that's what you're hearing brian moynihan, ceo of bank of america.h more on the outlook of the economy when the world economic conference kicks off in davos. i'll be there with a huge lineup of ceos. we'll talk to jane frazier, marc benioff, pfizer's albert bourla, and coca-cola's james quency, service now's bill mcdermott it's a great lineup and so many different industries across america and the world about what they're expecting for 2023 it all starts tuesday live from davos. >>> when we come back, wall street is buzzing about a major red flag being raised by one of silicon valley's most successful venture capital firms. details when "closing bell" returns. heart-pounding design. intelligent technology. courageous performance. discover a new world of possibilities in the all-new lexus rx. never lose your edge. the first time you connected your website and your store was also the first time you realized... we can do anything. cheesecake cookies? [together] the chookie! manage all your sales from one place with a partner that always puts you first.

thanks so much brian moynihan chairman ceo bof away. are -- >> taking a step down, give those economic numbers. cheryl: yeah, you and brian moynihan talking about housing the numbers actually starts actually jumped we are are 1.3892 million starts a jump month-to-month of 11.3% surprise for wall street this morning perlts down 1.6% month-to-month, 1.33 million below that expectations, but, again, start jumping so goes into conversation you were having with brian moynihan claims quick 190,000 less than expected as far as building goes looking for 214,000 initial, continuing 12.647 million higher than estimates, philly fed january, negative 8.9 looking for negative 11 so a little bit better-than-expected philly fed number. maria: thank you cheryl we'll be right back. stay with us you dow industrials write now down 279 just shy of the low of the onic morning back in a minute. . with voya, considering all your financial choices together... can help you make smarter decisions. for a more confident financial future. hey, a tandem bicycle. can

maria: coming up, i'll be speaking with david rubenstein, howard lutnick and brian moynihan on that to topic among others. futures indicating a decline of 177-ton dow industrials, s&p 500 down 21, nasdaq lower by 65 as we look ahead to more earnings this morning as well as economic data. procter & gamble reporting quarterly numbers before the bell, netflix after the bell. we're waiting on jobless claims, building permits and housing starts coming up this morning at 8:30 a.m. eastern. all this after stocks finished lower yesterday, take a look. dow industrials down 6114 points at the close, -- 614 points at the close, almost 2%, nasdaq had the worst day in two weeks with a decline of 138, s&p 500 lower by 1 and-a-half percent on the session. european markets this morning look like this. check the eurozone, the ft 100 down 61, the cac down 89, dax index right now lower by 188, 1 and a quarter percent. in asia overnight markets were mixed. weak spots was in japan, nikkei down 1 and-a-half percent, the others of moving fractionally. more biden document drama this morning, new photos from 1

figure they must make fortunes, but there's a lot of repricing going on, and that didn't work brian moynihaned, theays, the economy, they're raising rates, so the consumer doesn't have as much money as before you look at the wells fargo and it's down a lot. you say to yourself, okay, how in heaven's name do you really know what that number's about? given the fact that it's been in the crosshairs of the regulators, the expenses are down dramatically, which tells me that things are getting better, and most importantly, there's one line the buyback is back. >> the buyback is back, right? >> if you ask me what line did i want to see? i would say, the expense line. what line shocked me the buyback is back. bank of america was terrific citi people are buying -- david, they have no idea why they're buying they don't i mean, david, the citi -- the book value is $80, and look where the stock is, $49. you and i both have to say to ourselves, wait a second there's something wrong here now, the one that actually is very clean is the one we're going to be speaking to. >> blackrock, yeah blackrock was pre

session yesterday investors trying to brush off recession-wary comments from the likes of brian moynihan and jane fraser >>> now, back to the friendly skies, united out with the latest results and a bullish outlook for the start of the new year. >>> first it was amazon and sale salesforce now another tech giant is preparing to cut costs and staff potentially as soon as today. >>> plus, bitcoin holding onto gains. the digital asset is up more than 20% so far just this year it's only been 2 1/2 weeks why the calendar t new year, could signal some bullish bets in that beaten up crypto sector, and later on why twitter is auctioning off its bluebird sign it's january 18th, 2023, and you're watching "worldwide exchange" right here on cnbc ♪ >>> good morning i'm dominic chu in for brian sullivan let's look at u.s. equity futures after yesterday saw the dow and s&p ending the day lower. the nasdaq hanging onto its win streak for the longest since 2021 futures are relatively calm but mixed. the dow is down by a modest 19 points at this stage, the s&p up by just 1 and nasdaq by 3. very, very slow.

he was a partizan, but daniel patrick moynihan said some made standards, others set them barber conable has been of the others and for 20 years in congress, he was always in the minority. and he certainly had though huge influence on that republican minority in those years, didn't he? oh, there's no question about it. he was. but those us on the republican side who never knew what the majority was like, he was a guiding light. he's the one that taught us how to behave in committee and what to do and to try to succeed and to narrow your field something you could accomplish. and then try to make happen. the thing that struck me in the book is that how closely came to being chairman? if you had stuck it out? two more elections, of course, by that time was president of the world bank was probably better. but if he had stuck it out would have been, on the other hand, i don't think he too liked it at all with newt gingrich, conservative republicans running the show, not any sort of really blending of liberals and moderates. and i think that jimmy and i, we're talking that's what's missing in

bank of america, i think, that brian moynihan may have been more positive. don't want to confuse the viewer at home i think the takeaway is, holy cow, people are all over the place. some are very optimistic, and then you look at the -- at what united airlines is saying and kirby, and it's like the ramp is big. then you look at jb hunt today, fourth largest trucker, and they're like, oh my god, we're missing on every line. i come back and say, this is the inflection point where you have a lot of companies beginning to miss, but we don't mind because that miss is going to translate into something good at the end of this year, because jay powell says, you know what, it's starting to work for me. ppi, a little bit weaker so, this is what i expected. i have always put more faith in jay powell than everyone else, to the point where my wife looks at me kpand says, listen, the m love thing, cut it out the numbers from davos confirm so far that the plane is -- the runway is looking good and you don't have to foam it. you ever been on a foam runway >> thankfully, no.

hathaway: senator moynihan saw this before anyone else and was a big advocate for china deal with this problem. this is before things have spiraled out of control. this is bad for government because in the end, the government cannot tell people what it is doing. and it really handcuffed people in the government from talking to ordinary americans about work that they are doing and people who are in government getting information from outside of government. it hamstrung congress because they might get briefings on things but they cannot tell constituents what they know because briefings are classified and they cannot share the information. so really it is not good for democracy and that was part of moynihan's point, so you are exactly right. as for what is the law, here is the crazy thing creative it is an executive order. it is not even a law passed by congress, it was an executive order issued by the president that then you've got to keep the information classified. you've got to manage and keep this information from the public. and so there is a long executive order. the most recent o

my beloved mentor, senator moynihan served four terms, so to be elected to a fifth term is humbling, you a-inspiring and keeps me going and delivering. thank you, new york for this honor and you can be sure every day i get up in the morning, i will give it my all to fight and deliver for you. but, of course i cannot do it alone. today i want to thank all of my staff whose relentlessness and determination are only matched by their talent and deep love for this country. though impossible to name all of them, i must single out one in particular, one of the very best, steve mann, my deputy state director. he came down today to watch me get sworn in as the longest serving senator from new york, and as i do, steve mann will -- is the longest-serving senate staffer i ever had. steve is everything you would want in a staffer, hardworking, loyal, caring, and a yankee fan, but unfortunately he's also a cowboy fan. not everybody's perfect, as i remind him about the cowboys. steve is a new york native, took a chance on me years ago when i first ran for office and never looked back. though both o

lauren: brian moynihan, bank of america, i apologize, brian moynihan bank of america said unemploymentdious looking for people to be laid off, demand destruction, lower inflation. they have to get off the goal of 2%. we're not going to be there anymore. >> ken, thank you very much for the time. >> thank you. >> coming up elon musk's troubles are piling up. tesla owners say they were duped. now he has to be in a courtroom with people he says hate him. we'll have all the details musk-related right after this. ♪. this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. ♪ if you walmart, you know with everyday low prices, your dollar goes even further. ♪ so you can do more with the people you love. you spend a little less, to get a little more, ♪ to make life a

then you've got brian moynihan at bank of america, saying our baseline scenario, contemplates a mild recession and jamie dimon at jpmorgan, maybe a mild recession, maybe not, i'm pointing out there are geopolitical uncertainties which are real and we had our eyes focused on them and we hope they go away, they may not. the bottom line, all the big bank ceos have a more conservative outlook about the economy in the coming months >> dom, wait a minute. you have three of them, all using the exact same term, mild recession? >> mild recession. >> i don't like that >> it is almost consensus at this point, which makes you wonder whether or not there could be acounter trend issue that develops. >> makes me think we're either going to grow 5% or collapse to something much deeper. great thing to highlight, thank you. we appreciate it dom chu. this is the point we're trying to make right now. there is so much macro confusion. which way does the data point, to an economy that is growing or an economy that is lowing? in the growing camp, you jobless claims at 205,000. payroll expanding, wages stil

so i attribute a lot of this to the kind of sloppiness and to the view that pat moynihan, senator moynihan put forward a long time ago and that is we put classifications on too many documents, there are so many secrets and as a result people get complacent about what is it that's classified. >> definite concerns about overclassification. i remember when i had a clearance sometimes lunch plans were somehow classified. >> exactly. >> because it is better to classify than not clay foochlt. david and caroline, thanks so much. >> thank you. >>> people just at this point being able to get out there to survey the damage, hopefully start to clean up after these severe storms and tornadoes ripped throughout south leaving in their wake a very long path of destruction. >>> and also a heartbreak, at least seven people we know were killed in alabama and georgia. homes as you can see in these images just ripped apart, perhaps not surprisingly at this hour thousands still without power. >> how often have we seen devastating pictures like this in recent weeks? this is griffin county, georgia, where the st

pat moynihan, former senator moynihan, an idol of mine, used to work for him, he wrote many, many decades ago the government was full of secrets that never should have been secret. one of the casualties of this entire political story is we should be cleaning up all the ba baloney, what is the role of the national archives working with former presidents and maybe vice presidents as well. these are unanswered questions, and you know, what's good for the goose is good for the gander. mr. biden made a gigantic think of this, they actually invaded mar-a-lago, the most extraordinary thing for an ex-president and the whole thing is backfiring and it's going to take months and months and months and months and months, i don't know whether biden can survive this. certainly in terms of his running for president, i don't think he can survive this. but he shouldn't have done it in the first place. they should have worked it out with trump and the national archives, you follow me, and biden should have worked it out with the national archives, and we shouldn't have to go through this. >> sandra: i've g

yesterday we have a battle here, and i'm not going to play your game, but it's jamie dimon versus moynihano me is the story of the first half of this year, the trends that we'll see. what that means for consumers, access to credit, that sort of thing. a lot of guys feel like the consumer is still in a pretty good chart i have a chart here of mortgage originalations, and what happened, we had like everything went haywire, they doubled and now they have come all the way back here. if you're wells fargo, why wouldn't you be retrenching here >> back to the consumer. the consumer theoretically is still pretty good. the wagegains have been made b the consumer inflation is in coming down. many consumers are still employed. >> all good things without question consumer credit, record number of credit card debt, so that's the counter-argument to the consumer's in great shape. i say it all the time, as long as things are going along, everything is fin, people will spend money. you get a hiccup, then they start saying should i be buying that starbucks that tim has absolutely no problem buying, but had

we had david solomon and brian moynihan speaking. i got messages from fund passengers saying they appreciated david's tough tony. in the end of the day, this is a risk management business. if you do not prepare for the worse coming will be stuck doing so for the next couple of years. alix: if job cuts are going to come across the port, he despite the fact that markets are starting, if you cut terror, does that offset the ability to make topline revenue. allison? allison: it is a recognition of what we have seen. we set drastically lowered last year coming off of a record 2021. it should not be surprising that headcount is going to adjust to reflect that. i think what is important about the number, even though it is a large number in size, keep in mind that goldman has had a lot of growth in its employee base since the last time they do these cuts. i believe it is looking to be only a third or a little over a third in terms of the amount of cut going toward trading. a lot of the deductions are related to the consumer business, where t

brian moynihan really delivered.america's up or down by 2.8%. >> i'm sorry, bank of america should be up >> okay. so, i mean -- >> i'll tell you this. there's a lot of mistakes about how people were looking at how these companies were going to be doing, and that's the problem. i mean, wells, they have to spend a lot of money getting past the regulators. why don't people realize that? they just didn't seem to realize that they're getting out of a lot of businesses that are not good they're getting their expenses down jpmorgan is just a clean, solid quarter, but jpmorgan ran in advance. i just think that there are some misinformation here, becky there's just misinformation. >> we just had eric kanter on, and he threw out an interesting line, that he thinks m&a is going to be up sharply this year because prices are down because people need money, if it's going to be taking out money ahead of stuff or repaying back loans because there's all this activist activity that's taking place. does that make sense to you? that's a

more than 35 years ago when i was a young staffer working for senator daniel patrick moynihan, i loveut there were no affordable childcare options available to my family pics i put my career on hold, raised the family and sora often we knw it's the mom's in particular force to make these decisions. and with that experience i was so proud we worked together last you to announce $7 billion over four years to focus on affordable childcare in our budget. we worked together to get it done. thank you. thank you. we brought down -- [applause] we brought down out of pocket costs for more families. we expanded care in areas that were severely lacking. you know what the problem is? too many families just are not accessing the resources that are available. believe it or not, only 10% of families who0% are eligible for childcare assistance are actually enrolled. now, it may be that it's the legacy of the system that was by design difficult to navigate. that has to change. our plan will streamline and centralize the childcare application process. we will also expand more access to vulnerable famil

our lineup of guests includes the bank of america ceo, brian moynihan, the wta director general, and africa's president cyril ramaphosa. there is plenty more coming up, across european equities, currently gaining .1%, paring some of the earlier strength. as a futures in the u.s. now on national holiday but looking down .4% on the e minis, beetle. they are of -- e minis, beautiful shot thereof davos. ♪ tom: welcome back to the open, we are 47 minutes into the european trading day. the optimism has faded, gaining just .1% on the benchmark, france flat, just up a little under .1% in germany, and commodity selling off. let's get the first word news now. at least 60 people were killed when a yeti airlines flight crashed on sunday. it took off from kathmandu and came down close to its destination of pokhara airport. the aviation authorities has the weather was clear and there was no distress call before the crash. 15 foreigners and at least 53 nepalese were among those on board. china has announced almost 60,000 covid deaths over the latest five-week period, renewing calls for information

i wish we had brian moynihan here to sit in with us today. lisa is on, but the answer is yes.hey are genetically linked to cost-cutting peer that is the solution. >> the last couple of days, they plan to cut 500 jobs since 2019. it's been a while, and to the point with the goldman cuts, they judge decent job, and sonali basak, introducing through the pandemic cuts that we usually make that were made. now, there'll be made at once. >> i'm in the camp that they are using this. 2.5% of their workforce is published by bloomberg. you can see the on the description screen. i would say paul sweeney is way more knowledgeable about this than i am. he is helping me at 9 a.m.. paul would tell you to or 3% is normal, and if you go to a percentage cut at bank of america or whatever bank that is tesla-like or salesforce light, that is a different story. are we going to see that in the earnings season, starting in this hour? i'm not sure. >> do we get a mike wilson earnings season that he expects? >> in banking, i don't think we will. >> you don't think we will in banking, but intact? >> the

thursday, bank of america ceo brian moynihan and cantor fitzgerald ceo howard lutnick will weigh in,ornings with maria". >> dagen: time for "the big buzz" of the morning. some of the laws around the world that are truly bizarre , some of these include flushing the toilet after 10 p.m. in switzerland is forbidden, letting a chicken cross the road in georgia, building a sand castle on some beaches in spain, setting off fireworks in norway, and giving alcohol to a moose in alaska. of course, that should be illegal. you can't give alcohol to moose. >> [laughter] dagen: anywhere, joe? or mitch? >> i mean, look, there's some bizarre laws right here at home, right? they are trying to get rid of the gas stoves. they closed indian point because they are worried about all that stuff so look, laws don't make any sense. wokism is killing american folks dagen: what about the chicken crossed the road? >> it seems like lawmakers trying to make a joke and make it legislation. all i know is i worked in switzerland for a while and i guarantee there must be an outstanding warrant for me because i was d

>> if you listen to brian moynihan for example, he believes there is plenty of cushion left.gives you a sense of time. there is something built in to what they are seeing in the coming months. it is something they will need to closely monitor. they will need to monitor the stress points as they do but as we go into a downturn it will be even more important. there is no acute sense of immediate problems. the commentary you are hearing and what we heard on friday was overall there is a balance. and shareholders are taking it pretty well with most of those stocks doing pretty well on friday. shery: item with a wrapup of bank earnings. we are in the midst of a earnings season in the u.s. headlines. credit suisse cutting more than 10% of its european investment bankers adding to hundreds of job losses in london and zÜrich. the swiss lender has been reducing headcount after announcing plans to cut 9000 to report its second consecutive annual loss next month. apple's manufacturing partners have included southeast asia in their expansion plans for 2023. both companies are adding more

session yesterday investors trying to brush off recession-wary comments from the likes of brian moynihan and jane fraser >>> now, back to the friendly skies, united out with the latest results and a bullish outlook for the start of the new year. >>> first it was amazon and sale salesforce now another tech giant is preparing to cut costs and staff potentially as soon

you have brian moynihan, james gorman later in the week.ifferent conversation that you'll have with them maybe then with jane fraser. jay: we always want to talk about the consumer and the middle-market. david: he has been relatively positive about the economy, thinks it is going well. james gorman is doing well at morgan stanley, but he also decided to move back into etf's. a question of whether they can catch up with the jp morgan's of the world. guy: you spend a lot of time talking to these people. the data that we saw last week, cpi beginning to soften, the claims data painting a picture of a robusta labor market. you spoke moments ago about the poly crisis, but can we took off for this year u.s. recession? is that one of the messages that we get, that we are overdoing the pessimism, under doing the optimism? david: you have seen some analysts suggest that. i will ask jane fraser this tomorrow. she said there might well be a recession in the second half, we will ask if she still thinks that. as you suggest, some of the economic data sug

tomorrow i'll be speaking with the bank of america ceo brian moynihan.vid rubenstein, howard lutnick , and maria salazar. cheryl and kenny, great conversations today. of course, our big interview, west virginia senator joe manchin made some news in terms of the debt ceiling tomorrow, and we also got a sense of the sentiment on the ground. it was not as negative as a lot of people thought about the global economy. yes, a lot of people are expect ing recession and a sharp slowdown this year, but not as detrimental as many expected coming into this meeting, cheryl >> cheryl: maria i think we talked a little bit earlier in the show about these technology layoffs this white collar job loss, if you will, but we still have a pretty tight labor market when it comes to the services sector, when it comes to restaurants, truck drivers, and inflation is slowing. we just got that data 30 minutes ago so i think the feds going to be an interesting data point to watch in two weeks from now when they meet and make their decision on interest rates. >> right. maria: what d

much more ahead this morning, bank of america ceo brian moynihan will be live, conversation on the groundut a potential global recession. the state of american big banks and lending. but first joining me this hour, c3ai, ceo tom is here, we will talk about the benefits of ai and how it's being used. florida congressman maria salazar, don't miss a moment ofive. you're watching mornings with maria live on fox business. ♪ ♪ ♪ maria: welcome back, time for the word on wall street, top investors watching your money. joining me right now strategic wealth partner mark tepper, head of u.s. rates gregory, gentlemen, good to see you both. greg, let me start with you, pennsylvania federal reserve parker late yesterday reiterating support for quarter point hike going forward. a look at treasuries this morning. we see a mixshowing. ten-year at 3.39%, way down from the high over the last year. you say the yield curve shape is sending clear signs about a slowdown. tell us more. >> good afternoon to you, maria. thank you for having me here this morning in new york. look, i mean, the yield curve shape, i

hathaway. >> it's a great question and you're right senator moynihan saw that way before anybody else and was a big advocate for trying to deal with this problem. this was before if things had spiraled out of control. even then he said we are classifying way too much and this is bad for government. it means that government can't tell people what it's doing and it handcuffs peopling government from talking to ordinary americans about the work that they are doing anything from getting information from outside of the government and it hamstrings the congress. they might give briefings on things and they can't tell their constituents what they know because of its classified they can't share that information so it's not good for democracy and that was part of moynihan's point. you are absolutely right he was way ahead of his time. it's actually an executive order. it's not even a law passed by congress. an executive order is just an order issued by the president that says we have to keep this information classified and we have got to manage and keep this information from the public. those

brian moynihan was saying, we got over our skis in terms of hiring and went to the jp morgan gathering last night. fascinating. go talk to almond nassar. we chatted away. jp morgan. looking at jp morgan, it depends what bank you are at. geopolitics were front and says -- center yesterday with the saudi's in terms of their role in arbitrating between ukraine and russia. they are present. let's take a look at -- listen to the prince. >> we are continuing to engage with both parties. our main objective is to find a way to end the conflict. everyone agrees that the only way the conflict will and is at the negotiating table. we hope to encourage all parties to find a path sooner rather than later. manus: speaking to me yesterday here and travels and saying, was there a window for de-escalation? he doesn't think there's a window for de-escalation today. the conversations continue. i will be tracking the fbi story with the saudi's. as far as i'm concerned, it was the $2 trillion of asset owners that bloomberg spoke to in the space of 24 hours and how they see the world, that was the peak mome

of what we've seen in public markets, but it will be interesting to see what the likes of brian moynihan has to say, jamie dimon from jpmorgan about the strength of the u.s. consumer and whether we are finally beginning to see signs of moderation weakness there, and that is going to be, again, something that the fed will be watching very closely, too, because consumer credit so far has been holding up. >> i think the other piece to the banking story around layoffs is really interesting because it's not just about the finance sector when you read a headline that goldman sachs is laying off thousands of workers, it doesn't necessarily elicit a ton of sympathy the way it might in other sectors, but it is often seen as a leading indicator. if a bank is cutting back, they're the first line of insight into the economy that could be a sign others are going to be joining. >> one thing i would say about goldman is they have traditionally every year taken a percentage of the bottom performers and announced job cuts with respect to those bottom performers. they stopped it temporarily, and they've n

and replacements for commerce secretary, bank of america ceo brian moynihan, top front runner armando are looking for a dip in inflation. that's what they are waiting for in something we don't have to pin on her. she can say job well done. let's move on to somebody else because the economy could get nasty. inflation might not be the problem, recession -- neil: or something that could be short-term. neil: you want to somebody who worked in private sector, wall street could get pretty hairy. bank of america -- that's the thing to hear. we could get squarely and in 2023 i have sources, analysts talking about this, investor sources saying quickly under pressure stocks under pressure, probably going to unload espn and/or do the whole thing. espn as part of abc, to take out the whole thing. neil: is that a separate trading interview? charles: there are a lot of potential players. that is what i understand and it is not just a bunch of analysts theorizing. investors are plugged into the company. there is a major activist investor in the stock. look who is in the stock. if you really want to

and we have co-host of the 5, it is jessica tarlov and "new york post" reporter lidia moynihan. my fear, abby, the border op will be similar to when kim jong-un goes to day care centers in north korea it say lie. >> yes, my biggest worry that he doesn't know how to download an app that was a good demonstration. you know, this is a curious thing, it has been two years, there have been over 4 million encountering at tthe border, all he has to do is go down there spend 10 minutes with bill melugin. he has to know what is going on. at least him making an effort to go, he has to address the problem. that is the biggest issue, he has not tried to address it. he has been ignoring it. kennedy: why now? why not two years ago. this would have been really helpful stuff before we had a massive surge and you know you look at number of people who have drowned in the rio grande alone. not to mention those who don't know about in the desert. you have to acknowledge a problem but why wait for it to become this big. >> first year of his presidency was about covid mitigation, title 42 was in place

. >>> tomorrow on the show big executive interviews you don't want to miss bank of america brian moynihaninterscrew and first on cnbc interview with wells fargo cfo. tomorrow 3:00 p.m. eastern time. all over bank earnings story. >>> just about two minutes to go here on the trading day, mike what do you see on market internals? >> noer strong day look at volumes put there. pretty consistent the last few days broadly strong look at about 3.5 to 1 versus declining volume on the new york stock exchange and i mentioned yesterday starting to see new highs swapping new lows. well part the market heat, but a good sign demand is showing up out there. volatility index really come in. now under 19 mentioned before, done with sort of big macro swing data releases for a little while the fed meeting's not for three weeks and earnings are out there with off-setting current based on company-by-company news that's been the time when wanted to lighten up on stocks. when the vix is below 20 over the last year or so. the bear market rules since start of 2020. see if it still applies. not forever an ironclad

defended that they will not stop lending to fossil fuel here is jamie dimon a couple weeks ago, brian moynihannot going to shut down lending to these companies that may not be in the narrative of the democrat party? >> i am not going to stop -- anyone's narrative any party, we will decide for ourselves, what the risk is whether we want to do it, it makes sense may not always be you agree with it or republicans agree with it or democrats debris with it. maria: global stands on n sustainability climate needed to align capitalism with what society wants from it are you buying into global standards you are going to stop lending to oil and gas companies. >> we have, 40 billion dollars outstanding alones to oil and gas we do capital market transactions fund all and gas companies the key to keep it in balance, expect a list subpoena will solve problems if you let it go. maria: a riley how are you going to ensure these i guess still lend to and then that need lending in fossil fuel industry? >> well you know in west virginia, i was first state to publish what is called being restrictive final institut

new york stock exchange president lynn martin all joining us thursday bank of america ceo brian moynihanine up on "mornings with maria." . so you can enjoy more of...this. this is the planning effect. ... bath fitter is a better way to remodel your tub. a custom-made watertight fit and high-quality materials mean a beautiful tub, and a great value. bath fitter. it just fits. visit bathfitter.com to book your free consultation. they're looking for you. who? who's looking? there is no time. they will kill you....but my daughter. mama. ♪ i got into debt in college and, no matter how much i paid, it followed me everywhere. so i consolidated it into a low-rate personal loan from sofi. get a personal loan with no fees, low fixed rates, and borrow up to $100k. sofi. get your money right. maria: well a big thank you thank you to nicholas giordano and liz peek. >> thank you for having us. >> thank you. maria: have a great weekend, everybody i'll see you tonight on maria bartiromo's wall street and "sunday morning futures" stu take it away. stuart: good morning, maria, good morning, everyone. you

pat moynihan 15 years ago headed up a bipartisan commission to look at secrecy and what he found wase 2 million people in the federal government who could slap classifications on documents, and there were 1 million people in private industry who had the capacity to put classifications on documents. and so naturally things just took off. and it made people inside the government increasingly complacent. and what you're seeing, i think, and find some of these documents in a garage for god's sakes is a sloppiness, a massive sloppiness on people who don't understand -- and actually this was quite sensitive. we should take this seriously. but they've been engulfed by a lot of this other stuff where, you know, as jim sciutto was saying earlier today on this channel, you know, he said basically you used to have a sandwich down for lunch and then you put a stamp out and you have to put in a classification on it. >> you mentioned this before do you think this impacts biden's expected announcement for running? >> i don't know. i don't know, anderson. i think it really depends. i don't think his

richard quest spoke with brian moynihan about the challenges he sees. >> at the end of the day, the economyople forget how much of the economic downturn was spackled over, it was piled on top of. we still have, think of it, social security increases coming through them. that's more money in people's pockets. companies like us, believe me, our employees are getting paid more. year over year their wages grew because of the great resignation. third thing is federal employees all got a pay raise. you have the ira and the infrastructure bill. neither one, much money has been spent. you have the supplies to the war in ukraine. these are our stores. we have to rebuild. by the way, the people still have trillions -- more than trillions of dollars in their accounts. >> while an investigative team working at the u.s. supreme court says it has yet to determine who leaked a draft opinion overturning roe versus wade, the leak, the worst breach of confidentiality in the court's history became public on may 2nd when politico published the draft opinion. they conducted 126 formal interviews of 97 employees

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moynihan argued secrecy has become a form of regulation and bureaucratic control.overnment view information as power and don't want to share it and develop elaborate mechanisms to hoard it. they cover up mistakes and illegal activities by classifying the problem away. richard nixon's solicitor general wrote in 1989 about the publication of the pentagon papers. the top secret documents about the vietnam war released while the war was still being waged. this is what he said. i have never seen any trace of a threat to the national security from the publication. indeed, i have never even seen it suggested that there was such an actual threat. it becomes apparent to any person with classified material that there is massive overclassification and that the principle concern is not with national security but with governmental embarrassment of one sort or another. democratic government demands transparency and accountability and control over government are impossible when citizens know so little about what it is doing. and when government has the power to block access to an

b of a ceo brian moynihan discussing results and michael, the cfo at wells fargo the fun begins at 3: p.m. eastern. >>> we have a lot to do here on "power lunch." defense stocks trading lower goldman downgrades a couple of big names. could congress get enough streets to cut defense spending? plus, a recovery for amazon, up 12%. but new numbers show ratings for the nfl are down mostly because amazon took the thursday night package. anoxaudience there less prbu anrost d can streaming pay off long-term? we'll be right back. hi ladies! alex from u.s. bank! can she help? how about a comprehensive point of sale system... that can track inventory, manage schedules- and customize orders? that's what u.s. bank business essentials is for. (oven explosion) what about a new oven, can u.s. bank help us there? we can serve loans in as fast as 12 minutes. that would be a big help! huge! jumbo! ginormous! woo! -woo! finding ways to make your business boom. that's what u.s. bank is for. we'll get there together. i screwed up. mhm. i got us t-mobile home internet. now cell phone users have priority ove

even bank of america ceo brian moynihan who said everyone has to get on board with the global standardspanies can. we're not going to stop lending to fossil fuel companies. jamie dimon from jp morgan said the same thing. obviously, there is a transition to try to tweak to a cleaner environment but it doesn't happen overnight. but larry fink is defending his position in terms of voting his shares. he's got all of those etfs and enormous amounts of assets under management, nine, 10, $12 trillion we're talking about. he's voting on these rules and is it cutting off fossil fuel companies from getting the lending and the support what that they need? >> it clearly has a chilling effect that's out there. we see, for example, the safe harbor rule you described earlier, we've had the opportunity as attorneys general to be able to submit comment letters specifically to the respective regulatory bodies and i expect you'll see significant litigation in this world over the coming months as we have an opportunity to truly push back on this liberal agenda. maria: well, i want you to explain the impact

you even heard from bank of america, brian moynihan, saying 90 day cl delinquent credit cars rising aowhere near pre-pandemic levels. i feel like the consumer is okay but certainly something we're watching we. maria: we'll see about business. lou basenese said we had a problem with cloud revenue at microsoft. what does that mean for amazon? >> exactly. maria: and aws. >> thinking about that. we're looking forward to next week. i'm thinking about the fact that this administration and i'm sure he'll tout it today, president biden, labor market is holding up. that's one thing we've got. jerome powell told us people will lose their jobs. you told us about tech layoffs, microsoft, amazon, ibm is the latest one. this is what i worry about, participation is very low and people will be out of work, that spells trouble. maria: you're absolutely right. >> the trickle of layoffs coming through and some of them are more than a trickle really starts to get scary because you wonder what does that mean going into 2023. notice this, the companieses that are doing the layoffs are getting nice boosts i

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. >>> and brian moynihan on "closing bell" tomorrow at 3:00 p.m.> coming up on "power lunch," condo king of miami's newest project and why he's betting big on super luxury amid signs of a slowdown three minutes away from "power lunch. ers e tyler cam. getting ready. tyler, we see you. don't do anything crazy. catch you on the other side of this quick break don't go anywhere. ♪ something you can have and hold. ♪ ♪ i'd build a road in gold just to have some dreaming, ♪ ♪ dreaming is free. ♪ accenture, let there be change. (woman 1) i just switched to verizon business unlimited. it's just right for my little business. unlimited premium data. unlimited hotspot data. (woman 2) you know it's from the most reliable 5g network in america? (vo) when it comes to your business, not all bars are created equal. so switch to verizon business unlimited today. ♪♪ choosing miracle-ear was a great decision. like when i decided to host family movie nights. miracle-ear made it easy. i just booked an appointment and a certified hearing care professional evaluated my he

you run the risk of a recession and according to bank of america's ceo, brian moynihan, he's saying, recession. >> we basically have a mild recession predicted starting mid this year into '24. we expect to take rates up over 5% and hold hem through pretty much next year. unemployment will move a little bit. will: so i'll start, we'll go in reverse order, taylor this time. do you agree with -- >> yea, i think he's spot on. you're going to see an increase in unemployment which the fed has frankly said, that's okay, that's not our priority. >> yeah, we need that unemployment, as a matter of fact, jerome powell said. and i listened to all of maria's interviews with the ceos at davos, and they all said something is coming. how steep is, we don't know. as somebody who has been following wall street for a long time, i listen to the ceos, the money guys. they tend to know what's coming. will: brian, soft recession or hard recession? >> well, here's the problem, okay? you've got the bank ceos saying maybe a mild recession, but you've got a u.s. economy that's limping along, and this administr

bank of america ceo brian moynihan clarified himself to me in davos. >> we have $40 billion outstandingl and gas companies. two days ago there was an article written are how we are one of the major funders, we fund oil companies and those leaders. maria: the house majority leader, kyiv scalise, will be here next. ♪e ki ♪ i started turning point usa to do the work to help save america. we are america's fastest growing conservative movement. right now, the world economic forum and global elites are planning the great reset. their sinister plan to destroy our economy and redefine your freedoms. that's why i want to send you my exclusive book, the american response to the great reset for a gift of any amount. this book takes you behind closed doors to reveal their radical agenda and arms you to fight back for the future of our beautiful country. join the growing number of concerned americans who are already standing up by calling our special hotline or go to tpusa.com to get your copy with a gift of any amount, right now. we are at a turning point, but it's not too late. call or go to tpusa

by the way, bank of america ceo brian moynihan will be on "closing bell" tomorrow.great to see you. see you soon thanks for your acronym, cast. so what do we have here? we have lags, we have flambe, we have tslq and we have -- what was yours? >> see, you come to me you remember everybody else's. i mean, you probably remember mels's mojo >> mojo. all right. >> mojo rising >> las vegas sands heading to long island. will the multibillion-dollar project move the needle on the stock? that trade and more, next on asmoy. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones >>> welcome back to "fast money. the race to land the next big casino license in the empire state is heating up. las vegas sands today unveiling plans for an ambitious new site in long island our very own contessa brewer's got the details. hey, contessa. >> hi there, melissa yeah, sands could shell out an estimated 4 billion

first came the moynihan report and the it blamed black people for the problems it uses, whereas the black males, in terms of not being at home, first thing people did when they enslave black people, problem to this country was a separate to fathers for that first thing they did. and that kept on is with all the jim crow laws and jails filled with black males. the second thing they did was was the poverty program, the drain of the leadership from the black community, from across track right. that was intentional. and then to make the whole goes a lot of other pieces that you look at, but i won't try to go to level one. the hitches did didn't face the other program. the head was called urban renewal, but it built expressway ways right through the black community in the strength of it and economic development. the purpose to divide and conquer. all right. the purpose of it was to go out and give it structure the to strengthen the community. it was aimed at the target was the family structure of this of of our communities was extended family. that's the kind of family where the young people s