i drove stanley in italy.tually true >> stephen: "supernova" is out on friday. colin firth and stanley tucci all the way from over the pond, everybody. we'll be right back with a performance by adrianne lenker. thank you, gentlemen. cause it's. bundliling for example. you've got car insurance here. and hohome insuranance here. why not..... schuhuuuuzp.. put themem together.r. save eveven more. some thihings are jujust bettr togethther, aren't't they? like tea a and crumpetets. but yoyou wouldn't't bundle just anynything. like, say.y... a porcrcupine in a balloloon factoryry. no. that'd'd be a messss. i mean f for starterers, poporcupines a are famouslsy no g good in a t team settin. geico. save eveven more whenen bundle hohome anand car insusurance. instantly clear every day congestion geico. with vicks sinex saline e nasl mimist. fofor drug freree relief t thats fast.. vicks s sinex. insnstantly cr everday y congestionon. ♪ ♪ ♪ these e are both satisfyiying snacks.s. at 30 cacalories v88 is s surprisinglgly f

paul stanley on dennis miller close one. right here on this show. because there was no attempt to reform what the banks had done and the global financial crisis was caused by the banks who were hoarding the cash they were sitting on the cash they were lending it here we are in 2021 exactly as they predicted they did reform the banks in fact they just expanded their credit card they expanded their a capacity to print and borrow and give away cash to their friends causing this huge crisis. then a 2nd wave coming no the virus is mutating i walk 2 blocks away from the apartment and i would get confused as to colleague it's not. meanwhile patients who recovered from cove it started to report some unusual aftereffects the symptoms were different but. my hearing has been ok i think. one of the things like research is all over the world are trying to determine the many pains and other problems and then turn it all into numbers showing my hair. the 1113 there this is throughout the day right here just. various reports that didn't just leave for 35 percent of

guy: what does e*trade mean for morgan stanley? we are about to see a fresh round of checks going out. you wonder if some of that money will end up being invested. to the retail boom has been huge this year. it does that continue? marty: the part that is interesting with morgan stanley is even if you take out the spike of all this investment banking that happened this year and we roll into next year's earnings, from 2015 two now, morgan stanley has strategically doubled its earnings -- 15 -- 2015 to now morgan stanley has it strategically doubled its earnings. at that has push their returns up, increased to their earnings and that is the long-term momentum you are investing in in a bank like morgan stanley. alix: they are called robinhood even though they can trade on any platform. you see stocks without a lot of revenue pop, very different from the beginning of this rally we saw back in 2020 when it was the big tech guys. i wonder how you think of a incoming administration with that. do you see more heavier oversights, more questi

paul stanley on dennis miller plus one. when else so small seems wrong but all are all just don't call. me old yet to shape our disdain comes to educate and in game training equals betrayal. when so many find themselves worlds apart we choose to look for common ground. by the demick no certainly no borders and is blind to nationalities. as a marginal temperature of the we don't look like seeing the world peace to be. judged as coming crisis with this system tomorrow. we can do better we should be doing better. everyone is contributing each of their own way but we also know that this crisis will not go on forever the challenges create the response has been massive so many good people are helping us. it makes us feel very proud that we are in it together. taste awful. no the virus is mutating like walk 2 blocks away from the apartment and i would get confused. meanwhile patients who had recovered from. the symptoms were different but. my hearing has been ok i think. one of the things like research is all over the world are tr

paul stanley on dennis miller close one. defenders of big tech often exclaim if you don't like their platforms think bill jones well on this edition of crossfire we talked with some interested individuals do we just not against all the odds will they succeed. is your media a reflection of reality. in a world transformed. what will make you feel safe. isolation for community. are you going the right way or are you being led somewhere. direct. what is true what is faith. in the world corrupted you need to descend. to join us in the depths. for a mate in the shallowest. pfizer cuts deliveries of its own covert vaccine in europe and north america are off to production that i think threats all the legal action from italy on poland. serbia and just talks with russia to start its own production of the sport makes me boxing we hear from over now and serbian film director about his thoughts on job. growth and jobs will be in the future since it's. a should looks good looks and. is going to be a much more spread did you believe before

paul stanley on dennis miller close one. in 2040 you know bloody revolution to the demonstrations going from being relatively peaceful political protests to be creasing the violent revolution is always spontaneous or is it just. put me in the. school in the middle of the former ukrainian president recalls the events of 2014. those who took part in the state over 5000000000 dollars to assist ukraine in these and other goals that will ensure a secure and prosperous and democratic. defenders of big tech often exclaimed if you don't like their platforms think build your own well on this edition of crossfire we talked with some intrepid individuals doing just that against all the odds when they succeed. ok stoffel like absolutely awful 1st game coded then a 2nd wave they say the 3rd is coming now the virus is mutating walk 2 blocks away from the apartment and i would get confused as to how to get. meanwhile patients who pick. covered from covert standard to reports of unusual aftereffects the symptoms were different but. my heari

stanley tucci, hosts of "poog", comedians kate berlant and jacqueline novak an all-new "closer look.ng the 8g band with fred armisen and now seth meys. ♪ >> seth: welcome to "late night. how is everybody doing tonight that is so good to hear. well, personally i bought 500 shares of gamestop, so i'm doing either great or terrible there's no way to know let's get to the news. president biden had his first call yesterday with russian president vladimir putin talking to one of the plants in the oval office and it talked back the white house has announced that coronavirus vaccine distribution is expected to increase from 8.6 million to 10 million doses a week, which means that over 2.4 additional people could get vaccinated. president biden today signed an executive order halting new oil drilling operations on federal lands, because at this point it just feels like overkill the senate voted yesterday to move forward with former president trump's impeachment trial with 45 republicans indicating that they would not vote to convict trump. i guess once you reach that age, it's pretty hard to

lisa: we have had this rivalry between morgan stanley and goldman sachs.ems like morgan stanley, contrary to goldman sachs, beat on debt trading, eps, equity trading. shares are up more than 3% ahead of the open. what will people be saying when it comes to this rivalry in the wake of these fourth-quarter results? >> check out the market value. morgan stanley rising at a time when they have already surpassed goldman sachs in value. they are the number one equity trading's shop on wall street. j.p. morgan would love to take that year. they outperformed there. citigroup, bank of america, goldman sachs, short on fixed income trading. morgan stanley stepping in with a beat. tom: we will get a compare and contrast on that in a bit. i want to get to what gorman said, significant momentum into 2021. is that standard ceo boilerplate, or is it true? >> in the middle of last year, he was a little bit worried about these pickups we are seeing in the economy, and this is someone who is saying that we should see a v-shape. he was optimistic, changed his tone, and it loo

so long, morgan stanley. >> yeah.reaking out of a two-month consolidation. i like american express here >> guy, adamy. >> what reign heinous top is he wearing, could you clarify for us quickly >> is it a check of some sort? >> know. i'm sure it's made of hemp guy, final trade o. >> slb in earnings on >>> my mission is simple, to make you money i'm here to level the playing field forinvestors there's always a bull market somewhere and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends, i'm just trying to make you money. it's my job to entertain, educate and teach you how this business works call me 1-800-743-cnbc or tweet me @jimcramer. what

tiffany owns goldman sachs stephanie link owns morgan stanley. stephanie link, you first. >> i love morgan stanley i love what the ceo team is doing, they bought etrade, you have revenue and cost synergies there, they have great capital markets business, an established wealth management business, very diversified and not just dependent on a steeper yield curve. they announced a $10 million buyback that they'll start this quarter and trades at 12 times earnings and a 2% dividend yield as well. i've been adding to wells fargo. >> the goldman pick that skrjim has. here's mike mayo on goldman sachs this year. quote, we expect goldman stock to maintain its high suoon. we reiterate it as our best short-term buy idea. morgan stanley named a top pick over at wolf bank of america raised to outperform at wolf, steph, which you own. dr. j you got bank of america calls. tiff a tiffany, you own goldman, bank of america and jpm >> i do. outside of strong management, we do like diversified financials we like the trading income, we like the investment banking in

so is morgan stanley on wednesday.ollow citigroup and j.p.morgan, who share prices slid friday after reporting their outlook. joining us to discuss this is dani burger. what should we actually expect from results today? dani: the banks that have a strong president -- presence in capital markets and banking is set to shine, that his government text today, morgan stanley tomorrow, and that is because of the fourth quarter. we saw a sizable pickup when it comes to things like m&a, when it comes to ipo, and when it comes to volatile markets. it means that trading debt is going to be doing better. on the flipside, what you see is some concern about the more consumer oriented banks. that is perhaps why some of the ruins -- wanted -- some of the ones that we reported on friday struggle more than the others. this is where the u.s. banks show their domination over the european ones. you have goldman, morgan stanley topping the leaderboard when it comes to ipo advisors in the last quarter. europe doesn't hit that board of the to

earlier today, i spoke with award-winning filmmaker stanley nelson.its lasting impact on america. we talked about that and more >> there are tens of millions of dollars going into expanding the prison system, and that is when we really began to see the explosion of prison populations in the u.s. >> incarceration rates take off under clinton, but then, about the same time, '94, people start to become concerned that the people who were being arrested for crack were almost exclusively black. >> trevor: stanley nelson, welcome to "the daily social distancing show." >> thank you for having me. >> trevor: as one of america's most prolific documentary film-makers, you've received multiple awards, everything from emmys to awards from president barack obama himself. you've always been adept at telling the story of the african-american experience, and it feels like all stories would be incomplete without the story of the crack epidemic and the lies that surrounded that time in american history. as a filmmaker who told every kind of story, why did you feel this

we are morgan stanley.o give your businesss more than resolutions... give it solutions, from comcast business. work more efficiently with fast internet and advanced wifi. make your business safer with powerful cybersecurity solutions. and stay productive with 24/7 support. make this year's resolution better solutions. bounce forward with comcast business. get started with a powerful internet and voice solution for just $64.90 a month. plus, for a limited time, ask how to get a $500 prepaid card when you upgrade. switch today. >>> all right. welcome back to the exchange, and good monday afternoon. $2,000 covid stimulus checks and student loan forgiveness, and we have a closer look at what is in play. ylan. >> president-elect biden is going to unveil the plan, and moderate democrats are already opposing them. senator joe manchin says it is not carte blanche, and bernie sanders says it is a plus. ron wyden is going to try to boost those proposals by $600 a week by october, but maybe that is too much and too lo

looks like we have lost our connection there with professor stanley we apologize for that 3rd is the problems with technology all right let's move on. international olympic committee president thomas baa has addressed concerns about the viability of the tokyo olympic games saying it is not a question of if the rescheduled games will go ahead at the end of july but pal the i.o.c. boss would not elaborate what exact coronavirus protocols were going to be in place but he says that the individual federations were already leading the way when it came to corona virus testing during competition it's. our that's going to reminder now the top story that we're following for you the european union has told drug maker astra zeneca that it must share coded 19 vaccines from 2 plants in britain to make up for delivery delays to europe for astra zeneca says its contract with europe only mention targets rather than legally binding deadlines. i don't forget you can always get 50 w. news on the go just download our app who will play or from the app store that will give you access to all of the latest n

we are morgan stanley. into strategies for the road ahead. ♪ ♪ ♪ digital transformation has failed tohasn't removed the endless mundane work we all hate. ♪ ♪ ♪ automation can solve that by taking on repetitive tasks for us. unleash your potential. uipath. reboot work. >> welcome back. i told you about oil sliding today. there it is, 2.5% for wti. still, it's been a great week and a great run for energy stocks great timing, too, for a guest that we have on tuesday. legendary trader, one of the best ever, mark fisher, the ceo of mbf trading he has a new call in the space he's going to share it with you. that is on tuesday at 12:00 eastern right here on the halftime report. we are looking forward to that given the climate in energy right now and where things may be heading and speaking of which, let's debate this a little bit because i've had people come on this program of late and said this is legit. this move is for real, and has staying power. cramer today, in looking at what's happened with energy, guys, says it's just a trade he's suspicious of the group he said anti-fossil fuel ass

i might add that in the past week it's emerged that morgan stanley owns 10 percent of micro strategy now so they have a massive bitcoin position they last week when they announced that this would this purchase had been made they also had said of course uses their heads last monday we published the 1st weekly warm up note from morgan stanley equity strategist michael wilson who in addition to warning that the market is ripe for a drawdown as the risk reward has deteriorated may tiriel a prediction which has yet to pass laid out his most country's arion view about 2021 namely that the big surprise in 2021 could be higher inflation the many including the fed expect currently the consensus is expecting a gradual and orderly increase in prices as the economy continues to recover however the move in asset prices like big coin suggest markets are starting to think this adjustment may not be so gradual or orderly sounds like they're watching kaiser report of course they were. well you know it's. it's the rise of inflation that's coming back into the mix people are talking about it again and

i might add that in the past week it's emerged that morgan stanley owns 10 percent of micro strategy now so they have a massive bitcoin position they last week when they announced that this would this purchase had been made they also had said of course is there a hedge last monday we published the 1st weekly warm up note from morgan stanley equity strategist michael wilson who in addition to warning that the market is ripe for a drawdown as the risk reward has deteriorated may tiriel a prediction which has yet to pass laid out his most countries arion view about 2021 namely that the big surprise in 2021 could be higher inflation the many including the fed expect currently the consensus is expecting a gradual and orderly increase in prices as the economy continues to recover however the move in asset prices like big coin suggest markets are starting to think this adjustment may not be so gradual or orderly sounds like they're watching kaiser report of course they were. well you know it's. it's the rise of inflation that's coming back into the mix people are talking about it again and

morgan stanley, a lot of people would argue, was right.he question is, going forward, what is the right model for a wall street bank in an ultra low industry environment with low competition? tom: that word model is not taken lightly as we look at strategy and tactics. i do want to color in advance the idea that david solomon has to speak on the bombshell that the new york dropped onnge executive orders, stock exchange saying no. this is "bloomberg surveillance tom: good morning, everyone. tom keene in new york with lisa abramowicz. we welcome all of you worldwide. futures deteriorate. watching the yield space. it is the most interesting year for goldman sachs, but was so important back to 1869 is that at one point goldman sachs was a small business. things have changed for david solomon, it is front and center. with esther solomon, our son ali bostick. -- with esther solomon, our cinelli bostick -- sonali bostick . sonali: goldman sachs said more than 30% of businesses didn't know they could survive. what is at stake here? david: thank yo

mike wilson of morgan stanley will be joining us in moments. jon, what i find fascinating about the pandemic is how local each story is here yet, it is all the same. we forget it is a natural disaster. jonathan: the outlook is changing though, tom, and i think we came into this you're thinking more about synchronized global growth, and that may still be the story for the back half of the year. but as january grows older, it is a much more fragmented outlook because the vaccination rollout is so different. the u.k. relative to the continent, the mainland, europe relative to the united states, and i think that builds to a conversation about where the opportunities are within asset classes, between different iago fees. tom: germany resets gdp from 4.4% i believe down about 3% about two hours ago. that is a reset that gets april out to july and maybe out into q4 of this year. jonathan: just not getting it done. we are talking about countries that have vaccinated 1% of their population and doing it at a really, really low rate relative to what we ar

represents one side and tom represents the other so my name is stanley tom i'm the tribal minister for a new car chris and colmes racially so i'd like to be a tribal at the ministry board in your. school teaching new intake there was a election dispute. in october a tall. the new car traditionally. console. somebody who works there. said we've never had to. hide a while. and it's an accident piece you were being accused of not having a tonight year's election when we moved in the wrong you had electric all these years i knew it was coming up. and some of the smarter words began following the money and realizing some of the money's not accounted for while they actually suspended the elections so once they suspended the election there was a there was a feeling that the community was being left out of the process yeah they were scheduled to leave in 2012. but through the division and the infighting and some of the you know bureaucratic issues the stalled as it stands now the federal government cannot. contract with either group so what they did was they basically took the contract out of

we are morgan stanley. dash" and take you right to the opening bell from there. jim?solute favorite stocks bar stool, online gambling is big and loop capital says to many red flags and downgrades it to a sell, and departure of the cfo and increased ownership of faster money and which is certainly the case and lowering estimates but it hasn't been able to ex pachbd, it's in pennsylvania, but guess what, next week they're going to start in michigan i don't know if this is well timed. because michigan is a homerun, if michigan is a homerun, and in media, a lot of betting going on into the super bowl, and well, this would be an ill-timed, i would say it is an ill-advised sell, if michigan cranks up and bar stool leaves bar stool is an amazing betting site and you know, david, who bar stool is the most exciting figure, perhaps, in, on the web right now. >> that's true there was a period of time where you were saying his name every day but you don't do that any longer >> david portnoy. >> i read his site it is really - >> and sports betting and gaming, well beyond this, loo

i might add that in the past week it's emerged that morgan stanley owns 10 percent of micro strategy now so they have a massive bitcoin position they last week when they announced that this would this purchase had been made they also had said according to 0 hedge last monday we published the 1st weekly warm up note from morgan stanley equity strategist michael wilson who in addition to warning that the market is ripe for a drawdown as the risk reward has did.

morgan stanley's mike wilson said the market is ripe for a draw down. he said we must acknowledge the risk/reward has deteriorated and the market is ripe for a draw down what do you think, bryn? >> jim said it very well, that there's pockets of froth look at zoom, for example. zoom is down close to almost 50% from its high earlier this year, earlier this this year where it touched almost 600 names like peloton, zoom, so many of those companies just had an extraordinary year in 2020 for extraordinary reasons, but i do think the only thing new in the world is the history woo don't know to carl icahn's point, if you go back to 2000 and look at amazon in 1998, am zwlon was at $5. a year later it was at 131 by 2001, it was back to $5 it did a full round trip in about two and a half years now, two decades later we can all say that was a wonderful buying opportunity but in this market we tend to think in days, not decades. so i think there are clearly areas that could have that kind of selloff again but ultimately as investors, we get paid to asset allocate an

and netflix after the closing bell later in the week, as you can see there, it's names like morgan stanleyited airlines, ibm, and intel so let's also get a look at the bond market right now. the yield on benchmark ten-year treasury notes, currently trading just a hair, well, that's wti crude, and we are now looking at some of those moves for those futures and ten-year note yields about 1.1% two-year note yields, 1.4%, and 30-year t bonds, 1.85% you can see oil prices higher. wti crude, 52.58, ice brent crude, up 1.2%, 55.42 the last trade there. in the last hour, the iea is out with a report cutting the 2021 oil demand outlook citing covid lock downs that are hurting fuel sales and you can see that's having some kind of an impact, what's happening let's take a look at what's happening with bitcoin prices, currently moving slightly to the up side, $1.8.37160. analysts at j.p. morgan recently warned there could be an investor exodus unless the cryptocurrency reclaims that level. 37,145 the last trade on bitcoin. let's go worldwide big gains across most of asia with the nikkei gaining 1%, the

at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪♪ we see protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley. . >>> welcome back, everybody, i'm sue herrera, here's your cnbc news update at this hour treasury nominee janet yellen says she will soon strengthen economic competitiveness, which includes significant spending on infrastructure yellen says must more be done to stop a pandemic-induced economic downturn >> i see, for example, extended unemployment insurance, snap benefits and so forth as having a very large bang for the buck a. huge bang for buck comes from the money we spend on public health to make sure that we have widespread vaccinations quickly. >> johns hopkins says the u.s. has confirmed more than 24 million cases of coronavirus and nearly 400,000 deaths. half of the nation's confirmed infections have happened since mid-november.

thank you to our guests, jason stanley, viktor olevich, and melinda liu. thank you for watching.an view our website or see us on facebook. you can also see the conversation on twitter. for me and the whole team, goodbye for now. ♪ >úogñññ

up, brian weinstein and morgan stanley. look at where we are with the markets and i have to say the markets disassociated from what we have seen in washington. lisa: disassociated from everything. basically people are looking past all the noise and they are looking at the tina trade. there is no alternative and that hasn't changed as of yet. people really are looking at valuations. there is still a lot that washington has to get done. about the political calculus of impeachment by democrats at a time when joe biden wants to focus squarely in getting stimulus passed and getting his opinion up and running. tom: i'm not going to weigh in. i'm just going to report the news. but it is really moving from saturday to the pelosi 60 minutes interview to the washington post. stay tuned because it's going to change in three hours and certainly within six or eight hours into the monday evening. -20 has become -26. points asdown 238 dow well. in fixed income, i'm a bit surprised to see yields correlate on the 10 year yield. lisa: the id

matthew harrison of morgan stanley.oming up, why bridgewater associates say it is a mistake to return to pre-covid times. this is bloomberg. ♪ vonnie: this is "bloomberg markets:." i am vonnie quinn. david mccormick says policy makers and business leaders are making a mistake trying to return the economy and society to a pre-pandemic normal. he spoke with erik schatzker at the year ahead conference. david: i think many countries have a plan? eric: what is our plan to ensure those across -- that should be our focus. eric: it is probably fair to say the economy of the 2010s was largely defined by rising asset prices and widening inequality. now we have a pandemic. should the federal reserve be choosing markets this aggressively? or is now the time to start putting the genie back in the bottle? david: it harkens back to my time in 2007 and 2008. it is similar and different in others, but the bottom line is we are at a moment where we have the health crisis and economic crisis and we are at the end of an era. our ability to

alix: moving forward, he get goldman sachs, morgan stanley.are you going to be watching there? betsy: key question here is how are we setting up for m&a in 2021? my colleague has a 40% uptick in m&a in 2021. we are factoring that into our models. that will support some nice leverage lending. that is really a key question for an edge meant. how did they think the set up is going to be into next year? the flipside is trading. we talked about this quarter, trading we think is going to be strong, the question is, how persistent can it be into 2021? a time when specifically we had -- specifically in fixed income we had trading. that is not going to continue, that spread compression is not going to continue. that is the push pull in the banking line. alix: now we have had a steepening. what does that do to the net interest margin? what does that do for the banks desire to learn more? betsy: it is two separate questions. [laughter] as it relates to the curve, the steeper curve will benefit net interest margins. to be clear, we are above the street fo

morgan stanley. i could go for an hour with him. futures negative five, dow futures -28, fixed 23.5. lisa, in the bond market, my question is how do you define a bear market? lisa: not this. steven major of hsbc but that a note this morning where he said he reaffirms calls for 10 year treasury yields to fall to 0.75%, so i treasury bowl at this. point -- so i treasury bowl -- a treasury bull at this point. jonathan: you look at the dollar market and how that has reversed just in the last week. i think of the mark mccormick interview we did. he's an outlier, but even dollar neutral is away from any kind of consensus. lisa: we see an increasing number of firms saying they are pushing back on this consistently weaker call for the dollar near-term. one thing someone said yesterday that i found interesting, talking about bond yields and inflation, is that you are seeing inflation in asset prices, signs of frost in asset prices. to that cause deflation if that comes off? i thought that was interesting. jonathan: let me do a data check bec

stanley! stanley, oh, my god! baby! oh, you're okay! uh, hey, mom. it's all right, stanley.

how do you do what you do it morgan stanley in this political maelstrom?ndrew: what an exciting morning. the big story as it pertains to financial markets is the 10 year treasury has broken 1%. whether that is political, the story of the economy recovering, whatever, i think it's important. inhink it causes a shift rotation leadership in the market. i think the political story is just part of it. i think the economy recovering, maybe it's more stimulus on the way. to the financial markets and what is going on, this is the really big story of the day. does this give a boost to financials or give a headwind to tech shares the echo where is the biggest equity -- two tech shares? where is the biggest -- nasdaq, there are parts of the nasdaq that are in a bubble. that is not to make cap tech stocks. stocksre a lot of nasdaq that are making money that are selling at sky high valuations. those sky high valuations become challenged as rates go up. i think that is vulnerable. as it pertains to politics, the mega cap tech stocks are selling off in in just -- in anti

big bank shares after morgan shanley -- stanley had uninspiring numbers, overweight risk assets within the u.s. and asia, favored stocks in china, south korea and singapore. treasuries ended little changed after declines in the face of soft demand metrics for what went underway in terms of the 20 year bond option. currently 108. the bloomberg dollar index, under pressure and brent crude down 0.3%. industry reports reported a rising u.s. stockpiles which added to mounting concerns that there is lackluster consumption crystallizing. let's check how the rest of the markets are holding up in asia with juliette saly who joins us from our singapore studio. >> fresh eyes on the regional benchmark index following the positive momentum among global stocks and u.s. equity futures. the regional index rising with the nikkei two to august 1990 highs even as the boj said risks are still tilted to the downside . the hang seng index hitting 30,000 points for the first time since may 2019. we have been on the sensex 50,000 watch and that happened, indian stocks remaining at a record and hitting 50,000.

we have a strategy among jp morgan, morgan stanley.his is michael's last earnings report, laying off this transition plan among leadership , something they will be speaking to and also turning the page on some of the competition with fixed income trading falling below estimates in a banner year where citigroup is one of the top debt underwriters in the world, is disappointing. lisa: we have michael who said, as he left, he wanted this to be a boring bank. what is the profitable model of a boring bank in 2021? sonali: it can never be so boring. if you cut some lines, it must mean had cost somewhere. how do you keep staff energized while you are fighting off some of these demons? lisa: thank you so much. do not be a stranger. right now we are seeing citigroup shares falling down about 1.5%. we will be coming back and digesting more from all of the earnings as she parses through. in the meantime, we have been getting a consensus on wall street that banks are the place to be. asset management, senior advantage for -- senior investment stra

morgan stanley any moment on the bond bubble. john, an open question as you migrate back to new york, how was your sabbatical? jonathan: i read a lot about bubbles just like you did. to me, what is interesting is not the magnitude, what we don't talk enough about is the duration of the distortion. this distortion existed pre-coo vid and has persisted for the best part of 10 years. typically we think of bubbles as something temporary. in the bond market, this is the story for the last several decades largely because of policy with central bankers. they hold the keys to unlocking the bubble as well. if they step back too quickly, i don't see any appetite for them to do that anytime soon. this is a very unique situation. a simple question with a complex answer, how long can it persist? tom: i like the duration idea. 1/8 of one percentage point. lisa, spx 12 months trailing up 17%. nasdaq up 45%. who knows, could be 60% i the end of the week. lisa, what caught your attention? lisa: the question of whether you can have a bubble in spe

morgan stanley and goldman were at the top of this. equity underwriting in asia pacific. the bonuses are across sectors. we will see the biggest payouts for bankers who worked in health care. the trading side has been busy. we are hearing the bonus 20% at morgan stanley in asia pacific. yousef: is it happening at all banks in the region? jonas: the bonuses will be smaller with that same group, and j.p. morgan, the and the more traditional banks, if you are looking globally, some are temporary payouts. it does not look good to have massive paydays in a difficult time for many people around the world because of the pandemic. yousef: we appreciate your time, thank you for that. jonas bergman. every day we break down our coverage, and today's number is 158%. here to explain is simone fox. >> truckers are spurning the trip between france and the u.k. while the crisis may be gone in the long lines of trucks that we saw around the end of last year, this is a real issue for those carrying goods between the countries. right now rejection rates,

morgan stanley is the best what an amazing quarter. capitalize investors that recognize picking stocks is a good way to manage your money. the asset gathering momentum is extraordinary. they are crushing it crushing it. number nine, remote work is here to stay. even when the pandemic is going. why? simple for the last ten months millions of white collar workers are stuck at home. call me 3 a.m., 7:0 a0 a.m. i would wake them up at a quarter to 3:00 and make them work william williams-sonoma, way fair, zoom video and amazon ten is health care biden doesn't have the votes in congress to do anything earth shaking here but i think his administration will try to make it easier to get insurance and that's good news for cvs because they own aetna asand regeneron. have two new themes brought to you by the biden white house be ready for electronic vehicles this is not new to you i'll bring them to you constantly, not just tesla, plug power somebody put a rate on that and electrical vehicle plays emerging with special purpose acquisition and cii

all right let's introduce our panel joining us from new haven in connecticut jason stanley a professor of philosophy at yale university in the u.s. . from beijing melinda liu the beijing bureau chief for newsweek magazine and from moscow victor only of its lead expert at the center for actual politics think tank welcome to you all jason let me start with you today at a time when democracy is in retreat in so many parts of the world how much of a threat does the attack the transpired on the capital in the us pose to both democracy in the u.s. and democracy around the world well obviously the last 4 years have been terrible for the brand of democracy they have reinforced the the thought of the enemies of democracy that democracy is hypocritical it's a mask in the united states for white supremacy for for naked power grabs and for minority powers and the wealthy to use ultra nationalism in the service of their own glorification and our and yesterday was the hopefully the culmination of that so so i'm hoping that the backlash to yesterday will will will help the brand of democracy rather t

we are morgan stanley. >>> welcome back it's time for today's power rundown.ac etf launches, a fin tech company, this is speculation and the bubble fears do grow around the space so far they have raised $16 billion. barry sternlek warning about the spac craze >> a lot of these companies won't be here, and many will need huge rounds of capital to build out technology, even if it's relevant. i don't think people buying these stocks today even know how it works it is a casino effect, a euphoria, and won't last the company -- some companies are really solid, but others aren't competitive upped well. it is fun time in the stock market >> i see that point. c cnbc's index is up nearly 30% since november >> talk about a double-edged sword. it wasn't long ago we were bemoaning the traditional -- it didn't give a democratized process. lo and behold you have the spac phrase, that ima staff manager, i'm going to give them the money and let them make the decision, and now people are complaining it's give away too much control. spacs might be emblematic -- >> it's another w

we will get the call from matt hornbach of morgan stanley in just a moment.his is "bloomberg surveillance ," counting you down to tom: the opening bell. tom:dow futures -- to the opening bell. tom: dow futures up 75? [laughter] jonathan: he's looking at the dow again. i think that's the first time i've done it in five years, ok? the dow is up 70. 67 now. does that help? does that add any value to anybody's day? tom: it is a value add. [laughter] jonathan: come on. this is bloomberg. ritika: with the first word news, i'm ritika gupta. a delegation of house members took the next step in the impeachment process. lawmakers delivered the single article of impeachment against donald trump to the senate. that triggered the start of an unprecedented trial of the former president, accused of incitement to interaction -- to insurrection. new treasury secretary janet yellen is tasked with promoting president biden's stimulus package and hiring a new staff. she will be the first woman to hold the job. yellen argued it is time to act big, with deficit spending to avoid lo

on dennis miller plus one we're going to talk to the great front man for the great band kiss paul stanley paul's doing a little solo album coming out he's assembled $1215.00 session guys they come over his us they've done some beautiful covers of smokey the temps also wrote a couple new sol songs for the album he's paul's a match man i always admired us but i like artists you know a lot of clothes and he's always been a great singer great band mate and also great business that paul stanley from kiss right after this dennis miller plus what. hey folks welcome the dentist know what plus why not let's face facts when you host a talk show there are times that ships that go bump in the night you don't know much about the person you're a purveyor of their product and their story it's a nice exchange that occasionally you get to interview somebody who you really admire and i don't know the other 2 guys of the genome over the years of addition to just being some of the greatest rockers of my generation glengarry business always nick clothing always admired this about these cats as paul once said