trading day on the report that the volcker rule could face a do over.emember that rule, it prohibits banks from trying to make a profit by using customer deposits. >> the criticism about the volcker rule was banks with their massive compliance departments could not figure out what was a banned trade or not a banned trade. so that was regulators were trying to address, let's make it clear what is allowed under volcker and what is not allowed, but when they came out the proposal and banks had time to pore over it, the reaction was, well, you have made it easier to understand what his banned, this will capture a lot more trade and a lot more stuff will be banned then under the existing volcker rule, which we hate. now they are going back to the drawing board, and who knows criticized, very controversial volcker rule will be revised. >> more european banks are being drawn into the russian money-laundering allegations. initially centered on danske bank and sweden swedbank, allegations of suspicious transfers involving dirty russian money have widened this we

economy for the first time since paul volcker on serious strong foundation none of us have the political or courage to get to that point. >> tim, the only thing i have a problem with what you're saying is if there is inflation, shouldn't the fed be doing something different other than hypothetically cutting rates at this point because if it gets back to that question, if there is inflation, they are running out of bullets and they only have 2.5% to play with if it starts to actually creep up. >> so look, i don't think we have runaway inflation, and i think we have to fight deflation. so they're not hypothetically cutting. what you're saying is by implicitly -- they're implicitly cutting by not moving forward with an aggressive tightening policy, i would agree with that. i think ultimately we have a dynamic here where guy talked about the financial oppression that the fed has ushered on the world. i would argue this is since long-term capital. we could have a whole show about this and it wouldn't be enough but the market we have right now is a market where the fed will

scrap proposals for providing volcker rule restrictions. this comes after a provision drew fire from wall street lobbyist. regulators initially called for new standards for transactions that should be banned and are backing off after bankers complained. global news, 24 hours a day on air and on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. francine, back to you in london. francine: thank you so much. growth concerns mount. viewed has downgraded its as the government shutdown took its toll. set to cutthe ecb is economic forecasts by enough to justify in other round of bank loans. the latest projections show extensive downgrades for inflation and growth. let's focus in on europe and the future of the banking sector. joining us now for an excuse of interview from the black rock wealth symposium is philipp hildebrand, vice chairman of

about the volcker rule and how the rule has been detrimental to use capital markets. last october, myself, chairman luetkemeyer and chairman hensarling are at the time since you a letter dated october 16, i don't believe we've received a response as of yet. but in this it was concerning. we raise concerns the volcker rule unnecessarily restricts thanks ability to make long-term investments in small businesses asas a result of the covered funds provisions. as you know such funds provide the same type of financing that a bank is authorized to do on his own balance sheet but poker room prohibits -- volcker rule prohibits a bank prefer going this activity to fund structures. previously you have recognize banks long-term investments in covered funds generally do not threaten safety and soundness and said regulars would look for ways to encourage this important activity within the language and intent of the statute. now, the letter was addressed to secretary mnuchin, yourself, chair clayton, comptroller otting, chair mcwilliams and charity and carlo -- chair giancarolo at t

alix: maybe we are looking at a change to the volcker rule. it feels like the things he's coming to say are more appealing to his base. interesting. happy ecb day, guys. a bit of softness in the equity markets. s&p futures down six points. the conversation yesterday was all about those transports, the nine-day losing streak, the worst in decade. tol draghi be dovish enough move the currency in either direction? yields moving lower by one basis point. crude up over 1%. a solid stockpile draw in the products yesterday. david: time for the morning brief. at 7:45, we will get the ecb rate decision, followed by a news conference with mario draghi at 8:30. 10:00, equifax and merit ceos testifying on that massive data toach that gave access information on 145 million americans. then paul manafort goes before a federal judge in alexandria, virginia for his sentencing. we are joined by peggy collins and romaine bostick. let's start with the ecb, indicating with the consensus is on where gdp growth is in the euro zone. peggy: we did see some data coming

a video cisco concern is coming out in the volcker. news, they have this new magazine subscription service. -- a video subscription service is coming out in the fall. >> another big defeat for the prime minister in the u.k. parliament has taken control of the brexit process from her. these indicative votes are due to happen on wednesday. they are nonbinding, so what do they actually mean for the brexit process? so far they have just taken back control of the timetable. that means we will have these indicative votes on wednesday. it seems to me parliamentarians will be given a piece of paper with a lot of options so all the voting can be done in one go and not too much time is taken. so far the government disappointed they lost 30 votes to the other side. they actually lost three ministers in the process. >> breaking news out of london -- u.k. parliament has filed back into the building. parliament voting against a no deal brexit. they have been voting on a different alternatives to brexit. this, of course, on the back of prime minister

charles: keith get back to the issue of central banks, paul volcker, ronald reagan.onnell: they made tough decisions of the economy suffered for a moment. it was adjustment. people paid higher interest rates and made the adjustment and we had years of bountiful gdp growth. i'm not sure anyone can do that. i'm not sure any president can do that. certainly not this one against this media. i'm not sure any central bank has the wherewithal to make tough decisions that give near term pain for long-term gains? >> you know you're absolutely spot on. by very different anything success include failure. history is littered with failed financial institutions. the fact they don't have guts make tough call means years of pain. central are way out of control on this issue. they are playing with flawed models that don't fit the economy we live in. you need to get all the zombie companies out of the existence so the economy will move on. it will stink, it will be tough, it will be hard. no politician wants to face that. charles: michael, we've got in the united states fed chair will

what might do, reduce liquidity in the arquette as the volcker rule did.t would be a double-negative for investors. connell: gary, when people in favor of something like this make the argument, you have to explain why it is an issue, they say stuff, only 0.1%. it is only rich people. it is -- what do you say to those types of arguments when this issue comes up? >> i'm just happy i get the opportunity to bring out gary's list again. connell: uh-oh. >> in 2019 we have a 90% tax proposal, 70%, a wealth tax, a raising of the estate tax, a raising of corporate tax, a vat tax, a carbon tax, and now the transaction tax, not to mention they want to take over health care and god only knows what the taxes are there. it goes back to what reagan said. if it moves they are going to tax it. when they tell us that, oh, we'll help the budget deficit with this, yeah, sure, right. i don't even know where to go with this. here is the other part of this. connell: yeah. >> this year our government, federal, state, local, will spend $7.6 trillion and they're trying to tell us t

reviseors are ready to proposals for volcker rules on trading.after a provision drew fire from wall street lobbyists. regulus initially called for new standards that should be banned and are backing off after bankers complained. global news, 24 hours a day on air and on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. and met -- anna and matt. bit of breaking news from china, we often pick up on their foreign-exchange reserves. trillion against an estimate of 3.088. not all that far away from estimates, i guess. this is been this seemingly psychologically important level. we are seeing reserves maintained above that level for some time and the number comes in above. here's a look at what to watch up for. releases latest policy decisions, watch for any downgrade on economic outlooks and comments on long-term loans. mario draghi then gives his policy statement, stay with us for live details of both. mac miller is in frankfurt for that very reason. the managing director for ts lombard joins u

they know elizabeth warren as the bogeyman who came to them after 2008, with dodd/frank, with the volckerou sit down and talk policy and talk about what she talked about at south by southwest and talk about big tech, you'll stop people in their tracks and they'll say, hole hold on a sec, i dig that policy. >> i had this conversation the other night. and when you actually spell it out, you can think, it's actually more thought out. and >> and i had a conversation with someone who said, oh, ugh, elizabeth warren, and i said, this is her take on big tech, and they said, i'm into that. >> this is how she's carving her niche. so far, she's really driving the conversation. >> beth, always good to see you. >>> next, president trump's economic team says we're in for ten years of booming growth, but there's a condition, we're going to tell you what it is. and if the white house argument stands. you better stick around. you're watching "velshi & ruhle." und. you're watching "velshi & ruhle. look limu. a civilian buying a new car. let's go. limu's right. liberty mutual can save you money by customiz

crime mr volcker you know kotoko the us. go she'd go on ukraine and when he mad they ukrainian ambassador sorry the american ambassador in ukraine marriage of and of egypt meant that the united states kind of indorsed he sports you know mr selenski it's possible victory for russia maybe it will be easier to talk to mr zielinski because mr selenski is not a shame to speak russian in public please note that in your report that your shoulder tried before our discussion they ukrainian citizens who are on syrian your reporter's question you know when they didn't speak english they spoke russian you know russian is very widespread in ukraine so far shingles language polish it was a disaster here and tegan iced a lot of people in ukraine and that was reflected in an article for example by political magazine an american public asian which criticized mr poroshenko for this kind of language policy so for russia he would be just a new face that we could talk to also probably yuri boyd the fourth cager date who is behind this war in the

billu know, the senate 2155 provides solid institutions with release from the volcker rule. regardless, there are still significant issues. i and six of my colleagues wrote to financial regulars in october, earning further to the rule. definitions,ds, and broad applications. in addition, i'm concerned that the proposed accounting test may make the volcker rule more complex than is necessary. using yourmit to significant regulatory discretion provided by statute to properly address these outstanding issues? we received comments on these issues and more. we thought they were very well taken. we're working hard to try to address the and work hard to try to do that. .> >> we appreciate that yesterday, your predecessor>> janet yellen said she does not think .resident trump >> has a grasp of macroeconomic policy i won't have any comment on that you come december -- any comment on that for you, saturday. reformer chair member tells the press point-blank that she does not think the president of the united states understands the economy. the american people continually, more and more

regulators may scrap their plan for how to revise the volcker rule.ted a new standard for transactions that they would consider band as proprietary trading. wall street says the amendment would make the world more troublesome to work with. regulators may now be calling for a rewrite on the changes. the democrats are moving to restore obama era net neutrality in defiance of republican skepticism. the measure would reinstate rules that barred internet providers from blocking or slowing traffic on their networks. public interest groups praised the bill but critics attacked what they call heavy-handed regulation. global news 24 hours a day on air and at tictoc on twitter powered by mother 2700 journalists and analysts in over 120 countries. this is bloomberg. as markets are pricing in the chance of rate cuts, all of these stocks are extending gates -- gains. we are seeing materials lack of the index. off 5.2% this morning. holding.e dollar is jpmorgan turning bullish. yields are slipping ahead of trade in retail sales data. i want to bring up this chart o

they formed, and paul volcker, they formed a sort of basis of his wall street support.hey gave him seed money to go out and raise gazillions from outside. neil: he raised a lot on his own and won iowa that year. he was off to the races. >> but my point is back then the sort of modus operandi get wall street locked down. go out. now -- >> even something that other democrats attack you on if you get a lot of wall street money. saw that with hillary clinton. wall street is evil and they kill your grandma or whatever else they're trying to say about businesses that actually do well but it actually can kill you. >> they actually do kill your grandma. neil: he is way outside the box candidate, entrepeneur, andrew yang. he calls himself the asian could tank i don't know. he had a big crowd in san francisco. 3,000 wanted to hear what he had to say. some refer to him as dark horse, surprise candidate here. this is his last visit here. take a look. do you worry good intentions are going to mean you will stick americans with good sized bill? >> in this case we're trying to create