it's an interesting time to see goldman sachs. this is clearly -- listen, the stock is up today, okay? maybe investors on first glance like this. they think goldman's going to figure out ways around it. i would say this is a stock you have to be careful about. cheryl: smartest guys in the room. >> allegedly. [laughter] cheryl: charlie, thank you very much. closing bell going to ring, 33 minutes to go right now. as wall street braces for the impact of what's happening with the volcker rule, we're going to get some reaction from our panel. they're going to tell us what they think the likely scenarios are for the entire banking industry. also, too big to fail. our panel coming up. and forget about snow angels, victoria's secret angels going to be strutting their stuff for a huge tv audience tonight. charlie, going to watch? >> victoria's secret? of course. cheryl: we're going to find out what their show could mean for one of the biggest media companies and, of course, shareholders of the company. but just look at the video. ♪ ♪ s

sachs -- goldman sachs. more than two thirds of its profit comes from trading. investors have almost zero visibility. it is difficult to know how much money goldman could make. bernstein has asked himself what would nirvana look like and he is here to tell us what he found. next to you and happy new year. what is nirvana for goldman >> goldman has done very well. the stock has performed extremely well. what we want to say is, how good could it be e we added heat equity capital market. and trading, peak investment portfolio, everything. --got to 15%, >> pathÉtique from the best levels they ever had. >> and, when you do all of this analysis and then say, leverage dropped, maybe that is the answer. fundamentally, that is the answer, which is the old goldman just is not there anymore. it still means it is a very good stock. stocks are only generating 11% now. some of those peaks can occur. capital markets are doing brilliantly and m&a is picking up. certainly, the wind is in their sales. >> what does it mean fo

goldman and mr. sachs. as the job situation in this country gets better, so will the home improvement market. home improvement spending is still 14% off the 2007 peak. next up, goldman doesn't like how masco gets 40% of its sales from home depot and lowe's. they think this concentration limits the company's margin expansion. those are powerful vendors. especially with the increasing consolidation in the space. you know what, i think that's slightly misguided. masco has exclusive agreements with both companies, home depot and lowe's, representing huge sales platforms. they're as crucial to driving revenue growth. that's right. and might not be as limiting for the company's margins as goldman thinks. i like home depot and lowe's said they're seeing a pick-up in kitchen and bath. they've indicated consumers are willing to pay up for better brands and higher quality products, which is also good news for masco. the bears at goldman think we could be disappointed by the margins of masco's cabinet business. they c

the bears at goldman, smart. the bulls -- the bulls at credit suisse, all right, little spoiler alert here, everybody. my charitable trust owns masco, so guess what conclusion i'm going to reach? but, anyway, because you're going to have to sort through conflicting opinions to decide whether or not to buy a stock, i want to go through the negative research by goldman sachs. it was high quality, shows you why i think the bulls are right, i hope. first, though, a little background on this company called masco. one of the leading players in home building products with iconic brands including delta faucets, craft made cabinets, bear paint among many others. 70% of the sales come from the united states, most of the remaining comes from europe. small but not insignificant 4% yield and up 29% year-to-date and that's not too shabby. if you think housing will stay strong, something that's totally believable after this terrific october new home sales numbers we got last week, then masco is an excellent way to play it. if t

goldman sachs is a smaller firm. they need to take risk, and when you take risk, your earnings -- liz: and the regulators are less -- >> oh, and by the way, they can't do proprietary trading, so you're taking risk on the market-making side. as we know, the volcker rule prevents proprietary trading. i just saw a headline come by -- liz: yes. the sec has confirmed that the volcker rule originally scheduled december 18th event, but everyone else is voting on the 10th or the 11th, apparently, and they've pulled the 8th. not given an -- 18th. not begin an indication from the chairman's office. >> every bank cares about how this is going to look. the stories don't say how it's going to look because banks, this is designed to get rid of proprietary trading, banks taking risk with their own capital. if you read the interpretation that has been out there, you can't make markets. and if you can't make markets, then goldman sachs will cease to exist. that's why they're worried. and depending on how they can make those markets,

my time when i started at goldman sachs. now i had been courting and been courted by goldman sachs for three years before i got a job. it was then called security sales helping individuals and small institutions manage their money. i got a ton of history of those years as well as some of what i talked about earlier. you can get the skinny at my goldman days. but that's not what tonight's show is about. tonight's show is about learning how to trade and investing by studying with me at the university of hard knocks. now i will dispense with the anecdo anecdotes. it's fine to have fun. i'm about making money. first, that's where i began to understand the process of actual money management. not picking a stock here or there. but the process. the ability to build a portfolio from the ground up. and i had the best teachers in the world at goldman sachs. one of the great hedge fund managers at the time, lee cooper. he put on investing clinic almost every day of which i never missed a session. hardly an hour went by when i didn't he

places like goldman will city pay people. when you're looking at business models, what do investors look at? they look at business models and see how it is going to fit in the next five years. given regulatory environment, the volcker rule coming down, not totally down but looks like it is almost done. will curtail proprietary trading, using their own ideas to trade in the market. they can take risks in trading, this is where they make their money, only based on a customer trade so more of like a middleman. here is the problem they have. they're not as big as jpmorgan. we beat up on jpmorgan all the time. everybody going after them. here is reality of jpmorgan, because it is a huge bank and so many customers, guess what? it is middleman on some different trades. all it has to do is act as an agent as opposed to a principal. lori: interesting, talking about the question of recruitment, curious what you're hearing from headhunters around people in general, are folks going, talent going to wall street or going to private firms?

goldman's resold because of an inferior goal difference. in group g f c porto up against war with the three men could face an uphill cost. and they must send it to pieces but failed to beat boston cop austria vienna. meanwhile in group h with a win to them and i'm on x fixable progress with the top is enough that the italians. with the well enough to go around the blooms during the more important century that nelson mandela was dale's his freedom became synonymous with his country's freedom from the sixties when he was a political prisoner to recent is when he became one of the wilderness of mine people meant that i inspired artists musicians poets and many more old keen to me tonight. i love you so much or rather who don't vote brodeur the school denies that he is on like this one in london in june two thousand and eight to mark his ninetieth birthday. new use your pants. one thing too. the blues with them and put them down but it does is that it will be here with a dog. all that easy. global as we can know that i'm not saying that the fam

whether they're goldman sachs with guns or some guy throwing a fake golden ring on the ground we are putting a stop to it with something called big coin which has come from the future to save us from the present. time on that note so thanks so much. thank you matt. states in the second half. a plane is being compared to a lady home on the one hand takes money from an older now delayed gentleman but once to spend her time with handsome young man but sometimes you really have to choose i mean you cannot have both if you use and that kind of metaphors i think you should clearly separate the present existing ukrainian authorities we share been negotiated in a very embarrassing way was both the european union russia and ukraine a nation. what defines a country's success. faceless figures of economic growth. for a factual standard of living. right to see. first rate. and i think picture. on our reporters twitter. and instagram. the end. welcome back to the kaiser report. ned mailer. of quilter. manners read their welcome back to the kaiser reform. all right so told to us about those german

goldman sachs has to take risk. would i say this if you're long-term better on goldman watch it, this is one stock i would worry about. lori: what about jpmorgan and jamie dimon so critical of dodd-frank and its inception and clearly -- >> right. we should point out one of the provisions of this -- adam: "london whale." >> because of the "london whale," doing some sort of portfolio hedging. the "london whale" by the way was port sole outside, wasn't quite a proprietary trade. it was the bank's outside bank portfolio. not really a hedge fund. it wasn't supposed to be. this is every money banks have outside. they have their own portfolio. basically invested in less risky assets. they did some hedge with it went awry, i.e., the "london whale" as a hedge. but this rule as being interpreted basically address that is. adam: does it protect the shareholders of an institution like jpmorgan from that kind ever huge loss in the future? does it protect taxpayers from bailing out this? >> i would say this. bureaucrats are incre

whether they're goldman sachs with guns or some guy throwing a fake golden ring on the ground we are putting a stop to it with something called big coin which has come from the future to save us from the presence. of well read time on that note so thanks so much. you stay tune for the second half old. this is the place that has been consecrated to god for almost a thousand of years people came here twenty some years ago it's very established as to life on the silence. and people feel the love of christ of working. people so you can. come to something happens on this island that makes them return to it again and again they say the below saves them. join me james brown on a journey for the soul. only see. choose your language. killing spree killer though in financial literacy there is still so much. to choose good music it can sense you can. choose the opinions that degrade to. choose to stories that impact your life choose me access to your office or. the like to go digital the price is the only industry specifically mention in the constitution and. that's because a free and open proc

whether they're goldman sachs with guns or some guy throwing a fake golden ring on the ground we are putting a stop to it with something called big coin which has come from the future to save us from the present. time on that note so thanks so much. that you stay tune for the second half. this is the place that has been consecrated to god for almost a thousand years people came here twenty some years ago so you stablish last a life on the silence. and people feel the love of christ working through. people so you can do. something happens on this island that makes them return to it again and again they say the below saves them. join me james brown on a journey for the soul. only see. do we speak your language or not a day in. music programs and documentaries in spanish matters to you breaking news a little turn to bangalore kiddies stories. you hear. all teach spanish find out more visit i too early to teach. i know c.n.n. the m s m b c news have taken some slightly but the fact is i admire their commitment to cover all sides of the story just in case one of them happens to be accurat

whether that goldman sachs' with guns or some guy throwing a fake golden ring on the ground we are putting a stop to it with something called big coin which has come from the future to save us from the present. time on that note so thanks so much. stay tuned for the second half. what defines a country's success. faceless figures of economic growth. or a factual standard of living. with the influential senators. choose to use the degree to. choose the stories they didn't. choose. to. the torch is on its epic journey to such. one hundred twenty three days. through two thousand nine hundred towns and cities of russia. relayed by fourteen thousand people or sixty five thousand killings. in a record setting trip by land air sea space. torch relay. on r t r g dot com. welcome back to the kaiser report. meyler. of quilter. manners read their welcome back to the kaiser report thank you max. so don't dorsey brothers german investigation into the alleged manipulation of gold and silver benchmark what's going. well it's been a while since we've discussed the story. i think it's both e.f.c.a. in londo

peter oppenheimer of goldman sachs. he stays with us. his final thoughts on the sectors are coming up next. >> in a strange way quite happy. i mean, he led an extraordinary life. he really wasn't alive to the world over the last two years. and you know, he really just didn't know what was going on. so i think it was merciful that he has finally died and he has just left the most incredible legacy. i don't think there is in the last century that has meant more to the world than nelson mandela. >> welcome back to "on the move." that was sir richard branson speaking to bloomberg tv about the death of nelson mandela and his legacy. here are some companies on the move. the cut comes after a record first half loss yesterday. with the downgrade, they lose the status of two global airlines. the news comes as chinese consumers return to japanese brands. and ford c.e.o. alan mulally will stay through 2014 according o a bort director. mulally is considered one of the leading candidates to take the top job at microsoft when steve ballmer steps down.

whether they're goldman sachs with guns or some guy throwing a fake golden ring on the ground we are putting a stop to it with something called big coin which has come from the future to save us from the present right well read time on that note so thanks so much stace thank you and stay tune for the second half. so we leave the. bushes sure. you're part of the physical. issues that no one is asking with to get that you deserve answers from. politics. welcome back to the kaiser report. ned mailer. of quilter. manners read their welcome back to the kaiser reform. all right so told to us about those german investigation into the alleged manipulation of gold and silver benchmark what's going well it's been a while since we've discussed the story max i think it's both e.f.c.a. in london and bath in germany to look into this initially the the story in the mainstream media was about looking at the fix what is the fix for the fix is a twice daily setting of the of the price london bullion markets or sation who are there are a bunch of bullying banks which are the main mainstream large banks

former goldman sachs asset chairman. have a great holiday. >> the fastest rise in house price according to goldman sachs. elliott gotkine reports. >> on tel aviv's best known boulevard, it will soon be israel's tall eths residents rble tower and most expensive. the apartments, some with private plunge pools start at $1.5 million. prices that a few years ago would have been unthink bt. between 2009 and 2012, israeli house prices rose 55%. faster than norway and switzerland and every other member of the oecd. house prices have been rising so far especially here in tel aviv, and many israelis find themselves priced out of the markets and they would love for prices to come down. >> developers say they also want cheaper homes. showing me around the $50 million penthouse, he said the current situation helps no one. >> rising prices in the short term may be good for some, in the long run, may be good for everyone. it is much hard to get an apartment. even for developers, up to a certain point, it becomes too risky to buy new la

goldman goes hold to buy on exxon. they down grade marathon. exxon warned buffet, buyer here, just huge. he has been dead right. they have refining and marketing and they are doing everything right. the last quarter was terrific. marathon, mro, had, i felt, a very good analyst meeting but this reps an independent that is drilling. in north dakota, what's happening is people are shying away from these unlike pioneer. from conviction buy to buy. these are all part and parcel -- >> you have been critical of exxon. >> the last quarter was extraordinary. these companies don't trade on earnings. they trade on production growth. the production growth is accelerating in exxon. it is a very interesting commercial. it is 360. it is about how gasoline dpgive you more bang for the buck than any other energy. >> they are. it is not a great deal for them. they are not talking about that at all. they are basically saying, look, we're not going to have natural gas gas stations. chevron -- shell disagrees with that. clean energy fuel is obviously trying to put

sachs even one of the biggest players on the proprietary trading that is what goldman sachs j.p. morgan is the other big one they actually completely changed the tone of this debate by conveniently or in conveniently losing six billion dollars on a on a failed trade a couple of springs ago so-called london whale. so they are awesome at it you need to. know how to regulate regulators intentionally enforce this rule that seems like a difficult challenge but i would say they they harness peter drucker is maxim from management that you manage what you measure. normally a flow desk trader is kind of a cowboy he is just a basketball player there they are going on muscle memory if you will of trading now they will actually have to document things so if there is a trade it's not just because they think it's a good idea it's because there is an actual bona fide customer involved or if there's a head or something they're going to call ahead there needs to be a piece of paper that says here is precisely what i'm hedging it should be understood that a hedge is a cost hedges insurance a hedge

sachs even one of the biggest players on the proprietary trading that is what goldman sachs j.p. morgan is the other big one they actually completely change the tone of this debate by conveniently or in conveniently losing six billion dollars on a on a failed trade a couple of springs ago the so-called london whale. so they are awesome at it you need to. know how to regulate regulators intention to enforce this rule that seems like a difficult challenge but i would say they they harness peter drucker is maxim from management that you manage what you measure. normally afloat trader is kind of a cowboy he is just a basketball player there they are going on muscle memory if you will of trading now they will actually have to document things so if there is a trade it's not just because they think it's a good idea it's because there is an actual bona fide customer involved or if there's a head or something they're going to call ahead there needs to be a piece of paper that says here is precisely what i'm hedging it should be understood that a hedge is a cost hedges insurance a hedge is

sachs even one of the biggest players on the proprietary trading that is what goldman sachs j.p. morgan is the other big one they actually completely change the tone of this debate by conveniently or in conveniently losing six billion dollars on a on a failed trade a couple of springs ago so-called london whale. so they are awesome at it you need to. know how to regulate regulators intentionally enforce this rule that seems like a difficult challenge but i would say they they harness peter drucker is maxim from management that you manage what you measure. normally afloat trader is kind of a cowboy he is just a basketball player there they are going on muscle memory if you will of trading now they will actually have to document things so if there is a trade it's not just because they think it's a good idea it's because there is an actual bona fide customer involved or if there's a head or something they're going to call ahead there needs to be a piece of paper that says here is precisely what i'm hedging it should be understood that a hedge is a cost hedges insurance a hedge is ju

sachs even one of the biggest players on the proprietary trading that is what goldman sachs j.p. morgan is the other big one they actually completely change the tone of this debate by conveniently or in conveniently losing six billion dollars on a on a failed trade a couple of springs ago the so-called london whale. they are awesome at it you need to. know how to regulate regulators intentionally enforce this rule that seems like a difficult challenge but i would say they they harness peter drucker is maxim from management that you manage what you measure. normally a flow desk trader is kind of a cowboy he is just a basketball player there they are going on muscle memory if you will of trading now they will actually have to document things so if there is a trade it's not just because they think it's a good idea it's because there is an actual bona fide customer involved or if there's a head or something they're going to call ahead there needs to be a piece of paper that says here is precisely what i'm hedging it should be understood that a hedge is a cost hedges insurance a hedge

sachs in one of the biggest players on the proprietary trading that is what goldman sachs j.p. morgan is the other big one they actually completely change the tone of this debate by conveniently or in conveniently losing six billion dollars on a on a failed trade a couple of springs ago the so-called london whale. they are awesome out and you. know how the record regulators intentionally enforce this rule that seems like a difficult challenge but i would say they they harness peter drucker is maxim from management that you manage what you measure. normally afloat ask trader is kind of a cowboy he is just a basketball player there they are going on muscle memory if you will of trading now they will actually have to document things so if there is a trade it's not just because they think it's a good idea it's because there is an actual bona fide customer involved or if there's a hedge or something they're going to call ahead there needs to be a piece of paper that says here is precisely what i'm hedging it should be understood that a hedge is a cost hedges insurance a hedge is jus

sachs even one of the biggest players on the proprietary trading that is what goldman sachs j.p. morgan is the other big one they actually completely change the tone of this debate by conveniently or in conveniently losing six billion dollars on a on a failed trade a couple of springs ago the so-called london whale. they are awesome at it you need to. know how to regulate regulators intentionally enforce this rule that seems like a difficult challenge but i would say they they harness peter drucker is maxim from management that you manage what you measure. normally afloat trader is kind of a cowboy he is just a basketball player there they are going on muscle memory if you will of trading now they will actually have to document things so if there is a trade it's not just because they think it's a good idea it's because there is an actual bona fide customer involved or if there's a head or something they're going to call ahead there needs to be a piece of paper that says here is precisely what i'm hedging it should be understood that a hedge is a cost hedges insurance hedge is jus

arizona and texas tech and aaron goldman -- and aaron gordman. he lead the wild cats with 19. second ranked arizona is now 8 of h 0 and 79-58 the final over at texas tech. abc7 sports brought to you by riverwalk casino. >> an exciting come back. >> the warriors game was amazing. they were dead in the water and then

arizona and texas tech and aaron goldman -- and aaron gordman. he lead the wild cats with 19. second ranked arizona is now 8 of h 0 and 79-58 the final over at texas tech. abc7 sports brought to you by riverwalk casino. >> an exciting come back. >> the warriors game was amazing. they were dead in the water and then they cam

morgan, goldman sachs, morgan stanley, to a lesser degree, and citigroup would be affected. and virtually all the other banks in the united states would not be affected. if, however, they choose to put something in there concerning hedging then the top 100 banks in the united states would be affected and would be affected pretty negatively. >> so explain to us that aspect of hedging because there has been a lot of complaints about that. how does that put these banks at a disadvantage? >> well, it doesn't put the banks at a disadvantage, it puts the customers at a disadvantage. it basically takes away from the customer the ability to lock in an interest rate or to lock in what the cost of a foreign exchange transaction would be. and therefore, it causes less activity in the banking industry, and it causes less trading. but remember, the person who gets impacted by this most is not the bank. it is the person who does business with the bank. >> i was speaking last week with one top banker who said that we like to carry in our inventory lots of stocks, lots of bonds because that

jake is now the head of communications for goldman sachs. i mean, you -- >> and so, many of them have a connection to someone else who figures prominent in your book, robert rubin. >> yeah, robert rubin -- >> was clinton's treasury secretary. >> there's always been a symbiosis between wall street and washington to some degree. but i think the clinton era introduced a whole new level of magnitude to this. and bob rubin, who was the sort of storied head of goldman sachs for many years, coming to take the reins of treasury was really -- i mean, he was a real guru. and brought a lot of protÉges, larry summers being the biggest example, to town. tim geithner being another one. and yeah, and then, you know, the economy crashes, the banks crash. i mean, robert rubin gets a great deal of blame. i mean, bill clinton himself did a mea culpa on robert rubin. >> on abc news. >> on abc news, on george stephanopoulos. >> rubin had been a force in killing glass-steagall, which was the firewall between commercial banks and investment banks. >> investment b

arizona and texas tech and aaron goldman -- and aaron gordman. he lead the wild cats with 19. second ranked arizona is now 8 of h 0 and 79-58 the final over at texas tech. abc7 sports brought to you by riverwalk casino. >> an exciting come back. >> the warriors game was amazing. they were dead in the water and then they came back. >>

it will come for a day, says goldman sachs. they make it very clear. 90% of the bond market have priced this end. i think that's the issue. aboutd el-erian will talk that tonight. have a look at the bond market. this is the essence of what we are dealing with. you have the build up to september and disappointment. could this be another day? yearnted to focus on 30- bonds that have gone to nearly 4% and staying at the top end of that trade range. the bond market to a certain extent is ready. the critical issue is this. one year money, five years time. event that1994-style is what they are trying to do. one year money and five years time is trading up at a rise of four percent and that's not what happened in 1994 but they are a bit more skittish. the rising streak of volatility in record, 14 of the past 16 days. the equity market, they want to protect the biggest rally in a decade and investors put in $126 billion into equities this year. >> forward guidance is the key. >> yes, it will be the critical issue. i liked what mohamed

john goldman has been following healthcare.gov. break down the number -- julianna goldman has been following healthcare.gov. break down the numbers. is sayinginistration 29,000 people enrolled in health plans sunday and monday, the first two days of the so-called fix. if the 6000 people in total .hrough 30 -- through tuesday november, 100,000 people enrolled, and those numbers look pretty good compared to what we saw in october, only 27,000 people enrolled with all of those website problems. we still do not know what the numbers look like for the 14 states plus the district of columbia that are doing their own exchanges, we expect those numbers to be better because their websites have not been as troubled. here are some of the other issues. the white house still needs to get 7 million people enrolled by the end of march, and they still have a long way to go. the averages about 40,000 a day they will need enrolled through the federal exchange, so they are probably not likely to hit that target of 7 million still. the other issue is

morgan, goldman sachs, morgan stanley, to a lesser degree, and citigroup would be affected. and virtually all the other banks in the united states would not be affected. if, however, they choose to put something in there concerning hedging then the top 100 banks in the united states would be affected and would be affected negatively. >> so explain to us that aspect of hedging because there has been a lot of complaints about that. how does that put these banks at a disadvantage? >> well, it doesn't put the banks at a disadvantage, it puts the customers at a disadvantage. it basically takes away from the customer the ability to lock in an interest rate or to lock in what the cost of a foreign exchange transaction would be. and therefore, it causes less activity in the banking industry, and it causes less trading. but remember, the person who gets impacted by this most is not the bank. it is the person who does business with the bank. >> i was speaking last week with one top banker who said that we like to carry in our inventory lots of stocks, lots of bonds because that is wha

he gets a call from greg palm, the general counselor for goldman sachs. he started off the call on december 11th, with two tip offs the conversation was going to be uncomfortable. he said he had a colleague listening on the line. since the topic was sensitive, it was important there was an extra set of ears and hands to record what was said and monitor's gupta's reaction. gupta didn't register yet the call was going to be different. we are representing the corporation and not you. palm wanted to make sure this he knew this wasn't a prive conversation. the contents of his conversation could be handed over to law enfore enforcement officers. what can you tell me about raj rajaratnam? gupta was taken back. he said what are you talking about? they said they were told he might have provided him with information about the firm. gupta was calm and denied he ever provided raj rajaratnam with information about goldman sachs. then he went on to explain why it was absurd. he said they were businessman at one time but they had a falling out. gupta poured $10 million

goldman citing domestic economic growth and fading fiscal head winds. i don't know, i guess most people on desk probably agree with this call. >> almost everyone in the u.s. >> what do you think about the europe call? >> i don't know if everybody else agrees with me. i like the credit suisse, the deutsche banks, some of those names out there. i think we forget about the canadian banks as well. bank of montreal. you're talking citi, jp morgan, wells fargo, u.s. bank, all these names are part of what they're talking about. the citi downgrade, it was a downgrade but they raised the price target. you added some of the reasons behind it as well. >> i like citi. it's my chicken way of playing emerging markets but the whole yield curve. europe, the markets there are not tremendously overvalued. they've come a long way. >> so have the banks. >> right. >> you've had a lot of banks shrink. the ones that now have the balance sheets will pick up the share and do very well. >> let's stick with the europe trade. european stocks are lower, extending losses for a fourt

keep your eye on goldman sachs. in the midst of the breakdown today, goldman hit a 52-week high. that's a sign of strength, people, not weakness. i think these stocks are saying that higher rates are here to stay. th and this is one of the few days the fed didn't try or couldn't bring rate downs. that's okay. it's time they caught up with the rest of the market and they go higher when rates go higher. the other prop, it's the transports. the holiday season is that weak. if business is that bad in this country, then this group wouldn't be able to power higher about the way it did. i'm impressed the way fedex hung in there all day that stock was already up a lot. so was the strength in the baltic drive freight index and the transport rates for oil. watch those. raw trade is getting better, not worse. i think there was some genuine fear instigated by the downgrades there are a ton of stocks that have gone up and up and up on no real news. a simple hold could crush this gain is a reminder that many other stocks we like, like disney or chipotle or facebook all up a lot could simply be

you had two months to sell between goldman's initiation and the stock's peak. there was good upside left, but prudence then dictated that we sell once the stock had all these analysts covering it. better to clear out early with the winnings than wait for it to fade away. and then hansen started to cool off once it hit the critical mass of analyst coverage, especially a big-time analyst like goldman sachs. because once goldman's following something, believe me, it is no longer undiscovered. incredibly, after hansen fell off the radar screen, it'd just gotten on to, people started talking about it. people forgot about it again, the stock -- but you know what happened, after it was forgotten and people stopped writing about it, the stock recharged and powered higher like nothing ever happened. it was an amazing renaissance and testament that when analysts stop following a company, the company's earnings start percolating again, you've got a stock that can get its act together, even as this time hansen came back as the name monster beverage company and braved a sto

keep your eye on goldman sachs. in the midst of the breakdown today, goldman hit a 52-week high. that's a sign of strength, people, not weakness. i think these stocks are saying that higher rates are here to stay, and this is one of the very few days the fed didn't try or couldn't bring rates down. that's okay. it's time they caught up with the rest of the market and they go higher when rates go higher. the other prop, it's the transports. the holiday season is that weak. if business is that bad in this country, then this group wouldn't be able to power higher the way it did. i'm impressed the way federal express hung in there all day that stock was already up a lot. so was the strength in the baltic dry freight index and the suez transport rates for oil. watch those. raw trade is getting better, not worse. i think there was some genuine fear instigated by the downgrades. there are a ton of stocks that have gone up and up and up on no real news. a simple hold to sell recommendation could crush this gain is a reminder that many other stocks we like, like disney or chipotle or face

you've got mark carney who was running the bank of canada and ex goldman as well and you've got william dudley the head of the f o m c chairman permanent chairman who's ex goldman as well you know mark carney obviously created the biggest housing bubble in the history of canada and he walked away and came here to create the same model bazemore hired him to do exactly that one out of every five jobs created in the u.k. last year was in property there are six hundred thousand nearly six hundred thousand property brokers in the united kingdom now that to me is not an economic recovery what drives an economic recovery capital expenditure an increase in savings are we seeing any of that we're not seeing any of that but mark carney just came out he said we're going to stimulate demand by making it easier for people to borrow money should they be saying isn't a man stimulated by increasing people's savings account i think what they need to do to stimulate demand is increased business and create businesses that actually make productive goods and make productive things and i don't think they're

you've got mark carney who was running the bank of canada and ex goldman as well and you've got william dudley the head of the f o m c chairman permanent chairman who's ex goldman as well you know mark carney obviously created the biggest housing bubble in the history of canada and he walked away and came here to create the same model bazemore hired him to do exactly that one out of every five jobs created in the u.k. last year was in property there are six hundred thousand nearly six hundred thousand property brokers in the united kingdom now that to me is not an economic recovery what drives an economic recovery capital expenditure an increase in savings are we seeing any of that we're not seeing any of that but mark carney just came out he said we're going to stimulate demand by making it easier for people to borrow money should they be saying isn't demand stimulated by increasing people's savings account i think what they need to do to stimulate demand is increased business and create businesses that actually make productive goods and make productive things and i don't think they're

let's ring in julianna goldman in washington. what an important time for these guys to be in the white house. >> that is right. the federal judge caught the program almost orwellian saying that it violates the earth -- the fourth amendment ban on unreasonable searches. was a busht judge appointee. he ordered the government to stop collecting data on the two plaintiffs and destroy the records. they're likely to show the privacy interest outweighed the government interest when it comes to collecting this data here at you put the injunction on hold. "significant are national security interests at stake>" he is giving the government time to appeal which he said could take around six months. the government does not have to stop the program until that d.c. court of appeals ruling and depending on what it says. this is the first successful ruling against the government program sent the leaks by edward snowden. up until this point, courts including the foreign intelligence savings court which request the metadata said the program is cons

sachs every time there goldman sachs or j.p. morgan is caught rigging markets or manipulating markets could be the london whale here in the u.k. they fall into this defense where were the market maker and they and they and the regulators say oh well that's ok now what's wrong with that defense talk about a little bit well a market maker has a perfectly valid function it's like the house in the casino has a perfectly valid function but you only let them have so much you know that at the moment they taking far more than they are due from the market i'm not saying the markets have completely lost touch with reality it's just that the casino this casino is rigged what i do say in the oil market and over. we were talking about he was what i call micro on the day manipulation you know my views the all markets on a macro scale over many years have been way higher than they should have been because there are people part this is the oil market in particular because there are people participating in it who are essentially lending money to

you got mark carney who was running the bank of canada and ex goldman as well and you've got william dudley the head of the f o m c chairman permanent chairman who's ex goldman as well you know mark carney obviously created the biggest housing bubble in the history of canada and he walked away and came here to create the same model bazemore hired him to do exactly that one out of every five jobs created in the u.k. last year was in property there are six hundred thousand nearly six hundred thousand property brokers in the united kingdom now that to me is not an economic recovery what drives an economic recovery capital expenditure an increase in savings are we seeing any of that we're not seeing any of that but mark carney just came out he said we're going to stimulate demand by making it easier for people to borrow money should you be saying is a demand stimulated by increasing people's savings account i think what they need to do to stimulate demand is increased business and create businesses that actually make productive goods and make productive things and i don't think they're d

julianna goldman looks at the possible gridlock ahead. what can we expect from the senate on tuesday? >> of the budget deal -- it faces a real critical test tomorrow. that is when the senate needs to get to the magic number of 60 votes in order to push the bill forward. let the counting begin. democratsneed all 55 in at least five republicans to get to 60. for thes were sending optimistic that they will get enough republicans. would be --id it harry reid said it would be suicide for republicans the book is down -- to vote this down. they been lobbying their senate colleagues to back the deal. there was maybe a wrinkle in this effort. a senator from north carolina, he had been at war with the deal but he slipped. he came out saying he would not support the bill moving forward tomorrow. the president some trading because that was balanced by two more republicans saying that they would vote to clear tomorrow's hurdle. that brings the total number of republicans to 60 -- to six. he said the bill was not everything he hope for but sometimes th

including that package i sold to goldman was american stores. it was so ugly i didn't want to own anything, including a stock i had owned forever. a big institutional trader like i was can get goldman sachs to buy your portfolio at a discount. knowing that if you sold them you could crush your stocks and do more damage than goldman or any big firms can do by going at it piece meal. it was what i thought a prudent decision. two weeks later, after i sold all my positions, albertson's bought american stores. it was a huge premium. gigantic. i couldn't believe it. i had held on to american stores all these years and like a chump i sold it because i couldn't take the pain. if i had added to the position i could have made my year. i always remember that moment, because it caused we to rethink how i felt about blowing out of my portfolio when i'm convinced stocks are going lower. the stock market bottomed down 2%. i didn't have the guts to go back in at the time because i was so adamant that we were going down 4%, 5%. what is the moral? what did i real

you've got mark carney who was running the bank of canada and ex goldman as well and you've got william dudley the head of the f o m c chairman permanent chairman who's ex goldman as well you know mark carney obviously created the biggest housing bubble in the history of canada and he walked away and came here to create the same model bazemore hired him to do exactly that one out of every five jobs created in the u.k. last year was in property there are six hundred thousand nearly six hundred thousand property brokers in the united kingdom now that to me is not an economic recovery what drives an economic recovery capital expenditure an increase in savings are we seeing any of that we're not seeing any of that but mark carney just came out he said we're going to stimulate demand by making it easier for people to borrow money should we be saying isn't a man stimulated by increasing people's savings account i think what they need to do to stimulate demand is increased business and create businesses that actually make productive goods and make productive things and i don't think they're do

for more let's bring in julianna goldman in washington. what an important time for these guys to be in the white house. >> that is right. the federal judge caught the program almost orwellian saying that it violates the fourth amendment ban on unreasonable searches. the district judge was a bush appointee. he ordered the government to stop collecting data on the two plaintiffs and destroy the records. they're likely to show the privacy interest outweighed the government interest when it comes to collecting this data. but he put the injunction on hold. he said there are "significant national security interests at stake", so he is giving the government time to appeal which he said could take around six months. the government does not have to stop the program until that d.c. court of appeals ruling and depending on what it says. this is the first successful ruling against the government program since the leaks by edward snowden. up until this point, courts including the foreign intelligence savings court which request the metadata said the pr