matt: wall street is not the earnings generator it once was. it is not that return on equity or capital that it once was. the bigger banks have done well because you have low interest rates in a low interest rate environment. was easier to take risk, of having said that, we are not back to the days of 2006 when wall street ruled the world. unfortunately. ,ot the way we would have liked as we unfortunately all suffered. will hard times come again? matt: the risk on trade at some point will take us to a bad end. [laughter] shery: thank you so much for your time today. matt winkler -- amex also joining this conversation. a quick check of the markets, we are seeing u.s. stocks and yields continuing to rise, responding to the strong payrolls number, with employers hiring the most workers and two years, and you see the s&p 500 trading above the moving average, and the tech index is seeing a new intraday record. -- biggest gain in a week emerging markets also doing well and gaining the most, about a percent at the moment. we also have positive news on

shery: a long time in terms of wall street. what do we know about the copresidents and who could take the helm? goldman,presidents, at this is typically the case. for presidentts is seen as the successor. poor garycohn -- cohn. he waited a long time and realized lloyd blankfein was not going anywhere and accepted the job from donald trump to help him. that did not last long and maybe he wished he would have stayed. the copresidents, everybody was looking at them as the next leaders but not clear at this point whether one of them will become the new ceo. before has had co-ceos and other firms have tried it and it has worked, it can work. we will see how it plays out but lloyd blankfein is still involved in what will be done leadership wise. vonnie: very much in charge of his own fate. we are watching twitter because he started an account recently. he has 6000 followers. the last tweet he did was concerning gary cohn. talk to us about strategy. 30% decline in fixed income recently. will there be a change of strategy once lloyd bl

what new and let's not about the fresh crop of leaders on wall street. jason: we are going to the hottest local can -- all ahead on bloomberg businessweek. carol: with your with the editor in chief of bloomberg businessweek. eight very timely story and it takes a look at succession planning that we are seeing as a really well-known big bank and financial firm. it starts with jason kelly, which looks at blackstone. >> we try to make this be a package. this is a wider moment of succession on wall street. blackstone is gigantic. jason's story is basically a look at gray, who has been this real estate guru. when you look at blackstone in the portfolio they are more a real estate company than a private equity. >> this is a fascinating story to work on, because this has been a career success. wasonly job he has ever had straight out of the university of pennsylvania, and he did these signature deals on the way. himself in thes number two job at a firm that controls $434 billion in assets. >> this is a firm that is so identified with schwartzman. important thin

ahead, a look at wall street's struggle to promote female leaders. jason: and trump moves closer to a presidency of one. carol: both parties get a political wake-up call from pennsylvania. jason: this is bloomberg "businessweek." ♪ carol: welcome back to bloomberg "businessweek." i'm carol massar. jason: i'm jason kelly carried you can find us online at businessweek.com. carol: and our mobile app. this week, president trump fired rex tillerson from the state department. jason: and lost one of the last moderating voices in his administration. carol: we spoke to matthew philips about what it means to be surrounded by loyal test. -- loyalists. >> they disagreed fundamentally on a lot of things on foreign policy and tillerson had just gotten back from his first trip to africa as secretary of state. it was one of his more difficult trips. he had just had a member of his family pass, got sick there, gets woken up in the middle of the night by the president calling him and saying i am going to do this sit down with the north koreans. tillerson spends the

carol: what is new about the leaders on wall street. jason: plus, the hottest local economies across the country. carol: and amazon hitting its prime. jason: all of that is ahead on "bloomberg businessweek." ♪ carol: we are with the editor in chief of "bloomberg businessweek," joel webber. and a very timely story that looks at succession planning we are seeing at well-known big banks, financial firms, and it starts with a wonderful story about my cohost that looks at blackstone. joel: we tried to make this a package that looks at a wider moment of succession on wall street and jason looks at buy side. blackstone is gigantic and they recently had someone named jonathan gray. jason's story is a look at gray, who has been this real estate guru and when you look within blackstone and their portfolio, they are more of a real estate company than a private equity company. jason: it was a fascinating story to work on in some ways because this has been a career success on success for jonathan gray. he is 48 years old, the only job he has had i

street and wall street and certainly wall street's been a winning the last twenty five years certainly stands the reagan thatcher era and male liberalism and main street spend shut out main street the wages have been stagnant a lot of jobs have been lost so is this signaling kind of an era when main street can look forward to some gains here versus wall street and isn't that a positive thing and there isn't that the way the cookie crumbles if you are working on wall street dr watson well i don't think. economic policies that don't favor walls are the same as bernie sanders was the it's the don't favor wells. just because wall street loses doesn't mean automatically means three yangs there must i think there's a national security strategy by trump i think the national security the state has taken over and what they're trying to do is play the game of international diplomacy that is not going to help either wall street or. they can both be losers if the economy is being mismanaged and it looks to me like trump and the republicans are mismanaging of the economy for instance if trump wante

the top stories tonight, wall street crushed. the stock market suffered a second straight day of steep losses as establishment rinos and dems in congress went on a $1.3 trillion spending spree, abandoning all restraint and the federal reserve raising rates with no evidence of inflation. today's losses capping what was the worst week on wall street in more than two years. it was simply put, a bloodbath.

street call to yes we saw some sharp losses on wall street directly after the announcement so clearly the markets are not taking this very well. well wall street obviously got caught off guard with this announcement yes there has been talk about terrorists for quite some time but investors obviously did not expect some action and then also those tariffs a steeper as a lot of experts have expected we did see steel stocks for example with a huge increase but more companies use steel or companies producing those and that's why overall we saw some big declines at the low of the day blue chips lost almost six hundred points oh yes the reaction is quite intense considering what's really at stake is this only about possibly having higher prices for aluminum and steel you're right i mean first to a couple of years or decades ago and then also a lot of companies here in the u.s. they use the mystic steel or aluminum anyhow but there is this concern of inflation and we had higher tariffs on limber and tom for example from canada a year ago now we have still a medium so that's what's next so the

street yes we saw some sharp losses on wall street directly after the announcement so clearly the markets are not taking this very well well wall street obviously got caught off guard with this announcement yes there has been talk about terrorists for quite some time but investors obviously did not expect some action and then also both arabs a steeper. a lot of experts have expected we did see stocks for example with a huge increase but more companies use steel or companies producing those and that's why overall we saw some big declines at the low of the day blue chips lost almost six hundred points. oh yes the reaction is quite intense considering what's really at stake is this only about possibly having higher prices for aluminum and steel you're right i mean first of all the steel industry is not that export important for the overall u.s. economy and anymore especially if you compare it to a couple of years or decades ago and then also a lot of companies here in the u.s. they use the mystic steel or aluminum anyhow but there is this concern of inflation and we had higher tariffs on lim

ideal candidate for wall street. you know i just walked by him he's here on wall street on a very regular basis for being a t.v. personality so there he has something in common with the u.s. president and when it comes to wall street the big question will be can larry kudlow influence the administration when it comes to the trade policy and i'm not so certain about that larry kudlow does agree with the u.s. president when it comes to the tax card when it comes to cutting regulation and yes in general he's in favor of not having tariffs but having that said when it comes comes to china larry kudlow also could have a bit of a harder position and it was interesting to see when news broke today that larry kudlow probably will get the job on thursday we did not see a lot of movement in the market actually quite the contrary all the companies that would suffer under. a trade war were among the biggest losers here in the when secession he has court in new york thank you now while the u.s. president's appointment of larry ku

gerri willis is standing by with the headlines from wall street to main street. gerri: the jobs report was a blowout by can standards. u.s. economy adding 313,000 jobs. january and december reports were resides upwards as well. unemployment rate holding steady at a 17-year low. one important number on the wage front. average hourly earnings rose to $26.75. the wage numbers easing investor concerns the fed will feel the need to raise interest rates faster. friday also marking the 9th year of the second longest bull market in history. since march 2009 the dow was up 280%. s & p up 280%. president trump signed a proclamation imposing tariffs on steel and aluminum. president trump: today i'm defending america's national security by placing tar rifds on foreign imports of steel and aluminum. we'll have a 25% tariff on foreign steel and 10% tariff on aluminum. gerri: the tariffs are reportedly what caused cheer economic advisor gary cohn to resign. he disagreed with the president over the tariffs. he'll be leaving the white house in the weeks to come. that news sent th

street caught to the ends we saw some sharp losses on wall street directly after the announcement so clearly the markets are not taking this very well. well wall street obviously got called off guard with this announcement yes there has been talk about terrorists for quite some time but investors obviously did not expect some action and then also those terrorists a sleeper as a lot of experts have expected we did see steel stocks for example with a huge increase but more companies use steel or companies producing those and that's why overall we saw some big declines at the low of the day blue chips lost almost six hundred points oh yes the reaction is quite intense considering what's really at stake is this only about possibly having higher prices for aluminum and steel you're right i mean first of all the steel industry is not that export important for the overall as u.s. economy and anymore especially if you compare it to a couple of years or decades ago and then also a lot of companies here in the u.s. they use the mystic steel or aluminum anyhow but there is this concern of infla

street has caught on wall street thank you very much. well yes was just mentioning the tech companies that are under pressure and this story could affect them even more european authorities continue to crack down on tax evasion and have now announced concrete measures against tech giants precisely like apple facebook or google they will now have to pay more and stop declaring taxes in the country with the lowest taxation like tire the measure could benefit public finances in several european countries but could also scare away international investments. ireland is popular with tech giants who want to lower their tax bill the firms concentrate their business activities in places where tax rates are especially advantageous that's why apple google and facebook have their european headquarters on the emerald isle but the e.u. commission wants to change that they plan to impose a special three percent tax on certain divisions within the tech giants today's proposal. simply about favor for all companies they're about creating the right environ

this bill was not written by wall street bankers. it was not written by wall street lobbyists. if it were, it would be a completely different bill. this bill would actually provide relief to wall street banks and wall street bankers, and it does exactly the opposite. it gives relief to those institutions, whether they are regional banks or small community banks that can be effective competition for the largest institutions in this country. and so it is absolutely essential that we set the record straight that this bill is to give our relationship institutions, whether they are credit unions or banks or our regional institutions that are not doing anything more sophisticated than the work that's being done in our small community banks, to get them the regulatory relief that they need to effectively compete against the biggest banks in this country. and to tailor our regulations, to set our regulations in a way that reflects the common sense of the american citizens. so i want to just take a minute because i think a lot of things that have been said about this bill have been incr

street and wall street and certainly wall street's been a winning the last twenty five years certainly sounds the reagan thatcher era and male liberalism and main street spend shut out main street the wages have been stagnant a lot of jobs have been lost so is this signaling kind of an era when main street can look forward to some gains here versus wall street and isn't that a positive thing and there isn't that the way the cookie crumbles if you are working on wall street dr hudson well i don't think from economic policies that don't favor wolves three are the same as bernie sanders was the it's the don't favor was great just because wall street loses doesn't mean automatically means three yangs there must i think there's a national security threat you go from i think the national security the state has taken over and what they're trying to do is play the game of international diplomacy that is not going to help either wall street or main street they can both be losers if the economy is being mismanaged and it looks to me like trump and the republicans are mismanaging out the economy

exactly what wall street wanted. >>> toys are not us. the iconic ouretailer close all its doors, leaving a big hole in the toy industry. >>>m success f socks. a father/son team took a bright idea turned it into a million-dollar busngess, smashi stereotypes alone the way. those stories and more tonight on "nightly business report," for friday, march 9th. >> good evening, everyone, and welcome. glad you could join us. what a way to end t week. stocks rallied and rallied big. the dow jos soared 44 point 25335. the s&p gained 47 after the monthly jobs report for february turned out to be what wal street hopedfor. wall street and main street cheered the creation of 313,000 jobs a lot more than expected and a very steady unemployment 4.1%.of wages were up, but not a lot. easing investor concerns about a rapid acceleration of wages and inflation. hampton pearson has more on the rosie jobs picture inic am >> reporter: in february, employers went on a hiring binge, adding 287,000 new private sector workers to payrolls. on the way to the biggest m

someone well-known to wall street. we are setting up for a very interesting dynamic in this white house. the president has said he likes. he said people like to be in my administration. >> i think that will be the bigger question. >> more on that the president has right in the president has wrong. >> he's got some good points. one point is the u.s. has suffered from overcapacity steel and aluminum companies from other countries selling into the u.s.. it's because there's a global glut. it's because there's a global glut. huge overcapacity. a lot of it coming from china. trump complained about china. he had a point. in the american miller industries can be traced directly to the way china is favoring domestic producers. trump is also right that china is more of a strategic challenge the united states. china trying to challenge the american military in different ways. >> trump making the national security argument. where does this go? you take a look at what china is doing, whenever there's a foreign company that wants t

i said this bill is not targeted at wall street as it was being marketed instead it was target it hit main street. that is turned out to be the case. since the passage of dodd frank are big banks have profited but are small financial institutions and community banks have suffered terribly. s2155 is aimed at rightsizing the financial institutions. it makes it easier for consumers to get mortgages or obtain credit. it increases important consumer protections for veterans, senior citizens victims of fraud and those who followed tough financial times. congress has held numerous hearings exploring these issues in the product before us today is a result of that process embedding. this bill has received widespread support from those represent millions of hard-working americans and consumers including 10000 community bankers, more than 100 million credit union consumer members and thousands of small business owners and entrepreneurs among others. the reforms in this bill help with the landscape wallace for safety and then relieving burden on fairly being treated in our economy. the passage ho

we know what happens whenever congress listens to wall street and listens to the big banks and wall street and the big banks get their way, inevitably the economy stumbles, or worse crashes, because we've given too much to the big banks, they put too much risk on the system, and places like my zip code, cleveland, ohio, my zip code in 2007 had more foreclosures than any sphwhrip code in the -- zip code in the united states of america. that's not because anybody in my neighborhood has anything that they deserve this. it is what happened when big banks get too powerful and this is what happens. we see wall street moving in and grabbing more for themselves, despite the fact that some of these big banks wouldn't exist today without tape bailouts of -- taxpayer bailouts. you remember that. we didn't bail out the big banks because we -- or a least most of us didn't -- we didn't want to bail out the big banks to help big banks but to help main street, to help the economy. so these -- these -- these wall street lobbyists that have swarmed into this institution to grab more for themselves, as i sai

he says it could replace wall street. normally, when a furniture seller would say that, nobody would listen, but in these days, he seems like a very highly qualified person compared to a lot of the people who are raising billions of dollars for their new rival to bitcoin. jason: we have bitcoin jesus we have talked about, he feels like a bitcoin john the baptist may be. part of the reasons people are paying attention to him is that he does sort of have wall street's number, right? he is able to cut through a lot of the malarkey on wall street. are people getting behind him? zeke: he has raised $100 million so far for this tzero company, and has brought in some new investors to over scott that soros and another well-known. the stock has doubled in the past month or so he has talked about this, but it is hard to say if this is just more of the bitcoin hype or if people are really believing in his new exchange. jason: still ahead, how to use blockchain and how not to. carol: and a revolution turns five years old. women putti

ideal candidate for wall street. you know i just walked by him is here on wall street on a very regular basis for being a t.v. personality so there he has something in common with the u.s. president and when it comes to wall street the big question will be can larry kudlow influence the administration when it comes to the trade policy and i'm not so certain about that larry kudlow does agree with the u.s. president when it comes to the tax cut when it comes to cutting regulation and yes in general he's in favor of not having tariffs but having that said when it comes comes to china larry kudlow also could have a bit of a harder position and it was interesting to see when news broke today that larry kudlow probably will get the job on thursday we did not see a lot of movement in the market actually quite the contrary all the companies that would suffer under. a trade war were among the biggest losers here in the when secession he has court in new york thank you now while the u.s. president's appointment of larry kudlo

wall street isn't sure which way to. >> . the january jobs spooked people in the ivory towers on wall street because they are worried that average americans are making too much moony. there is maybe a chance we retest recent lows. bin vestors should consider staying the course based on the notion economic growth will justify much higher share prices as the year goes on. make sure to catch maria bartiromo's "wall street" tonight. here is a speak peek with joel greenblatt. maria: you see the 1,000-point moves up and down it feels like volatility is back. >> that's a good thing. the last few years was the abnormal part. stocks should be volatile. they have different fundamentals. when they move in lock step, that's not normal. stocks have individual outlooks. charles: coming up democrat chuck schumer jumps at any chance to call trump a racist. but when says he can't approve a nomination because it's a white male, we crossed the viewing con. -- the rubicon. >> the nomination speaks to the overall lack of diversity in president tr

ideal candidate for wall street. you know i just walked by him is here on wall street on a very regular basis for being a t.v. personality so there he has something in common with the u.s. president and when it comes to wall street the big question will be can larry kudlow influence the administration when it comes to the trade policy and i'm not so certain about that larry kudlow doesn't agree with the u.s. president when it comes to the tax cut when it comes to cutting regulation and yes in general he's in favor of not having tariffs but having that said when it comes to comes to china larry kudlow also could have a bit of a harder position and it was interesting to see when news broke today that larry kudlow probably will get the job on thursday we did not see a lot of movement in the market actually quite the contrary all the companies that would suffer under. a trade war were among the biggest losers here in the when secession yaz chord in new york thank you now while the u.s. president's appointment of larry ku

so it's really surprising hold well wall street has been dealing always we've long was the situation of for the week wood chips are up by about eight hundred points or seoul just a day of the dollar jones industrial average again a good four hundred points my sense at this point is that most investors believe that a trade war can be avoided so we will see it in pretty much two weeks if that feeling is right because that's when theoretically officially those tariffs seville kick in and then on top of it we've got hot but not too hard labor report here on friday three hundred thirteen thousand new jobs around nine hundred thousand jobs more than expected the biggest job growth in one and a half years but the good news in this job reports at least for wall street was a bed where wages haven't really increased that much saw we see robert robust growth here in the u.s. but no clear sign of huge inflation and that's also added to the good atmosphere here on wall street at the end of the week ok well that's going to forget all about the tariff talk for one week at least moving on to the not

those longer rides the wall street journal reports that both ober and ola are financed by japan's softbank group which owned fifteen and thirty percent of the firms respectively in brazil ninety nine is the name of main rival china's d.d. owns a twenty percent stake in ninety nine and the journal reports that the investment is being upgraded to a majority stake for about six hundred million dollars and back in the us gov doug doocy of arizona has suspended the testing of driving vehicles them on the roads of the grand canyon state after a pedestrian was struck and killed by an autonomous car last week. on average for twenty seventeen bankers in new york received one hundred eighty four thousand two hundred twenty two dollar bonuses the highest since the great recession back in two thousand and eight and a seventeen percent increase over twenty sixteen as a leading global banking center one in ten jobs in new york are tied in some way or another to wall street one huge covey out to these salary figures and the data is

street what happened there yes i said it's a toxic debt dump because on wall street you can always sell a puerto rico triple tax free double be rated bond to mr or mrs shorts out on long island for that tax free equivalents you know you say it's taxable equivalent of seven percent on your money dr schwartz dentist in bay city and you you know. those all day long it's an easy trade to do and they just load this place up with. the conveniences debt from convenience and now they don't pay the interest on the debt they shouldn't pay the interest on the debt they should force it back to wall street where it came from and so take your toxic debt sludge and cram it up your shrinks think is going to pay the interest on this thing because you just manufactured it in your derivatives factory has nothing to do with our economy goal go into most fungo and drop dead well they did eat a lot of mofongo debt they had a lot of debt and that part of that by the way happened. puerto rico's recession remember everybody else in the world in two thousand and eight two thousand and nine actually hit in two th

street what happened there i said it's a toxic debt dump because on wall street you can always sell a puerto rico triple tax free double be rated bond to mr or mrs shorts out along on . and for that tax free equivalents you know you say it's taxable equivalent of seven percent on your money dr schwartz dentist in bay city and you know you just sell those all day long it's an easy trade to do and they just load this place up with. the convenience of some convenience and now they don't pay the interest on the debt they shouldn't pay the interest on the debt they should force it back to wall street where it came from and so take your toxic debt sludge and cram it up your shrinks think is going to pay the interest on this thing because you just manufactured it in your derivatives factory has nothing to do with our economy goal go into more fungo and drop dead well they did eat a lot of mofongo debt they had a lot of debt and that part of that by the way happened. puerto rico's recession remember everybody else in the world in two thousand and eight two thousand and nine actually hit in

it is very much time for a woman to take control of a major wall street firm. the problem is that there's no one really, no woman in position to do that no one, no women who is in a position to be taken seriously to be a candidate to do that certainly there's no one at goldman sachs. i think there's probably no one at jpmorgan, even though people talk about mary and mary ann lake i don't think they are being considered seriously and there's no really at other firms to speak of. so it is long overdue. a long overdue for a woman to take control of a major wall street firm, but fortunaunfortu, there's still too few women in the senior ranks of wall street. >> we appreciate your insights it's bill cohan. best-selling author as many know have read a number of his books over the years let's just reset, recap the news of the day developing just before noon. and that is "the wall street journal," dow jones report thag goldman sachs ceo lloyd blankfein is set to leave that firm as early as the end of this year you saw the stock that has been moving volatility quite vola

street that the white house is increasingly looks like a a retreat for wall street executives, and these arl the people that are going to be doing the regulations in this bill.ee but republicans and democrats alike who believe in the need for regulation are concerned about this bill, or oppose this bill. people like dan used to be a governor at the federal reserve in charge of regulation. paulio volcker, a federal resere chair selected by republican and democratic president. a a republican, sheila bair, president bush's nominee to the fdic, a goodho analysis of what actually happened when ten years ago this, wall street almost collapsedis our economy and this body, his body seemsnc to the experienced sort of the collective amnesia. ten years ago look what happened to the economy in today were given reliefis to the large, may of the largest banks in this country. relief that these things onn the stress test, a weaker stress test, , a less regular stress tt which will mean many of the larger banks simply won't be under the intense examination that we done in the past. what that means is th

and wall street and certainly wall street's been a winning the last twenty five years certainly sense the reagan thatcher era and male liberalism and main street spend shut out main street the wages have been stagnant a lot of jobs have been lost so is this signaling kind of an era when main street can look forward to some gains here versus wall street and isn't that a positive thing and there isn't that the way the cookie crumbles if you are working on wall street dr watson well i don't think. economic policies that don't favor wolves three are the same as bernie sanders well as the it's the don't they are both great just because wall street loses doesn't mean automatically means three yangs their money i think there's a national security strategy but i think the national security the state has taken over and what they're trying to do is play the game of international diplomacy that is not going to help either wall street or main street they can both be losers if the economy is being mismanaged and it looks to me like trump and the republicans are mismanaging out the economy for inst

gerri willis is standing by with the headlines from wall street to main street. gerri: the jobs report was a blowout by can standards. u.s. economy adding 313,000 jobs. january and december reports were resides upwards as well. unemployment rate holding steady at a 17-year low. one important number on the wage front. average hourly earnings rose to $26.75. the wage numbers easing investor concerns the fed will feel the need to raise interest rates faster. friday also marking the 9th year of the second longest bull market in history. since march 2009 the dow was up 280%. s & p up 280%. president trump signed a proclamation imposing tariffs on steel and aluminum. president trump: today i'm defending america's national security by placing tar rifds on foreign imports of steel and aluminum. we'll have a 25% tariff on foreign steel and 10% tariff on aluminum. gerri: the tariffs are reportedly what caused cheer economic advisor gary cohn to resign. he disagreed with the president over the tariffs. he'll be leaving the white house in the weeks to come. that news sent th

the red returned to wall street this week. the first hit came on wednesday when the new federal reserve chairman testified before the house for the first time and hints that the fed may need to raise the rates more than the three times folks expect this year. stocks finishing down 400 after being up triple digits in the session. his comments made the ten-year yield jump but then the market event of the week happened. >> it will be 25% for steel, it will be 10% for aluminum. it will be for a long period of time. >> president trump announcing big tariffs on coming on steel and aluminum. investors did not like that at all. stocks tumbling immediately on the comments with the dow losing 400 points on the day. and then the tariff-related losses continued on friday. dow and s and sprks seeing 2018 gains wiped 0 out as a result. when everything was said and done, markets finishing the week well into the red. this week saw the last trading day for february. all three indexes finishing lower for the week. the dow and s&p snapping a ten

if presented a fascinating package about succession on wall street. not just that goldman sachs, but jpmorgan and all across. carol: more bloomberg television starts right now. ♪ ♪ david: when you have problems with weather, do you ever communicate directly with god? pm netanyahu: all the time. we used to say it was a local call, but you know, the internet changed all that. [laughter] david: the iranian agreement. you are skeptical. pm netanyahu: you either fully fix this deal, or you fully nix it. david: what is the pleasure of being prime minister? pm netanyahu: oh, investigations. [laughter] [applause] david: the israeli economy is doing quite well. pm netanyahu: if you are not investing in israel -- is anyone here not investing in israel? invest in israel! >> would you fix your tie, please? david: well, people wouldn't recognize me if my tie was fixed, but ok. just leave it this way. alright. ♪

street and wall street and certainly wall street's been a winning the last twenty five years certainly sense the reagan thatcher era and male liberalism and main street spend shut out main street the wages have been stagnant a lot of jobs have been lost so is this signaling kind of an era when main street can look forward to some gains here versus wall street and isn't that a positive thing and there isn't that the way the cookie crumbles if you are working on wall street dr watson well i don't think. economic policies that don't they were rules are the same as bernie sanders was the it's the don't favor was great just because wall street loses doesn't mean automatically means you ain't there must i think there's a national security strategy about trump i think the national security the state has taken over and what they're trying to do is play the game of international diplomacy that is not going to help either wall street or main street they can both be losers if the economy is being mismanaged and it looks to me like trump and the republicans are mismanaging out the economy for inst

has always been a battle between main street and wall street and certainly wall street's been a winning the last twenty five years certainly sounds the reagan thatcher era and male liberalism and main street spend shut out main street the wages have been stagnant a lot of jobs have been lost so is this signaling kind of an era when main street can look forward to some gains here versus wall street and isn't that a positive thing and isn't that the way the cookie crumbles if you are working on wall street dr hudson well i don't think from economic policies that don't favor wolves three are the same as bernie sanders was the it's the don't they are both great just because wall street loses doesn't mean automatically means three yangs there must i think there's a national security strategy but i think the national security the state has taken over and what they're trying to do is play the game of international diplomacy that is not going to help either wall street or main street they can both be losers if the economy is being mismanaged and it looks to me like trump and the republicans are

he says it could replace wall street. normally, when a furniture seller would say that, nobody would listen, but in these days he seems like a very highly qualified person compared to a lot of the people who are raising billions of dollars for their new rival to bitcoin. jason: we have bitcoin jesus we have talked about, he feels like a bitcoin john the baptist may be. part of the reasons people are paying attention to him is that he does sort of have wall street's number, right? he is able to cut through a lot of the malarkey on wall street. are people getting behind him? zeke: he has raised $100 million so far for this tzero company, and has brought in some new investors to overstock, soros and another well-known. the stock has doubled in the past month or so he has talked about this, but it is hard to say if this is just more of the bitcoin hype or if people are really believing in his new exchange. jason: still ahead, how to use blockchain and how not to. carol: and a revolution turns five years old. women putting les

street out of their vulturous kind of predatory techniques well in the past wall street. always been able to go to congress because congress is in charge of trade deals not the executive branch but what trump is known as a very clever way of walking wall street out and locking congress out this is the tariffs are not part of the trade agreement technically there are national security our national security is being threatened by. by having ok listen if you say he's figured out a way to lock wall street out that sounds good to make a stand for another segment short well that's going to do it for this edition of the kaiser report with me max kaiser and stacey ebert like to thank our guest dr michael hudson if you want to catch us on twitter as kaiser report him told next time by l. . the far right in britain isn't just on the march it's taking violent. action might need to take heed of that gives you know again i see things all the motivations which are usually split into which we differ and i hope you get. a. complex way. but hope to do something to. put themselves on the l

street yes we saw some sharp losses on wall street directly after the announcement so clearly the markets are not taking this very well well wall street obviously got called off guard with this announcement yes there has been talk about terrorists for quite some time but investors obviously did not expect some action and then also those tariffs a steeper as a lot of experts have expected we did see steel stocks for example with a huge increase but more companies use steel or companies producing those and that's why overall we saw some big declines at the low of the day blue chips lost almost six hundred points oh yes the reaction is quite intense considering what's really at stake is this only about possibly having higher prices for aluminum and steel. yeah you're right i mean first of all the steel industry is not that export important for the overall u.s. economy and anymore especially if you compare it to a couple of years or decades ago and then also a lot of companies here in the u.s. they use the mystic steel or aluminum anyhow but there is this concern of inflation and we had highe

i'm not really a, i thought wall street guy.ns. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated. step-by-step options trading support from td ameritrade what's critical thinking like? a basketball costs $14. what's team spirit worth? (cheers) what's it worth to talk to your mom? what's the value of a walk in the woods? the value of capital is to create, not just wealth, but things that matter. morgan stanley how'd i get this yard? behind pete's great looking yard, is his secret weapon... the scotts turf builder program. all it takes is 4 feedings, with a scotts solution for every season. it's that easy. this is a scotts yard. >>> from

but no clear sign of huge inflation and that's also added to the good atmosphere here on wall street at the end of the week ok well that's going to forget all about the tariff talk for one week at least moving on to the notorious pharmaceutical boss martin shrilly he's been sentenced on fraud charges what's the story. well hollywood couldn't have come up with a better script then this two years ago martin really got in famous for buying the rights for a life. supporting drug and after he bought those rights and he actually increased the prize for that drug by five thousand percent and he really got in famous for that but what caught him at the end was the security fraud and that's what he got sentenced for here on friday is seven years in prison and prosecutors said look for at least fifteen years and his lawyer thought that twelve to eighteen months would be sufficient so now it's seven years for security fraud he is thirty five years old he can't hope to get out of prison when he turns forty one so really of pretty dramatic ending to this and the tire case bitter pill to swallow yo

he says it could replace wall street. normally, when a furniture seller would say that, nobody would listen, but in these days, he seems like a very highly qualified person compared to a lot of the people who are raising billions of dollars for their new rival to bitcoin. we have bitcoin jesus we have talked about, he feels like a bitcoin john the baptist may be. reasons people are paying attention to him is that he does sort of have wall street's number, right? he is able to cut through a lot of the malarkey on wall street. are people getting behind him? zeke: he has raised $100 million company, andis t0 has brought in some new investors to over scott that soros and another well-known. the stock has doubled in the past month or so he has talked about this, but it is hard to say if this is just more of the bitcoin hype or if people are really believing in his new exchange. jason: still ahead, how to use blockchain and how not to. turns and a revolution five years old. women putting lessons from the movement to work. jason

charles: wall street worried about the tariffs. but the press secretary says it shouldn't come as a surprise. >> the industries our country was found and built on. this is something the president has been talking about for decades. something he talked about regularly on the campaign trail and something he's delivering on making that clear today. the details and the announcement and signing will take place sometime next week. charles: tammy bruce. , shelby holliday and gayle trotter. attorney and contributor at "the hill." tammy, the steel industry in 1953 had 650,000 workers. we see the market falling apart. we hear paul ryan, the business rounding table. everyone is complaining. it feels like this is establishment pushback against promises to the heartland. tammy: it is. the establishment pushingback against that and complaining about things and potentially the negative impact of what the president wants to do. his instinct has been right. his commitment was to american jobs, forgotten individuals and the rust belt. we in fact if

volatility slams wall street. stocks tumbling wall street for third day in a row. dow closing better than 420 points, investors spooked after president trump's decision to impose strict new tariffs on aluminum and steel. >> we haven't been treated fairly by other countries but i don't blame the other countries. steel and aluminum will see a lot of good things happen, we will have new jobs popping up, we will have much more vibrant companies and the rest is going to be up to management to make them truly great, if you could ever make u.s. steel like it used to be we will be very happy. maria: tough day yesterday this morning looks like it continues, dow industrials down 200 points. tough opening this morning. nasdaq composite 38 points, trade wars weighing on the market. european stocks also under pressure, take a look, sea of red, cac quarante down 3 quarters percent. dax index better than 2%. in asia overnight, steep declines to end the week, of course, asia taking cue from wall street, exactly what happened. nikkei average hardest hit, nikkei average in japan dow

on wall street thank you very much. well yes was just mentioning the tech companies that are under pressure and this story could affect them even more european authorities continue to crack down on tax evasion and have now announced concrete measures against tech giants precisely like apple facebook or google they will now have to pay more and stop declaring taxes in the country with the lowest taxation by cairo the measure could benefit public finances in several european countries but could also scare away international investments. ireland is popular with tech giants who want to lower their tax bill the firms concentrate their business activities in places where tax rates are especially advantageous that's why apple google and facebook have their european headquarters on the emerald isle but the e.u. commission wants to change that they plan to impose a special three percent tax on certain divisions within the tech giants today's proposal. simply about fair for all companies there about creating the right environment

and toda washington made wall street blink, hard. stocks tanked after the esident said he plans to impose steve tariffs of 25%n steel imports and 10% on aluminum, across the board. the announcement caught investors justiinvestor omoff guard and raised concerns about retaliation ome of our major trading partners. such a move, experts say, could ripple through the economy, and affect t number of sectors, given that the u.s. is the world's largest steel importer. and that is why stocks took such a tumble. the dow industrials shed 420 points to 24,680. the nasdaq off 92. the s&p 500 fell 36. stl stocks,though, went in the opposite direction pb rising on the idea that tariffs could be p in place. kayla tausche is in washington tonight. orter: president trump told steel and aluminum executives he's made up his mind to slap tariffs on imports. trump sayshat's the way to end years of unfair trade practices. >> so we're bringg it back a we're going to bring it back relatively rapidly. >> reporter: the president's decision clashed with some of

street caught on wall street thank you very much well yes was just mentioning the tech companies that are under pressure and this story could affect them even more european authorities continue to crack down on tax evasion and have now announced concrete measures against tech giants precisely like apple facebook or google they will now have to pay more and stop declaring taxes in the country with the lowest taxation by cairo the measure could benefit public finances in several european countries but could also scare away international investments. ireland is popular with tech giants who want to lower their tax bill the firms concentrate their business activities in places where tax rates are especially advantageous that's why apple google and facebook have their european headquarters on the emerald isle but the e.u. commission wants to change that they plan to impose a special three percent tax on certain divisions within the tech giants today's proposal are simply about fair for all companies they're about creating the right environment for. businesses and they're about future proofi

street caught on wall street thank you very much. well yes was just mentioning the tech companies that are under pressure and this story could affect them even more european authorities continue to crack down on tax evasion and have now announced concrete measures against tech giants precisely like apple facebook or google they will now have to pay more and stop declaring taxes in the country with the lowest taxation like higher the measure could benefit public finances and several european countries but could also scare away international investments. ireland is popular with tech giants who want to lower their tax bill the firms concentrate their business activities in places where tax rates are especially advantageous that's why apple google and facebook have their european headquarters on the emerald isle but the e.u. commission wants to change that they plan to impose a special three percent tax on certain divisions within the tech giants today's proposal. simply about fair for all companies they're about creating the right envir

wall street's and main street's -- wall street's and main street's interests began to die verge. folks in the boardroom were no longer able to consider what was in the interest of their workers. for top corporate executives workers became nothing more than a line item in the budget. by the 1990's even profitable companies started laying off workers to boost profits. look at what happened to zero xerox, they never had a layoff, but in 1993, they this to cut workers. they faced an agonizing decision and bad options but the c.e.o. justified the job cuts as necessary, quote, to compete effectively and to have a lean and flexible organization. he said he expected to see higher profits because of the layoffs the following year. xerox wasn't alone. in the first months of 1998 when the economy was booming, corporations laid off al half million u.s. workers -- a half million u.s. workers. this is the definition of profits before people and things have gotten worse and worse since the late 990's. -- 1990's. in 2015 sis cal announced a plan to reduce the workforce. it might have made sense