joining us now to discuss is john shrewsberry thanks for being with us this afternoon. >> sure. thanks nice to be here as was described we announced our earnings this morning. we had a great quarter by all measures we had a lot of profit blt we generated an roe of 12% we had a lot of signs of momentum auto loans we have big momentum we are the biggest debit card issuer we have payments in the quarter and interesting things happening all over the country >> yeah. what were you able to tell us and investors today about the outlook on a couple of stories people seem to be concerned with on the investment side the strength of the mortgage business and net interest margins at a time when banks will have to compete a little harder for deposits? >> sure. on the first one in terms of mortgages with rates a little bit higher it is much smaller than it was 50 basis points ago or 25 basis points ago so that smaller market is much more purchase oriented those are the customers everyone is pursuing. there is excess capacity so margins are tighter so there's a reason. it is a big part of our

we'll talk to wells fargo cfo jo john shrewsberry >>> we have the broader market up 3%.&p were off the highs of the morning but regaining a bit of the steeper losses we saw earlier this week. amid this volatility, one outlying question. there are just 25 days until the midterm elections. could fears of a sustained down turn in the market have an impact on the way voters choose? joining us now at post 9, pulitzer prize winning "new york times" columnist jim stewart who looked into that question. good morning. >> yes, i did. fortunately for me, ubs had done a big study of every midterm election since 1950, there have been 17. to me the somewhat surprising conclusion was the incumbent party loses seats and it doesn't really seem to matter what the stock market is doing or the economy. there's simply no correlation whatsoever between how the party fares and how the market is doing or even how the economy is doing. and i think all else being equal, of course a good market and a good economy is going to help the incumbents but all else is never equal in all of these examples,