thank you. ♪ please welcom jeffrey sachs back to this program, one of the world's leading experts inht against poverty which has taken him to more than 125 countries. he joins us tonight for an assessment of the president's address earlier this evening. more important to talk about raising the standard of living for the poor and around the globe. always an honor to have you on this program. >> it'sqíf you, tavis. >> let me jump to some of the specifics of what the president had to say tonight. provision for free access for two years of community college. what impact do you think that might have giving those persons who most need it access to a high quality education? >> that's a home run. we absolutely need to put focus on skills on training. that's the route to better jobs. the president's exactly right that education, the high tuition costs have been a major barrier, especially for kids in poor families. so this is right on track. much overdue. >> next issue that he raised is this reduction of premiums for federal housing administration loans. it is the hope of thevqrÑ administrati

we're glad you joined us.a2/ a conversation with jeffrey sachs coming up right now. ♪

one of your great mentors is jeffrey sachs. there is this intractable issue. america's inequality. it a legitimate topic or has it always been there? >> it is worsening. you have to ask yourself why? trade and globalization reduces income and jobs. [indiscernible] the superstar professions get the benefits of the millions. the power of the economic elite is great. it is leading to social instability and it negatively affects economic growth. over time, the fall in the shareable income will have a negative impact. >> that sounded like roubini 302. that was a great clinic. how bad is the plutocracy right now? there is a behavioral constructs of elites like in this valley. how big is the plutocracy effect in 2015? >> it is big. we are in a democracy where it is supposed to be one man, one vote. but billionaires can affect capital gains through political power. we have a system of legalized corruption. those with financial resources have a greater impact on the political system than those who have less. >> what is your policy prescription for republicans dominant on the hill? who knows

does the switch come from, but the switch came before i became minister when i was working with jeffrey sachs on the u.n. millennium goals on poverty alleviation and we were in africa, and we were talking about village empowerment and how important it was to have decisionmaking done by the village as to what the money would be used for to help the village, and it turned out that when you have the men decide what they wanted the money to be used for, they wanted it to be used for a parabola so they could watch football. the women wanted the money to be used for having a piping system so they didn't have to spend three hours a day getting water. that was kind of the light switch in me and said, okay, it's not just about women participation in the economy. it's actually even more basic than that. it's about the decision making from the beginning as to what the money should be allocated for. and that was an important lesson for me going in to government. as to how important it was to involve the women in the decision making. you know, you're not even talking about informal to formal. it's even mo

it came before i was minister working with jeffrey sachs.we were in africa talking about village empowerment. what the money would be used for to help the village. when it turned out the men wanted it to be used for a parabola so they could watch football. the women wanted it to be used for a piping system so that they did not have to spend three hours a day getting water. okay, it is not just about women participation. it is more basic the decision-making from the beginning and that was an important lesson as to how important it was to involve the women in the decision-making. you are not even talking about informal or formal. it is more basic than that. we had very much that in the back of our minds so that when we were implementing policy use a mainstreaming gender it sounds good but is not easy. we tried to think about it and always tried to influence the men of course. even though we had double the number of women in the cabinet at the time and our president was actually very open-minded and gave important portfolios to women. we were r

. >> richard sharma joining us and jeffrey currie of goldman sachs to make you smarter on commodities in your wallet as well. he headline this morning is the same but different than the past few days. a flight to quality today is tangible. crist for whalen joins us this morning as we look at the big banks, jpmorgan -- christopher whalen joins us this morning as we look at the big banks, jpmorgan, interesting markets. right now, jonathan ferro is in london. are you gluten-free in london this morning? >> tom, i am italian, what do you think? [laughter] >> very good. i think these are different markets than the last few days. why is today different than tuesday or monday or last wednesday? >> it is still a commodity led a selloff, but it is being led by copper and not oil. what you see in copper in the mornings is it falls out of bed, and a narrative does not fit with copper. this is a story that developed off the back of the world bank report that slashed global bank forecast. china's, global demand, u.k. time falling out of bed. >> when you and i's although series of headlines about 3:

jeffrey sachs, and "the washington post" david ignatius is still with us as well. where do you want to begin? paris? >> let's start in paris. >> we'll go there this morning because france is calling it the largest demonstration ever in the country's history, between 1.2 and 1.6 million people stood united after the terror attacks left 17 victims and 3 gunmen dead. 3.7 million people from all walks of life and religions took part in demonstrations across the country. many held uppeder toial cartoons or shines reading je suis charlie. thousands more rallied in cities across the world. french president francois hollande said paris is the capitol for the world. look at that picture. israeli prime minister benjamin netanyahu, mahmoud abbas and david cameron were there among those standing arm in arm with president hollande in the center. the u.s. was represented by its ambassador to france and assistant secretary of state. but the obama administration is facing some strong criticism for not sending a top-level official to the rally. attorney general eric holder was in p

will be interesting to see and we will speak on "surveillance" this morning, francine with jeffrey of goldman sachso us from zurich, a report from goldman sachs that truly shifted markets a few days ago. you know adam with his service to the bank of england and adam posen will join us yes, on europe, draghi and the central bank. but adam posen simple on the times we live in when you see the flight to quality this morning. j.p. morgan out with earnings. olivia will have all the coverage of the earnings report. and christopher whalen will join us. we'll talk to chris whalen not only about expense reduction, francine, but the idea of shedding businesses. these are challenging time for the too big to fail banks. >> certainly is. that's in 25 minutes from now. autopsy up ahead -- will a victory mean troubled waters for groce's shipping industry? we're going to talk to a shipping magnate and get his perspective on the eurozone. looking forward to that conversation. ♪ >> welcome back to "the pulse" live from london on bloomberg tv. we had a couple of headlines, of course, from greece this morning. we're j

jeffrey's which prestaged. one wonders what we'll see from the like of goldman sachs and morgan stanley the personally advisory business is so important but they do trade at these firms. >> my charitable trust, of all of these, morgan i think he'll deliver a clean one. i think morgan stanley will be clean. wells fargo was clean, let that stock come down. when you read bank of america, these are very hard to understand so you have to do more work than -- i don't mean to be cursory, you have to sit down, talk to people. on the face of it this is just not such a hot quarter for banks. >> no. >> if rates went up we'd be talking positive. >> as earnings season began, s&p bank earnings expected to go up three year on year. now, expecting minus two, due to poor results we've already seen. >> it's eye opening. the lending -- they don't make much on lending because of the curve. they're not making much money on deposits because of the yield curve. they neath need rate relief, a rate hike. i come back to wells fargo, exemplary bank they are exactly what you need. by the way, there's a line with john stumps is energy pos