talk about pat moynihan. >> that moynihan is one of the eminent stories of the first nixon white house and in my view of nixon's appetite for policy his desire to use facts as well as politics to make a decision and pat moynihan was a partisan democrat. he tried unsuccessfully to run in new york city for public office and he had been despised during his work in the kennedy and johnson administration in something called the family report which is a very sympathetic understanding active consideration of the racial question but he caught nixon's attention. pat moynihan worked for kubrick humphrey actively promoting him but what caught nixon's attention was a speech that moynihan gave 18 months earlier to the ada, american democratic action. >> it was the wheelhouse of democratic politics and moynihan said in 1967 and 68 with paralyzing with close to what we have today. you had race riots and in over 100 american cities. you had extremes on the right-wing and the left-wing. moynihan gave a speech in said look our democracy and their institutions are fragile and they are at risk. he said li

and i looked up -- moynihan -- nixon moynihan -- moynihan was 42. nixon was 56. so they were really that first year of the presidency. >> -- was 27 i think. ron ziegler, 29. >> oh that staff was really young. yeah. and larry higby was diapers. so what is the urban affairs council and what did it do? what didn't it do. >> here is a actual body of the urban affairsen council and the first executive order richard nixon signed. two days after the inaugural parade was over. and what happened is nixon having served under eisenhower was very familiar with the national security council which we've all heard which was created by statute 1947 and president was chairman and vice president was statutory member. he had four or five statutory members, defense, state -- so on. this was nixon's idea about formulating domestic policy. early iterations with pat moynihan said he wanted something which in a formal way could manage the process of making policy about domestic issues. whether it was, you know, development or whether it was health insurance and whether it was welfare. h

it was a very young staff, and i looked up moynihan -- when nixon and moynihan met moynihan was 42, nixon 56. so really that first year in the presidency. that stuff was really young. larry i think he was in diapers. so what was the urban affair counsel, and what did it do and what didn't it do? >> here's the actual body and this was the very first executive order richard nixon signed, signed two days after the inaugural parade was over. and what had happened was nixon having served under eisenhower was very familiar with the national security counsel which we've all heard and the president was chairman and vice president was a statutory member and you had four or five statutory members. this was nixon's idea about formulating domestic policy and talked about it themselves after the election. said he wanted something in which in the formal way could manage the process of making policy without domestic issues, whether it was development and health nurns and whether it was welfare, he wanted someplace for it to be discussed top level of government, and he used it as i would have expected he

francine lacqua with brian moynihan. that does it for this edition of "bloomberg technology" from seattle. i will be back in san francisco tomorrow. the company goes public. plus, the conversation with lifts president with the company's solid third quarter results. you don't want to miss that. this is bloomberg. ♪ so many people are overweight now, and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's release from golo. it naturally helps reverse insulin resistance, stops sugar cravings, and releases stubborn fat all while controlling stress and emotional eating. at last, a diet pill that actually works. go to golo.com to get yours. haidi: welcome to their break australia. -- daybreak australia had. shery: the relentless rally pushed benchmarks to new high. haidi: investors look ahead to the fed expected to confirm

brian moynihan yesterday saying it is something they are looking at. janet yellen is coming here to meet with a lot of wall street chief executives. we had a conversation with her chief policy advisor, and we understand she will highlight the financial stability and oversight council report, saying that this is a panel made up of regulators, including the fed and the acc, saying that climate change is a threat to financial stability in the u.s. if you look at it through the lens of that, which they have not done in the u.s. yet, but they have through the bank of england, it means you could see a stress test on climate. the way you look at the climate related actions would change. manus: of course, you are going to have a big conversation with the chancellor. this is boris johnson's burning flag for the end of 2021. i wonder, are they very strongly aligned, francine? is it one dream, one message? francine: i am sure if you speak to them, maybe we would hear tensions between number 10 and number 11. they want to make sure that london becomes the green fi

francine lacqua with brian moynihan. the ceo of bank of america. that does it for this edition of "bloomberg technology" from seattle. make sure you tune in tomorrow. i will be back in san francisco. we will be live with a ceo as the company goes public. plus, a conversation with the lyft president off the company's solid third quarter results. you don't want to miss that. this is bloomberg. ♪ >> the following is a paid program. the opinions and views expressed do not reflect those of bloomberg lp, its affiliates or its employees. >> the following is separate -- paid program for car shield that will show you had a paper -- save big money on your auto repair bill. today features appearances by former ghost buster attorney hudson. plus, former crew chief and commentator larry mcreynolds. although stars are gathered to let you know about car shield. the new way you can protect yourself against auto repair bills. h

. >> that formulation comes from the man who was my best friend pat moynihan. pat made the point that secrets our government property and governments tend toward them. you become inquisitive about property and the property in secrets, secrets make us necessarily more unnecessarily ignorant and this had to do i believe with grand jury testimony from 60 or 70 years ago forpete's sake . what is the point of keeping this secret? >> you ended it with saying when is a case that should be but is not part of our national memory to cold to learn about. the answer is never so you're arguing we should not shy away from this. do you think conservatives in particular should take more of an interest in this complex racial history we have rather than perhaps fighting about crt because it seems this is a more well formulated argument that tells us why we do need to know rather than fighting about what other people have presented us. >> i think conservatives should pay attention to the lynchings . two as i said the these other matters because it gives conservatives a chance to

daniel patrick moynihan used to call semantic infiltration. it wasn't his term. he got it from a sociologist in the 1970s. but it's a brilliant notion. the notion is if you use -- if we can get them to use our language, we have won half of the battle of the presentation. >> okay. >> and so an example for me of semantic infiltration, which is driving me crazy is a couple of words that i am going to say and really don't want to say in the next few minutes, and those words are proud boys, which i do not want to say. >> ah. >> and oath keepers, which i do not want to say, because i think both of those are cases of semantic infiltration. those boys have nothing to be proud of. but that's what they're called in their subpoenas. and the oath keepers don't believe in oaths that matter. and so i'm trying to find language for them that isn't what they want, that isn't the title they want. >> i will say that with both of those groups, particularly the proud boys, but also a little bit with the oath keepers, i have always found them to be inadvertently fu

. >> they are the formulation comes from that man who was my best friend pat moynihan that he made the fact governments tend to hoard secrets and become inquisitive about property and secrets make us necessarily more unnecessarily ignorant. the grand jury testimony from 60 or 70 years ago for pete's sake and that what is the point of keeping a secret? >> you ended it with saying it's not part of her national memory. the correct answert is never so you're you are arguing we should not shy away from this and you think conservatives in particular should make more of an interest in this complex world history we have rather than fighting about sierra t. because this is a more well formulated argument that tells us why we need to know whether then fighting about it. >> conservativeseo should pay attention to the lynchings and other matters because it gives conservatives a chance to make a case of astonishing progress. people say 6019 was everything because it set the course of the country and things haven't really gotten all that better in the aleutian that is better. in a football game miss

and the late patrick moynihan used to talk about it. we are watching a process like that in terms of more tolerance and acquiescence to anti-democratic and even violent behavior. walk it up the pyramid from more threats to public health officials and school board officials and local government officials to what we're watching in the red states in terms of laws making it harder to vote. and easier to subvert election results to what we're seeing in congress with the opposition to this and the lockstep republican resistance to the january 6th commission, with the exception of kinzinger and cheney and the willingness to turn away from the mounting evidence that trump tried to subvert the election which is coming out every day. all of this points in the same direction. it's harder and harder for the party to stand up against these extremist forces. >> you had people in the party, wolf, who were talking about pulling committee assignments from people who voted for the infrastructure bill. you know, donald trump wants to primary all of them.

shery: bank of america ceo brian moynihan speaking with francine lacqua at the summit in glasgow. stay tuned, u.k. chancellor joins us at cop26. we are seeing pressure on oil prices toward $82 a barrel. trading ahead of the opec-plus meeting. yes tutors under pressure, ion or under $100 and shrinking steel output in china. the market open in seoul is next. this is bloomberg. ♪ shery: welcome to "daybreak: asia." haidi: asia's major markets have just open for trade. our top story this hour, corporate profit margins hold up despite inflation and supply chain pressures. investors are also looking ahead to the fed, scaling back on asset purchase programs. and will hear exclusively from one ceo. shery: south korea coming online, health care and consumer discretionary, leading the gains. we have utilities and material weighing the index. this coming as the korean won is now under pressure against the u.s. dollar. it was leading the gains among asian peers in the last session because we got inflation numbers out of south korea reaching that level for the first time in almost a decade.

run out of money >> yes >> what actually is -- >> that's what bank of america would tell you brian moynihan will tell you, everybody is flush one day they won't be flush. but they're taking advantage of it that's why i like travel here. i think that people are saying, i have not seen the world. the epidemic -- the pandemic ha has opened my eyes i don't think we've adjusted enough to the behavior of a postpandemic world where people are saying, you know what, i do not want to just sit here and do what i've been doing i don't like what i do i got a little cash. let me go do something, anything other than my job. but, carl, in the end, you got to put food in the table in the end, the savings do work out. can i say for walmart, why are we selling it now when the -- this is going to be their greatest holiday season ever, given where the prices are i don't know, carl, i'm more than most. >> walmart has fallen from open to close on 12 of the last 14. >> what happened walmart is the least promotional of any company i know. when we listen to doug, will he don the hair suit? will he become, once agai

daniel patrick moynihan said politics is important but politics follows culture and where we are culturally will determine a lot about our politics. you are looking at that right now. >> sandra: it's tangible for them and so are the pocket book issues. for us who have seen empty store shelves, not getting deliveries. the high price of just about everything. you feel that. and that impacts voters big time thanks to both of you. >> thanks. >> bill: good discussion there. interesting piece in the "washington post" this morning. talked to a lot of voters in virginia and there is a quote from a pastor in norfolk. seems like a democrat. he says this branch of the democratic party is fighting that branch of the democratic party. they are kind of like a house that's really divided against itself and when that happens, he says, nothing gets done. nothing. >> sandra: case in point today. >> bill: correct. that's his quote. you wonder how many people in virginia are thinking the same way he is be it democrat or republican. you will hear from glenn youngkin later this hour joining us live from his head

here's what ceo brian moynihan told us two weeks ago when he joined me and i asked him about doing business in china. >> we are in china today with a team that does corporate investment banking with markets in hong kong and mainland china. we're hoping the largest companies in the country do things and we're helping american companies and companies from europe and the rest of the world do things in china. that's our business model frankly anywhere outside of the united states. maria: back in august, jp morgan got the green light from the ccp to become the first foreign owner of a brokerage in china, while in october goldman sachs received approval from chinese regulators to take full control of its mainland securities business, the ccp giving wall street honey pots. we are watching a key match-up in new jersey this morning, democratic governor phil murphy facing off against republican challenger jack sitorelli as voters head to the poll is this morning. lydia hu is in east rutherford, new jersey. >> reporter: the polls opened just about an hour ago. earlier this officer democratic governor