the fact is somehow it came out recommending bear stearns. to take your money out right now because it is not safe for bear stearns. the question was was there a way to be able to stem it and these are famous instances if you talk about it, are you dead should you come on well, it did not matter. we could have talked about washington mutual and i got about a dozen firms to talk about right now. >> people thought okay, they stemmed the crisis and dealt with bear stearns and shareholders were hurt, originally it was two bucks and moved on there was those that thought okay, we dealt of what was an incredibly high-levelled institutions >> contained is the word in terms of lessons now, you got household and government debt, ultra low rates around the world and you have cohahn on "squawk" seeing people cannot wake up with security risk >> the idea that you can journal the money out of an account is very true with bit coin and not true with banks. he can basically get the bad guys from north korea or russia, they're waiting to see your bitcoin accou

>> a lot has changed since the collapse of bear stearns ten years ago today. it happen again or did wall street learn its lesson >> and nothing but net a basketball player robot making its debut in japan we'll show you its incredible skills straight ahead. slam dunk edition of "power lunch" starts right now. >>> university of miami could have used that robot in the game yesterday. welcome, everybody, to "power lunch. i'm tyler mathisen stocks right now kind of mixed with the nasdaq, as you see there, in the red by the slimmest of margins. the dow losing steam as we head into this afternoon. it had been up about 160 points. now up a little more than half that, or about 90 points thes&p 500 is higher for the first time in five days, but again, by the slimmest of margins. financials, energy, telecom, those are your s&p 500 sector leaders. as you see right there walmart, american express, and the big cat are the top stocks powering the dow at this hour, with walmart bouncing back, up by 2.3%. some other movers at this hour i guess it is adobe, although it says abo

collapse are now kate kelly joins us, author of street fighters, the last 72 hours of bear stearns, the toughest firm on wall street welcome, kate. used to be part of the cnbc family still is as a contributor. >> back in 2008, heck yeah i remember that like it was yesterday. >> jimmy cane. >> jimmy cane -- where are they now. jimmy cane retired and he has been laying low. there was a story in "vanity fair" in 2014 what he was up to. a chair on the charity circuit playing golf frankly, there hasn't been much in the also year other than he sued andrew lavthal for an outstanding loan into her business and said he is still worth $400 million in 2015 in that "vanity fair" piece. partly from the bear stock when the price was raised he is doing okay. >> warren specter. >> the chairman of a private credit investment firm that i was not familiar with until i looked into it today bounded by some bear stearns alumni he executive produced a film in 2011 that was executive directed by his late wife from what i under he splits his time between martha's vineyard and florida. he left bear before th

they got, jpmorgan got bear stearns for $1 billion the value of the headquarters building at bear stearns we think that's what jpmorgan wanted, but they got that for the bargain price they got. >> a lot of litigation to come. >> didn't know -- day one. jpmorgan the market cap wept up $10 billion day one. everybody thought jpmorgan and jamie dimon were heroes. >> in march, seemed the beginning and end of the crisis. remember no one knew at the time six months later lehman would collapse and that was going to take everybody with it. >> we didn't agree that was the end of the crisis but would say it was a false positive for jpmorgan took jpmorgan five years to sustain have a stock price above the level of the initial surge exactly, the litigation costs so much more than any investor or jpmorgan on jamie dimon expected at the time. what looked like a home run turned out to be not quite a strikeout but not so rosy. >> which was the worst deal run around the crisis? bank of america, countrywide or something else >> probably countrywide. between the loans and litigation and those were the legal

we were very anxious this was bear stearns. company that was around for 85 years, was the fifth largest investment bank and everybody wanted to work there not only were we shocked with the announcement and by the way the $2 a share price for bear stearns, but i think we were also coming to the realization that there was a tough slog ahead that we were likely to see a recession and a very tough time and i think that was what was so upsets, that the reality had set in >> welcome back to the halftime report we are watching the price of crude oil. wti paced for its best in a week is this a technical move >> in part i know we did the futures now show yesterday with big sexy here and i had a short trade that i told you i did not like part of it was because the collapse you're seeing in venezuela is accelerating. they can't keep their production going and this morning, the michigan sentiment number, huge, huge number. refineries are going to get ready for that >> jeff, crude is holding over the $62 level. what are the levels you're wa

nobody thought bear stearns was going to fail. nobody thought merrill lynch was going to fail. >> or lehman brothers. >> nobody thought -- i often call this crisis a lack of imagination. >> you know who thought none of those things were going to happen, larry kudlow. >> and among others. among many, many others. >> a lot of us, me included, were very surprised. >>> up next, a scathing new report says treasury secretary steve mnuchin routinely opts to travel on pricey military planes instead of less expensive commercial flights. yet somehow he's one of the few people in the white house whose name is not being floated, is on the way out. not yet, not today. that can always change. my sourcing tells me, president trump, he ain't happy about all these special flights. directv nu more for your thing. your letting go thing. your sorry not sorry thing. your out with the old in with the new, onto bigger and better thing. get the live tv you love. no bulky hardware. no satellite. no annual contract. try directv now for $10/mo for 3 months.

it's been a decade since jpmorgan's buyout of bear stearns. and forward coming up. >>> and a surprising stat about your money in march. you have to hear this. stick around this is your new name. this is your new house. and a perfectly inconspicuous suv. you must become invisible. [hero] i'll take my chances. we can go down this what do you think? ♪ "never been in love" by cobra starship feat. iconapop ♪ woo! yeah! it's good! it's refreshing. ♪ this is what our version of financial planning looks like. tomorrow is important, but she's only seven once. spend your life living. find an advisor at northwesternmutual.com. >>> welcome back to "worldwide exchange." hard to believe we're approaching the top of the hour, that means that the team is getting ready for "squawk box. amazing how at 6:00 a.m. every day you guys come on tv. almost like it's scheduled i like it. >> believe me, i'm well aware of that because of the 3:50 a.m. alarm clock. >> sleeping in >> i don't know about you. i try not to drink in the morning. >> drink what? >> alcohol we hav

. >>> well, it was ten years ago bear stearns was bailed out. the once storied wall street rm was forced into a shotgun marriage with jp morgan and nearly $30 billion in assistance to save it from bankruptcy. in the months prior, t bank had written down bad loans, cut jobs, and looked forstins. as someone who was covering that story, the run on the bank and its ultimate sale was a remarkable turn ofaevents. stunning day on the stock market. stocks under severe pressure rlier this morning after bear stearns gets a bail out. >> it los a itslity to finance itself. and when you are an investment bank and you are levered significantly you need to be able to finance yourself. these things can happen like that. >> the speed at which the firm collapsed the fire sale price shocked wall street. >> attempts to hp bear stearns damaged the stock and damaged confidence overall, particularly inci fins. this is part of the great frustration. you do noing, the stock goes down, you try to help it the stock goes down. >> jp morgan is buying bear stearns at a rock

this is the 20-year anniversary of bear stearns collapse.hen i was at cnbc i broke many of the stories on the financial cries and its collapse. i didn't break it on twitter. now i'm on fox business, we have it here. when i would say bear stearns is doing x, lehman is doing this, aig is having this. i broke the story about the harp bailout. you can't wait to get on the air, you have to put it on twitter, fox business' twitter feed, you would think they can monetize. that i'm not saying i agree with it believes monetization is occurring right now. get on the train before you get in front of it and get run over. liz: we're going to keep the shot up before the president disembarks. >> of course. liz: i want to ask but a very buyer beware caveat emptor story. elizabeth holmes, i have saved this cover, and there you see her kind of dressed up, but she usually dresses like steve jobs with a turtleneck. she was the former it woman of fortune. i saved this for four years, she was on forbes as the first billionaire founding this company called therano

it has been ten years since the deal between bear stearns. we sat down to talk about the bail out take a listen. >> really is first thing we talked about was the unprecedented new york which drove the stock market down i asked him what his position was. take a look at this. >> the treasury department and the fed are taking swift action. good to have you >> thank you >> we have been collecting most vivid memories what's yours >> being called and i would point out people have asked what happened to bipartisan ship? it was complete. initiative was in their hands. you can't manage a crisis like that from the congress m you can be disrupt ifr and try to i influence it they had been saying we needed better tools so when bear stearns came what i did was sort of shelter from the attacks at the more conserve ti tive republicans planned to laufr launch on them they were very angry they had taken and i should note, by the way, that was a bail bail out. many which we supported because we department think there was an alternative. >> was there a sense it

you mentioned it is the 10 year anniversary of jpmorgan buying bear stearns.index and we are looking at jpmorgan, goldman sachs, and citigroup. we see huge declines than the stoxx flatlining for a few years and around 2013 taking off. beargan which did by stearns, perhaps a tell the tank was failing. now up 200%. what a recovery. scarlet: 10 years ago. we were just reminiscing. let's get you to bloomberg first word news with mark crumpton. mark: boris johnson accused russian president vladimir putin of personally ordering the expression spye and his daughter. johnson described it as the most brazen move since world war ii. the kremlin is thumbing its nose at the international community. >> the message is clear. we will do what we want. we do not give a damn. about our laws or other countries. mark: an autopsy revealed that he died from compression to the neck. russia's top agency for major crime says it has launched its own investigation into the death. which it is probing as murder. he was an associate of boris oligarch andian critic who died under disputed c

it was ten years since bear stearns.uickly time passes we're going to test whether we can do 3%. there may come a time when you're in here and it may be more difficult to poo-poo this because it happens. >> the basic argument that this was the tax cut, the corporate tax cut is going to create jobs was that the money was going to go into wages. >> right >> morgan stanley did some analysis that i heard on your greater network described yesterday morning, 70% of it is going into stock buy backs. >> some will go to buy backs, wages, it's going somewhere. at least it's coming back. >> 70% into buy backs and mergers. 13% in wages that is not going to lead to the explosion -- >> unless demand picks up and then it goes into wages. you don't just, you know, hire people if there's no demand. it's a chicken/egg thing. >> sure. the thing that we need in this economy, not just in the united states but globally, is more demand. >> this might help. >> i don't think tax -- >> don't hope that it doesn't happen just so that you're right.

bear stearns having a shotgun marriage. lauren: jpmorgan bought them for $2 a share and still to this day started questioning did they make the decision. cheryl: bad mortgage, a lot of leverage in the question we asked today, are we getting to that point again? that is coming out. lauren: breaking news overnight. the race in pennsylvania too close to call. candidate separated by just several hundred votes. pennsylvania special election for a u.s. house seat. last night the democrat, connerly and, declared the jury. >> we are practical people. we are serious people. and tonight we celebrate regaining our voice and our vote in the great citizens of governing this country we love. thank you. cheryl: rick saccone has no plans to concede. >> we are still fighting the fight. it is not over yet. we will fight all the way to the end. you know i never give out. you know my first race went into the night and we won that. my second race was the same way. we are kind of to this now. cheryl: a spokesperson for pennsylvania secretary of

, bear stearns was the first to go under and lehman brothers and the financial crisis.n approached it differently. he had a long-term bet against the major bond insurers particularly the mbia, he believed they were insuring so much debt, housing debt, stuff that would go under water, when the housing crisis hit, mbia and the bond surers would go as well. liz: they didn't have the collateral to back it up. >> and he was right. so he kind of -- he basically set the alarm bells before bear stearns hit the skids, mbia and the bond insurers do and a lot of that was because of bill ackman, i was reporting about it at cnbc at the time, and that made both of their names. if you fast-forward ten years later, both of them are in much different states. paulson is not doing well, laying people off like most hedge funds. the hedge funds have to cut fees to basically keep investors in because performance has been -- look at that, that's amazing as far as how much assets. >> people on siriusxm driving, we have paulson in 2011 had 38 billion in assets and today 9 billion. >> and look a

charles: 10 years since bear stearns bailouts. could history be on the verge of repeating itself?ore fallout on today's selloff. tonight on "making money" i hash it all out for you 6:00 p.m. eastern here on fox business. ♪ i'm just surprised it means in my kitchen. so, that means no breakfast? voya. helping you to and through retirement. stay at la quinta. where we're changing with stylish make-overs. then at your next meeting, set your seat height to its maximum level. bravo, tall meeting man. start winning today. book now at lq.com charles: stocks are down big today on trade worries but look how far they have come in the last 10 years since bear stearns bailout. the question some are asking, could that ever happen again? to fox business's deirdre bolton and charlie gasparino. deirdre, the big banks are bigger than they were before the bailout. so it is not inconceivable, is it? >> it is not inconceivable, but even most of the people involved in the deal-making 10 years ago say it is unlikely. we have the new fed chair, jerome powell, he was asked in november, are the banks too b

morgan when they did that sweetheart deal where they were gifted bear stearns over the weekend in two thousand and eight when they collapsed well they that they had inherited this huge short position that bear stearns held in silver so again these are in the futures markets they had a short position that was greater than the amount of silver even available for them to close to that and we you pointed out that if every person on earth actually bought just an ounce of silver or even one hundred million people bought an ounce of silver at fifteen bucks that this would crash j.p. morgan well remarkably here's a story and value walk because apparently jacob. oregon currently has like one hundred thirty two million ounces of silver one of the largest positions in the world if not the largest and the tweets from them do like j.p. morgan's doing by silver and notice that the woman is wearing crash a p morgan by silver so they are using a image from that campaign in two thousand and eleven and remarkably here's the chart of the j.p. morgan silver position this is two thousand and eleven and ki

ignore thatpears to nonbank financial companies like bear stearns, lehman brothers, and a.i.g. played a central role in the financial crisis. when these firms collapsed as a result of their failure to mitigate their own internal risk, their losses sent shock waves throughout the banking system. stress testing these kinds of nonbank financial institutions provides a valuable early warning system for our economy and gives both the companies and regulators a chance to correct problems before they have catastrophic effects on our financial stability. that is why i intend to offer an amendment that, if adopted, would restore the feds' discretionary authority to stress test any nonbank provided that the test meets certain conditions, including approval by a majority of fsoc members. it would also allow the fed to use alternatives to capital as appropriate when stress testing systemically important nonbanks and broadly s.e.c. and cftc's authority to require internal testing for entities under their purview. this amendment would ensure that large financial institutions like investment

jpmorgan'sokout decision to buy bear stearns in a fire sale during the financial crisis has paid off big time. ♪ mark: have a look that was happening. we are up for the day for the second consecutive day. analysts feel fairly optimistic about the prospects for the european benchmark for the end of 2018. they are guessing an estimated stoxx 600 will end around 410, and implied move of 9.4% from yesterday's close. other markets are higher. the currency columns, sovereign bond yields falling. about the mattel. trading debut in frankfurt. the health equipping company's german parent raising 4.2 billion. the biggest ipo in germany and almost two decades. each.each for 100 -- 28 the price was in the bottom half 20 80ange market hit by to 30 60 each -- 28-year-old each -- euro to 36 euor each. the divergence in the outlook for central bank currency and policy and scandinavian currency just got bigger. good news for the norwegian krone at the expense of sweden's korne. the central bank says it sees an interest rate increase after the summit this year, bringing it forward from the end of 2018

turns out it was jimmy kane from bear stearns.ear stearns burst into flames, jimmy kane was 74 years old. beyond jimmy kane, sandy weil was 70 when he left citigroup. rare.exceedingly leaves before 65. beforest everyone leaves 65. sometimes the board just decides they don't want to much greater around the table. -- gray hair around the table. here is a quote from james had in conversation we 2017. leadership in this organization is probably the most important thing to focus on. too often on wall street, leadership changes happen around events. something goes back, the ceo steps down. they are very event driven. that is the scenario every wall street ceo wants to avoid. unfortunately, many of them haven't. the victim of his own flaws or from b of a, same john stumpf with missteps, neither was dick fuld and. david: i am not going to ask you specifically about goldman sachs, but to talk about banks generally and where goldman sachs is in that cluster. banks are looking up at this point. this is a good time for transition because the

he used to be one of the big cheeses at bear stearns, had to move on because he had a cocaine issue,ognised and worked with. he has got history. dinner, frankly he has grown up to that history. this is an example of redemption, if you like tom and you can come back from a really difficult personal health crisis. taking us neatly onto our last story, which is happiness breaking out all over the nordic countries particularly finland. the happiness indexis particularly finland. the happiness index is out, finland at the top. is probably pitch black as we speak what they are a happy bunch because they are wealthy, healthy and have got theirfreedom. they are wealthy, healthy and have got their freedom. to be fair, it was pitch black when i arrived here too. iam was pitch black when i arrived here too. i am excited about this. it confounds all the stereotypes you think about the nordic countries, i am about to go to norway to have a break over easter myself so i am hoping... they have dropped off the top spot. i am hoping the happiness ru bs top spot. i am hoping the happiness rubs off. it

>> i was at bear stearns 10 years ago when they bought a. of itself. this is a help for trump in the sense he came into clearly deregulation and dodd-frank was one of his main agendas. clearly this was a big path in the senate, so it helps them bridge the gap is midterm elections are around the corner with the republican party. but i don't think it brings us back to the crisis level. back in february they gave wells fargo a spanking for some of the nefarious actions they've done the past couple years. i don't think this leads us back into the financial crisis, just as more sensibility to legislation. trained to carry us to see they read straight deal with this. good to see you. cheryl: we've got a lot more coming up. astronaut scott kelly in space and finding some really strange effects on his dna. we've got that. and fox meteorologist at janice dean is coming out. a new storm system out west and not storm is coming east. she is coming up next. ♪ ♪ hey, sir lose-a-lot! thou hast the patchy beard of a pre-pubescent squire! thy armor was forge

morgan took over stearns over -- under duress. you are looking at a chart about the banks since then. it has been especially wonderful in that. of time. that said -- that period of time. half -- glassm half empty gal, we are seeing uncertaintyis more creeping back in the market, whether it is the saudi aramco ipo or whether it is credit spreads wiping out. somethinge we seeing more potentially deep and prolonged? investors is a great place to start. we see uncertainty as a start. companies want to go out into a stable marketplace. investors is a great place to start. they want to have a certainty. investors won't make risky bets. when you have something as huge as aramco coming to the market, they will have questions about valuation and dividends. they are getting a timeout on the road talking to investors. david: my, investors are nervous but you also have a lot of -- mike, investors are nervous but you also have a lot of people out there. are they nervous? michael: past performance is no indication of future returns. the fed can

jpmorgan'sokout decision to buy bear stearns in a fire sale during the financial crisis has paid off mark: have a look that was

here is a bear stearns pen for you. >> lovely. lovely thank you. thank you.d we do with this? how much is this worth >> you tell me i'm not sure it works anymore. >> it doesn't work anymore. >> that may lower its value. >> it's struggling here. >> kind of symbolic. >> a coloring book >> so ten years ago we had bear stearns, then -- >> right. >> -- lehman, meryl, citigroup you could almost write a book about that. >> someone did, that i know. >> it's a good time to look at the stand alone investment bank, goldman sachs. today goldman sachs has a lot more to prove. look at the stock price. it's under performed in the last year look at trading. they had their worst quarter in a year since the financial crisis last year look at the strategy now you're going mass market consumer almost like from caviar to cheeseburgers. i have tips for ceo succession developmental length make transparent engage the board goldman, check, check, check on that but not have an article in the wall street journal making it look like a horse race between a couple of people one guy -- >>

he's also the chief economist at bear stearns. he worked in the ronald reagan office of management in budget. so he's got experience both in government and on wall street and in the financial media. he's a pundit now, he's an advocate. the president views him as someone in his ideological corner. larry kudlow was an adviser on the presidential campaign, has advised the president off and on throughout the first year of his presidency. this is someone who was experience in a lot of the different areas that a national economic council director will face, but also somebody who can go out on television and sell the president's economic agenda. i think that's part of what the president saw in larry kudlow. you know that the president relates to the world very much through television. >> yes. >> reporter: he likes his advisers to be tv friendly. i think larry kudlow fits that bill. >> an economist turned pundit. thank you very much, eamon javers. >>> in the closely-watched congressional election in pennsylvania's 18th congressional distr

he worked at bear stearns on wall street, he served at the federal reserve and also at the office ogement and budget in the white house in the reagan years. one of the challenge will be, this is a very different washington than it was in the 198 tos. for show i'm ayman jabbers at the white house. >>> a key economic ioricator fell the third month. retail sales dropped 1% in bruary dragged other by reduced spending on cars and gasoline. it is the latest report to suggest that the m economy not be overheating afterall. following the release of that report jp morgan lowered its first quarter economic growth estite to 2% even from 2.5%. >>> it is a time to take a look at some of today's upgrades and downgrades. ford's rating was raised to i don't have weight at morgan stanley. it's ford's first upgrade by the firm in four years. the analyst sites ford's turnaround plan and the value of its f-150 franchise. the price target was hiked to $15. the stock rose 2% to 11.02. >> nvidia's price target was raised at rbc capital. the firm says there are enough positives to drive the stock to new highs li

10 years ago today, bear stearns agreed to a fire sale sold to j.p.o dollars a share because of the toxic mortgages. the bank was the first number of the fall in the financial crisis, the worst panic to grip wall street since 1929. we all know what happened afterwards. here now to talk about how far we have come in the mortgage lending market is our guest. we were talking during the break at 10 years ago today, you are at citibank covering mortgages. >> i was. i was looking at citi mortgage. scarlet: talk to us about the current environment and whether we are on a trajectory upwards and how long that can last. >> we are on a trajectory upwards. there is no question. in the last six years or so, there has been a lot of cleaning up. i was part of the cleaning up. there has been a lot of regulation. there has been some really good origination. the quality of new loans has been very good in the last four or five years. as far as the trajectory is concerned, this is where you gets interesting because rates are going up. housing affordability is a challenge

the guy was a partner at bear stearns in his 30's.s is not thing, but i would trade the career that he has had for the career that most of us critics will have. joe: you think it is unfair that people say that he is a tv economist, donald trump only knows him for tv and given his pre-cnbc career, he had more chops. neil: i think that he can effectively articulate the message of the administration to the public on matters of the economy. in terms of, is he the best economist in the world, no. is he a phd? no. but as i said, i do not think -- this rule is different, it requires project management. there have been attorneys there, people with a sort of the jd degrees the have done that job. look, i think wall street economists it is a different sort of thing. it is not economic academics, but it counts for something. you are making calls on stocks and interest rates, and people will not listen to you if you are wrong all the time, so he must of been doing something right when he was running the economic department in bear stearns. joe: y

ago this week, those major cracks in the financial system broke wide open with the collapse of bear stearns. now ten years later, almost to the exact day, the senate voted to roll back regulations meant to avoid another financial meltdown. you know it as dodd frank. the law passed in the wake of the crisis that mandated banks with at least $50 billion of assets to be subject to very strict oversight from the federal reserve. the new senate bill slides that threshold to ultimately include only banks with at least $250 billion of assets. now, it wasn't just republicans. 16 democrats voted on this bill with republicans. and now it's headed to the house. republicans have been hoping to make even more drastic changes. >> so barney frank, part of dodd/frank, had said maybe the $50 billion was too low, it was hampering some smaller banks. he had thought maybe $100 billion was a good threshold. he feels that $250 billion is too high. his thinking is what happens if three or four banks with assets of $250 billion were ultimately going to fail? would that actually create the systemic problem that the

proponent of lower taxes and free markets, he made his name as an investment banker at the inflated bear stearnsald reagan administration. at one point he strongly denounced donald trump's behaviour and has repeatedly criticised the white house for its attacks on open markets including the recently announced steel and aluminium tariffs. however sitting in his usual perch on cable television on wednesday, he appeared to row back on his previous position and stressed he was broadly in agreement with his old friend donald trump's economic agenda. it was a performance that no doubt pleased the presidents who once worked as a wall street pundit alongside mr kudlow and was reportedly won over by his tv skills. jane foley is senior currency strategist at rabobank. people know what he is about, his track record, his background, kudlow. a bit of an asian uncertainty about his china approach. do they know his background? he used a walk on wall street and in the reagan administration, has he has experience working in government which is perhaps reassuring. looking at the reagan administration, a president

within a week, bear stearns, and 85-year-old fixture on wall street would fall and the financial crisis would begin. within a year, american workers retirement accounts had lost $2.7 trillion. almost a third of their value. no one bailed them out. within two years, 8.8 million americans had lost their jobs. no one bailed them out. within three years more than four million homes had been lost to foreclosures, millions more were in danger. no one bailed the homeowners out. and now to mark the tenth anniversary of that devastating crisis, the senate is on the verge of rolling back the rules on the big banks again. last week i talked about how this bill guts important consumer protections, how it weakens the oversight of banks with up to a quarter of $1 trillion in assets, and how it could set the stage for another financial crisis just like past bipartisan bills to roll back the financial rules. but the bill will also roll back the rules on the very biggest banks in the country. the true wall street banks, j.p. morgan chase, citigroup and the rest, banks that taxpayers spent $180 billion b

morgan you know they when they bought bear stearns a narrative an enormous short position and sell very late ran that they missed campaign a crass should j.p. morgan buy sell or they've sense kind of flipped on their position apparently the other long sell for and so you're suggesting. that this is to be expected if you're looking ahead and saying a massive rally and commodities and silver is a way to play it right well i think there are a couple things going on with that play i mean i think the u.s. dollar has seen better days and i think u.s. dollar germany is past its sell by date as well i think that trade is over i think the euro has a lot of problems if you look at you know what currency what is a currency first of all a currency is a store of value right it's a promise of a government to repay people eventually are going to realize with the united states issuing even more debt you know historic amounts of debt debt debt that the dollar has to go down because we can never repay the debt that we have which i explain and plan a ponzi we have two hundred fifty or two hundred sixty tr

this is 10 years after bear stearns. this is a wall street success story.ve seen firm after firm announced succession, and now we are seeing a transition to goldman, the ivory tower of wall street. >> what i will add. alix: sell yourself, dude. >> i am very important. lloyd blankfein, probably the most important chief executive on wall street and in corporate america. longestest-paid and serving. goldman sachs has not been killing it in the last couple years the way it did before the financial crisis. you tend to think of goldman sachs as this trading powerhouse. it has not done that well. david solomon in a way represents investment banking, and it is not hard to see why they went with him over a guy associated with not the greatest era in trading. alix: we can take a look at the stock prices versus fic revenue. on the one hand, lloyd blankfein was standing behind the trading business, saying it was --harvey not announced their five-year plan. >> those are all great points. note for sadder harvey, first quarter trading is not going to be that bad. >> april

when we talk to mike mayo on friday he pointed out this report doesn't have lehman brothers or bear stearnsoesn't tell the complete picture of what happened in the wake of the financial crisis because there are banks that did not survive. and then also even though it hasn't done as well as jpmorgan, it has done quite well. when you look at the new for ratings, it's not just about the challenges for a new ceo, it's also about how well the stock has already done and the fact that it is trading at a record at the moment. hyman, thank you for the great stock of the hour. shery: she just mentioned mike mayo, we will be talking to him again at the top of the next hour. tune in for that. has set out a price range for its ipo, the filesharing company plans to sell 36 million shares for between $15 to $18 each. at the high-end of the range, drop-offs would have a market value of $7.1 billion. it's just one of the ipo's we are keeping our eye on. joining us from san francisco to discuss is bloomberg's allegory cut. -- alex barinka. what should investors watch out for? alex: now we know the market cap

i went back and read stuff when he was chief economist at bear stearns.n they introduced jimmy cane he's like, larry kudlow is the very best guy that we can put out there. his messaging is fantastic our clients love him you can see why the president would want him being a surrogate. >> it's interesting having worked with the president to create the tax cut structure they need somebody to sell it, to tell the public what's good about it >> yes. >> larry is not an academic economist. i worry there aren't enough of them inside the white house. i might be the only person who worries about it. >> economist or academic economists. >> academic. >> steve, let's go to eamon javers at the white house. got off the phone with larry kudlow >> reporter: that's right. just hung up with larry a few minutes ago. he said he was honored to accept the job. he's spoken to the president four times this week including last night and today he told a funny story about being called at dinner last night and jumping in an uber and talking to the president during the course of the ub

having joined goldman from bear stearns in 1999, solomon's investment is in the investment where he takesredit for building the firm's debt capital markets division and broadening to run all of the investment bank in 2006 until he became co-coo in 2016 he's liked internally and seen as excellent with clients. the final date for blankfein's transition to solomon is not noted. dick bove will take control of the organization >> let's talk more. >> our senior markets commentator michael santoli, charlie is here from ariel investments. charlie, your first blush take on what this means. >> i'm biased. we worked for solomon brothers for 20 years and we did not like goldman. this is away from commodity trading where blankfein and cohn rose in that business. it's a better business these days investment banking is where higher margins are. >> by choosing someone with that type of background, doesn't necessarily mean they drop the rest of the business clearly, things have already transitioned in thatbecause revenues have fallen from a peak you think now there will be a further decision by solomon to

found him at bear stearns. convinced him on spot to be my economist omb and he went on from there to become a major voice and influence in the reagan policy formation in the early '80s he obviously has tremendous experience on both ends of the quarter. washington policy and wall street that's all the good. more importantly, he is a great free market and consistent free market thinker and free trader and with this absolute insanity that trump has launched with the steel tariffs and potential trade war down the road, that's all to the good. unfortunately, i have to say, and as much as i love him and have known for him four decades, larry's voice is the wrong voice that donald trump ought to be b hearing as we go forwar. larry is an incourageable wall street cheerleader and is incapable of recognizing and ma. >> honestly, look, i don't know if it's fair to sort of paint larry that you do have an individual who if you think that the trade policies of the president are not good ones for the country, he is a more mod

teen author of the working definition, ken stearn, who is opposed to the academic boycott of israel, has testified that the definition was not drafted and was never intended as tool or to target or kill speech on college campuses. in fact the statement department's definition upon which the legislation was based is so poorly constructed that it's entirely unusable. for example. is ininstances an instance of. she is accusing jewish citizens of being more loyal to israel or jews worldwide than to the interest-of-their own nation. this is one to the foundation premise's zion jim and a founding premises. the movements that emerge at the end of the 19th and beginning of 20th century. the first half o20 in century in particular showed us as with a marginalizes groups, jews citizenship cannot be taken for graft. the founded or zionism conclude that regardless of where they live, jew have more in common with ewan another than john jews. some arguments be traced back to the found over zionism herself who argued in 1896 that anti-semitism is inescapable fact of moder -- elsewhere the definitio

kudlow served in the reagan administration, was chief economist at bear stearns.o his resume than tv talking head but the president does appreciate that qualification in his recruits. from reality stars to relatively unknown figures with questionable doctor rats. >> the message i have, it's a simple one. it's a bumper stick, the era of the pajama boy is over january 20th. and the alpha males are back. >> apparently not back for long. he lost his job. but trump tv is a pipeline for trump hires. he considered replacing sean spicer with kimberly guilfoyle. "fox & friends" co-anchor heather nauert was hired to be state department spokesperson last april and she just got a promotion despite having zero prior experience in diplomacy, trump installed her as the acting undersecretary of state after firing the prior one undersect along with tillerson yesterday. she is now the fourth highest ranking official at the state department which means in just 11 months is, less than a year she's gone from "fox & friends" to number four at the state department. >> i really want to t

has been studying economic and works in various chief economist jobs, was chief economist at bear stearnsjob is not to be the wonky internal economist. they have the cea for that. his job mainly, kevin is absolutely right about this, to be good on television talking about president donald trump's policies, particularly the supply side of tax cuts, economic growth that's come from that. there's an idea that the white house wants to do another round of tax cuts. i don't think capitol hill will make that happen but at least larry can go out and make the case and say we need to cut the capital gains rate and say this is what trump has done and this is why the economy is getting faster, better, stronger. gary didn't do that. larry will be an external guy to say the economy is doing better and it's president trump who is behind it. that's why the president called him up. i need you to do that job. you look great on tv. you're a handsome guy. he called him up at la cirque and said i'm looking at you on tv right now. boy, you look handsome. >> about the tumult we've seen at the white house. i hea

bear stearns t was 10 years ago, to see if there could be other financials crises. the market up 200 from the low point. president trump says this is the bet time ever for fundamentals. that is helping the market. now here is trish regan. >> thanks, charles. i guess you can call it the kudlow effect. we're down only 130 amid news that larry kudlow has been offered gary cohn's job at the white house. the dow was down 300 points as president trump blasted unfair trade pack tests. the news came out that larry kudlow is in. now the market is off 113. we'll see how it shakes out the next hour. i'm trish regan. welcome to "the intelligence report." the president tweeted, we can not keep a blind eye to the rampant unfair trade practices to our country. investors continue to react to the tariffs. i would say they overreact. now larry kudlow is coming in. he is not so much of a tariff guy. more on that. i know larry very well. i used to host a show with him at another network. we'll get a live report from the stock exchange in a few moments. meanwhile, every vote counts, eve

he was a great economist when he was at bear stearns.e never seen so much hoopla and hype for an appointment. this position, this economic position, was created by bill clinton back in 1993 you know, the only chief economist position at the white house that ever really spun the dial on anything was the first one, who was probably bob reuben, who managed to push a left-leaning bill clinton, you know, closer to the middle so you know, the plethora of these roles ever since has had zero impact on the economy and zero impact on the markets i think that it's a nice flash, but in terms of what it means realistically, for the markets or the economy for that matter, i think is very little >> for the markets, though, there could perhaps not be a better time for somebody to be in a role whose job it is to push the president more towards the middle, michelle that's certainly what the markets would want >> i couldn't disagree more, i guess, with what david has said. it's true that the import of this position kind of has waxed or waned depending on t