moynahan doesn't speak. len garment gets up. he says this is an obscenity. as a trial lawyer, what word would i use? obscenity. it sullies us all. the united states will turn this into a battering ram. he says the jewish people are not trial, the united nations is on trial. it did not the fill its ideals. they passed a resolution on to the general assembly. the delegates breakout and mock applause. herzog is watching this display and told the israeli delegation to hold -- to clap their hands. he knew it would be embarrassing to them. from across the room, a tall, 6'5" irish catholic kid came up. he stands up, crosses the room, hugs herzog and loudly yells. they walk arm in arm out of the u.n.. that is the tension. that of the resolution shows to us what the real challenges are. that of the resolution shows us that anti-israel forces really exist. they single out one country. despite the fact that it was voted in. they say that is the country that is a legitimate. that is the country that is not acceptable. that is the country we will demonize. that is the co

he communicated that to daniel patrick moynahan who spent 30 years -- that was basically the 30-year project bringing that back. he eventually became one of the powerful members of the public works committee in the senate who had influence on how that work got done. >> it's a great walk when you go to washington. >> that was the folklore that it was in the inaugural parade that he looked out and realized, this is not the stuff of a world class international city. >> initially, presidents were sworn in in march, then it was changed so that the interim would be shorter and sworn in in january. the speshs of abraham lincoln and the start of the civil war helped with that since between the election and his inauguration, war broke out. it's interesting, since the inauguration has been on or about january 20th, there have only been three other times when it has rained. it rained on fdr in 1937, which was his second inaugural. it rained on nixon in '69 and george w. bush in 2001. you think january 20th at this latitude, this climate, you think it would always be -- >> something terrible hap

to shape the kind of love that moynahan showed. you can't they get those kind of values. you can't make up the kind of the eventuality. i will end with two different expressions. everybody likes to talk about shared values and shared interests. i think we have seen that. can look at how the united states relies on israel, stable, democratic society in the middle east that has gone mad. we have seen how it is not just a one-way relationship but a two-way relationship. a true relationship. the american people, 60 or 70% remain supportive of the state of israel. i would say shared interests and values. i would add a third, shared challenges. the united states of america is going to a difficult time right now it is democracy. israel is as well. let's learn together. let's learn about what it is a vibrant,ate healthy democracy in the 21st century in the age of the internet. growinge of polarization and partisanship. how do we go together and learn from each other? twin democracies are sister democracies. finally, i will end with three sung byat were said and israelis in the st

those who have given up all hope because of the benign neglect to use daniel thatcher moynahan's expression has been practiced by the democratic party for half a century. >> a monopoly is coming to a quick end of the inner cities. the blind loyalty to one particular ideology in one particular party for that matter. that's coming to come to a crashing hault and there's going to be a row competition for ideas in the inner-city and i'm looking forward to an exciting time. lou: i agree with you and what it is however and it's hard to contemplate and to accept as we have allowed to generations of americans and all of that potential loss because as donald trump has made clear the democratic party came to town every four years and asked for votes and then said thank you very much. we will see you and another for it. beauty of it lou, i think in of his new patriotism era that he is ushering in pcs revitalization of the inner cities and rural communities across this country is the cornerstone of the new patriotism. lou: you used the expression. there's none of that in anything he has done. he would

i'm what ryan moynahan, chairman and chief executive officer at bank of america.to see you. >> good to see you. erik: we always seem to do this interview after the sun has gone down. >> you have to get better timing. erik: let's get the blood flowing. you have been here about 24 hours. what have you learned so far? do you feel more optimistic or not, perhaps more pessimistic about the outlook for your businesses based on the global economy and where it is headed? >> the global economy is still solid. people are still worrying about politics. that is the big discussion. the clients i have met from around the world so far feel good about the prospects in the country. they are all still trying to figure out what is going on with the election cycles. they ask a lot of questions about what is going on in our country as the administration changes this week. still very solid. that is what we see in the u.s. people spending money, employment level is strong. we feel good. erik: theresa may will be here on thursday. she made it clear today that it will be a hard brexit for

and pat moynahan, later to become a u.s.ator was adviser and said that nixon tried hard in the first nine months in office to be a good president and reach out to everybody and got no credit for it. by not getting that credit he was hurt and bruised and turned him down towards his darker impulses. so that's maybe something we might want to remember as new president comes in, that yes if you have philosophical and partisan differences with him, should oppose him but that constant wearing down may cause donald trump to decide what's he got to lose. >> i should have phrased the question differently. this is different than a shift in policy. seen a shift between conservative and liberals before. but this is president-elect unlike any other. added factor on top. >> there is indeed. as doug mentioned this man comes to office breaking the norms and he knows he's doing it and happy to do it. these are the rituals, i don't like them. modern presidency doesn't need them. everybody is expecting unexpected. and it's added layer of stres

then at the top of the hour, at 8:00 a.m., bank of america ceo brian moynahan will join us live from to break, take a look at u.s. equity futures. improving just a little. down just 27 now. and the wolf huffed and puffed... like you do sometimes, grandpa? well, when you have copd, it can be hard to breathe. it can be hard to get air out, which can make it hard to get air in. so i talked to my doctor. she said... symbicort could help you breathe better, starting within 5 minutes. symbicort doesn't replace a rescue inhaler for sudden symptoms. symbicort helps provide significant improvement of your lung function. symbicort is for copd, including chronic bronchitis and emphysema. it should not be taken more than twice a day. symbicort contains formoterol. medicines like formoterol increase the risk of death from asthma problems. symbicort may increase your risk of lung infections, osteoporosis, and some eye problems. you should tell your doctor if you have a heart condition or high blood pressure before taking it. symbicort could mean a day with better breathing. watch out, piggies! (ch

america fits in with other banks, what will be the distinctive feature you look at from fortress moynahanonment really helps them on the yield curve. investthat, plus they heavily in the businesses, as discussed, the consumer and wealth management -- that will give them margin improvement in 2017. ultimately, if you took a snapshot of the last five years, most of these calls with bank of america have been on regulation -- have been about regulation and legal cases. i think in this situation we are moving from doom and gloom to more of a glimmer of hope, especially with a new trump administration leading to friendlier regulation and a debate with the federal reserve about dodd-frank. francine: what do they need to do in terms of cost cuts? ken: cost cuts come in two components. there are really two drivers. you mentioned compensation. we have noted that because the fourth quarter was not a great quarter for investment banking, those bonuses probably will be down. year-over-year. but as i said before, it is really the investment in the consumer, banking, they will get wider margins with bet

those who have given up all hope because of the benign neglect to use daniel thatcher moynahan's expressionracticed by the democratic party for half a century. >> a monopoly is coming to a quick end of the inner cities. the blind loyalty to one particular ideology in one particular party for that matter. that's coming to come to a crashing hault and there's going to be a row competition for ideas in the inner-city and i'm looking forward to an exciting time. lou: i agree with you and what it is however and it's hard to contemplate and to accept as we have allowed to generations of americans and all of that potential loss because as donald trump has made clear the democratic party came to town every four years and asked for votes and then said thank you very much. we will see you and another for it. beauty of it lou, i think in of his new patriotism era that he is ushering in pcs revitalion of the inner cities and rural communities across this country is the cornerstone of the new patriotism. lou: you used the expression. there's none of that in anything he has done. he would have been very

moynahan discussed how the incoming trump administration may change the game. >> the optimism here andank of america and among our customers is palpable and has driven bank stock prices higher. we will have to see how these topics play out, but we are optimistic. in the interim, we will continue to operate the company by controlling and driving what we can. found noinvestigation single trigger to last fall's flash crash in the british pound. onthe space of two minutes october 6, sterling fell more than 6% against the dollar to the lowest level in 31 years. bank of international settlements suggests factors ranging from the time of day to the lack of experience of staff as reasons. it's an underwhelming start for nintendo's new switch gaming console. the new tablet sized device will go on sale march 3 with a price of $300. that is higher than rival consoles. investors aren't convinced the switch will be a big hit for nintendo after presentation in tokyo. company shares fell on the 6%. -- almost 6%. boeing one in order of airplanes from india's budget airline. it is worth $22 billion in

then ambassador patrick moynahan said if there were no general assembly, this could not happen. so you are taking on a challenge here to reform a u.n. that is unreformable, and do you have game plan to so? >> it is what i have done all of my life. i love to the fix things and i see a u.n. that can absolutely be fixed. there are reforms that need to be taking place and in a lot of ear a yas. a and there are things that the u.n. does well, and we talked about the food and the health organizations and what they have done with the aids epidemic and all of those things have been very good, but we have to look at certain issues, and if you are looking at 16 peacekeeping operations. and some are very successful. some are not. we need to go back to look at when we get into a mission, what is the end goal? is it happening? do we need to shift and do things differently, or do we need to pull out? you are look at sierra leone, and you can see that it started out rocky and ended up strong. if we look at south sudan, it is terrible. but you also have to look at not getting cooperation from t