he wrote that john hancock. it's this story kind of funny i believe it to be true but i'll tell you guys anyway, because it gives you a view into john and john adams mindset. he also didn't like hancock much. when there was discussion needing a general for the continental army. john adams said that he and his cousin samuel adams, that they stood up and started praising someone that john hancock thought was him. and john adams said know because he was president sitting in the front the room. you saw that picture that john adams had this great view of his. and hancock looked excitement as he thought he was about to be named. and then adams said his counting fell. and never did i see a bigger look of mortification when george washington was named. okay, that's funny. sad little story. but no, there was no other crop raiding evidence. the journals of the constitutional convention at congress. the excuse me, the journals at the continental congress simply state that washington was selected general hancock did want mil

now we can anything on the pce of paper that jefferson is handing to john hancock, who's the seated president of congress. we can't see what the declaration says. but trumbull shows us things about the kind of society and government that these men want to have. one thing is that they're all civilians, and there's a war on we can see the battle trophies hanging on the back wall. those are captured british flags and drums and george washington had worn his uniform to the second continental congress. he's already he's already sent to be commander in chief a year earlier. so all of these men, civilians. there are no men on horseback in this room. they're also all peers. there are a couple of very men here. robert morris is one of the men seated in the row of sitting figures, kind in the middle left and the light suit. he's the merchant prince from philadelphia. behind him, engaged in a little conversation, as charles wealthy planter and merchant from maryland when carroll signs the declaration and someone jokes there go a few millions but also josiah bartlett is here he's the third from the left

i want to to bring in co-chief investment officer for john hancock chief investment, emily roland. kind of paraphrased what you wrote. but you wrote the current earnings backdrop is on another planet with respect to these small caps although that is for this quarter. although according to bloomberg next year wall street is looking for a mac any of sent year. to your point right now just 3%. are they jumping the gun a little bit here in terms of small cap rally on earnings or is something else driving the small cap rally? >> i think those estimates feel overly optimistic for us given where economic growth is going. what you're seeing now is massive multiple expansion in small caps. in fact the small cap enat that sees are up 10% while the s&p 500 is flat for the month and that entire 10% is due to multiple expansion or sentiment driving that small cap trade higher. to us it is kind of a checklist. what could be causing this rally in small cap equities? nothing really changed as far as the economy goes. the one thing that changed is higher odds of a trump presidency which really stok

well, let's bring in john hancock investment management co-chief investment strategist, matt miskin.att, you've been around a long time. have you ever seen a rally like this? i want to know some things you're learning relearning in the last year? >> yeah, charles, to your point, this is unprecedented. we've never seen a concentrated market like this before. 30% of the stocks are in the top 10, 30% of the weight of s&p just in the top 10. as you said q2 was amazingly concentrated. again last week amazingly concentrated. here is it what we're learning. the government is shelling out massive deficit spending while the fed is trying to take away the punchbowl, the white house grabbed it, brought it back to the party and added more punch. that is the catalyst to keep this economy alive and keep it going. i think the economic outlook is straight on. but what is interesting, with the government taking the punchbowl, trying to bring it back to the party, it is not causing this broader wealth creation or broader improvement in corporate earnings or improvement in jobs. it is actually being ve

john hancock and sold lots of on duty smuggled tea from the netherlands. he also imported sold lots of duty tax tea britain so he was like any good merchant or any good politician, a liar, a cheat and a hypocrite. so i think that makes him a great american by default, right? diversify his business lines. oh, yes, yes, of course yes. all right. i saw another hand over here. hello. this is very interesting. thank you. you mentioned that as a result, the tea party there was this over reaction by britain and that ultimately caused the massachusetts population to decide to go in support of the revolution. so i'm wondering now have you noticed in your research? what what was the goal the end game for the or advisors of the tea party. was that really the end goal that they saw that happening or was it just to inflict damage? i say that, hey, you don't get the tax money and b, you don't get the revenue because of the is in the tea company was a british crown thing or was it just to say you know you know we don't want it or was it just simply one of these things th

john hancock actually offered to have martha inoculated where he was staying at his house in philadelphia. but martha went her own way and was inoculated at the house of a cabinet maker named benjamin randolph. and after martha is inoculated, after she goes through successfully and recovers, washington stamps on inoculation begins to soften and a bit. for the first time, he actually uses the word inoculation in his letters. after martha's inoculation, he usually calls it taking the smallpox right, making it almost equivalent to getting infected naturally starts using the word. he almost always spells it wrong, but he starts using the word everybody spells it wrong. that sounded like a knock on washington. it's not really. maybe a little bit in massachusetts. washington's general general, artemus ward, who had led the troops in massachusetts before washington, took command, informed washington that his soldiers there in massachusetts were demanding inoculation and artemus ward said that he thought he had a right to provide it to him, to them when they were such, when they were demanding it

lisa: over a john hancock, it is a buying opportunity.r and noisier, a lot of us don't have noise canceling headphones. november looms large. expect more of this. jonathan: you can't cancel it out. the front end has been quiet. i want to talk about that briefly, why the front-end has been so quiet given these conversations we are having. lisa: partly because the fed basically said they are not going to raise rates, full stop. you've been raising this over at the ecb where there's been a similar trend. are they going to be the leaders in terms of cutting rates once and then not cutting again? what we heard from philip lane over at the ecb during the conference is essentially there is a fundamental question on services and that is a global question. at what point do you see true disinflation in the area akin to at the central bankers need to seek? jonathan: let's check out the euro, it is weaker today by about 1%. the dollar stronger against everything that the exception of the british pound and the canadian dollar. we get close to 162 earl

coming up rowland of john hancock, and bloomberg's michael sheppard on the latest elite chip sector.llance is up next. ♪ (♪♪) (♪♪) sandals rhythm and blues caribbean sale is now on. visit sandals.com or call 1-800-sandals. with so much entertainment out there wouldn't it be great... visit sandals.com ...if you could find what you want, all in one place? show me paris. xfinity internet customers can enjoy the ultimate entertainment experience and save on some of the biggest names in streaming, all for just $15 a month. get the fastest connection to paris with xfinity. >> this is a fed that is desperate to try to achieve the utopian soft landing. >> i don't think that there's a strong sense of urgency for the fed to cut given where growth is. >> they are winning without having done anything. >> i think they will signal a september cut, but the economy appears to be doing ok. >> they have to be steady, because if they rush it it will look like they are scared about something. >> this is "bloomberg surveillance" with jonathan ferro, lisa abramowicz, and annmarie hordern. jonathan: if cha

economies based on for trapping -- the second continental congress governed them at the time and john hancock was president of the congress. the revolutionary war started 4/19/1775. an independence from britain was declared six months after common sense on july 4 1776 and the taxation rate, this is the number that surprises me, was 1.5%. and there was protest against that. richard: times have changed somewhat haven't they? we could talk in depth about taxation and british policy but i -- let me make two points about the taxes. one is why is britain imposing all of these taxes over the previous 10 or 13 years on these hapless american colonists who don't like having their taxes raised? one thing to bear in mind is that britain in those colonies had just fought a major global war in the 1750's and 1760's called the seven years war. we in the united states sometimes call it the french and indian war which is its local name. but this global war against the french empire had almost bankrupted the english treasury and so there was a massive national debt in britain. as far as the ministers there we

the successor of john hancock is the president of congress. john henry lawrence. you've all seen hamilton john laurens is a character. henry's father and henry is the president. congress. he also, by the way, was the largest slave in america. that's where the laurens fortune came from in south. but henry laurens has a lot of things going for him in among other things, he recognizes that washington is extraordinarily competent. he recognizes that the way to win this war is through washington. and so washington builds an alliance with him, and he does that over over again, not only with of congress, but with state governments and, with people who can help him to achieve what he what he's trying to achieve. if it's, you know, i need 5000 bushels of wheat. my my soldiers are starving to death. please send me 5000 bushels of wheat. he's really down in the weeds and a lot things he's you know he is he has his own staff initially does it all clothe your master general his his intelligence through the whole war. so he is very much in the weeds of running his army. but the

. >> hancock. >> john jacob jingle heimer schmidt. >> that's my name to. >> joe biden's message.your message to jesse waters? >> ojo how. >> happy fourth of july. >> happy fourth of july. >> happy fourth of july. >> family vacation photos straight ahead. start your day with nature made. the #1 pharmacist recommended vitamin and supplement brand. dangerous ladders. gutter muck. yuck. no wonder you hate cleaning your gutters. good thing there's leaffilter. our patented filter technology keeps leaves and debris out of your gutters forever. guaranteed. call 833- leaffilter to get started. and get the permanent gutter solution that ends clogs for good. they took the time to answer all of our questions. they really put us at ease. end clogged gutters for good. call 833.leaf.filter, or visit leaffilter.com today. >> jesse: i was on assignment at the beach. word a week to take off. nothing really happened while i was gone. that's a place i proposed with the whole family. son sunset action and dinner at parker's garage. there is gg. and my short shorts were a little too short. a great tim

matt miskin of john hancock.t call coming out of this program this morning. lisa: the fact that people are saying yields are headed higher regardless of what the fed does. essentially saying the faded -- fed is being deemphasized. you have to prepare for a republican sweep and the policies it could add. jonathan: shorting inflation despite the long time hit to growth? lisa: it makes sense logically. this is something they are wrapping their heads around, if the bond market sells off, does it prompt a policy response? does it have a self-fulfilling feature? there's a lot of unknowns. more volatility and potentially higher yields seems to be the most likely call going forward. jonathan: quite a finish to quarter to, quite a stop to quarter three. the second half is still to come. this was bloomberg surveillance. (♪♪) (♪♪) (♪♪) (♪♪) sandals rhythm and blues caribbean sale is now on. visit sandals.com or call 1-800-sandals. food isn't just fuel to live. it's fuel to grow. my family relied on public assistance to help

emily of john hancock saying if the u.s.d. amidst weaker economic ratings we came back to the bad news is good news regime for markets with everything rallying. it has been a good run the bad news is likely to start the mean bad news for markets soon. emily officials right for more. just walk us through that. bad news, good news, we saw it in the market and the price last week. why do you think that is going to change sometime soon? >> you just look at those june business surveys. they show vastly different trends for the u.s. economy. the ism survey on both the manufacturing and services by falling below 50 and meanwhile you have the s&p version that showed that we are in expansionary territory both again on saturation and services. you look at things like the jobs report that you all have been referencing this morning. 200-6000 new jobs added but underneath this surface, revisions to the tune of 111,000 and and the unemployment rate jumping to about 4.1%. so the economic data right now are about as clear as mud. but we do

john, congratulations on this production. why was tony hancock so popular? much indeed. mark hancock was so popular because , the writing and the because, the writing and the performance gelled. so well as they do in many of our classic sitcoms that we remember to this day. and the writing was so timeless. there are traits in hancock's character that we recognise in ourselves, and i think that speaks volumes, because here we are, 70 years on from the very first episode of hancock's half hour and, you know, we still remember him and revere him. like you say, there's a there's a clear history of the classic british comedy sitcom character that stemmed right back from hancock, going through the steptoe and son era, dad's army, fawlty towers , porridge, hyacinth towers, porridge, hyacinth bouquet, david brent from the office. you know, they all stem from hancock's half hour, and the writing is still very, very sharp indeed . thanks to, like i sharp indeed. thanks to, like i say, like you said, the wonderful work of god. alan simpson. >> absolutely. he's a great,

hancocks appreciate it. their life rest from abu dhabi, john. >> all right, sir, there is brand new polling just in that does shed some light on why president biden might be foot by heading. so hard to stay in the presidential race an unprecedented debate as only cnn could do it with a record audience around the world. our country is being destroyed. >> where are the most admired country in the world for the most complete coverage through election day and beyond, follows. cnn is your shower trying to tell you something is getting in and out of the bathtub becoming a safety concern? >> are you worried about the cost of a bathroom remodel that could go on for weeks and weeks. will now you can have a gorgeous new bath or shower that safer at a price you can afford with a one day jacuzzi bathroom model it was done the same day. we did not have to wait it is amazing, amazing, buggy with the jacuzzi design consultants. it was a seamless process and they're really there's an option for everyone. i would give this whole experience na plus, i definitely wish i would have called sooner. jacuzzi has been making water-f