coming up, i sit down with lloyd blankfein, the ceo of goldman sachs.hery: first, president trump's budget. we will be discussing it with democratic president of john yarmuth of kentucky -- democratic representative john yarmuth of kentucky. ♪ david: this is bloomberg markets: balance of power. i am david westin. shery: let's get a check on the "first word news." mark crumpton has more. mark: top intelligence officials told the senate intelligence committee that russia is intent on meddling in the upcoming u.s. midterm elections, particularly through the use of cyberattacks. national intelligence director dan coats said that the threat to the integrity of the elections needs to be addressed. >> there should be no doubt that its pastrceives efforts as successful and views the 20 u.s. midterm elections as a potential target for russian influence operations. that director coates added no single agency is in charge of dealing with potential russian meddling and that efforts to utilize cyberattacks will likely continue because they are considered low cost an

we are looking very much forward to that interview with lloyd blankfein. breaking news, john gray has been named president and ceo. that is to new appointments, moving things around. the president and ceo now, tony james bigs executive vice president -- vice chairman. bloomberg's julie hyman is with us now with the latest on what we would term a selloff but is technically lower. >> the reversal of the two gay gains.f a fifth of 1%.by we are seeing some strength. google, amazon, apple trading higher. it is interesting what we have been watching and etf flows. with the big selloff, we saw outflows from the largest etf. we have a look at the terminal that shows that. of thepulling money out spot. that has reversed this week but we will see if the price action has gone back and forth, whether gyrate aswill dr well. back to today's session, we are looking at the earnings as we are getting toward the season. posting an unexpected fourth-quarter loss. because of a one time charge. shares are trading lower and , that focuses on senior housing. on the plus side of

save the best for the chief of goldman sachs, lloyd blankfein.m glad to be here but thank you for being here at the conference. david: i want to start their because i've been around all day long. and there is an atmosphere here that i don't often see, certainly in business gatherings. i go to gatherings were people are a little bit jaded. there is enthusiasm and passion here that i don't see every day. honest,kfein: i will be i don't see it everyday day and i don't see it any day. it is absolutely terrific. we brought back 2300 small business graduates that came here on their own steam and pave the their way to come here. the most important thing to network with each other and make a declaration of how enthusiastic we can be. it is absolutely terrific. it was 500in: million dollars? -- david: it was $500 million? mr. blankfein: there is a hard reason for doing it. place first lace -- first , small business is the backbone of the usa. the success of goldman sachs, and gdp. making it better for small business people and growing with it. that's the

i would also like to thank lloyd blankfein and catherine and john.y are the ones who really put this together and they deserve a big round of applause. [applause] when i started the business, it was, and most of you in the room will not believe this day existed, but it was before pc's were invented. i know you do not think that was possible. but we literally created our own saturday every afternoon i would solder the circuit boards for these computers that we were buildinge computers that we're building which never worked on eventually we did get them to work. it was before al gore invented the internet. it was very in history. is covered by the old testament rather than the new testament. but i went out to customers. tell you story to show you how small business works, it's people. the matter how much digital bf, people is what makes businesses. so what i did is identify the company to be a first customer i went to a delicatessen every morning for close to a year about two cups of coffee and two cups of tea to go. one with milk and one without. i we

now lloyd blankfein is raving about the economy. they have not been backers of president trump really outwardly. melissa: no. >> it doesn't mean that they are now but at least they are saying that they're supportive of the economic agenda comming out of the white house right now. and that is what matters, ratherless whether or not you voted for trump, seems like most americans, again based on this poll, are very, put the economy in high standards right now. melissa: well-put. heather, lanhee, thanks. david. david: the investigation into yesterday's tragic shoot something just beginning. a lot of questions remain unanswered. a judge ordering the suspect, 19-year-old nikolas cruz could be held without bond on 17 counts ever premeditated murder. tragically that number may increase. here is a first responder at the scene speaking moments ago about the quick action he took. >> as i continued down this roadway i discovered an individual walking on the sidewalk, that, was wearing the clothing description that had been given over the radio.

david westin spoke with lloyd blankfein in washington, dc and discussed the sudden return of volatilitywhat it has meant for the trading business. >> things are going to happen. there will be something that happens in the world the world. someone will get elected that should not happen. there will be a natural disaster. something will happen that will cause the relationships of one asset to another to readjust against each other. it has been unusual that that has not happened. people are not sure the reason why. my own best guess is that when i look to assets people will say that because of qe and central banks around the world buying risky assets, as much as they could get almost as fast as debt was issued, they bought them, that tends to be a blanket over spikes in asset prices and that probably kept things low. as the market and people anticipate that coming off, i think we will see more volatility. >> this is your job. contingency, you are planning for the possibility. is it fair to infer that goldman is doing pretty well right now in trading, commodities, fixed income given what ha

goldman sachs ceo lloyd blankfein will join us 3:30 p.m. in new york and 8:30 p.m. in london. get to the bloomberg first word news this afternoon. mark barton has more. mark: senate majority leader mitch mcconnell says the time is now to address the plight of the dreamers. called on hisy colleagues to immediately submit any amendments they want considered in the debate on immigration. >> senators have had plenty of time to prepare. there's no reason why we should not reach a bipartisan solution this week. but to do this, we need to get the debate started, look past making political points, and focus on actually making law. mark: the gop proposal would provide a path to citizenship for about 1.8 million immigrants living in the u.s. illegally as well as $25 billion for border security, which includes a border wall with mexico. the russian foreign minister is accusing the united states of trying to maintain control over eastern syria. he said today that the u.s. has "taken dangerous unilateral steps." he believes america's military operations are eroding syria's territorial inte

lloyd blankfein was speaking to small business owners.hings are good for these small business owners, the best kind of environment in years because of tax cuts and deregulation. what could possibly go wrong i asked him. >> what could possibly go wrong? i haven't felt this good since 2006. >> that's not what i want to hear. >> that's true. you have to have that in mind. >> is there a risk of overheating here? >> of course there are. i would say the conditions are not just benign, but highly supportive of a good economy. the economy was good before. on top of it, a trillion and a half of tax cuts, $300 billion in additional spending, maybe even an infrastructure bill. the sentiment is very positive -- interest rates are relatively low for where we are in the growth cycle. the issue could be potentially -- this is certainly not my base case, but i'm in the business of worrying about small but adverse probabilities, is too much of a good thing. i would say that the odds of a bad outcome have gone up. >> the odds of a bad outcome have gone up.

what every analyst is saying, looking at goldman sachs' quarter, lloyd frank -- lloyd blankfein, hisa is not working out. now that you have volatility coming back, that puts him in a strong position because they're going to have good earnings, a lot of people think when they report in a couple months. one other point on this markets you got to watch the trading here which it's fascinating to me, it looks like we can have -- this thing can go down further, based on the conversations i'm having with other traders that in could be what's known as a puke at the end of the trading day. a further puke. don't be surprised if we see this thing go down sharply when more sell programs kick in. that's where we are right now. the vix, talking to charlie brady. the vix isn't entirely off the charts, it's higher, we know that. one thing that spooked the market was a treasury auction midday that didn't go that way. why is that being an issue? there is a growing concern in the market about higher interest rates, not just because the fed is not bear anymore and normalize the interest rate policy but

that's true but if you want to run the world like a cocaine empire like the jamie diamonds and the lloyd blankfein and then the new central bank president then it's not healthy for the global economy third denial they don't have fractional reserve banking is a part of the whole to problem is to parasitical problem is the whole destruction of the economy yes it's lended to well no pun intended to growth and debt but also a growth and fraud and a growth in injustice i would say as he had mentioned at the top it was the global financial crisis not in particular the global financial crisis like he kind. skims over what the white paper actually says but it was the the fraud of the global financial crisis that was in the big white paper the bailing out of the losers of the parasites that the central banks and able so that that is only possible had we been on a gold standard or any other standard by which central banks would have actually it would have cost them to bail out their buddies and their cronies who are parasites then you wouldn't see who said this this is j.p. . morgan is saying this so there

always important to speak with lloyd blankfein. stay with us. bloomberg. ♪ taylor: this is "bloomberg surveillance." i'm taylor riggs. let's get the bloomberg business flash. decided to sit out next year's detroit auto show. carmaker says it continually reviews the platforms it chooses to reach customers. her sadie's was considering the move. -- mercedes wasn' considering te move. many do reveals at their own showcases. has made a bid to buy alliance. it has it surging in premarket trading. no deal is in this and there may not be one. that is your bloomberg business flash. tom: joining us now is kevin cirilli. i'm going to ask you the same question that tim o'brien asked and i know you have to answer it in a different way than mr. o'brien. "the washington post" alludes today to donald trump is libertarian. the budget that was presented yesterday, does that indicate a new libertarian donald trump or mick mulvaney or libertarian senator paul from kentucky? kevin: i'm just a reporter, but i don't see how that budget proposal is libertarian at all.

that's true but if you want to run the world like a cocaine empire like the jamie diamonds and the lloyd blankfein zan the new central bank president then it's not healthy for the global economy third denial they don't need a fractional reserve banking is. part of the whole to problem is to parasitical problem is the whole destruction of the economy yes it's lended to well no pun intended to growth and debt but also a growth and fraud and a growth in injustice i would say as he had mentioned at the top it was the global financial crisis not in particular the global financial crisis like he kind. skims over what the white paper actually says but it was the the fraud of the global financial crisis that was in the big white paper the bailing out of the losers of the parasites that the central banks and able so that that is only possible had we been on a gold standard or any other standard by which central banks would have actually it would have cost them to bail out their buddies and their cronies who are parasites then you wouldn't see who said this this is j.p. . morgan saying this so there is frac

lloyd blankfein used to be the highest-paid ceo on wall street.fallen behind his competitors for the second year in a row. that is your latest bloomberg business flash. mark: let's talk black panther. headed for a massive debut weekend, poised to be among the grossing of the year. let's talk numbers first. what box office are we talking about here? >> very big box office. potentially as high as over 200 million. disney has been saying when hundred 50 million over four days, a holiday weekend in the u.s.. taking the more conservative in. they are going to be breaking some records. as you alluded to, how will this transfer overseas? will china relate to it? they have competing movies that may be more popular and that will determine if it crosses that fabled $1 billion mark. >> you have heard the word game changer. for theis this film global film industry? a allis unusual to have largely black cast in leading roles in such a big budget movie and such a prominent movie for hollywood, with the global 9,ease in china march critics have praised it. 100%

that's true but if you want to run the world like a cocaine empire like the jamie diamonds and the lloyd blankfein and then the new central bank president then it's not healthy for the global economy third denial they know that fractional reserve banking is a part of the whole to problem is to parasitical problem is the whole destruction of the economy yes lended to well no pun intended to growth and debt but also a growth and fraud and a growth in injustice i would say as he had mentioned at the top it was the global financial crisis not in particular the global financial crisis like he kind of skims over what the white paper actually says but it was the the fraud of the global financial crisis that was in the big white paper the bailing out of the losers of the parasites that the central banks and able so that that is only possible had we been on a gold standard or any other standard by which central banks would have actually it would have cost them. bail out their buddies and their cronies who are parasites then you wouldn't see who said this this is j.p. . morgan saying this so there's fractur

plus a resume joe has been sending to for years, lloyd blankfein will be here. had a great event last night for goldman sachs. it was at union station here in washington, d.c. an incredible venue. there's my mom, my best friend, my brother, my niece. it was fun. it was the largest ever gathering of small business owners in the u.s. there's michael bloomberg. >> i asked michael bloomberg actually for some money. >> no. >> every time he walks past. he has 50, 60 billion. >> he was lovely. >> what's a couple million. he wouldn't miss that. >> stop. it was fun. joe's band played. and the band was amazing. blew the roof off union station. people were really psyched. >> i put a briefcase right in front of bloomberg hoping he would throw thousands dollar bills in there. >> floyd was dancing with the small business owners and everyone was having a great time. >> you cannot report on goldman sachs because you two were dancing. >> what? >> this is making me sick. we'll be right back. liberty mutual stood with me when this guy got a flat tire in the middle of the night. ho

bank stirrer sort of people that destroyed the global economy and no banker jamie diamond and lloyd blankfein are still walking around they are rich enough to afford their rolex and expensive suits but only because they gotten gains so here they're saying if you look too poor like what is what how do you how do you look poor like what if somebody has a bad diet they too many tight pods and they just look poorly like you don't look like you should be able to afford that eight hundred euro jacket they said like too many people have too many of these young guys who have no visible means of support well they're wearing expensive clothing and we're just going to take it we're going to embarrass them by underestimating the. and the middle of the street and taking their clothes isn't this just asset forfeiture well it made me think of the united states i thought like where this leads to is this next headline in the united states americans cut savings to a twelve year low the drop matters since consumers make up roughly seventy percent of the u.s. economy while american consumption continues to power

that's true but if you want to run the world like a cocaine empire like the jamie diamonds and the lloyd blankfein and then the new central bank president then it's not healthy for the global economy third denial they know that fractional reserve banking is a part of the whole to problem is to parasitical problem is the whole destruction of the economy yes lended to well no pun intended to growth and debt but also a growth and fraud and a growth in injustice i would say as he had mentioned at the top it was the global financial crisis not in particular the global financial crisis like he kind of skims over what the white paper actually says but it was the the fraud of the global financial crisis that was in the big white paper the bailing out of the losers of the parasites that the central banks. and able so that that is only possible had we been on a gold standard or any other standard by which central banks would have actually it would have cost them to bail out their buddies and their cronies who were parasites then you wouldn't see who said this this is j.p. . morgan is saying this so there's

fraudster banks are sort of people that destroy the global economy and no banker jamie diamond and lloyd blankfein are still walking around they are rich enough to afford their rolex and expensive suits but only because they gotten gains so here they're saying if you look too poor like what is what how do you how do you look poor like what if somebody has a bad diet they too many tight pods and they just look poorly like you don't look like you should be able to afford that eight hundred euro jacket they said like too many people have too many of these young guys who have no visible means of support well they're wearing expensive clothing and we're just going to take it we're going to embarrass them by underestimating the. and the middle of the street and taking their clothes isn't this just asset forfeiture well it made me think of the united states i thought like where this leads to is this next headline in the united states americans cut savings to a twelve year low the drop matters since consumers make up roughly seventy percent of the u.s. economy while american consumption continues to power

. >> still ahead as we review the week on "bloomberg best," insights into market swings with lloyd blankfeineve schwarzman, and others, plus a barrage of earnings reports. up next, the weeks top business the headlines. this may be the moment when diplomacy became and him and export. the charm whenever offensive or propaganda machine they instituted over the olympics, it has worked. >> this is bloomberg. ♪ >> this is "bloomberg best." tour continue our global of the week's most important business stories at america's largest private equity group. another management takeover ,n wall street, blackstone naming john grace as chief operating officer. tony james will transition to another full-time role as executive vice chairman. >> this has been one of the worst kept secrets in the world of private equity. john gray has long and considered the likely successor the founders, and and ceo of blackstone. himself distinguished as one of the world's leading real estate investors, so this completes the puzzle for the private equity business as an industry transitions to a new generation of leadership. t

. >> i'm going to be back with an interview with lloyd blankfein to ask him the same questions i just senator. >> looking forward to that. thank you. , we have the vix at 2592. it is lower than it was last week. the dow and s&p 500 down a quarter of a percent. futures atde oil 5869 a barrel. crude oil feeling the impact. the risk off tone to the markets. vonnie: i'm tony gwynn. this is bloomberg markets. stocks are lower but they are off their lows now. a big rebound leading up to this. at thedaq is flat moment. joining us now, the head of retirement solutions at jpmorgan asset management. we are delighted to have you. you were ahead of retirement solutions. what is the solution? tell everyone what they can do to get that rate of return. >> one is making sure you say. the return rate doesn't matter at all if you don't do that. thing, i happened to run our target date funds. so ande 125 billion or assets under management. people's retirement savings, when our market events like what happened, do you get cold? >> i would not say them easily. from our perspective, we are trying to manage

bank stirrer sort of people that destroyed the global economy and no banker jamie diamond and lloyd blankfein are still walking around they are rich enough to afford their rolex and expensive suits but only because they gotten gains so here they're saying if you look too poor like what is what how do you how do you look poor like what if somebody has a bad diet they too many type odds and they just look poorly like you don't look like you should be able to afford that eight hundred euro jacket they said like too many people have too many of these young guys who have no visible means of support well they're wearing expensive clothing and we're just going to take it we're going to embarrass them by underestimating the. and the middle of the street and taking their clothes isn't this just asset forfeiture well it made me think of the united states i thought like where this leads to is this next headline in the united states americans cut savings to a twelve year low the drop matters since consumers make up roughly seventy percent of the u.s. economy while american consumption continues to power

bank stirrer sort of people that destroyed the global economy and no banker jamie diamond and lloyd blankfein are still walking around they are rich enough to afford their rolex as an expensive suits but only because they gotten gains so here they're saying if you look too poor like what is what how do you how do you look for like what if somebody has a bad diet they too many type odds and they just look poorly like you don't look like you should be able to afford that eight hundred euro jacket they said like too many people have too many of these young guys who have no visible means of support well they're wearing expensive clothing and we're just going to take it we're going to embarrass them by underestimating the. i'm in the middle of the street and taking their clothes isn't this just asset forfeiture well it made me think of the united states and i thought like where this leads to is this next headline in the united states americans cut savings to a twelve year low the drop matters since consumers make up roughly seventy percent of the u.s. economy while american consumption continues t

[laughter] david: i had the chance to sit with white blankfein -- lloyd blankfein, and what borrowingm the government could mean for interest rates. higherthe likelihood of interest rates is going to be problematic, but what is driving higher interest rates is a better economy. in the near term, the shock of higher interest rates will be a immediate negative and the success of the economy will be a long-term success, but you have to take up both of those things together. and been critical of some aspects at the national level, but i give credit, the move towards lower regulation. the elements of the tax bill that lower taxes for people who are in this group -- small business group, things like the pass-through, they have been very helpful. on the red tape and regulatory side, a lot of the burden among people here, some a correct the national level but more at the local level. and also the inconsistency of red tape, which is regulation, which occurs across different rules. licensing requirements from jurisdiction to jurisdiction very not only by state, city, village, town. it is very c

ahead, the goldman sachs business event, guests including lloyd blankfein.from new york, this is bloomberg. ♪ david: this is "bloomberg markets: balance of power," i'm david westin. julie: and i'm julie hyman. shares of csra, surging after general dynamics announced they were purchasing the company. shares areamics mostly unchanged, recouping some losses earlier this morning. more now, taylor riggs. this will create an and government contractor, right? taylor: exactly. i'm really looking at this as a gigantic horizontal merger. they can go at it from both angles here. they are highlighting that this is a strategic merger, coming out and saying that they will have double digits in the with pretax cost energies up about 3% in 2020. aey really do portray this as strategic, targeted acquisition. it all comes down to share price for the viewers. you can see the relative underperformance of general dynamics to the s&p 500 aerospace and defense industry. csra will be acquitted to their earnings by 2019, helping to contribute to cash flow, which also, one would thin

rates would be problematic in the near-term, according to goldman sachs ceo lloyd banks line -- lloyd blankfeingoing to be problematic. what is driving higher interest near-term, the shock of higher interest rates will be an immediate negative. the long-term success of the economy, you have to take the things together. germany's gdp rose from the previous estimates. a strong increase of exports made it positive contribution. policymakers prepare to wind down stimulus. boris johnson kicks off speeches , intended to heal brexit's divide. he will say that those who try to stop wrecks it must abandon their efforts, accusing them of trying to frustrate the will of the people. global news, 24 hours a day, powered by 2700 journalists and analysts in more than 120 countries. this is bloomberg. bridgewater has been disclosing short positions. some are wondering if dalio has turned bearish against all of europe. tim graf is still with us. walk us through this. once you contrast his positions, the story becomes clearer. beginningard in the because it was like there was a huge puzzle and we were trying to

rates would be problematic, according to goldman sachs ceo lloyd blankfein.e spoke to bloomberg at the small businesses some -- some it's -- summit. higherhat is driving interest rates is a better economy, there is good and bad. probably in the near-term, the shock of higher interest rates will be an immediate negative. the long-term success of the economy will be just that, long-term success. you have to take both of those things together. juliette: japan's economy expanded for the eighth quarter in a row, but growth fell to the slowest pace in2 2 years. israeli police have recommended charging prime minister netanyahu with bribery. they alleged that he received many gifts from wealthy friends, including a hollywood producer and an australian businessman. netanyahu denies any wrongdoing and claims he is the victim of a left-wing witchhunt. if the charges are filed it would be the first for a sitting israeli prime minister. boris johnson kicks off a series k. speeches by u. cabinet members today. johnson is also expected to comment on life outside of the eu's

plans on immigration and republican senator james langford will weigh in and goldman sachs ceo lloyd blankfeinhe conversation. "morning joe" is moments away. 40 million americans are waking up to a gillette shave. and at our factory in boston, more than a thousand workers are starting their day building on over a hundred years of heritage, craftsmanship and innovation. today we're bringing you america's number one shave at lower prices every day. putting money back in the pockets of millions of americans. as one of those workers, i'm proud to bring you gillette quality for less, because nobody can beat the men and women of gillette. gillette - the best a man can get. pepsoriasis does that. it was tough getting out there on stage. i wanted to be clear. i wanted it to last. so i kept on fighting. i found something that worked. and keeps on working. now? they see me. see me. see if cosentyx could make a difference for you- cosentyx is proven to help people with moderate to severe plaque psoriasis... ...find clear skin that can last. don't use if you're allergic to cosentyx. before starting cosent

have a bloomberg exclusive coming up -- he will be speaking to goldman sachs ceo and chairman lloyd blankfeinthat is one not to miss. from new york, this is bloomberg. ♪ scarlet: this is bloomberg markets. i am scarlet fu. julia: and i am julia chatterley. let's turn our attention to football of the english kind. scarlet: for once. been: bt and sky have awarded the premier league broadcasting rights. we are joined by paul sweeney. so, this is a theme we have seen before, the rice are split you -- bt and sky in the the u.k.. walk us through. --l: it used to be all sky they had the soccer and football rights, and that drove subscriber growth. they changed it up. they wanted a second bidder. bt came in and created a second bidder. they are sharing their rights. now with new rights that will start next year, it will be sky and bt, but there are still two other packages that have not been allocated. the expectation is that we don't know who they are going to, but the expectation is it might be one or more of the digital players, whether it is amazon one of the other digital players that could pres

lloyd blankfein used to be the highest-paid ceo on wall street and now is behind his rivals.y 9% 2017 to $24 million. that puts him behind jamie dimon of jpmorgan chase, and james gorman. david: thank you. blackstone group chairman and ceo steve schwarzman join jason kelly yesterday to talk about what the market changes could mean for the deals he is looking at. >> you usually have more deals when the markets feel good and people are confident and prosperous for their own business. you seldom by somebody else's business if your business is having trouble. as business confidence remains high, you will probably see more activity. kailey: still with -- david: still with us, michael holland and stephen stanley. mike, is that what you are seeing, a rise in business confidence and an appetite for more deals? rightsteve schwarzman is at the neck of what is going on with m&a. we had numbers come out announcing buybacks for corporations posting a tax announcement at record level, so companies are not only buying their own shares but of the company's. lisa: i was in the heated debate y

and that is according to lloyd blankfein. he spoke to bloomberg at the goldman sachs' 10,000th business summit. >> the possibility of a higher interest rate will be problematic. but at which higher interest rate for the higher economy is about in the near term? the shock of higher interest rates will be of immediate negative and the long-term success of the economy will be just that, a long-term success. but you have to take both of those things together. reporter: japan's economy eighthd for an economy in a row, but growth fell by 0.5%. a continuation of this expansion and the surging yen could create problems for the boj. 0.6%, driven by a strong increase in exports. the total trade made a positive contribution. the strong reading comes as euro area policymakers plan to wind down similarly. israeli police have recommended charging from mr. benjamin not netanyahu. giftseived a $280,000 in from wealthy fence, including hollywood producer armand melvin and james packer. he denies any wrongdoing and claims he is the victim of a

remember when i spoke to lloyd blankfein and asked, what are you going to do about bitcoin? exchange we had. said what are you going to do about bitcoin? what if i want to get into bitcoin? i will call a guy. you are exactly right, i remember here in the newsroom, we were building up quickly this idea, did you say monday you are going to start putting up futures? people were working the phones, typing at what it means. it has proven out in january. it has not been a smooth ride for bitcoin, the price of bitcoin, but it is where all the action is right now. that is what it feels like. story on the bloomberg as we speak is about this shift from traditional trading to crypto. particularly when traditional is not doing all that well for a lot of people. going from blackstone to black rock. . great fees and bloomberg he says i am maniacal. larry fink says, yes, you are. one thing i like, he has this cause of charter schools in newark. rick has devoted so much time to this. he is just tenacious about helping these young kids over in newark. >> you love the stories. he really got i

david: that was lloyd blankfein on how the toil -- the turmoil in the markets is helping goldman sachslso heard from another ceo that things are looking up this year because of volatility helping a trading business. >> it means that people, people see this as a negative, but it creates opportunity. >> if you are on the right trade. >> the people that we work for, you would have seen it as a key part of the strategy, and their purses a patient -- and their participation went up this year, so it is really working. they are sophisticated investors and understand markets, and we see qe as an opportunity for trade. we are trading more, increasing our trading revenues. hasif you take -- which more than doubled its profit this year, 16 billion, two thirds of that comes from wealth management and we are trying -- so that connection is very strong. >> volatility, people say they do not want to transact at the moment, they are holding back. >> it is hurting the primary market. so we see a lot of that in the secondary markets, but the primary market issuers are reluctant to issue with liquidity i

. >> can you imagine this guy calling lloyd blankfein and lloyd going "okay, wait a second. the guy that went to davos and talked down the dollar and he's going to tell me how i should respond in a crisis? >> and let me just say, there were republicans and democrats in the past. after 9/11 my husband was on an airplane over the atlantic and completely out of reach and roger ferguson, the vice chair of the fed, ran the world economy during that period. an amazingly smart man. >> there are lots and lots of capable people out there who can do these jobs. none of them are in this administration. >> correct. that's the problem. >> with the possible exception of gary cohn. >>> other news, the house intelligence committee voted unanimously to release the democrats' classified memo. it responds to the one republicans released last week accusing the justice department and fbi of misconduct and their warrant applications to spy on former trump campaign adviser carter page. the white house says it has received the memo. press secretary sarah huckabee sanders says that the administratio

have been to shake shack, but we will talk to danny meyer about what it is to make a andness and lloyd blankfein we will talk to him about why he is doing it and what it is come -- what has come from it. alix: i hope we can sneak something in there about their activity. are they seeing a pick up here? david: i have -- burned in my brain just for you. i will ask about it just for you. this is the morning brief. at 8:00, the cleveland fed president will beginning a talk on monetary policy and the economic outlook. at 11:30, the u.s. treasuries will be optioning $50 billion in bills and after the bell, metlife will be recording its earnings -- reporting its earnings. alix: two and a half hours until the cash open in the u.s. and it's a modest risk up kind of day. kind of moves become the new normal? the u.s. dollar pretty much on the back foot all day. and sell is buy bonds peripheral bonds. yields moving lower by about three basis points in the u.s.. $60 aalso weaker, under barrel. my chart of the morning, i feel like everyone on the street is talking about it. dollar-yen breaking through key leve