wells fargo unveiled new credit cards today to expand the business line. for more on the announcement is krista phillips, head of marketing product loyalty and digital for wells marco cards. -- wells fargo credit cards as well as sonali basak. you have got incredibly good experience in this going back to helping j.p. morgan chase rebrand, the business at bank 1. what does wells fargo offered to the client that customers can't get elsewhere? krista: thank you for having me today. i'm excited to share the news out of wells fargo. we are announcing a new credit card portfolio and renewed focus on credit cards under our leadership and ceo charles scharf. the first card is the wells fargo active cash card. we are launching in july and will offer unlimited 2% cash rewards on purchases with no annual fee. we believe this is going to be the best cash back card out there. sonali: it is a really crowded market though. this is something j.p. morgan has been for years, citigroup, you worked at places before wells fargo. how are you supposed to compete in this space esp

so, let's focus on wells fargo.ther citi nor bank of america charge overdraft fees on debit card transactions, apparently deciding this was not in the best interest of their customers. i'm kind of curious, why has your bank made the opposite decision, seemingly thinking a sandwich or a coffee at a deli should result in a $35 overdraft fee. >> i'm sorry, are you finished? >> i'm waiting for your answer. >> congresswoman, we are constantly looking at ways to be more consumer friendly and we introduced an account last year which has no overdraft fees at all. it's actually our most popular account since we introduced it so we have options readily available for customers who do not want to overdraft. we also offer overdraft protection, something called overdraft rewind for those that are in an account that can overdraft which allows us to look at 24 hours for a direct deposit coming into that account. these are things we've added to become more consumer friendly, but certainly something we'll continue to look at. >> well

henrietta from wells fargo is still with us. will not ask you who you are rooting for in the euros, but what else maria was going over with us, travel is up in the air, and stocks got hit hard yesterday. is the sector attractive at all? or do you leave it alone until we get more clear signals? henrietta: i think it is one you have to play when you think valuations could be more interesting. until recently, we felt valuations had gone a little too fast, because it is one that is the epicenter of the pandemic. as much as countries like the u.k. and u.s. for that matter are quite advanced in their vaccination program, we are not quite there in europe. they have made strides and are catching up, but the reason why the delay was done to the 19th of july was to make sure the bulk of the population in the u.k. was double vaccinated. we are not quite there yet in europe. you can understand why countries like france and germany are being a bit more cautious, and the tensions you were mentioning about those countries, and tourism more imp

this is charlie scharf, wells fargo. one of the things that we have come to recognize is that there are many hbcus in the country. they have wonderful talent, since 2007 we've actually provided almost 40 million dollars through scholarship funds. most recently in charlotte we announced a series of community grants, including one to johnson smith university. which included 1 million dollar grant for minority scholarships. and so we are very, very firm believers in would hbcus do for the country. we will continue to support them. >> congresswoman -- >> congresswoman, this is david solomon. we recouping hundred hbcus, we've set a goal to double the number of people that we actually bring in over the course of the next five years. we just committed 25 million dollars to a program we call hbcu market madness. it is a case study competition that provide scholarship aid that we think is highly successful, includes hbcus -- eight hbcus including north carolina, and so we continue to invest in the program and expanded. >> go ahea

that pete could be onto something here with a lot of the traditional money center banks like a wells fargo, a jpmorgan i'll throw in usb as well. these are the franchises that, on the other side here, of receiving these results could see a very strong positive lift because there has been such a negative headwind that's been emanating from the flattening of the yield curve and from rates so i agree with pete on that i do have a question with pete in terms of some of the more capital market financial institutions like i own, a morgan stanley or goldman sachs. the expectation, and tyler, we've got earnings coming here in just a couple of weeks. >> true. >> listen to jamie dimon a couple of weeks ago, he talked about a very poor trading environment. pete, are you seeing anything in the capital marketplace to reflect some of the negative sentiment surrounding the trading revenue expectations that are not very positive right now. >> yeah, that sounds almost crazy for me to be honest with you. what we have seen has been a record year again for the derivatives markets until the trading involved in

scharf, wells fargo is nra's bank, a relationship you said in april 2022 investors was declining. what is the status of that relationship? when you say declining that's rather passive so have you considered actively severing that relationship? i asked madam chair if the gentleman would be able to briefly answer.. >> please, gentlemen. >> the question has been directed to you, mr. scharf. >> we do notns, i would have to see where we are with the nra and i believe we have exited it and if not in total we are very close to the end but it could certainly get back to you.us >> please, get back with that information to ms. dean. thank you very much. the gentleman from minnesota is now recognized for five minutes. >> thank you, madam chair. in the past year urgently expanding access to credit was more important than ever, especially for the under banked and those living in the margins. as americans moved out of urban areas of government mandated shutdowns force people into their homes >> we partner on fintech with whole range of things that are predominantly at our digital offerings thes

wells fargo has exposure to consumers. job, i'm curious on a stock like blackrock.day, but it's had a decent run. what do you think? >> it's had an amazing run you're right, blackrock is one of the best asset managers in the world. the thing is they have been for ten years. that's nothing new the stock already has a premium multiple over the asset management group i would say it deserved one. the esg angle, the only reason people are excited about that is esg is one of the fee areas -- still it's a growth part of the business and commands higher fees i wouldn't get too excited about that back to wells fargo, it's a challenge bank, significantly lower than its highs, which is different from jpmorgan. jo really like it. i don't thing there's a real turnaround, and i think sofi and other fin techs will absolutely eat their lunch. i think you probably want to be more selective in financials, and people would look at that wells fargo valuation and say, oh, it's cheap i would say the opposites of blackrock. it deserves to be cheap. >>> up next, the big etfs, and ob se ole

. >> so, pete you bought calls into jp morgan and as well as fargo. speaking of wells fargo.argo today, saying they expect a fluor of press releases on monday announcing buybacks and dividend increases, saying the fed stress test can be summed up three words. confirmation within resiliency and flexibility. do you agree >> yeah, yes, absolutely i look at wells fargo. look at the stock performance for the year, back to november and look at the financials they start to take off, frank, right after the election for the most part and they've been ripping to the upside ever since. i think there are names that are getting a little bit more pricey than some of others. i look at jp morgan in terms of price to book value. i know it's the premier bank i know everybody lovers it jamie dimon has done an unbelievable job but i think there are less expensive plays. wells fargo would be one of those. capital one would be another one of those names but there are multiple other layers within that i think the financials really do still have room to run to the upside. i liked these a long period

lisa: jay bryson, wells fargo chief economist. i do so much. fabulous having the close as the open and before the open on a daily basis. taylor riggs, as we head into the open, since you'll be working a 15 hour day today -- you can do the math, or maybe you cannot after not getting any sleep, but there's a question in the change of tone as we head towards the close. the idea we saw the melt up changed tone. can you give us a sense of whether there has been that shift? taylor: i think we saw a shift yesterday. the rotation back to growth out of value. i bring you a note saying how much of this is that rotation after continued underperformance we have seen of growth and shifting back into that? how much is momentum and how the stock market appears to be pretty backward looking. not something we typically here on the market. we try to assume it is forward-looking. we will have to see the commodity shakeout, if it is momentum back into growth. lisa: how you even look to the future if it is this cloudy? that is a conundrum a lot of people are dealin

jonathan: thank you, anna han of wells fargo.our market bouncing back a little bit, up 5, 6 points on the s&p 500, advancing a little more than 0.1%. a big bounce back in the financials and energy yesterday. the banks up by more than 2% in yesterday's session. the question of the year, what do you want to own within this equity market, away from the benchmark index? do you want to pivot back to big growth? tom: i don't have a strong belief here, but i do agree sector selection right now is really critical. i would also point out just in the last for five days, moving from plus 20 down to 17.52 on the vix, a vix of 16 completely refutes the angst of the last three or four days. jonathan: that is where the tension has been within this equity market. will the fed move to choke off growth? lisa: and would lay taper actually cut off growth? that is a big question at this point, based on your point earlier that if they are not reducing their balance sheet, how big of an impact will this actually have? jonathan: tk mentioned mike wilson

tom: eric nelson -- erik nelson with wells fargo, thank you.l of you here to an extremely busy day calendar. lisa, let me go to you on ecb. i think we have underplayed it with our bias to new york. matt miller helping us out from berlin in the 6:00. young ferro is more up to speed on it then we are. what is your take on ecb, other than the camera shot to the multiple podia of madame lagarde? lisa: the complacency of both traders and the ecb that they can continue bond purchases at the current pace. we had been talking about talking about tapering. there seems to be some backing away from that. the question i have is how much dissent is there. so far it seems like there's a lot of agreement among members to keep going with their policy as is. do you start to get disagreements, do will get worried about frost, -- about froth? do you get worried about other considerations? tom: they've got advisers who are attuned to all we are talking about, but the answer is revenue growth is wrapped around this gdp. romaine: one thing i am really interested in

and certainly banks like wells fargo or j.p. morgan chase several were very interested in the franchise and said before we finalize we should check with all the parties. and as he went to the process. and with that best long-term interest of the shareholders. and in the interest of j.p. morgan chase and to give an informal indication of interest. t and then to talk to investors to still trying to do something with washington mutual. and then started toha talk to regulators and the treasury and then to express their interest and with washington mutual. >> one of the things you argue in the book for the fed to support more on wall street banks stand washington mutual although it had grown so much. but it was still as a savings bank so we would be categorized by them not a wall street outfit biden main street threat. ed otherf those prospects has been treasury secretary paulson came not to study and recommendation that the threat be eliminated and to be consolidated into wall street. so theret are three things coming to gather. one

morgan and wells fargo. how did the other banks do?y doubled their dividend, and announced an $18 billion buyback. jp morgan boosted their dividend by 11% to one dollar per share. bank of america said it's dividend would rise 17%. goldman sachs plan to increased its dividend to two dollars per share. shery: what does this mean for banks and other regions? -- banks other regions -- banks in other regions. >> european banks are waiting to hear at the ecb will let them announced capital buyback plant. regulators around -- capital buyback plans. regulators curb banks from dividends and buybacks and the ecb is expected to review their decision. at the moment banks in europe are not allowed to do anything until about september. we are expecting to hear something earlier in the summer. here in australia, the australian banks are sitting on about $30 billion aussie in cash they are expected to be handing out over the next year. shery: our finance reporter. coming up, shakeup in the bloomberg cobit resiliency rankings. we will tell you the -- b

shery: to discuss the broader market implications of this, head of allocation strategy at wells fargo. always great having you with us. we saw that huge rebound in the new york session. showing the magnitude of that rebound. the s&p 500 has the highest centage since april of 2020. really quite a rebound, given that we just heard some hawkish rhetoric today from central-bank officials today. what is the catalyst here? guest: the catalyst is probably the volatility we saw last week. after the fed came out last wednesday and we saw their dot plots changed. there was market reaction to all that. we thought that market reaction was probably a bit overdone and we were telling investors at the time it was a good buying opportunity and it looks like we were probably not alone in that idea. shery: that goldman sachs call that there will be probably $500 billion of u.s. stocks bought by households and corporations, do you buy into that? is there that much cash sitting idle right now? tracie: there is a lot of cash on the sidelines right now. through the end of april there was $3.8 trillion sitt

joining us now is wells fargo securities managing director and senior analyst does kanye west have thatind of pull in the fashion world, ike? >> i think you can look no further than five or six years ago, the partnership collaboration. the footwear brand was languishing. and post that collaboration their revenue and earnings growth really exploded it's not really the revenue that kanye west's yeezy line drove, it's the halo it created for the brand. and that's an important thing when you think of gap meddling along for years. >> too many dad jeans, i guess this would be an effort to appeal to a younger demographic. >> this is a new ceo, a new cfo we really like the changes they're implementing in the business, taking risks, cutting costs. this opportunity has been available for gap and new management team is taking a step forward. this might be the most exciting product driven catalyst we've seen since colored denim a decade ago and that's part of the reason why it's one of our top picks and why our earnings estimates for next year are leading the street. >> we've been talking several m

the big surprise i think was morgan stanley and wells fargo.n stanley doubling its dividend for the quarter and announcing that buyback plan about $12 billion. also late yesterday after the bell, we got earnings out of jeffries. they pretty much beat on all of the main metrics that investment acting backlog right now at a record level. tom: thank you so much. really interesting to see with the banks are this afternoon as well. moments ago, ira jersey, who i love on overnight repose and all of the fancy short-term, just took his midcourse correction 2022 out to 3.6%. jonathan: if we get a steeper curve and a higher 10 year yield, the bank bulls get what they want to see. we haven't seen that since the end of the first quarter. tom: we talked to one analyst and go right to another analyst where we can link them together. ira jersey on yield, and now david george on the outcome for the equity market and the banks, his expertise at robert w baird. if we get an ira jersey 10 year yield, 2.2%, 2.3%, what does that do to bank equities? david: good mor

thank you for joining us senior economist at wells fargo.iant bust huge disappointment. what do you expect from the may numbers? >> we're expecting that hiring got back on track. we are looking for a gain of 700,000. there is tremendous uncertainty since we saw with the april jobs report highlighted that. there does seem to be a speed limit to the recovery. there is certainly a lot of friction with hiring than generally anticipated. it is illustrating we are entering a tougher phase of the employment recovery. they were still closely connected to the employers, but now at a time when employers and workers have to make new matches and connections. that takes more time >> i like what you did there new matches. it goes to the bumble theme. connect the dots find the right relationship with worker and employee. sarah, will we see any upward revision remember these numbers are not perfect. every number they come out and numbers get changed up or down from the previous month. april was a bust is it possible it could be revised or nudged higher >> i

the companies with the most excess capital, but are expected to see berne returns, wells fargo, bankitigroup and pnc. you can pick and choose your names. wells fargo is my biggest, because it's a restructuring story on top of all this other stuff. >> david, psychologically, it's sort of a return to normal from the rye strikz that some of these banks faced. >> it's fascinating. we had three tests testing or risen scenarios, yet the fed was working hard to prevent that scenario from hams the fed is saying, well, that may happen, but we're never going to let that happen it's almost like the stress test doesn't matter, but i think it says there's going to be much bigger buybacks that many people think. it will go on for longer and the dividends will be significant. it doesn't mean the stocks will double or triple, but it's going to be hard to be short them or sell them into an environment where they're wildly over-capitalized, have tremendous amounts of earnings and they're going to do something with them to hopefully melt their shareholders. >> should they by favor dividends more than b

morgan, bank of america and wells fargo. joe: more record highs -- seems like a quiet day but stocks are going up. >> what's interesting is financials weren't doing that well throughout the session and in the post-market, we are seeing them surge, so you see with some of those caps, maybe tomorrow, we might see today's trader verse a little bit but today was risk off and defensive end tomorrow might be a tad more cyclical, perhaps more excitement in the market. romaine: morgan stanley up in the post-market, still awaiting some of the other companies to make their announcements as well. the interesting thing was the idea big tech reasserted itself. we saw the microsoft and amazon and they really became the darlings once again after they fell out of favor about a month ago. sonali: you are seeing a reversal of a trade that has been in play for about five months. there has been a lot of that turning it on its head. you are seeing a little of that hawkish pivot turn into a risk off positioning story. when people aren't favoring t

wells fargo bank analyst, mike mayo.till ahead, we go to the u.k., where boris johnson has ramped up a meeting with president biden ahead of the g7 in cornwall. we will go there next. this is bloomberg. ♪ matt: welcome back to bloomberg markets. as promised, we are going to go down to cornwall. one of the most beautiful parts of england, i would say, although i have limited travel experience. guy janssen is there after boris johnson finished his bilateral meeting with president biden ahead of the g7. how did that go? guy: i think it went pretty well, the body language is pretty good. the bidens and the johnsons met, the body language looks solid, the language is good. boris johnson described in the last few minutes the new administration in washington as a breath of fresh air, which is interesting. boris johnson was seen as being closely allied with the former incumbent of the white house. interesting that he is talking about the new incumbent as being a breath of fresh air. the meeting went well, there was a focus on se

the next guest said this is a maimer turning point for the sector let's bring in mike mayo from wells fargo. why is this a turning point? >> well, this brings in a new era for banks with freedom and floexibility to return capital the way they choose to do so and not wait for the regulators to give their okay. what you've seen so far with the banks out, you see a median dividend increase of 10% and by the way this is taking place with still low interest rates, before loan growth has returned and this is a -- amounted to redemption of investors in banks. going into the recession and the pandemic, the concern was that the banks didn't fail, they certainly would be cutting their dividends and here we have a median dividend increase so far on the banks that we've seen of up 10% what we think this leads to, it might not be "fast money," i know this is the show that is -- but we'll talk it between slow and fast money because it should result in a virtuous cycle right now you get the dividend increases, and then you realize that the yield on some of the banks on dividends or the all in yield, buyba

clever eighth, how much do i love seeing wells fargo on this list? ah, top ten. tonight we have the results of the government's stress test how the gold banks pass. on monday they will be able to capital return the best run will be wells fargo, charlie sharp this one has the most to gain. if they get the green light they can do a huge buy back, repurchasing 13% of the company. wells absolutely deserves the spot in the top ten. we need a bank in there to round the group out. this is the biggest winner you can follow my charitable trust by following the action alerts.com club. then there are the last two. the two that confirmed this was a market wide jail break qorvo and skyworks solutions for weeks now this market has lacked semi leadership with the exception of nvidia. did you know nvidia is the second yesterday i took it as a sign of strength. i wanted qorvo and skyworks. they're cell phone chip makers without them you won't see them rally beyond faang the second a, not the first one. apple is going to react to -- the stock of apple katie raised the price target

still, my favorite is wells fargo. its done spectacular, we've had a tremendous run with it. on it and i still think it still has about $500 billion left on its balance sheet once the fed clears them to move forward the way they can , so its got plenty of balance sheet capacity and i like it, my favorite in the space right now. charles: the number one financial performer last week, growth obviously coming on strong, what's the best way to play something like this , nvidia with a classic breakout, or still sifting around for something well below the 52 week highlight, like apple? >> you can do both. look at nvidia is a perfect example had a tremendous run, a stock like that continues to have momentum as more capital gets thrown at that kind of stock with that kind of performance so you're going to see investors chase that higher, something like an apple that's gone sideways and amazon that's gone sideways they are still great quality stocks to own. they start to look like more value stocks as earnings expectations go higher but the stocks are sideways so on a multiple basis th

wells fargo, interesting upgrade from the folks at of america.rimarily -- at bank of america. this is primarily a valuation call. a lot of people jumping back on the wells fargo train after jumping off a couple of years ago when they were dealing with all of those -- tom: and i know some of the growthier guys really reaffirming what you show their with those stocks today. "bloomberg surveillance" now less than one hour to the jobs report. we continue our coverage here. romaine bostick and taylor riggs in for jon ferro and lisa abramowicz. joining us, ellen zentner of morgan stanley. i first came to you when i noticed your wonderful work on consumption. we all see the consumer has been a goods producing consumption. when do we shift over to service sector doing better than goods? ellen: we are seeing service sector spending pickup. it is still lagging behind the sheriff spending that was taken by durable and nondurable goods -- the share of spending that was taken by durable and nondurable goods. capacity is now open in about 49 of 50 states, not

i think it's b of a, wells fargo, morgan stanley. you're getting paid out.his or would you rather have them invest back in their own business >> no, i like the optics you're having yeemds of something like 3% for many companies. the average bank increase increased divides by 30% that's impressive. but seeing the sell on the news. the xlf up nicely as well yoortd they have outperformed i think this is anti-climatic in a way. we know the baengts have ample capital. they have more capital than back in december last stress test, right. they've proven they can survive a pandemic and they can withstand economic turmoil. that's what the regulators wanted to see. so i think the real win sr. morgan stanley, wells fargo, in my opinion but i also think goldman was fine, jp morgan was better usb was better on the dividend front. i think morgan stanley will be up more. it lagged goldman by 10 percentage points year to date loved the diversification strategy and doubled the dividend wishy-washy -- welcomes did the same in terms ever duck. but those are the only two and th

did checking and the building is on the national historic register and at one point was used by wells fargo for stagecoach repairs. "today in the bay's" kris sanchez is at the scene gathering more information for us and going to have a live report coming up in our next half hour. >>> we have a live look this morning at surfside, florida where the desperate search and rescue operation continues this morning. in the last hour authorities gave out new information about the number of people still missing after the partial collapse of a condominium. within the last hour we've learned that crews don't know the whereabouts of about 159 people. the number of those accounted for has also gone up to 123. the number of confirmed deaths is at 4 after three additional bodies were pulled from the rubble. the mayor of miami dade county says crews are still holding out hope and not giving up. >> we will continue search and rescue because we still have hope that we will find people alive. that is exactly with why we're continuing and that is why we're using our dogs and our sonar and our cameras, everything

the naacp's case fell through because they could not show discriminatory intent on the part of wells fargo. so the follow-up case came from the naacp and the city of baltimore who argued if you cannot have discrimination, you have baltimore suffering the loss of property taxes, $13.5 million in property tax was lost of the city of baltimore in 2010 as a result of the foreclosure crisis. the snow removal, the community schools, the keeping up of community centers and any number of institutions in the city. three, suburbia in general is multicultural and still downwardly mobile. these are images from what became of railroad shop is now called little haiti. large number of haitian urbans -- immigrants have come in and placed their own stamp on this space. jean-jacuess dessalines boulevard, a statue stands on the corner of martin luther king jr. boulevard. 48% of immigrants live in suburban spaces. more than half of all american -- americans live in suburbia. in 2005, more than half of all of the people living under the poverty line live under suburbia -- live in suburbia. today it's home to 3

things i find about your current portfolio and the things that you like, there's not -- i mean wells fargoay, you got that, but there's nothing else >> no. >> there's no jpmorgan or morgan stanley or bank of america or goldman sachs and i'm wondering why. >> made big money in goldman sachs. made big money in jpmorgan i have to tell you i put the money in paypal which i think is terrific giant position in wells fargo. i will say in my club call next week i really do feel like i made a mistake selling goldman goldman's franchise is stronger than i thought i think they're doing a lot of really good things stronger, meaning even during the doldrums i think they're doing quite well so i made a mistake here i should own one more. i don't know which one i'm looking at all of them jp morgan, knocked down on the amazon thing that's kind of interesting again, but i made a mistake. the earnings power here is much better i thought if brakes came down people would sell the stocks, they haven't sometimes you have to own the fact you got something wrong >> of course, we appreciate the contrition, but do

jon najarian, what do you make of netflix today and wells fargo is actually talking about netflix making a transformation from growth to garp. growth at a reasonable price that's an interesting one, for a stock that disappointed this year down 5.5% year to date they say it's the top long idea with theny short-term net ad or factor noise or buying tune. what do you think about that interesting call one thing you haven't heard close to that from anybody else. >> right, although that growth at a reasonable price does seem to be unfortunately for netflix fans where that stock is right now, scott the host of competitors that have come down and done very well, we don't think necessarily we the royal we don't really think that we've seen a ton of subscribers pulled away from netflix. but nonetheless, the fact that there is so much competition out there, scott, from hulu, fubu -- fubo rather, dennison and all the rest peacock, there is so many different streaming services that, yeah, i do think it's more of -- okay, this one is pretty stable, which would play into my strategie strategies off own

. >>> wells fargo is recognizing an oakland rest rapbtd that was able to stay in business with if helpppp loan, oakland restaurant that was able to stay in business with the help of a ppp loan. >> the owner says loyal customers and community partnerships kept them afloat. >> it's been amazing. the community have come together and just supported us. i can't wait to give back. >> tay will mark 11 years in business this september. they hope growing confidence in the economy and flattening the curve will lead to full restaurants by then and let's hope they are right for everyone. world news tonight with david muir is next. we appreciate your we do it every night. like clockwork. do it! run your dishwasher with cascade platinum. and save water. did you know certified dishwashers... ...use less than four gallons per cycle, while a running sink uses that, every two minutes. so, do it with cascade. the surprising way to save water. this... is what freedom sounds like. and this. this is what freedom smells like. ahhh, enjoy 30 days of open-road freshness. febreze car. california's choice beauty

stance, are markets ready for that joining me are michael schumacher, head of microstrategy at wells fargo steve whiting from citi global wealth, and anita, chief of financials at jefferies. michael, you think they might raise interest on excess reserves while it sounds wonky, people are going to panic if they see the fed is raising rates on anything explain the sigqunificance good they go forward with it. >> it is wonky to be frank, and really the fed might do this, and we think it will, is to take pressure away from the money market funds to keep things relatively brief, yields have been negative or close to negative for a while. this is a bad situation. it could probably get worse if the fed doesn't act. it's a pretty cheap insurance policy we think the fed will go ahead with this. >> michael, can you sort of tell people whether all of this liquidity that is pushing those really short-term rates negative, what is that a sign of a lot of people say it's a sign there's too much liquidity in the system and the fed is going way too hard in terms of its liquidity injections is that true or a

even going back to our member the president of wells fargo given florida from california. at the time her marriage to a woman was recognized, before this in california and she said she fought to the nail have to come to florida to work because wells fargo is taking over for while cobia and she said because i moved to a place where my marriage is only recognize, is vilified. and that is nothing sober you up in a quick moment of the senior leading executive who said relocated you look to florida and that way how's the rest of the country in the world like that was just one of the 50 states but now since that obviously, now florida the third largest state in a trillion dollar economy needs folks who come here because not only has this protection but wants to be in florida and can be part of our workforce. so we see it from our perspective in a lot of ways that's just being a gay man. with somebody who appreciates what work you have done is i can find it now in one place. sasha: thank you. >> ladies and gentlemen gentlemen and honor and don't forget you can pick up sasha look

if i'm right and we get any kind of move to the upside in some of the financials, i think wells fargo, i think names like capital one certainly will participate very nicely to the upside those calls ought to give me great returns in a very short period of time >> all right you know, shannon, we mentioned these bullard comments today and they undoubtedly had an impact on the stock market. he was more hawkish than maybe some people expected said inflation, there's more inflation than they were expecting. he talked about he sees the first rate hike at the end of 2022, maybe a little bit more forward than the market was expecting. you know, on the other side of that, of course, you have david tepper with the comments to me yesterday. the stock market looks pretty good scott minerd made some comments yesterday that he thinks inflation is going to go down. jeremy siegel said he's not lowering his stock exposure, even though he thinks you could have a little bit more upset in the market, and then rick rieder told us the following yesterday. i mean he is managing $2.7 trillion over at black r

it would be capitol one in financial in both of them are going to be operating and also wells fargo which had a really tough time last year but it's proven to be the comeback play. jack: a look back at the pandemic any said regulations work not something that you usually hear from eight ceos. does asked intimate reflect pretty much the industries view our differences there. >> 's are some but we did not have a big failure we didn't even really worry about a bank failure but if you'd talked about a tenth of these executives off the cuff, he had wealth on thanks and would've to maintain the payouts no restrictions and responsible businesses run and so that when you think about that shareholders and the health of the customers and the health of them system, maybe we can say they work. jack: thank you so much for that pretty did jack, tell me about hers, does this mean the means stop they were right all along pretty. jack: is like a year ago we were shaking our heads and saying don't understand how bankruptcy works. they went from 50 cents to $500 back then prayed around a $7 now and andrew s

warehouse was used to store hay and grain bound for san francisco and to store stagecoaches on wells fargo's monterey line. the wade family occupied the little house on the property next door from 1851 till the 1940s. it's a pity it's now gone. >> it's very sad because the building will probably have to come all the way down because of the dangers of the bricks falling. but everything has to have its time. >> reporter: the good new that's the warehouse was unoccupied so no one was hurt. the bad news is san jose lost a little piece of its history today. >>> oakland leaders are following through on a controversial vote to cut millions of dollars from its police force and instead spend that money on violence prevention. nbc bay area's bob redell says opponents argue this decision is a mistake. they're pointing to a recent spike in gun violence. >> reporter: mayor libby shaft who voted against this $18 million cut to the police department says this move will destroy oakland's current public safety system at a time when they are losing so many to gun violence. last night oakland city council vote

wells fargo, bank of america still have room to run. i like wells fargo as a wild card. take advantage of that. look at consumer discretion nary sector best buy where people spend their money. think about recreational items people will buy. think about dicks sporting goods. i know these stocks have done well. this is where we spend our money this summer. the consumer is sitting on the second highest cash level they ever had, lowest load of debts. forget about what happened. it happened. focus on the opportunity at hand. it is staring us in the face. charles: one ever things i'm i i wonder what i'm missing. take a quick rebuttal, gary. go ahead. we'll let nancy back in. >> my point is jay powell was printing money before the pandemic. not only has he overshot, he overshot by a mile. i looked, i live here in lake mary, florida, everybody is working. there is traffic. the airports are two million people a day now. we're out of it and this guy is going to still print 4 billion a day, 80 billion a month. by the way not to mention his counterpart at the european central bank d

before that, wells fargo used it to repair stagecoaches. >>> we're back in a moment.we'll take you back out to the ballpark.

so for those reasons, they downgraded over at wells fargo, they upgrade fox, and i thought this was asting piece. >> i know you've been focused on the growth of basically sports betting, which is in some ways certainly is connected into what we've also been talking about for the meme stocks or at least the way some of the young people trade them look out a couple of years and we think fox-a will be a sports betting stock with media network assets versus today, as a media networks business with some betting investments. >> very interesting. draftkings, i did a program with draftkings, i think the stock is undervalued but again, it peaked, a lot of people believe it peaked because what happened with the football season, you didn't get a gigantic surge, professional football, in say march madness, whatever, but - >> it's interesting, because historically, especially when daily fantasy evolved, they thought game frequency was going to be the big thing. >> yes >> baseball, basketball. >> yes. >> but people still love their nfl. >> they just love it the nfl is extraordinary this year. >> an

look at the way that wells fargo does business. they should not be allowed. let's get back to immigration and the illegal situation. this is a definition of racism. it is to control the black community. that is exactly what you are doing. you are telling your citizens, not only must we learn english but spanish. you are telling them that we can come over here and if you want english, press one. this is crazy, but it is a racist situation because the biggest employer of illegals is the government. that is crazy. it is like getting a license and saying, we are going to automatically register you to vote. host: we will leave it there. guest: i do not think immigration is a conspiracy theory. maybe democrats like a lot of immigration because they assume --maybe wrongly that immigrants will be more likely to vote for democrats, but i do not think there is a grand conspiracy theory to keep down african-americans. there is always just been this assumption that the way to win hispanic votes and other minority votes is to be pro-immigration and pro-amnesty. i'm not sa

well, some of their biggest investors are bank, like wells fargo, bank of america, many private prisoners demand 90, or even a 100 percent occupied meaning the tax payer, which bill for every bed, even the member for profit prison, for incentivized to incarcerate more people. and for a longer period of time to fill their quotes, to make sure that happened, they spend millions pushing tough on crime. today, nearly 10 percent of americans, prisoners are held in private presence and they also spend millions influencing immigration law counsels detained immigrants are held in private prisons for indefinite periods of time. often years exposed to brutal conditions because they're not americans, the government gives them no right to even the most basic legal representation or medical care. 3 housing facilities were set on fire and apparently all started over in made frustration over the quality of medical care. perhaps needless to say, being treated like chattel and used as force labor for pennies an hour is not that popular on the inside, but that's not the worst of it. the socks, the issue, a

>> summer in the city, although summer is still a few days away with hardly a wisp of a breeze wells fargo's apparently malfunctioning sign said he was just 64 this afternoon here in downtown san jose. but in reality it was closer to 90 and then some and i'm much more comfortable 75 or so here in the city's camden community cooling center. it's one of 2 such facilities where people can take shelter from the heat. so we provide at the center is water. >> there's free wi-fi in charges charging stations here for them to use as the sun big, the city relief could also be found at the mall masks are optional now in visitors can chill out by playing ping-pong here at westfield valley fair. >> among those enjoying the free air conditioning was santa clara resident rail or maybe do a little shopping. >> check out the they're just to get a win in the house. >> they seize on. we invite everyone to come on in and relax even have live music this week thursday saturday and sunday's stop on by and as is often the case when the heat is on, fans are selling well. >> and dissipating. the demand will blends ac