as the vice chairman of goldman sachs. lloyd: they took a number of years. it might offend a blank looking back, but there was a lot for me to get through. equity, trading and overtime i became the vice chairman of the firm, one of several but my particular coverage was over all of the sales and trading businesses at that time. david: trading businesses are the ones y could lose a lot of money very quickly so i assume you are always worried about the people under making it a mistake. lloyd: did was good training for the job i am in now. i spent 99% of my time worried about the 1% of things that could go wrong. i was pretty paranoid. it leveraged to things that normally not virtues but are in this context, it leveraged my add and paranoia. david: when you became vice chairman, you were under hank paulson who was the ceo and seem to like you and said, he was ever going to go to the government and george w. bush eventually got him to the secretary of treasury. back after the meeting, what did he say to you did you feel like y

clinton's goldman ties. >> i know the guys at goldman sachs. they have total, total control over him. just like they have total control over hillary clinton. total. they have no control over donald trump. i don't want their money. i don't need their money. they have no control. >> the top transition adviser and donald trump's campaign manager. welcome to the set. it has been a while. let me go to goldman sachs. he railed against them. three goldman sachs alum with fairly prominent positions. >> he rallied against the political influence. he said that they don't have influence over him politically and they will not have influence over him politically in the white house. they will working to w him to implement the vision. >> what would you say if hillary clinton appointed three goldman sachs guys. >> i don't remember myself being critical of president-elect obama's cabinet positions because every president has the right in the peaceful transfer of power to make his own decisions. in the case here, the first criterion is that they be qualified and

when you lecture at goldman sachs, what do you say? abby: i would be saying the same thing that you are. stem should not be viewed first of all, as an independent area. this economy will move forward when stem get incorporated into the things that we do. so for example, about a third of the workforce at goldman sachs are people who are technologists. i believe that in almost any field right now, people who have the background in math, who understand what computers can do, and so on, really have an advantage, but that's not all. one of the things i really do worry about is the way we have devalued liberal arts. think of liberalrts as literature, history, learning to think in different ways. so we need the analytical skill of stem, but we also need the more qualitative approach. that can move out of the paradigm more easily. tom: what you have done with your work for decades -- i tried to do that on "bloomberg surveillance," is to pull history into our finance analysis. nobody does that. it's important to understand the nuances and disti

you never saw goldman sachs commercials or even our name on our building. after the crisis we realized one of the things we needed to do is we did not communicate enough with the public to let them know who we were and what our contribution was to society that was not an emphasis to say, we are entrepreneurial. we have never not been philanthropic. david: you have been involved in a number of philanthropic things yourself. in terms of public service would you ever go into the government and follow your predecessor as secretary of treasurer or something like that. lloyd: i have been asked that question and without hesitation, i would like to be wanted to do that. i would have to think about it. in this environment, i would say you will not argue with me on the point that the invitation is likely to come -- nine -- . david: you never know. lloyd but you never know. i am not soliciting it that it would be crazy, other people would say, i would not want to do that. of course you want to make a contribution. david: how do you define leadership and what are the e

we sit down with goldman sachs chief strategist officer, stephen scherr at the goldman sachs conference here in new york city. wilfred. >> melissa, thanks very much, indeed. as you say, joined by stephen scherr, chief strategy officer and relatively newly appointed ceo of goldman sachs banks usa. thanks for joining us. >> thanks for having me. >> so bank stocks soaring. the attendance today at your company's own banks conference up 30% on last year. the mood very positive, indeed. is wall street back, and back with a bang? >> well, i think wall street is back. certainly the banks are back and the interest in the banks is certainly significant, as was evidenced here. i think the tone of this conference as you and i talked about was decidedly different. very upbeat, relative to where it's been over the last several years. and i think investors and the banks themselves are optimistic about the direction that the economy and the circumstances will take us. >> there's one question i wanted to hit on in particular. steve schwarzman said he felt regulation would be roll back more than he had s

abby joseph cohen, goldman sachs senior investment strategist. we went under intense negotiation for me to do this one-hour special. i said we can do it, but for one section of this special, i have to go wonk with abby joseph cohen. we're doing that on the cf institute. graham dodd was basically an industrial book that you took the net income statement down to the bottom menu and looked at -- down to the bottom and you looked at gap earnings. where will we be one year from now or five years from now on how we do security analysis? abby: fabulous question, tom, but i want to broaden it out. tom: please. abby: number one, if we had this conversation a decade ago, we would have been talking about an accounting system in the united states that more closely paralleled the international income statements. that's not happening. number two, we are seeing from an investment analysis standpoint that a lot of our work is getting muddled because of the use of cash. in 1999 and 2000, 70% of the cash for companies in the s&p 500 went back into the company for

result, i was integrated into the goldman sachs firm. david: did you ever meet a person who turned you down at goldman? lloyd: i knew it was. this is 36 years ago. so for many years after i got there would be no one threatened by hanging out with me. it took me a while to work my way up the ladder head. david: did you feel like you are ready to be the ceo of goldman sachs? like i wasver felt ready. i've been the ceo for 10 years and i still don't feel like i'm ready. ♪ david: he wound up as the vice chairman of goldman sachs? lloyd: it just a couple of years. when i was living through it, it wasn't so quick. sales and trading and over time, i became a vice-chairman of the firm. one of several. but my particular coverage was over all the sales and trading businesses at that time. david: those of the once when you could lose a lot of money so quickly? so you are worried about people under you making a big mistake? training for good the job i'm in now. i spend 99% of my time worrying about the 1% of things that could go wrong. things that

her work at the cfa institute, her work for years with goldman sachs. what is the difference between what you do and what david kosten does everyday at goldman sachs. abby: first of all, i'm delighted to be here with you. tom: for the whole hour. that is great. abby: for year-end retrospective and a look ahead into the new year. i spend most of my time thinking about the intermediate to long-term outlook. david and many of my other colleagues at goldman sachs really focus in shorter term. we are trying to be helpful to our clients, and many do need that regular, hourly, daily updates. i try to step away and work with our longer-term horizon clients, including individuals, endowments, sovereign wealth funds, and so on. tom: many people watching the show into 2017 are huge abby joseph cohen fans. they are like she is always bullish. you and i know that is not true. the idea, for starters, you look brilliant into this year. you look brilliant into a seven or eight year market. can you be brilliant and be a permabull for next year? is there more caution? ab

part of his stump speech. >> i know the guys at goldman sachs. they have total, total, total control over him. just like they have total control over hillary clinton. but they have no control, they have no control over donald trump. i don't want their money. i don't need their money. >> now, gary cohn is the third goldman sachs alum, steve bannon and steve mnuchin both worked there before striking out on their own. jones joins a wealthy list of plutocrats. contrary to trump's claim of not needing donors' money "the washington post" reports that he's given positions to six donors who gave $12 million to the trump campaign and the republican party. i talked to a trump voter who lost her home during the financial crisis when it was foreclosed on by a bank owned at the time by steve mnuchin, trump's pick to oversea the treasury secretary. >> we believed trump would be an outsider for the first time who would work for the people like his campaign promised. my only special interest, he's quoted as saying, is to you the american people, not major donors

president-elect has picked a third goldman sachs member of his team. gary cohn will have the national council. in november, that's projection -- industrial projections going above estimates. in advance 10.8% while it increased 8.3% in the first 11 months of the year.

a lot of goldman sachs guys. donald trump not only went after hillary clinton for giving speeches at goldman sachs. there were ads. he talked about draining the swamp. now this. it is very curious, no? >> i think there are two ways to look at it. certainly when you look at hillary clinton's ties to wall street, the speeches she gave and the role it played in the campaign it is more than a little bit ironic to turn around and see the president-elect bringing in people who have the connections to wall street like that. that said, one of the themes donald trump was also stressing during the campaign and you heard him talk about it last night was the idea that through his life, through his career he's met people who have been successful in business. he's met some of the best deal makers, sharks in business throughout his career. his idea was he hasn'ted to get them together and bring them to an administration to use the skills he would argue to use the skills to fight not for their own fortunes but the fortunes of th

abby joseph cohen, goldman sachs senior strategist. said, we can do this special, but for one section of this special, i have to go along with abby joseph cohen. was an industrial book that you took the net income statement down to the bottom menu looked at cap earnings. -- gap earnings. where will we be one year from now or five years from now on how we do security analysis? abby: fabulous question, tom, but i wanto broaden it out. number one, if we had this conversation had decade ago, we would have been talking about an accounting system in the united states that closely. old -- that closely paralleled the -- number two, we are seeing from an investment analysis standpoint that a lot of our work is getting muddled because of the use of cash. 70% of the 2000, cash for companies in the s&p 500 went back into the company for things involving growth, capital -- tom: how odd, investing in the future? --y: capital spending, r&d it is now 42%. foruch of the cash is going purchase. one of the major policy initiatives that we are hearing abo

lloyd blankfein's face in that ad. >> and goldman sachs in particular. >> specifically goldman sachs and the fact if clinton had won because of sanders and warren, it would have been very hard for her to appoint any goldman people because they would have gone crazy. here we have two and possibly working on three. >> and then, of course, the lovely irony of bernie sanders and elizabeth warren who were campaigning so hard against all of trump's on the campaign trail and now they're upset he's breaking those promises. >> because everything feels like a bait and switch. when you run the ad that this very steve bannon inflected idea that it's the globalist plutocrats that are robbing the working class then you put mnuchin in as the head of treasury. >> he is the former president of one west bank, the chairman, sorry of one west bank, he oversaw a whole bunch of foreclosures, there's wilbur ross who just got appointed as commerce secretary who is like even richer than both of them combined who is a corporate raider. they make money by firing people, not by hiring people. this is the classi

aron i started getting integrated into goldman sachs. david: have you met the person who turned you down? lloyd: i knew who it was. david: is that person still here? lloyd: this is several years ago. it took me a while to work my way up the letterhead. david: did you feel like you are ready to be the ceo? lloyd: i never felt like i was ready to be a ceo. ♪ david: you wound up as the vice chair of goldman sachs. lloyd: it was not so quick. i got more involved in the equity business and sales and trading and over time i became a vice chairman of the firm, one of several, but my particular coverage was over all of the sales and trading businesses at the time. david: the trading business is where you can lose a lot of money quickly. i assume you are worried about people under you making a mistake. lloyd: it was good training for the job i am in now. i spent 99% of my time worrying about the 1% of things that could go wrong. it leveraged two things that are normally not virtues, but are in this context. it leveraged my add and paranoia. dav

goldman sachs will call "ted, this is what we want this week, make sure you get it." hillary speaks in secret to goldman sachs, sharing a private position then lies to you, the public, with her public position. >> tonight we are learning more about who else could make up the trump cabinet, which brings us to our guests here tonight gop veteran former white house communications director and notably a veteran of the mccain/palin campaign nicolle wallace is become with us. ali velshi is with us tonight and with us from washington former rnc chairman michael steele and "new york times" political reporter jeremy peters is with us from washington. jeremy, you get the leadoff slot tonight because of what you're hearing and reporting about one sarah palin. what is it? >> well, the sarah palin consideration is very, very serious, brian. you have to remember her ties to trump go well beyond her involvement in the campaign and her endorsement of him in his initial phases. she's very close to steve bannon who you referenced earlier. steve bannon was a political adviser of sarah's

i'm not into goldman sachs, i don't care about goldman sachs. >> there was a lot of stuff about goldman sachs having to do with ted cruz and later on hillary clinton. you really know trump supporters well. you have been covering them very well for months and months. do they care? can donald trump flip flop and upset them? >> there's very little he can flip flop on. you can to get inside their minds. it wasn't always what he said but how he said it and it was because he was not a politician. they trust him at this moment. i mean there's this sort of, you know, honeymoon period to be able to -- to pick whoever he wants because they trust his decision-making at this point. >> he was so anti-goldman sachs in his last commercial he had an image of the ceo of goldman sachs as an international boogie man. >> all roads lead back to goldman sachs and none of us are surprised. if you think about the voters who would be bothered by that or went to bernie sanders rallies and brought themselves around to support donald trump, they're going to be disappointed in a continu continuum. trump will get an

yeah, goldman sachs. in is goldman sachs stock now. they hit an eight-year high today. they haven't flown this close to the sun since the financial catastrophe of 2 thousand -- 2008. good times. >> my contract with the american sloater beg e voter begins with a plan to end government corruption and to take back our country and to take it back swiftly from the special interests who i know so well. >> one other interesting announcement today, president-elect today also named one of the billionaires from the ricketts family to be the deputy to the new billionaire commerce secretary. the ricketts family, funny story this, not that long ago they almost single sourced financing behind the presidential campaign of scott walker for president. when governor scott walker's presidential campaign died a fast and expensive death, the ricketts family briefly flirted with going never-trump. but a very interesting moment in the campaign, donald trump responded by publicly threatening the ricketts family against spending money against them. he miss spled their name in the tweet. i hear

becoming the third goldman sachs alum to hold that role. bob ruben was the first under bill clinton. steve friedman under george w. bush. now gary cohn. and when you look broadly across the administration, you've got gary cohn at the nec, steven mnuchin, goldman alum, as treasury secretary, and steve bannon, also goldman alum, as the chief white house strategist. now, there's one cabinet post that has not been filled. there's still a lot of mystery around it. and that is secretary of state, rudy giuliani is now out of the running. donald trump put out a statement this afternoon saying that he respected rudy giuliani's decision to stay in the private sector. he would have made a good cabinet secretary. he said he would call on him for advice as appropriate. but that's got to be a big disappointment for rudy giuliani, who put in so much work as a surrogate for donald trump in the campaign. just like chris christie, who did the same, rudy giuliani is finding he is not getting the job that he wanted in this administration, guys. >> all right. j

. >> that's what people are saying about the shares of goldman sachs. but there is something in the charts that suggests now might be the time to sell. we'll explain. >>> plus, one stock is about to join the trump rally. and here's a hint. we'll break it down. >>> and a number of stocks are at 52-week highs, and guess what? they could be going higher. high enough to get you rich we'll give you the names. the action begins right now. >>> let's get right to it. tech has finally joined the trump rally. surging more than 3% to a record high. this as we saw big moves from tech titans, alphabet, microsoft, facebook and apple. so is tech your best bet and which stocks could go higher? let's get in the money right now. not a moment to spare, dan. >> yeah. so we spend an awful lot of time talking about them and oddly we have not been talking a whole heck of a lot about them. what's interesting there, when you look at amazon and facebook, they have not really participated. they're still down 10% from their all-time highs. possibly a valuation thing, possibly in o

goldman sachs is -- goldman sachs is close to 22%, 23%. one stock is 22% to 23% of the big move we have seen. dow has been up close to 1700 points since then. enormous influence. this is what happens to what i call the politics of construction. it matters what goes into these indexes and how you construct them. big name like goldman, heavy price. moves the indexes. elsewhere the other major factor has been this powerful momentum we've been seeing. we just keep rotating into new sectors, old names, financial stocks are doing really well as well as technology, late bloomers going in. some of the old names like consumer staples stocks holding back. if we could get pfizer, procter & gamble, johnson & johnson, we'll pass 20,000 very quickly. >> bob tasani joining us this morning. bob michael joins us along with david siebert, managing director and head of sales and trading. good morning to you both. >> good morning. >> david, earlier this morning, it was said this is so tantalizing you can almost hear guys on a buy desk say bid this up and get

from goldman sachs, so does this not wreak of hypocrisy? max: i think if you list the reasons why hillary clinton lost, people assume she was close socially and ideologically with wall street. people were suspicious that she would bring all of her wall street friends. by the way, hillary clinton does have wall street friends. john: donald trump has a lot of wall street friends, too. max: donald does, too. calls toing, i made hedge fund managers and bank executives. do you think trump supporters who loved it when he attacked wall street, do you think they will be disappointed? do you think they will be angry? their attitudes were like, please. john: the hedge fund will have no clue what trump supporters think or feel. let's talk about what i mentioned early in the show, a mortgage lender in california that has been accused of closing closing in a- for pernicious way on homeowners, accused of redlining. max: steve mnuchin told us he was sitting in his office and i in new york in 2008 watching tv and i got the story confirmed by someone who wa

and goldman sachs succession plan. the bank names solomon and theartz as coo's to fill vacuum left by gary cohn, as he takes his job in washington. abigail: we are looking at flex futures in the u.s. the s&p 500 has traded in a four-point arrange overnight. it puts the down 20,000 excitement -- down 20,000 excitement on hold. perhaps longer than what some investors expected. a 10 year yield and we see bonds are rallying to some degree. forhave the 10 year down basis points, the biggest drop in about a week. perhaps the rate hike turns into event.e news finally, take a look at car related stocks. tradingmotors and ford lower as china is raising the sales tax on small cars to 7.5% to curb the big incentives. one analyst thinks is a big disappointment. hertz trading down on a management shakeup. the cl is being replaced. trader, is the top saying i am excited about hertz with cathy ath the helm. the stock is down 50% this year. work.an: great federal reserve, you have not been able to say federal reserve and "certainty" w

president of the goldman sachs. and we'll talk about that ahead. also we'll take you to another indiana factory owned by the same company as carrier where employees say they are hoping their jobs can be saved and asking donald trump to save 700 jobs there that he's never mentioned. at godaddy, our goal is to make you look awesome online. let's chat in football terms. this is the goal post. the end zone. the goal of every team. we know you have goals. like getting exposure for your idea or business. with godaddy website builder, you can easily create an awesome mobile-friendly, get you more exposure website. we call that...a website builder touchdown. get your free trial of website builder now. (vo) it's the holidays at verizon, and the best deals are on the best network. (both) yes! (vo) with no surprise overages, you can use your data worry free and even carry over the data you don't use. and right now get four lines and 20 gigs for only $40 per line. and, just for the holidays, get the samsung galaxy s7 edge for only $15 per month. no trade-in re

hillary for ties to goldman sachs. ted cruz for ties to goldman sachs. claiming that goldman sachs owned ted cruz. so i think perhaps he should address this. what does this mean. but i also see your point, it does depend on what they do in terms of policies and and steve mnuchin has said it's going to be across the board tax cuts so we have to wait and see the actual policy. >> supporters of the steve minuchin is that he hasn't leld government office so he's not held as a washington insider though clearly he's a financial insider. >> there are a lot of kind of insiders american people don't care for. people in the republican primary who thought because i've only been a governor, i've never been to washington i don't count. and if you are scott walk ore the jeb bush voters see you part as the political class. i do think everyone is pretty much acknowledging american people don't care for wall street or people who come out of the belly of that particular beast and i do think this trump has set a pretty high bar for himself to clear in terms of how he's per

and during the campaign, he railed against goldman sachs. he mocked hillary clinton for being controlled by that bank. >> nnk gold thatm be. >> continuing guys at goldman sachs. they have total control over him. just like over hillary clinton. he talks about he will beron robin hood. he didn't disclose that he is boring overing money from goldman sachs. ett didn't wanted the owner to know that he is owned stock, block and barrel. >> i think people who voted for him said he happens to be a rich guy with a beautiful wife and all that. he is different from the rest of the guys. >> goldman sachs didn't like trump. they gave hillary clinton hundreds of thousands of dollars. the fact is trump won't control goldman sachs. he is the boss. they have good peach at goldman sachs. >> he didn't run are for sach sax. he ran against it. >> he wants to -- >> he is giving them the game. >> mnuchin is a guy he has relationship with. >>, let me give tron last word here. imagine if he said all this before the election. do you think the people who busted their b

don't we have a little overrepresentation from goldman sachs here? do they really need three people? isn't one enough? >> yeah. and i think it's four if you count bannon. >> you're right. >> it's a goldman sachs world over in the white house. we're out of time. thank you guys very much. >> coming, lisa bloom is here to talk about ohio's new heartbeat bill and why it's a huge glaring warning sign for women. that's next. he gets a lot of compliments.

we have inside goldman sachs -- it's okay, we have goldman sachs, an odd time to have a debate about business model when stock is going up, you think everything is hunky-dory, there is a debate among goldman sachs, they have partners and the ceo lloyd blankfein how to right size it. lloyd blankfein current management team without gary cohn, he's with donald trump right now, head of the national economic commission. lloyd blankfein wants to keep t the current size and structure of the firm. offices all over the country and the world. inside the company, many of the partners, most of the partners are actually advocating for a downsize of the firm from that level to something close to 20,000, and here's what they want to do, they want to get rid of the bankers and the far-flung offices, not have a bank in every city and state and bring it to a manageable level and focus the firm on a few key areas of production including trading, which they believe will come back, now that donald trump is president. they think they can get rid of the dodd-frank rules that prevented trading and want this

thinking about goldman sachs. people who work at the firm are highly qualified and on the sidelines for the great recession. they know how the system works and how to work the system. >> having people from goldman sachs in the highest levels of government is nothing new. administrations, democrat and republican, have had people from goldman sachs. treasury secretaries and more for decades. this is not a new thing. i guess that is the switch here. trump promised something totally new. i don't think it is out of bounds for him to pick people from wall street even though he railed against wall street so much on the campaign trail and borrowed a lot of that rhetoric even from people like bernie sanders and elizabeth warren. these are the people that he knows. you know, he is going to be talking to people who he thinks can do deals. we see it can carrier thing. he wants to actually kind of change the way things are done. he will look at the business world where he think it is is more if we ceffective. >> since you brou

adviser and goldman sachs is planning to name david solomon and schwartz as co-replacements. guys, back to you for now. >> big day for the markets. nancy, thanks so much. >>> in the race for dnc chair, democracy for america has endorsed minnesota congressman keith ellison after receiving 87% of votes cast by members over a three-day period. the congressman has also been endorsed by several high profile democrats such as chuck schumer, elizabeth warren, and bernie sanders. at the same time, tom perez will reportedly enter the race for dnc chair. according to "the washington post," perez will announce his candidacy tomorrow, becoming ellison's first serious challenger. >>> last night bernie sanders doubled down on his support for ellison. he offered a postmortem on how democrats lost their foothold with core supporters and look ahead to what the party must do if it is to regain power in the white house, congress, or even at the state level governments. >> voted for obama twice, then voted for donald trump, so these people are not racists, they don't have a racist bone in their

. >> not about goldman sachs or wall street. and not disqualifying to be wealthy and cabinet member but it's about hypocrisy that is donald trump. the con that he pulled on working-class americans. he ran as populist candidate. i don't have rich friends. going to tackle and rein in wall street because it was out of control. talked about little guy and people being out in the street with pitchforks. now all of a sudden surrounds himself with -- >> is that okay, taking him literally. did you really think he didn't have rich friends? >> he didn't try to hide his wealth and to say he pulled a con or pulled wool over the eyes of the working class, he just gave a thousand jobs back to the working class. >> not a thousand jobs. >> 800 jobs. >> appointed someone who worked at great bank in cabinet? reaching. >> it's apples and oranges. not talking about what these guys might do because look maybe do great things. but this is saying these folks have a history that is exactly the -- history that donald trump attacked for the last year and

here he is picking goldman sachs alumni or one current member of the goldman sachs hierarchy for his economic adviser. what do you make of that? >> it is interesting how the goldman sachs people seem to infiltrate almost every -- >> interesting word, infiltrate. >> they seem to come out smelling like a rose. i will say this, when you look at the trump cabinet so far from the perspective of free market people and conservatives, you have to give very high marks. people like andy puzer in at the labor department, elaine chow at transportation, pruitt at epa like darth vader for the environmental groups, these are top people. there was a bit of a surprise when gary kohn was named the head of the kmashl economic council. he's someone i know very little about so i can't really tell you much about his policy views or his politics because he's a bit of a tabular asset to a lot of us. >> that's the issue. goldman sachs, the economic team at goldman sachs, their economic advisers, that's a hot house of keynesian economics. they think government spending is the key driver of growth, down on tax

goldman sachs owns him. >> seth: that's right. goldman sachs owns ted cruz. and fun fact -- they keep him in a terrarium. [ light laughter ] so, trump slammed his rivals for being controlled by goldman sachs. well, you'll never guess who he chose to fill the two most important economic jobs in his administration. oh, you already guessed. well, watch this anyway. >> president-elect donald trump has chosen former goldman sachs banker steve mnunchin to be the secretary of treasury. >> steve mnunchin spent 17 years at goldman sachs. >> president-elect has named goldman sachs president and chief operating officer gary cohn as the director of national economic council. in that role, cohn will be one of mr. trump's top economic advisors. >> seth: better make room for that terrarium. [ light laughter ] and mnunchin isn't just any banker, he's the elite of the elite. for example he founded dune capital management, a hedge fund named after the dunes near his beach house in the hamptons. drove a porsche in college and a classmate once told mnunchin, quote, "you put the

sachs in charge. >> i know the guys at goldman sachs. they have total, total, total control over him. just like they have total control over hillary clinton. >> he obviously didn't want the voters to know that he is totally controlled, lock, stock, and barrel by citibank and by goldman sachs. >> okeydokey. but if anything, trump has done cruz one better. goldman bankers don't have to have "total control." they are literal in the government itself. what's lacking so far is any economic diversity, like labor leaders or economic reformers from someone other than wall street. in fact, there aren't many normal americans, at all. think about it like this. last year, the median household income in the u.s. was $56,000. but there aren't many americans from that bracket in trump's cabinet. and to give you a sense of this disparity, consider this report from quartz, which found that trump's 17 cabinet picks have more money than 43 million households in america combined. joining me now is bill cohn, author of "money and power: how goldman sachs cam

he's goldman sachs. and look, they're not popular. goldman sachs absolutely, people don't like them. they're elitists. but they're smart guys. they're plugged in. liz: whole thing about, but whole thing about objectifying women will come up, watch. >> i hate. i'm against it. i'm against the misogyny. i'm a feminist. there is no question about it. around, but the reality is, he won. and he won making these kind of comments. and so i think at some point we've got to recognize that he at some point should fix these issues. liz: not talking about trump. not talking about the ads. kurt, you were rolling your eyes. >> kurt, i think it is silly. my first manager at carl, jr.'s was young lady learning and being trained how to lead people and run a store. carl, jr.'s given opportunities to tens of thousands of people. you know what, i don't mind models. heck, i marry ad former model. i think it is fun. it is not objectifying. not saying anything bad about women. carl, jr.'s gives women the opportunity to excel. that is beauty of somebody who k

admit he attacked hillary clinton for her goldman sachs ties the entire campaign. admit that's what he did. if he wants to choose them now, come up with a reason why and say it's because i believe in him going forward, but don't revise history and say he didn't say everything he said during the campaign. >> i never said -- >> and this is opposite. >> i never said he didn't say anything he said. he went after hillary for having ties to big money and revolving access of clinton foundation access to big government. because one person worked at goldman sachs, that you should throw them out because they worked at one of the most prestigious banks in the world. >> this is not about goldman sachs. >> he profited at that bank at the expense of taxpayers. that's the problem. >> exactly. the irony is this is not about goldman sachs, per se. this is not about wall street. in fact, you know, it's not disqualifying to be wealthy and be a cabinet member. it's not. this is about the hypocrisy that is donald trump. this is about the con that he pulled on working class americans. t

due to goldman sachs by itself. 15% year to date due to goldman sachs, it's the change in the perception of the financials that has moved this market at this point in time behind jpmorgan also adding about 6% added to it. so it's the financials that have been doing it. historically, getting to that point unless we've got a lot of momentum built up, the way we did in 1999, continuing to buy in, without, that we're going to have to fight to keep it, like the s&p when they hit 2,000. it's a fight to keep it can where it is on there and, of course, we'll be into next year and see what congress and trump does. what does he sign as to what he tries to pass through congress? connell: we have at the bottom of the screen while you're going through the numbers, something that says dow 20k's significance. take out the 20k thing and speak in significance of the dow, the dow jones industrial average now versus the other times in history when there was a thousand point move? >> the dow itself is not as much as indexed against it as compared to the s&p, the 30 billion is indexed to it. more understandi

goldman sachs is almost at its all-time high. goldman sachs in 2007 was the peak of finance, the golden age of finance. there was not an -- goldman sachs was making their money hand over fists in a thousand different ways. the world has radcally changed. for it to be near all-time high you have to be convinced that it is about to enter a new era. >> it is interesting to look at a different animal today than it was back then and different things that are happening in the credit markets are strong but nothing like the kind of activity we saw back then. i wonder and talks to bank analysts and feels like they are not raising earnings projections fast enough because of move in interest rates, because of trading activity, positive fundamentals that you see playing out here. >> i'm sure that is very true. you wouldn't see that they are expensive right now. when they go up at this steep angle anything can -- if we get the fed decision as expected it is a perfect buy on the news because you sold for bonds. if the yield curve flattens a li