host: wes morgan.i think there will be a lot of debate in the weeks and months and years ahead about the degree to which this was an intelligence failure versus the degree to which this was a policy failure on the part of the trump and biden administrations. we won't know for a long time what the true details of u.s. intelligence assessments were about how long afghan forces would stand up and what the likelihood of various scenarios were. i think certainly the intelligence community understood this was a possible scenario, a total and sudden collapse. i do not think they judged this as the most likely scenario. i think it is important to understand that, as u.s. forces have drawn down in recent years from the 100,000 troops spread out over the country, working every day with their afghan partners in 2011-2012, to the 10,000 or so that we were at a year and a half ago to the 2500 that we were at when president biden took office. those touch points, the ability to understand what was going on with our a

wes morgan, she talked about the women of afghanistan. can you pick up off -- pick up on that part? guest: i would like to dismiss that sh -- that we have sleepers of afghanistan waiting. she certainly writes nothing good awaits the fate of many people in afghanistan, women, men, children, especially in -- there is an urban afghanistan that has grown since 2001, especially -- essentially half of the ocular should of afghanistan has been born since 2001. increasingly in the city, though it is largely a rural population. these young afghans in the city have never known the life of re-2001 and they are about to be introduced to it in many ways and i think it is a tremendous tragedy. host: richard in missouri, you are next. caller: about a year or two ago, you had a gentleman in afghanistan and had an interpreter with him and he was trying to get the guy to come over here and could not get visas or nothing to get them out.

spew it will take the question wes morgan. >> guest: the trump administration planning was extraordinarilyhaphazard to the degree it happened at all in the final months of the administration. i think in the final two months after the election we saw was the president acting almost lead unilaterally in executing the troop cut down to 2500. much of the withdrawal agreement was negotiated by mike pompeo was done at very high levels in the administration without the normal inter- agency staffing inherited something that was already on the path to the drawdown. a stop to biden menstruation did not have a choice. they need to execute the policy that he inherited. >> last call from linda in laredo, texas good morning. >> i would like you to talk about the taliban leaders that trump let out of prison in 2018. it is set to take over the taliban leadership. i would like to know if after all of this time of support and american flesh that given the afghan people if they're not ready to fight now than when? enough is enough. >> wes morgan will give you the final minutes here. >> i'm very sympathetic t

spew it will take the question wes morgan. >> guest: the trump administration planning was extraordinarilyhaphazard to the degree it happened at all in the final months of the administration. i think in the final two months after the election we saw was the president acting almost lead unilaterally in executing the troop cut down to 2500. much of the withdrawal agreement was negotiated by mike pompeo was done at very high levels in the administration without the normal inter- agency staffing inherited something that was already on the path to the drawdown. a stop to biden menstruation did not have a choice. they need to execute the policy that he inherited. >> last call from linda in laredo, texas good morning. >> i would like you to talk about the taliban leaders that trump let out of prison in 2018. it is set to take over the taliban leadership. i would like to know if after all of this time of support and american flesh that given the afghan people if they're not ready to fight now than when? enough is enough. >> wes morgan will give you the final minutes here. >> i'm very sympathetic t

the administration had anticipated so i think we are well beyond whatever planning was done. >> wes morgano talk to you very thank you for joining us. >> thank you. >> as we go on, a tenuous situation in kabul, how our allies and the taliban are responding is coming up next. ♪ liberty. liberty. liberty. liberty. ♪ age-related macular degeneration may lead to severe vision loss, so the national eye institute did 20 years of clinical studies on a formula found in preservision. if it were my vision, i'd ask my doctor about preservision. it's the most studied eye vitamin brand. if it were my vision, i'd look into preservision preservision areds 2 contains the exact nutrient formula recommended by the nei to help reduce the risk of moderate to advanced amd progression. i have amd, it is my vision, so my plan includes preservision. veteran homeowners. newday usa has dropped their rates again. the newday two and a quarter refi is the lowest rate in their history. two and a quarter percent. just 2.48 apr. these rates could cut thousands off your mortgage payments every year. with their two and a q

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what we know that is good on right now, morgan, the u.s. military is moving troops into kabul as we speak. they are still plans to build up to at least 5,000 troops in that city with the mission of evacuating as many americans as they possibly can. these are americans who have worked at the u.s. embassy there in kabul, and to help with assen afghans as they possibly can who are eligible for the special immigrant visa process. the mission will continue, as long as it is permissible enough for them to do so. there are reports about what's going on at the airport. the u.s. embassy put out an advisory that there were reports of shots fired, advising americans to shelter in place. what remains unclear is what are those shots fired? was there or was it something nearby what we also now know is the military side of the airport is also operational. >>> hamid karzai airplane has a distinct military and civil ian side, but again, this is an evolving situation. >> i think it's important to underscore the point that the military side is operational, but

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we will watch those storms. morgan. >> we will watch everything. we will get to the rest forecast in a minute. >>> the chief of police in seattle fired two officers. the married officers broke the law by crossing the outdoor barriers established by the capitol police. he called the officers at the capitol that day an attack on the profession. they stayed on the grass about 40 yards away from the capitol building and had no idea the protests had turned violent. >>> the wildfires in western u.s. are threatening of homes and businesses, but putting a strain on resources. u.s. forest service is in crisis mode and running out of firefighters to battle the fires. 21,000 firefighters on the ground, double the number last year. nearly one-third are battling the dixie fire in california that is the single largest fire in that state's history. >>> let's get back to dylan for the forecast. >> we are keeping an eye on the fires. conditions are dry out that way. we are looking for a chance of thunderstorms. you get the lightning without the rain and unfortunate

>> we have plans first 30 years and you can say of that about a lot of countries around the world, american foreign policy, you may not believe this but american foreign-policy launched a j.p. morganbe part of that at that the point time that they decided they don't want to do it, we simply will not do it, it's not every company can do whatever it wants again those things are terrible i be barking up the wrong tree but me it's not going to fix the world, we will very rigorous policy, how we do business, where we do business, who we do it with an underwritten law and that's what they're going to do. maria: as a fiduciary, the principal and the broker as it relates to investing in the chinese companies the fact that you know they don't have to adhere to our u.s. accounting standards, they don't have to know until 2023, how can you justify in these companies, they could be tied to the chinese military that is trying to overtake this country. >> that's a different issue as it relates to national security the american government going to tell me what to do and i am a patriot way before i run j.p. morgan, that's what we follow in speak all the time about things like this, we do business

we cut in those forecasts on tens and 30's. tom: the crew over jp morganhave learned the fomc tolerance is not as large or as durable as we previously understood. jp morgan on 10 year yields. you mentioned indonesia. they put together the pmi, look at who is south of 50 right now. sub 50 pmi, that's congestion for china just on the line. asia is starting to go a bit softer. tom: damien put me in the timeout chair saying all that matters is china. right now, david wilson with us on the record highs in the record level of the record s&p. >> friday was the 150th trading day of 2021. we have 100 more to go. 44 records for the s&p 500 through friday. the most recent one was on friday. if you look at the current pace and extrapolate out to the end of the year. you are talking about 74 record highs for the index. that's about the most you've seen in any year since the s&p 500 was first calculated. tom: are we numbed by 10% corrections never happening? >> 10%? there hasn't been a 5% drop in the s&p 500 from a high since november. that certainly plays -- lisa: 90 d

we want to turn to houma, louisiana, it's where we find morgan chesky. i see the rain falling. i saw your hit in the last hour. i thought you were going to have to retreat it got so bad. what are things like right now? >> it's continues to get worse. we know the eyewall of ida is continues to stay on that consistent track. the intensity of these winds only gets stronger. we're seeing property damage in every direction. as the winds stay strong, it's going to be an absolutely long night ahead for everyone who chose to stay here. mandatory evacuations established for terrebone parish, but the fire marshal estimates only about 60% of the people were able to get out. sorry, i'm watching some trees to make sure nothing blows down. the wind is going to be the main concern and power outages could last into the days, potentially weeks ahead. there are low-lying areas here in houma, also in morgan city just down the road. that's only seven feet above sea levels, so expect some storm surge issues there, about you the fires are saying their chain saws are out and as soon as it gets safe e

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morgan stanley. i go jpm >> steve >> steve >> here we go. agree 100% and when you look at the year-to-date performance, b of a is up 39% against i think middle 20s in j.p. morgan so, they've definitely outperformed and that would get to the point where they're a little bit more expensive. jpmorgan is definitely best in breed. you could ask 10 people and i bet knee-jerk reaction is 80%, 90% say j.p. morgan will be their bank of choice to that last comment on buybacks you can't reach across the market there's a lot of rules you can't shock the order. you can't run the stock up on a buyback, but it's extremely supportive when people know that the buyback is there, to the other point that was made. when people know the buyback is there, they're more apt to buy the stock. j.p. morgan, we can finish off holding hands. >> finally michael, give us a closing word. >> i think marketwide buybacks are a big thing. they don't always benefit directly the company doing the buying back. they buy it from people, the cash goes into a brokerage account. they of

and a stronger job growth mean the economy could reach the economy benchmark earlier than we anticipated. morganooking at 3.3% by year-end next year on unemployment. the risks around us, they go on to say, if we do not get a labor supply, this could really constitute what the fed constitutes as maximum employment. some say that is a recipe for issues with policy. tom: you hear the phrase nairo, we will blame ned phelps of columbia for that. jon, i am sorry, the calculation they were talking about is hyper complex. we don't know other than their peers to be a massive gap between "we need to hire today," and the millions of people they cannot use. jonathan: the answer in the last cycle is lower. this time around, i don't know where it is, they assume it is lower, much lower. tom: i think some of these gradations get back to february, pre-pandemic, but otherwise, what is the new territory we are heading to? we just don't know. jonathan: lisa, this will have huge consequences for labor policies. it builds back your participation rate call. that is going to be the corbett through next year, and i thi

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but we will see if they extends it north towards morgan city this afternoon and into tomorrow morning. galyano russia is had a wind gust at 82. that's with the outer band that we have been talking about. the inner band will have stronger winds than that when it reaches houma. 150 miles per hour is the official highest gust we have with this storm. by 7:00 p.m. it will take the storm due west of new orleans. by 10:00 p.m., over the top of baton rouge. then the storm will head northwards into mississippi overnight. when we wake up tomorrow morning, it is jackson into nachs and winds will be dropping low enough that we shouldn't see a lot of significant damage. from jackson mississippi northward i don't think you will see power outages. storm surge, rainfall, all the important information we will be tracking throughout the rest of the day. >> let me ask you about port fourchon where it made landfall. it is populated with oil refineries but not with respects, right. >> no. it is a working area. if you look on google maps and you go down and look there is not a lot there. looks like the sh

that was impacting the women who we loved, my own grandmother, my aunties, the students in morgan's about. when we talk about weight it's never easy but we wanted to talk about how it honored where the source of the problem came from and honored the rich culture and history and all of the solutions we knew we had to bring to solve it. if so morgan and i started talking about it and walking and then inviting other people. and now we have over a million women who are walking with charles melton. >> kelly: what beautiful messages. it's beautiful that it's all happening at the same time, but girltrek focusing on giving back to the community, how so? >> that is the right question for right now, this summer all across america we have unleashed a ten week justice crusade. we asked herself when we started what would happen if a million black women took to the streets in our neighborhood, and we were like, let's get out there. so all across america on saturday morning 1,000 black neighborhoods there are walks all across america and we are encouraging our members to do tiny acts of justice eac

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al-qaeda we have to be very careful under the american people that are very weary and we have a lot of problems at home like morganrisis on our southern border i been reported on the southern border for forbes, this is something congress has to deal with not only that but in for structure problem in america and we also have to deal with, before we decide to back up another to trillion bill in a foreign country maybe we should figure out how to make those investments at home and that's where the american people sit today and while they're upset with joe biden about how we handle the withdrawal they are resolved in the idea that we cannot spend more money in another country building them up especially after building them for 20 years they collapsed in 20 seconds. james: we have time for a quick response. >> i don't agree with richard not because they don't want to stumble over my words but seriously when you look at what happened in iraq in 2009 when president obama withdrew all of those troops, what did you see al-qaeda in a rock reformed into ice is that we all know today and then we know very visibly they publicl

jonathon: we have seen the forecast, j.p. morganman sachs, yet it is not shaping up in the fx market. do you think that is the key debate? the hopes and dreams that were fueled by the u.s. labor report that the supply-side story would heal. the news in china is less encouraging. tom: i have to go with 30 year bonds at two -- out to 1.5%. there are lots of nudges toward a more constructive space, including a strong dollar. 93 on dxy. that is a good number. sarah house with us of wells fargo. i want to go back to the core analysis of gdp. how would you tweak your gdp call out to the end of next year? what supply tasks that wells fargo sees of a boom economy becoming something else? sarah: we see some emerging downside risks to that outlook and that we are going to see a sharper slow than we anticipated , even only a month and a half ago. coming from a number of channels, one is that we have seen supply constraints remain intense and it does not let larry -- does not look like they are going away anytime soon. at the same time, we have

we do have jp morgan saying we see upside for the greenback on a growing chorus of more hawkish --. >we have more markets to speak up. her outlook on the opportunities in emerging markets. plus, south korea prime minister says not resorting to lockdowns has helped the nation do well in fighting covid. we will bring you that exclusive. this is bloomberg. ♪ >> u.s. futures extending declines amidst concerns of the delta variant. patchy economic data. amid the volatility, our next guest is finding value in emerging markets. let's bring in alyssa corcoran. great to have you with us. let me get started with this chart. despite the fact you are positive on emerging markets, we have seen them underperform global markets, the s&p 500 in particular at a two decade level of underperformance. why are you so positive? >> two decades of underperformance is exactly why we are excited about emerging markets. they are our price for not perfection. very low expectations baked into share prices. we are finding you can buy high quality franchises, markets have been growing over the last 20 years and we

as morgan mentioned, we are still waiting for a few details on the extend of the damage this evening. the clearest picture we have of the damage is in new orleans when the city's utility, entergy, they are without power, and not only the pump drinking water into the city, but also to drain storm water, and this is one of the concerns with keeping the levees intact in new orleans, and lot of work has been done since hurricane katrina, and we have no indication that we are anywhere near that. so that's at least merciful news at the moment, and this is a bigger story than just what is happening in louisiana. the hurricane also affects mississippi, and it's expected to make it's way more in that state in the hours to come, and an emergency declaration has been issued across the state and in the capital city of jackson, and there are winds and flooding and possibly even tornadoes. let's continue with the major of jackson, mississippi. mayor, good evening. welcome. >> good evening and thank you for having me. >> how are things in jackson right now? how are you all doing? >> presently things

we are morgan stanley. >>> we want to get become to the breaking news out of afghanistan. u.s.icials telling cnn evacuation as the american embassy are well underway and cnn cameras captured american helicopters coming and going from the embassy in the last few hours. >> this is a scene that nick paton walsh, who is there, said he was stunned by to see this much activity and the urgency that he is seeing. the hope is to run evacuations around clock, have the majority of embassy personnel out by tuesday morning, if not sooner. people who hold and who have applied for special immigration vi visas are included in perhaps for evacuation. live at the state department this morning. we understand you have some new reporting for us? what are you learning? >> reporter: yeah, what we learned is that the u.s. is going to be completely pulling all of their personnel out of the u.s. embassy in kabul. now, this is a rapid acceleration from where the state department was earlier in the week. you will recall they announced on thursday that they were pulling out some of the u.s. personnel there

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i think that's an artifact of the amount of float and other things i think we have a tremendous opportunity just in what morgan area i know there is a lot of work. u we have a lot of work to do as a company. we see the tremendous opportunity in this public/private partnership and collective defense so we do have the money. and i think we're in good shape. this puts our company, you know, over the next fiscal year plus through 2023 to start the middle of that part, we're in good shape. thank you. >> and then in terms of your growth projections over the coming years, what are they? >> well, so we put out a press conference, we're seeing, i think, august 10th or 11th we said here is what we see coming on many of the deals that we're doing, we're looking at bringing in five or six companies and what we're seeing and we pointed out those deals have expanded instead of wanting to bring in five or six companies, some of these major things are saying why don't we bring in 50 to 350 companys i think those types of changes for us are huge. also a little bit slower, but it means our annual recurring revenue and if you're

when we look at jp morgan, we are looking at high-grade, high yield spreads to narrow further and ourquity target at the end of the year is close to where we are right now. there is a sense that this is not going to have a major impact. francine: thanks so much. jay barry, jp morgan head of strategy joining us. chinese companies are extending their decline. there is a report that beijing plans to ban companies with large amounts of consumer data from going public in the u.s.. this is just another regulatory crackdown on something that china thinks. what is the ramification of this? >> it is clear that this is the direction things have been moving in recent weeks. heine is clamping down on a number -- china is clamping down on a number of things. they are ramping up regulation in a ton of areas that up until now have received relatively light regulation from the country. i think what investors are really worried about is we do not know what is going to come next. alix: exactly. do you feel like this will be retroactive? there are a ton of big companies , alibaba, tencent. will they be

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and we see vastly different valuations, right. and jp morganhas 50 times as much assets under custody as a robinhood how is it that -- do you think this will continue, this valuation deferential that fin tech gets a forever growth multiple and legacy gets a melting ice cube multiple. >> today you see a massive amount of funding going into fin tech and so in the last ten years, there has been a ten-x increase into fin tech where in 2020 alone you're seeing $20 billion invested in the asset class and there is an incredible amount of invention. what you are seeing and this is why there is a difference in the valuations, is the growth, the profits, agility on balance sheet and no legacy. and so you have to look at the growth being achieved by the largest fin tech players and be absolutely blown away by that level of profitability and growth being achieved. and you could contrast that with the traditional banks with low single-digit growth and i think there is just a vastly different way that they're operating and growing their businesses >> who do

don't see either of those on the wire at this point so, i will kick it back to morgan as we have a weakr confidence for the month of august. morgan, back to you. >> thank you >>> here are three of the big movers we are watching this morning. we're going to get to zoom in just a minute. but first, robinhood, falling after the nearly 7% drop after they reported that paypal exploring a launch of its own trading platform and chair saying that a ban of payment for order flow was, quote, on the table, dur an interview and you can see the shares are down another 1% today. and initiating coverage on virgin galactic. price target due to an expected ramping up of capacity more space ships coming online, as well as growing demands the first to put a number for space tourism, putting it at $120 billion the biggest number i've seen so far. shares of space up just about 7% and tech tron getting updated to an out perform the firm siting an underappreciated opportunity in the electric helicopter, electric vertical take off and landing market also, though, talking about the business jet recovery we're s

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