so if anybody is familiar with the cartoonist joseph keppler or matt morgan, they routinely would use the stuff, and sometimes they would portray nast as a monkey with a pencil in his tail. and the donkey is a much older image. it had been used for democrats for sometime, because of its -- other name because of. and i don't know if there is biological difference between the two but in terms of symbolism it is the same. but the elephant was his invention. so often when we talk about it, we often say he popularized and invented these images. but the elephant was his creation, but the donkey was not. but he made the donkey this internal symbol. but there are lots of symbol. but there are lots of examples in political cartooning, both before nast and since, where animals become the symbol of some quality. so foxes for being widely, birds you know, and sometimes the symbol is a cultural association with the animal, and sometimes it is a literary reference. like with people. so that will take something where there is some work of literature and, they will trans pulls it into the cartoon. th

imagery is commonplace, so if anyone's familiar for example with the cartoonist joseph kepler or with matt morganthey routinely would use stuff and sometimes they portrayed what looks like nast as a monkey with a pencil in his tail. so there's lots of animal portrayals and the donkey is a very a much older image it had been used for democrats for some time because of its other name right the --. and and i'm not like i don't know if there's actually a biological difference between the two but in terms of symbolism, it's the same but the elephant was his invention. so that's why when we talk about him we often say he popularized and invented these images is because the elephant was his creation, but the donkey was not but he tended to he made the donkey into kind of this eternal symbol. but there are lots of of examples in political cartooning both before nast and sense where animals become symbol of some quality. it's so foxes for being wily and often birds. and sometimes the symbol is a cultural association with the animal and other times. it's a literary reference. for example to poe right, and

if anyone is familiar, for example, with the cartoonist joseph keppler or matt morgan, they would usestuff and sometimes they portrayed what looks like nast as a monkey with a pencil in his tail. there's lots of animal portrayals. and a donkey is a much older image. it had been used for democrats for some time because of its other name, the jack ass. i don't know if there's actually a biological difference between the two. but in terms of symbolism, it's the same. but the elephant was his invention. he said he popularized and invented these images. the elephant was his creation and the donkey was not. but there are lots of examples in political cartooning both before nast and since where animals become the symbol of some quality. foxes for being wiley, and often birds and sometimes the symbol is a cultural association with the animal and other times it's a literary reference. for example, tapo, right, they'll take something where there's a famous animal in some work of literature and transpose it into the cartoon. that's common for cartoonists. not everybody is fun to caricature and n

matt: when bankers at morgan stanley and goldman sachs are all hanging out in the eagle club, don't they to each other hey, we gave bill weighing a ton of leverage. have you? erik: if bill ever found out about that, they would loose his business. the lack of disclosure among prime brokers such as morgan stanley and others is e central to the industry. this is what regulators are taking a look at. what is obvious at this point is a lack of what you just described. the prime brokers did not know what they were doing collectively. there is limited ability when you open a swap account for the prime broker to demand financials. each prime broker was, to a degree, operating in the dark. that is crazy. there is an incentive for the prime brokers not to demand more information beyond his insistence to remain anonymous, they want his money. if they say, we demand this, and he says, take a hike. you face a quandary. that is one of the reasons this has become standard operating procedure. matt: it will be interesting to see if they continue to extend that kind of leverage to these whales. erik scha

morgan, matt welcome to "mad money." >> great to be back, jim. >> this is the seventh time you've hosted. when i read your pieces this morning, i'm beginning to believe that you think this may be one of the most bullish times we've ever had in retail. >> jim, i would say the tone across the conference was optimism and having covered the stocks for more than a decade, it had to be the most bullish tone across the board. both from the low end all the way up to the high end the key to me, though, you have the near term dynamic where we have governments assistance and that wasn't where the confidence lied the confidence from these management teams is we have a strong consumer before this started and now you have a strong setup after you have debt ratios at 40-year lows and savings in the mid teens. we have a strong consumer and structural changes all of these companies are operating with less inventory on hand, e commerce is the highest margin channel that's going to be higher structurally going forward so you have companies that i think are operating at a higher level exiting this pandemic

arnold kim breton morgan davis matt rose mike williams brooks bennett austan olive and garrett wimmerr. who, stranded one by david kay barnes lisa: mellon and john ernie performed by paul mcgann nicola walker padding warhead rebecca roots pump price and tom baker. >> next up is original work which is a growing category. here the script is not developed from a book. this ears finalist for original works are. >> a rock obama 60 minute interview by steve cross narrated -- barack obama and steve kroft. the confederacy, truth and reconciliation written and narrated by t-bone burnett. the end of my heart by gayle forman narrated by diane krueger, gabriel bond elizabeth evans josh hurley amanda rowan county emily bauer neal of your and jesse einstein. getting started with sourdough from flower to one great loaf written and narrated by chad robertson and jennifer latham. when you have finished saving the world by jesse eisenberg, narrated by catherine deaver and jesse eisenberg. >> and the winner is. >> when you finish saving the world by jesse eisenberg narrated by caitlyn deaver and jesse e

matt miller with amber kanwar. big banks reporting results. jp morgans, bank of america a the names expected to release numbers. jp morgan and goldman sachs tomorrow, bank of america and citigroup thursday with morgan stanley. mike mayo is head of large bank research at wells fargo securities. previous quarters have been really driven by the trading activity, at least in terms of revenue growth. is that the same for q1 or do we see another leader? mike: we can summarize the quarter as the 5 c's. one would be capital markets but with credit quality, return of capital, the yield curve and cost control. capital markets certainly are stronger for longer and we think the biggest earnings surprise will come from goldman sachs because they are in the sweet spot as the ultimate dealmaker. they ranked number one on deals for the last decade and post pandemic every industry in every geography has to rethink their business plans. it is a growth business when you are an advisor and you should certainly see that goldman sachs. the other big capital market players as

coming up, jp morgan bank anastasia amoroso, and then matt hornbach.ith guys tomorrow morning. they will be here. i won't. this is bloomberg. ritika: with the first word news, i am ritika gupta. republicans do not like the way president biden wants to play for his -- wants to paper is infrastructure plan. he has proposed raising the corporate tax rate to 28% plus a 21% minimal tax on global corporate earnings. one white house advisor is skeptical of what republicans are saying. >> republican support investment in infrastructure. this is something that has a great need. i think there is a significant disconnect between republican opposition. ritika: meanwhile, some progressive democrats say the plan does not spend enough. there are racial disparities in vaccination rates. states and cities have an oxalate almost twice as big a share of their white population is there black population. in several states, that gap is more than twice as big. it is said it is taking longer to build up trust among communities of color. global news 24 hours a day, on air and

matt: joining us now is mike bell, j.p. morgan asset management global market strategist.mliv blog this morning, i saw a really fascinating post from wes goodman saying the bull run has years to go and the reason is that baby boomers, rather than going into bonds, have stayed in equities or reupped in equities and now on 30% of corporate america -- own 30% of corporate america. the fed cannot afford to let the market fail. do you agree? mike: well, i agree that we have probably got several years for this bull market to run. maybe not necessarily for that reason. i think the main reason is that if history tells you that you want to be invested in equities, unless you think there is one to be a recession in the next 12 months. contrary to that, looks like it's going to be pretty spectacular. we talked about the fed just now. may be the fed hikes rates in 2023. even so, if they hike four times in 2023 in the most aggressive scenario and four times in 2024, which i don't think is the base case by any means, then may that causes a recession sometime in 2025. but on the view tha

matt: price for perfection is a term i keep hearing a lot. especially in regards to jp morgan.en down every single day this week and yet rave reviews from analysts who cover the bank. i was talking to ken lyons from cfra today. he loves the bank. why are investors selling these? >> a lot of the story is interest rates for these big consumer banks. the second is profitability. a lot of these results were boosted by reserve releases that are in the billions. it's fantastic that they see the economy is getting better in the longer term consumer behavior is showing that consumers want to save money. they want to pay down their debt. my question is does this sing -- signal a paradigm shift where the banks try to earn money from consumers in different ways rather than simply loans. the other thing is investment banking. there's winners and losers here. jp morgan, goldman sachs and morgan stanley are the biggest when it comes to mergers and acquisitions and if m&a is the next big shoe to drop, you have goldman bringing in a billion dollars and everyone else always behind. amanda: the

matt: you come from a wall street career, not a biotech career. you are the vice-chairman of jp morgan's you have been called one of the best private bankers in the country, so how did you make this switch and do you feel like those ties have enabled you to be better equipped to raise funds for research? brian: i left jp morgan after i had been there for 32 years and i thought it was time to do something different. i made health care investments, because i think it is an interesting area and biotech seemed like a unique opportunity to treat a broad range of cases that have autoimmune disease, and most importantly to promote tissue regeneration, and ultimately return to function. for me, it was -- i was presented with the opportunity to become ceo, to focus on commercialization of the drug therapies. and so it's an interesting opportunity to perhaps give back to society. i have friends that have autoimmune disease, and i myself have had one, so this is a unique opportunity to work with what is an incredibly unique therapy to make a huge difference. matt: any chance that bioincept goes to

anna: stay tuned for more from matt miller's interview with daimler's ceo. 7:35 in london. >> jp morgan$13 billion of bonds, the largest deal ever by a bank, taking advantage of borrowing costs to boost its capital. the sale follows the banks best quarter ever with investment banking beat of 57%. chinese carmaker geely says its new electric car unit will give them an edge against big tech in the ev market. its president has told us deliveries of the new car begin in december. it is targeting 50,000 sales annually by 2022 after two more models are added. >> it was spun off from geely to become a brand-new company. no matter its brand, product, teams, organization, or culture, which is no different from any other company. anna: -- >> that is the bloomberg business flash. anna: coming up on the program, the nuclear option. the u.s. imposes sanctions on russian sovereign debt. we speak to the president of the country's second largest lender. this is bloomberg. >> the united states is not looking to kick off a cycle of escalation and conflict with russia. we want a stable relationship. if ru

matt: -- manus: we are in one big experiment. e*trade survey says we are in a bubble. three quarters of retail investors say we are fully or somewhat in a bubble. jp morganere is another 10% left to the upside. we have a big bond auction. it went grand, it went fine. china down by 0.3% and dollar yuan -- janet yellen is holding back from committing to calling china a currency manipulator. a savvy move to take us off the boil. a little bit of a baby offramp from the anxiousness between china and the united states. >> we will find out thursday when the fx report gets released, but also interesting because we hear the biden administration is nervous about if china starts to do a digital yuan. the other big story this week, we have to brace ourselves. first quarter earnings season. results are due from goldman, jp morgan, bank of america. joining us to discuss all of this is hannah gooch peters. very good morning to you. where exactly a year on from when we had those earnings calls and all executives said was we cannot forecast the future. we are definitely better off, but what is the main thing you're going to be looking at, the main driver in this earning

morgan finished fourth. what a feeling is his how graeme mcdowell described his hole in one at the zurich classic team event, in louisiana. he teamed up with england's mattr guy got the ball and i'm assuming kept it. some people think, i don't, that he should have given it to him. it’s i don't, that he should have given it to him. �* . i don't, that he should have given it to him. �* , ., i don't, that he should have given it to him. 3 ., ., this is how its done. kole calhoun from the arizona diamondbacks has a catch stolen from him by a lad at his first—ever baseball match. the fan was entitled to go for the ball as it was over the barrier, but denies calhoun a catch and an out. he took it in good spirits though, and went on tv afterwards. he should definitely take up the sport. his first ever match. he was very relaxed about — his first ever match. he was very relaxed about the _ his first ever match. he was very relaxed about the whole - his first ever match. he was very relaxed about the whole thing. i | relaxed about the whole thing. i probably would have backed away. what would you have done, mike? time for me to go. — what would you have done, mik