoria that through that can tell an effect that benefits a few people like jamie dimon who then as now declared he's concerned about the motives of his bank if he wants to start helping starving african children jamie you can do it go down there and hand out this is the roger very. world and quickly in the last headline japan's pension fund warns of global investing losses so japan's pension fund is the largest in the world as $1.00 trillion dollars it is the government pension investment fund g p i f and they say global markets have become so synchronized that money managers risk losing on every front according to the mizuno chief investment officer of the world's largest pension fund he said quote conventional wisdom of portfolio just versification is when we lose money in equity we make a profit in fixed income but we lost in every single asset class and lost in the currencies translations as well that never happened in the past synchronized bought trading scalping pennies right and that leaves only gold and decline so the huge japanese pension fund could be the one

jamie dimon. he happened to been in the height of the financial crisis when it first occurred also director of the new fed which is the wall street located fed of the 12 member reserve system but he was one of the people along with hank paulson who at the time was treasury secretary but who would then when i came into goldman ceo and chairman of goldman sachs. tim geithner that a lot of relationships, ultimate came in but he was a new york fed present at the time and became the treasury secretary under obama at the turn of the year after that crisis to get all these individuals would effectively have the ability to direct policy and money coming out of washington to their own institutions which are public institutions. these are banks that trade on stock exchanges, monitor supposed by the federal reserve because one of their day jobs is to be the regulatory sort of answer, the oversight body to these banks. they are monitored and yet their individuals of such a tight relationship with the central

and get this, the business round table, the top ceo group led by jpmorgan jamie dimon saying maximizing shareholder profit, your wealth, can no longer be the primary goal of big corporations. what's up with that? "varney" & company monday edition starts right now. president trump: china is doing very very poorly. they've had i just saw a report they've had the worst year they had in 27 years because of what i've done, and they want to come to the negotiating table. they're losing millions and millions of jobs in china, and we're not paying for the tariffs , china is paying for the tariffs, for the other countries it may be that if i do things with other countries, but in the case of china, china is eating the tariffs. david: that was president trump on china, and we have more news on china. huawei getting another extension to buy from american suppliers, and americans getting a little extra time to divorce themselves from huawei. we got the news earlier on fbn, ashley you got the details? ashley: you are right, david all because huawei was supposed to hit that deadline today when they w

. -- and ben & jerry's challenges jamie dimon.to walk the walk if they are serious about a new way of doing business. joining me are sonali basak and brook sutherland. it was a whole weekend where we didn't have a story about deutsche bank, and now it seems like with us. [laughter] --sonali: ive this love this story. the head of equities at ubs came from deutsche bank, and was at this meeting and said it was kind of earlier this year. no?: so that means sonali: it's a really tough one. the idea was to merge them so that ubs' equities division could shine. like i was saying, why wouldn't you just take the talent? obviously deutsche bank is getting rid of most of its equity trading division at this point, so it sort of shows how desperate they were, that they were willing to talk to everybody and anybody. whether this happens is unlikely. alix: let's talk about saudi aramco, the biggest ipo in history. everybody wants a how part of it. so now it is the secondaries we have to be into? have lazard.ready if aramco does get what it want

boss start with jpmorgan jamie dimon, among a group of prominent ceos that interest should always come first. that test the purpose is reserved all employees and society at large. include jeff bezos. bloomberg economic has been crunching the numbers on the growing 30ince the and that would compared to a scenario where is no trade war. i would be dealt the impact of the tariffs themselves. the number of people migrating from hong kong to talk that to taiwan surging as protests continue. it is up by almost a third of this year compared to last with hong kongers making up to 10% of all the residents in taiwan. the president had an vocal in her support and there are more demonstrations to come through a mass protest over the weekend. protestersage is if don't use violence, police will not use force to the test on will not use force. solution.s never they have found hundreds of accounts allegedly used by china to undermine the protests in china. twitter has taken on more than 900 accounts and they tried to manipulate opinion in hong kong. they also found the summer -- and what option with a

supporter, acknowledging that the president is exactly right to take the stand, to take this position, jamie dimon to doing so as well. and yet, still the flirtation with a globalist elite and that suffocating crowd that you know leadwell street, the list goes on, i will not get into the names. this president standing up to the power, the political power, economic power of those elite has been, people do not, i think appreciate how strong he has had to be to deal with that. >> yeah! they are used to having a president who could tiptoe through the tulips and do not want to offend anyone. yet here comes donald trump, willing to blow down the tulip field and say, alright fellas, here's what we're going to do. we are going to start selling stuff to taiwan we are aware of the protests in hong kong and he will not take advantage of america. we'll put tariffs on you to get your act straight, we just want to have fair, balanced trade i think is a good winning message. lou: i think it is too. you called him unconventional. conventional is clinton, bush, obama. that is conventional and each one of them fail

jamie dimon said we had to have a lawyer and a psychologist to make sure that the trade at the criteria for when regulators are looking for. now the regulators have to say this is a prop trade, this is not allowed. whereas the banks have to do that themselves before hand. vonnie: what does it mean for banks trying to invest money into private equity or a hedge fund? brian: it is making it easier. we are still waiting to see a few more proposals on that front, but it will be easier for them to invest in bonds. vonnie: i guess the jury is somewhat out. we will have to take the temperature again in a couple of months. still ahead, streaming strategy. details on apple's new movie and tv service are trickling out. how they plan to compete in the crowded space. this is bloomberg. ♪ vonnie: this is "bloomberg markets." i'm vonnie quinn. let the streaming wars begin. apple is planning to roll out the apple tv plus movie and tv sets christian service by november. part of the drive to reach $50 billion in service sales by 2020. the company will introduce a small selection of shows and then expand

when adam newman goes to the other banks, he pitches his own relationship with jamie dimon. matters is jp morgan has $40 million out in mortgages for adam newman's own homes. they have provided the financing for the money he took out against his own private stake and we work. they have a very strong relationship. the reason wework is a prime climate for the banks is not just this financing or the ipo, it is the fact they are so capital-intensive. they will keep meeting mone -- needing money. emily: what is next? the clock is ticking. sonali: they said around september, any day now we could see the ipo. they have the filing for. analysts last week and people got a glimpse. the $47 billion in the last valuation, a lot of people are skeptical they could hit that in the next one. it means a lot for all of the banks that are really trying to place themselves well in the ipo race. if they don't keep on making these ipos work well for them, then it bodes poorly for the next set of ipos ahead. emily: how well does this set up jp morgan specifically in jp -- in silicon valley given t

cheryl: well, jp morgan chase's jamie dimon among the ceo as part of the business round table that calledder customers, not just shareholders in business decisions. let's bring in michael lee. business round table has been around since the '70s. they wanted to change the mission statement and that's all it is. isn't it fair that ceos have to be able to navigate political waters and this seems to be a step in the right direction for them? >> this talk of placing stakeholder value above shareholder value i think is -- it's borderline on insanity. i think this is hedging ahead of a potential president bernie sanders or president elizabeth warren. but if they're actually serious about this, this could be devastating. it's the quest for profit and efficiency is what drives innovation. it's literally what's driven america to be the greatest. cheryl: the corporate raiders of the '80s drove us into harsh economic times. credit default swaps drove us into a great recession in 2008. sometimes going for profits isn't the best business decision and it can be bad for the country. >> if you want to man

just broke that the president had not a very planned conference call with the head of jpmorgan, jamie dimonnd also brian moynihan of bank of america on wednesday. they were down to meet with treasury -- with secretary treasury mnuchin. i just talked to brian moynihan and asked if they were talking to president trump, he just said all of our teams are talking all the time. is this giving democrats some heart that the economy may not be on the president tsai in november -- the presidents side in november of 2020. >> i would not say heart. nobody wants the economy to be bad. i will go back and say the fact that all the democrats are socialists, i know that is a talking point, it is not the fact of the matter. in the midterms, the majority of the men and women who won and took back the seats and gave the democrats the majority were not socialist. they were very much for the middle. your question about the president talking to business leaders, it is interesting, because i've been talking to not just the heads of midsize businesses, but as a business minded democrat, large employers, and the one

highest end of a corporation, there's a new statement this morning and this was spear headed by jamie dimono the customers, to their suppliers, to their employers, to their communities and then they get to their shareholders. a massive change. why does this matter? this is a reflection of the new pressure on companies and ceos from millennial employees who really care what their companies stand for. from consumers who are making purchasing decisions based on the values of the companies that we send our money to and of course ceos know now they can be in a seat -- in a social media storm any time. >> let me switch gears here for a moment to talk about the president because you guys have some interesting reporting. he's obviously always positioned -- at least president trump has and his obsession with tariffs. that's not anything playerly new. he coined himself as tariff man after all. but you have an interesting new report about his obsession with calling himself now naval blockcade man after the policy change on venezuela. >> i think you coined a couple of halloween costumes, everyone talke

yang: now, after you wrote that column, jami dimon, the chairman of j.morgan chase reached out to you. what happened? >> we know each other and i was having breakfast and picked up the phone and said, "that was the stupidest column i ever read." and i said, good morning, jami. how are hu?" and ve a frank discussion. at the end of it i said, "lookw, don't you have a dinner somewhere. you can come here, i'll host ono here, wiel it in new york, and you have some of your guys and i'll have some of the other journalists there." and the reason was he thought we journalists were misportraying this issue that he said, "we don't run our companies in the ruthless profit-maximizing way that you suggest." and i said, "first of all, i'm not sure that's always the case ven if it were why don't you say that shouldn't be the norm." and he didn't really have an answer for that. and at's sort owhat-- what eventually we did have this meeting in new york and nhis office and we hash things around. and i think, you know, we acknowledge that, no, they don't all run their companies in a ruthless way 100% of

you're complaining, well, there is no pleasing you >> a group of high profile ceos that includes jamie dimoninni rometty are reinngthki corporate responsibility we have the details and the new focus next - [woman] snhu was the best experience of my life. - [man] without snhu, i wouldn't be the leader i am today. - [woman] i graduated high school 19 years ago. i still finished. - [man] in the military, you feel that sense of accomplishment. that's what snhu is. - you will march from this arena and say to the world.. i did it. - [woman] you did it. i love you. - [graduate] i love you too. >>> the business roundtable, shareholder value has always been its north star, but today, that's changing. the association of ceos published a new mission statement, charging companies with goals to advance social good fortune's cover story takes a deep dive into how this corporate and cultural shift happened allen murray is the ceo of fortune and also the author of the piece. how big of a deal is this? >> i think it's a pretty big deal it's been building for a long time i felt it in conversations i had with

my exchangeave seen with my now penpal jamie dimon, ceo of j.p. morgan chase. chase is a big employer here in the 45th congressional district and they provide loans to help people and that is important work for but we also need chase to make sure the work they're doing and the profits they are working our shared with those creating value. the business roundtable, which is the ceo of the nation's largest corporation came together and announced that corporations have a duty to stakeholders, not just shareholders. that means they treat customers fairly, are you listening to my wells fargo -- are you listening, wells fargo? that means being fair to suppliers, so that small businesses are able to make ends meet. that means taking care of our communities, which i hope will mean a fair tax system in which everybody chips in the collective good. to this a huge step forward and i hope my conversation will help promptness -- prompt this. i will keep pushing. we need an economy that works for stakeholders including shareholders. long-term, shareholders win when stakeholde

jamie dimon and larry fink support his regulatory agenda which is deregulated financial industry. >>re not saying what trump -- trump economics is bad. they provided themselves some cover because the democratic party went so far to the left, they're looking to throw a fig leaf to liz warren if she should happen to win this. if she does happen to win this, it's going to be interesting to see how -- stee -- because the difference between biden and trump is there but it's not that great. the difference between warren and trump's economic agenda is night and day. we are talking capitalism versus socialism. that will be very interesting. connell: that's how the argument would be made. thanks to you both. i'm going to move to the panel on the issue of china. the president moments ago said basically hey, he was the one who had to take on china. here it is. >> excuse me. somebody had to do it. i am the chosen one. somebody had to do it. so i'm taking on china. i'm taking on china on trade. and you know what? we're winning. connell: james freedman is here today. many describe him as the chose

who better to get counsel from jamie dimon and brian moynihan, ceo's like that from what i heard they said things that make a lot of sense. they are letting him know 25 basis point cut, a 50 basis point cut from the fed will not spur demand for investment whether from businesses and consumers. the china trade war, if we get something settled on that might. all of those issues are playing what is going on in the market this week. they will continue to hang over the market. hear tag that from big bank ceos that is interesting. connell: that is interesting, veronica. what they were talking about in 2008 when we in bailout mode, all the rest, you would be curious to see what they said in terms of the trade war, how damaging it is and how quickly needs to be wrapped up if it will not damage us more than this? >> right. i would be curious to see how they phrase that delicately. china, the trade war is such a big focus for so many business owners. actually not the focus, the fed is not the focus at this actual moment. you know, i think the president is very focused on interest rates, what ch

jpmorgan ceo jamie dimon leading the reimaged ideas stating, "the american dream is alive but fray ing, and all is happening amid a growing national debate about the responsibilities of corporations, so is all this just a pr stunt? >> this is a terrible move, david. it's really the sanction of a victim and these companies are the victims here. where is this all coming from here? not the companies but the leftist professors. this is this whole notion of stakeholder value. it's not the shareholders that own the company. it's the stakeholders who is everyone. literally the guy that delivers the paper to the employees, to the environment, to the government, so this is a way to weaken property rights and also as you'll see down the line there will be more regulations and everything from ceo pay to the type of environmental damage i'm so sorry to see the business round table and all these successful ceo's sanction this type of you know what. >> jonathan nice new look by the way. two points first one i think maybe there's been an increase in arguments between shareholder s and managers that c

saw today is that the president stepped into a meeting or at least through a conference call with jamie dimon head of bank of america and one other bank, and he showed concern about what the u.s. economy is doing. he's starting to finally get worried about his election, what the tariffs are doing. i think he's going to tone it down a bit. at least that's what i'm hoping. i think that's what the markets are picking up on today. as far as what you mentioned before, germany is in terrible shape. with negative gdp this week and with their expectations looking for another negative gdp number in the third quarter, the germans are going to be forced to open up their pockets and do fiscal stimulus. i think we are going to see -- go ahead. liz: what i do really want to hear from you, though, is this. there are some talking points coming out of the white house and quite frankly, we have had a lot of people on this network saying that there is no recession coming and you just said you don't see it. but that the negativity is very much a media generated push, that that is what's kind of poisoning the wel