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. >> i want to start where i started with tim sloan an hour or so ago. clearly there's more bearishness. when you talk to customers, does it match up with that or are they positive? >> it doesn't match up what you're seeing, i think you have to back up. as we came into '18, there was a view of synchronized growth, and as you get to the end of '18 and think of '19, the basic predictions, ours go from 3% to 2.7 growth the world is basically flat. not only are economies slowing, but there's a half full, half empty view. >> let's get into what the consumers are doing. over the holiday, consumers of bank of america, debit, credit cards spent 6% more than last year, up 7 or 8% from the year before seeing strong continued growth spending cash, year to date through end of november, up 9% in terms of cash spending on goods and services inside that, you're seeing retail is growing. but seeing travel, entertainment, dining out, which is good for employment in the sense that those take people to make happen. we feel good about the economy predictions are slow undern

tim sloan, wells fargo's c-e-o said in a statement today his company is committed to making things right. the federal reserve will not allow wells fargo to grow its assets until it is satisfied the bank has cleaned up its act. (ken) if you're planning on a trip to the snow country this weekend we have some advice. coming up... a live interview with the c-h-p on road conditions in the sierra. (vicki) police are hoping survllance video of a carjacking in a san rafael parking lot will lead them to an escapee from san quentin prison. the latest still ahead. (ken) and a new year means new laws... see what will be different at california fast food restaurants in 2019. it's time for our lowest prices of the season on the new sleep number 360 smart bed. it senses your movement and automatically adjusts to keep you both comfortable. and now, the queen sleep number 360 c4 smart bed is only $1299. plus, 24-month financing on all beds. ends new year's day. (v9cki) three days from now we'll be saying good bye to 2018 and hello to a host of new laws.(ken) in part three of our series tonight, we look a

. >> yes, indeed tim sloan was positive on the u.s. economy >> today we don't really see a lot to be concerned about. now, we're concerned anyway, that's what we do. but when we look at the consumer, you know, the statistics that we gave in terms of debit card activity continues into the fourth quarter. i was just looking at the hole i did season numbers we continue to see employment increasing we continue to see wages increasing we continue to be optimistic it's unlikely you're going to see the same gdp growth we saw in the second and third quarter. >> he even said if unemployment rose 1.5% or if gdp growth fell to zero, they still wouldn't secret costs rise. which was interesting given how much these stocks have pulled back and the broader fears out there of being late cycle and economic growth. we will hear more from tim sloan live in an exclusive at 10:15 a.m. and john waldren live at 12:15 >> a lot ahead of you there. talk to you soon >>> wilbur ross joined us earlier this morning talking about the trade progress president trump m

savings and loan -- tim sloan whether it is temporary. >> when we look at the impacts relate today the customer base it's not significant nafta would have had a bigger impact if he hadn't reached some sort of agreement. it has a big impact on the u.s. than china does. it certainly impacts those multi-nail national companies that have mur of a presence in china. >> fairly relaxed about fed rate increases. >> if the reason rates are goicgoin up that's a good thing there's great debate ability how fast or slow they will go. it told you that the rally is underlying economy is is going. >> so they are relaxed all banks selling off the lows we are still down about 4% today. it includes goldman sachs. coming up later we'll get incite as to what they are saying the reason is for their selling today when we speak to the president and coo john waldron it is also the latest on the banks scandal and his vision for the future of course this is his first interview since being promoted behind david, guys. >> i wonder if perhaps some of that disconnect between what the ceo of wells fargo tell you they

tim sloan, wells fargo's ceo said in a statement friday his company is committed to making things right. the federal reserve will not allow wells fargo to grow its assets until it is satisfied the bank has cleaned up its act. (vicki) ahead at nine... 20-18 was a big political year... from the second year of president donald trump's leadership.... to the russia's leadership.... to the russia's meddling investigation... and the battle over supreme court nominee brett kavanaugh.... tonight we'll take a look at some of the stories that made major political headlines this year... (grant) plus...the number of flu cases is on the rise nationwide... how to stay healthy (vicki) and up next it wasn't an alien invasion... but a transofrmer explosion that turned the new york city skyline blue... find out what may have been the cause... (vicki) social media was buzzing with activity last night after a strange, pulsing blue light illuminated the skies over new york...(grant) to many, it looked like something out of a sci-fi film... and prompted countless new yorkers to post video online.... reporter

confidence is high i know tim sloan said business confidence, consumer confidence at all time highs. so it looks like we're doing fine obviously something will disrupt it and something will one day change that. it may not be 2019 i think people should get in their heads that it may not be 2020 >> i should point out that this positive tone by moynihan, sloan and dimon was struck when the market was only down about 200 points this morning, not down 700 or 800 as we are now but the key takeaway from all of them is this, that there very bearish sentiment we're see management committee market is disconnected from the underlying fundamentals that they are seeing in the economy. >> did they comment about the yields curve in there is so much talk about the inversion and the flattening of the yield curve. and that has been an ongoing theme with the financials. have they addressed that >> they have addressed it. and i'd say of those ceos, the one i spoke about that topic with the most is brian moynihan and he pointed to technical factors like the german ten year being very low and the impact t

tim sloan even said that even if gdp growth went to zero, unemployment rose 1.5% rates went up a full percent he didn't expect credit costs to spike in his business. so they are very positive about the underlying u.s. economy, clearly valuations, market sentiment can move separate to that as we're seeing today. >> maybe this is a gross scare >> wilfred, i would say, they may be positive now f. they have to borrow at 2% and lend at 10 and they're going to lose money on every loan they make, that's going to change their sentiment in one case. and in the second case, there is some political stuff going on there. you can't be a ceo of a major bank and say i'm bearish it will never happen in the history of the world we get it. things are cautiously optimistic >> before you answer that, c'mon. >> they can come out and say that you know the sky isn't the bluest tint it's had >> have you heard it >> we have heard it. >> will. >> i'd say on the yield curve shape, i'd put that specifically to brian moynihan. he talked at quite some length about the other technical aspects that influence the yie

. >> do you think main street investors might object to the fact that wells fargo ceo tim sloan was paid $7.4 million last year, the same year other regulators invested and took actions on scandals @ banks lending and mortgage lending and other practices? >> i won't comment about a specific institution in the form. >> do you think they might october to any ceo will be paid tens of millions of dollars after they faced all of those investigations and all of those consequences for behavior at that institution. >> i do think that investors in companies should have clear disclosure of what those companies are making and have input through various processes including some that we've discussed here today so with that in mind -- >> senator, there should be accountability. >> but why is it then that the commission has not made it a priority to finish congressionally mandated rules to reign in pay practices that put main street investors at risk. >> i'm working with my fellow commissioners and we propose rules around the comments and we received a number of comments and some raised very significan

. >> do you think main street investors might object to the fact that wells fargo ceo tim sloan was paid 17.4 million last year, the same year other regulators investigated and actions on scandals relating to the banks auto lending, mortgage lending and investment management practices? >> i'm not going to comment about a specific institution here in this forum. >> well, okay. do you think main street investors might object to the fact that any ceo would be paid, you know, tens of millions of dollars after they faced all of those investigations at all those consequences for fraudulent behavior at the institution? >> i do think that investors in companies should have clear disclosure of what the senior executives of the companies are making and they should have been put through various engagement processes including some of the processes that we discussed here today. >> so with that in mind -- >> there should be accountability. >> good. why has been the commission is not made it a priority to finish congressionally mandated rules to rate in a practices that put main street investors at ris

ceo tim sloan told goldman sachs financial conference the bank is on track to achieve expense targets and net interest income will be up. tri istte maker all tobacco company into the marijuana industry. the autopilot system of a tesla to stop the car efforts driver fell asleep at the wheel. the driver was not responding so police pulled him to a slowing stop. the driver assist programmed in the same. the driver was arrested for driving under the influence. david: the automobile industry is facing softening demand and trade uncertainties with larry kudlow saying moments ago that a deal to auto tariffs is "coming" but is not done yet. the one certainty is it needs to be investing in a fundamental change to autonomous electric vehicles over the next 10 years. something the new head of vw america told me will require substantial capital from the companies and partnering with others. ,> some of these investments because of the overwhelming scale and cost do require have -- do require having partnerships. you can still protect your own brand interest but you can start to get some economy sc

. >> do you think main street investors might object to the fact that wells fargo ceo tim sloane was paid $17.4 million last year? the same year other regulators investigated and took actions on scandals relating to the banks auto lending, mortgage lending, and investment management? >> i'm not going to comment about a specific institution in this form. >> well, okay. so do you think main street investors my object to the fact that any ceo might be paid tens of millions of dollars after they faced all of those investigations and all of those consequences for fraudulent behavior at their institution? >> i do think that investors in companies should have clear disclosure of what the senior executives of those companies are making and should have input through various engagement processes including some of the processes that we have discussed here today. >> so with that in mind -- there should be accountability. >> but why is it the commission has not made it a priority to finish congressionally mandated rules to rein in pay practices that put main street investors at risk? >> you are s

tomorrow, wilfred frost is live from the goldman, sachs conference and will be joined by tim sloan. that's not all on "squawk alley," bank of america ceo brian moynihan will join wilfred speaking of "squawk alley," jon fortt is in san francisco and has a look at what's coming up in a few minutes from now. jon? >> that's right. major indexes are off highs, china connected stocks in particular are higher this morning. we will check into those, including apple, and look at what might be coming next. that's coming up on "squawk alley. (toni vo) 'twas the night before christma, and all thro' the house. not a creature was stirring, but everywhere else... there are performers, dancers, designers the dads and the drivers. there are doers of good and bringers of glee. this time of the year is so much more than a bow and a tree. (morgan vo) those who give their best, deserve the best. get up to a $1,000 credit on select models now during the season of audi sales event. >>> welcome back to "squawk on the street." stocks are holding on to gains this morning, off the best levels of the day, honi

sloan may be optimistic. believe me, the automation is not causing the firing i think the banks are trying to get in line with the slowdown. >> we have to go i saw your thing on broadcom yesterday. that was a good number >> he did good >> there was some volume in that rebound. are we getting close >> absolutely. hot tan did some good stuff last night. i'm not bearish, but they put a positive spin on bad numbers how about that >> we'll see you in a couple minutes. ay tuned "squawk box" will be right back. at fidelity, our online u.s. equity trades are just $4.95. so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today. >>> all right. welcome back to "squawk box. you can see right now things have settled down a bit. dow down about 40 points after being down 170 or more earlier in the session that came after the jobs report was weaker than expected but so were average hourly earnings have a great weekend right now it's time for "squawk on the street. ♪ >>> good f