-- earliest and youngest partners at goldman, is that right? gary: i was honored to make it into the partnership while i was in the merger and acquisition area. david: you are making a great deal of money. why did you leave goldman sachs? gary: i spent 18 years there. i did a number of things. not just the merger and acquisition area, but i went to the trading side and helped run part of the back office. it was really just a remarkable experience and opportunity. i felt some connection to public service, maybe as a kid there was a class treasurer and senior class president. i always had this connection. i felt public service was something, if i had the opportunity, i wanted to be part of. one of my mentors and bosses at goldman sachs, bob rubin, had been chosen by president clinton to be his national academic advisor and later treasury secretary. secretary rubin knew i would be a soft touch for service. when president clinton won a second term, an opportunity arose. i competed for it. an opportunity arose, and i went down to the clinton treasur

getting a job at goldman sachs, that's like the pinnacle. better or worse. there's things i would like to have been good at was getting myself into the corridors of elite america back on that over the last 15 years. it's one of the better skills one can have. and have repeatedly practiced . i did that in the summer of 2016 when i took an internship at goldman sachs it was something i learned that summer but it wasn't the thing i expected to learn. i expected to learn about evaluating monies but i didn't learn much about that i did learn a lot about how to aggregate power. how to aggregate power away that wasn't actually appearing to smack of the aggregation of power. one of the ways to do it was goldman sachs hallmark event that summer which was a service, you go to harlem and you plant trees and whati noticed when i showed up at harlem's nobody was interested in planting trees . everyone showed up except for the boss but nobody was planting trees. they were telling investment war stories andnobody was planting trees . the thing we went to harlem to do and o

of goldman sachs. this is bloomberg. ♪ top stories. between powell and brainard as fed chair, president rules out any other contenders. inflation looms large. st. louis president calling for more hawkish policy. u.k. inflation surges to a decade high. and we are live from the bloomberg new economy forum in singapore. later this hour, we will be speaking with the goldman sachs c.e.o., david solomon. 30 minutes into the session here, gains of more than .1%. the breakdown of the divergence is there between the ftse 100 losing .2% dragged down by s.s.e. the energy company that came out with its infrastructure and spending plans. strategy plans for the next five years and selling minority stakes in its distribution transmission business. but the -- you're seeing gains over in germany of .1% and flat on the cac. over in france. so the session in the u.s. and you do have -- morgan stanley that you want to have more exposure to european equities. credit suisse in the last few minutes upgrading japanese equities and the banc of america fund man

goldman sachs for better or for worse in my opinion for worse typifies the relationship. >> we should say to the audience by the way goldman sachs traditionally f an investment bk announced a commercial bank but onene of the financial institutions considered really elite so top harvard students like you were, goldman sachs is like the pinnacle for better or worse. >> there are things i would like to have been better at an turns out one of the things i was good at is getting myself into protected court orders of elite america. there are better skills one then can have but turns out that turns out that was a skill on accident or on purpose it's when i've completed just practice. when i was a student at harvard and took an internship at goldman sachs and there wasar something i learned that summer, but it was not what i expected to learn. i thought i'd learn evaluated in valuing companies and that is a party i didn't learn much about that. i did learn a lot about how to aggregate power, how to aggregate power in a way that wasn't actually appearing to smack of the aggregation and power s

goldman sachs for better or worse, in my opinion, typifies that relationship. >> goldman sachs, for those that don't know, was traditionally an investment bank but is one of the financial institutions considered elite. so the students like you were, getting a job at goldman sachs is the pinnacle you aim for. >> there are things i would have liked, getting into protected corner doors of elite america over the last 50 years. there are better skills one could have but it turns out that is the one on accident or on purpose i have repeatedly practiced. i did that in the summer of 2006 as a student in harvard i took a internship at goldman sachs, and there was something i learned that day, but i thought i would learn about evaluating companies and the important part i didn't learn very much about that. however, i did learn a lot about how to aggregate power. how to aggregate power in a way that wasn't actually to smack the aggregation of power. goldman sachs had a hallmark hallmarkevent that summer, whics service today, you go and plant trees. the one thing i noticed, nobody was really interest

this is goldman's turn. many banks are doing this. they want to increase retention and contributions for younger employees, and more interestingly they are attacking the social side, addressing potential burnout. you could take a six-week sabbatical, unpaid, to recharge your batteries and unplug to get more work-life balance employees complained they do not have. dani: you are going to see if you can retroactively get that six-week unpaid sabbatical. how surprising is this from goldman? they are one of the most aggressive. >> they are. if you recall earlier this year, ceo, david solomon, the best he could do was try to ensure people did not have to work saturdays. it was not a blanket, but i will do my best. everybody is recognizing they have to be mindful of what people want. there are options for young people in the financial services sector. you can go to exciting new startups. there are jobs in the crypto space. there is a lot of competition for talent. dani: thank you. i want to know what you would do with your sabbatical and wha

was the goldman rule when goldman declares from the mountain tops of davos they would not take a company to the-- and they said diverse, racial and gender diversity. with that abuse of market power to be able to exercise power in the marketplace of ideas, to decide questions that i felt needed to be decided in our democracy at large, that was actually the greatest form of corporate overreach of all. and that's actually a big part of why i wrote the book. >> another story you tell from the beginning of the book, sort of similar, and famous statue put in front of the wall street bull and tell us about that. >> it was supposed to be icon of feminism so she, capital s-h-e makes a difference and supposed to stare down the iconic wall street bull the male power, that was commissioned by state street global advisors as you probably well know an asset management firm and that's out s-h-e-stands not just for she, but the ticker echange traded fun. a well-collected stocks, and values, and charge a fee. it was better than that. they built the statue around the time they were facing a lawsuit from f

david: so you graduated and went right to goldman sachs? gary: yes. i joined the merger and acquisition area. it was about a dozen people. it grew throughout the 1980's. david: you became one of the earliest players? gary: i was honored to make it into the partnership while i was in that area. david: you were making a great deal of money. why did you leave goldman sachs? gary: i spent 18 years there. i did a number of things. i went to the trading side. i helped run part of the back office. it was a remarkable experience and opportunity. i felt some connection to public service. as a kid who was the class treasurer. i always had this connection. i thought public service was something if i had the opportunity i wanted to be a part of. one of my mentors and bosses at goldman sachs had been chosen by president clinton to be a national academic advisor and later treasury secretary. he knew i would be a soft touch for service. when president clinton won a second term, an opportunity arose. i went down to the clinton treasury as an assistant secretary for f

goldman sachs for better or worse typifies that relationship. >> goldman sachs for those that don't know is a social investment bank but it's one of the financial institutions considered really elite. top harvard students like you are getting a job at goldman sachs is the pinnacle that's what you aim for for better or worse . >> there's things i'd like to have been better at and one of the things i'm good at is getting myself into corridors of elite america. there are better skills one can have but it turns out that was the skill that on accident or on purpose i happen to have repeatedly cracked . i did that in the summer of 16 when i was a student and took an internship at goldman sachs and there was something i learned that summer but it wasn't thething i expected to learn . it is an important part but i didn't learn very much about that but i did learn a lot about how to aggregate power. how to aggregate power in a way that wasn't actually appearing to smack of the aggregation of power so one of the ways to do it was goldman sachs had a hallmark investment which is a service day. go t

goldman getting more aggressive in its outlook for fed tightening. yvonne: and they are saying there is that real possibility that they might hike, that they may as well. it is interesting to see what the markets have priced and, whether it is the fomc minutes. you hear from some fed presidents, the dove that has turned more hawkish saying a taper could happen. you have at least 45 hikes before 2024 being priced into this market. -- four or five hikes before 2024 being priced into this market. there is talk that china could be the upper former when it comes to -- the outperformer when it comes to e.m. china could top as the keystone margaret -- the key stock market in 2022 given the underperformance we have seen in china. people are saying it is time for a catch-up. let's talk more about the virus situation. the u.k. has added six applicant countries to a travel red list amid worries about its dramatically different covid-19 variant recently identified. let's get details from our editor. talk us through this new variant, how concerning is it, and is

goldman i need to begin with you and your legal training. for a slave people in the audience, what is the significance of these bannon charges today, that so many, especially democrats, we're waiting for. >> well, the significance is that the rule of law on matters. congressional subpoenas matter. and, the department of justice is taking the view that flouting congressional subpoenas is a crime as the criminal statutes dictate. and, they are not going to be afraid of a partisan backlash. and so i think it really is a marker in the sand that if you are going to break the law no matter if you are a trump supporter or someone who received a pardon from donald trump despite a massive fraud. you are not going to get the benefit of that partisan, political interest that donald trump sort of used for the last four years. so i think it's very meaningful, not only to send a message to the witnesses before the january six committee. but also to send a message around that the department of justice is back, the rule of law matters, and people who flout

goldman sachs for better or worse typifies that relationship. >> goldman sachs for those that don't know is a social investment bank but it's one of the financial institutions considered really elite. top harvard students like you are getting a job at goldman sachs is the pinnacle that's what you aim for for better or worse . >> there's things i'd like to have been better at and one of the things i'm good at is getting myself into corridors of elite america. there are better skills one can have but it turns out that was the skill that on accident or on purpose i happen to have repeatedly cracked . i did that in the summer of 16 when i was a student and took an internship at goldman sachs and there was something i learned that summer but it wasn't thething i expected to learn . it is an important part but i didn't learn very much about that but i did learn a lot about how to aggregate power. how to aggregate power in a way that wasn't actually appearing to smack of the aggregation of power so one of the ways to do it was goldman sachs had a hallmark investment which is a service day. go t

dan goldman. "post" adds this. mirroring his senate testimony, walker told the inspector general's investigators that he was stunned and frustrated during a 2:22 p.m. conference call when city officials asked for national guard assistance and senior army officers, lieutenant generals charles flynn and walter piatt advised against providing it. at 2:22. other witnesses interviewed as part of the investigation said that piatt was concerned about public blowback over the sight of uniformed personnel potentially confronting political protesters, that the army needed a plan before inserting soldiers into the crisis. so we know from the ig, dan goldman, that at 2:22, walker was, quote, stunned and frustrated. but what do you want to know about what happened between 2:22 and 5:00 to deal with what amount to concerns about confronting donald trump's backers? >> well, i want to know what was going on between the white house and the pentagon. i want to know the calls that mark meadows was having at the time. i want to know t

this is bloomberg. ♪ yvonne: the latest from goldman sachs. they expect the fed to tighten monetary policy faster than originally anticipated amid the rising inflationary pressures. fed officials are slowly subscribing to that view. let's bring in our next guest with the latest on that. i want to talk about this chart. the car is the flattest we have seen since march 2020 when the market turmoil began. the fed was forced to lower rates. what is it telling you at the moment? it seems that at this point, people are saying the fed is heading into a policy error. would you subscribe to that? >> it depends on what you think is a policy error. the markets are starting to price that in. it is all suggesting now that we're going to have a fed that is going to be much more aggressive when it comes to tapering as well as lifting interest rates next year and that will come at an expense of future growth. we are still seeing real yield quite low. they have come off the lows from last week. that suggests that despite the particular moves by the fed, there

. >> goldman sachs is one of the archetypes and keep coming back to in my book about the relationship between in the private sector and government in between capitalism and democracy pretty for better or worse in my opinion far worse typifies that relationship. >> is now commercial bank but as for the financial institutions consider really late in the money is top harvard students printed like you and for better or worse. >> turns out one of the things and i was good at was getting myself into protected core doors and on andme on the last 15 yeas in their better skills one can have but it turns out that was the skill that it was an accident or purpose.ha i have repeatedly practice and i did that into the summer of 2006, one of the student at harvard and took an internship at goldman sachs is something that i learned, i thought it would learned about evaluating companies but i didn't learn very much about that however i did learn a lot about how to aggregateho power and how to aggregate power in a way that was not actually the. to the aggregation of powers so goldman sachs had a hallma

goldman sachs calling that 13% decline on friday excessive. you've seen wti crude climb more than 5%, brent up more than 5% as well. having a look at the airlines as japan comes back online, we are seeing weakness in the reopening trade. what does this mean for travel as we start to see curves being imposed, and and tv reporting it japan will effectively ban all foreigners from entry? we will hear from prime minister kishida at 1:00 p.m. eastern. rishaad: getting more on oil here, a big comeback taking place. that's what's going on, five point 5% up for new york crude. there's also a bit of movement in the metals space as well, iron ore futures rebounding, climbing almost 8% right now. metals rallying amongst all this other depressing news. let's keep the focus on oil and bring in editor andrew james. oil very much the moment and focus, particularly with the news last week with the strategic reserves of various countries that will be released gradually, and on top of that, the opec-plus meeting that is upcoming and how they respond to that mov

jonathon: i want to focus on a goldman sachs to see referenced today. when you referenced goldman sachs, can you walk me through the conclusion of that piece that you referenced earlier this week? marty: say that one more time? jonathon: you referenced a goldman sachs piece of research on what would happen to some of the policies introduced. can you walk me through the conclusion of that these? marty: what we are seeing is companies that have put in place vaccine mandate, we have seen 80% to 90% participation rate people getting vaccinated and we are seeing people go back to work. this is happening all across the country. this is about making sure, what we wanted to do was trying to is going to people that we want to create safe working environments so people feel safe about going back in. i would rather be talking about something else today in this period of time, but unfortunately, we are still living in the mess of a pandemic and we cannot overlook the fact that people are afraid to go back to work. that is one of the reasons. there are other reasons

goldman with red-hot trades. we are going to lay them out for you. plus chips galore. we gear up for nvidia earnings tomorrow we will into that when we come back yep. i'm the all-in-one management software built for small business. high thryv! help me with scheduling? sure thing. up top. high thryv! payments? high thryv! promotions? high thryv! email marketing? almost there, hold on. wait for it. high thryv! manage my customer list? can do. will do. high thryv! post on social media? hash-tag high thryv my friend! get a free demo at thryv.com. as i observe investors balance risk and reward, hasi see one element securing portfolios, time after time. gold. your strategic advantage. earn about covid-19, the more questions we have. the biggest question now, what's next? what will covid bring in six months, a year? if you're feeling anxious about the future, you're not alone. calhope offers free covid-19 emotional support. call 833-317-4673, or live chat at calhope.org today. >>> welcome back we have a news alert out of washington, d.c. let's get the latest >> brian, the tre

the chief of staff of goldman sachs. yvonne: tsmc is set to build a semiconductor plant in japan as the biggest chipmaker makes moves to ease the supply chain pain. details ahead. this is bloomberg. sophie: -- this is bloomberg. ♪ >> these are the top stories on the supply crunch today. on the semiconductor front, tsmc is expanding to japan. chipmaker will build a fabrication plant without love sony and it comes as governments from around the world are trying to boost manufacturing capabilities to ease persistent shortages. shifting to china where factory price are in focus. that is amid the commodity boom and energy crunch. a ppi spike will impact domestic businesses facing higher input costs and battling weaker demand. president biden spoke with the ceos of companies critical. they assured the president store shelves will be stocked for the holiday season and discussed plans to speed up deliveries. ongoing supply chain disruptions and higher food and energy prices may have contributed to the fest is u.s. inflation si

alix: very much echoing the view of goldman sachs. agnes, thanks a lot. coming up, let's stay on the prospect of european earnings. siemens expecting to reap benefits of years long streamlining initiatives that rivals ge. this is bloomberg. ♪ ritika: it is time for the bloomberg business flash, a look at some of the biggest business stories in the news right now. seeing the first green shoots of recovery from the coronavirus pandemic. heathrow is recruiting officers, engineers, and other positions. passenger levels are still around 56% down off of recovered levels. uber is raising its base fare in london by 10% to attract more drivers. customers have complained on social media of longer waiting times, cancellations, and higher fares during peak times. uber says it needs about 20,000 more drivers in london to help return service to normal. siemens expects profit margin to increase next year. the german engineering giant is reaping the benefits of years of streamlining a process that rivals general electric is just starting. >> of course, we've got to que

i want to go to what you are saying, goldman sachs, this terrible timing, it was very likely the fed would accelerate their taper, end at some point in march and have two or three rate hikes next year. kailey: thanksgiving day can make quite a difference. oldman published that note after the data we got wednesday. the fed's preferred inflation gauge showed the pricing pressure in the economy. you can have the virus rear its head again. it underscores the fed's dilemma. you have to deal with this higher inflation. you have to consider that the labor market is not back to where the fed wanted to be. there is concern about growth. lisa: you have officials out of the u.k. saying there is a high degree of uncertainty regarding the new covid variant. this is the key. we do not understand how much it can evade the natural immunity from prior infection and immunity from the vaccines. we are looking at a very risk off field. this is bloomberg surveillance. ♪ g surveillance. ♪ ritika: with the first word news, i am ritika gupta. the new covid-19 strain raises concerns about outlook for dem

goldman sachs chief a packet economist there. next, airbus scores the first big win at the dubai air show with america order of 255 jets. boeing says it is having progress in getting its jets can air. that is just ahead -- getting its jet back in the air. that is just ahead. don't miss the bloomberg new economic forum happening throughout the week. face-to-face discussions with world leaders on topics ranging from finance, trade to climate. this is bloomberg. ♪ >> what has happened with the four or five month delay? we have now seen an uptick in demand by significant percentages. not as much as it was prior to the pandemic, but we are now running at 50%, may be a bit more of where we are, and it is growing every day. and cargo is very strong and has been since the pandemic started. it is a good story at the moment. we are looking forward to the next four or five months of good business. >> we see human capital as one of the constraints. we have been working deeply with our supply chain, and will do so as we ramp up. but i would

goldman says yes and we will talk about that. >>> first today's market, dom chu here with the most important numbers. >> the reasons they're saying the words super and cycle together a lot -- by the way, kelly, if you are looking for one place in the market that's been on a super cycle it has been the stock market. you could argue since the great financial crisis and the emergence from it ban in 2009, 2010 still at markets pulling back today. we hit, remember, record highs for all three major indices within the course of the last few trading days, but today down across the board off the session lows, at the session lows we were down about 30 -- call it 38 points or so, up about seven points, eight points again, at the high again, down 31, up 7 or 8 points in the s&p that's the trading range you can see there. 4678 there the dow is off one half of 1%. the nasdaq composite down two-thirds of 1% 15,877 the last trade there. one place we saw a record high in trading at one point is nvidia i will put the gold star even though you see red down 1.5%, well off session highs and it spiked huge at one

tk goldman, 51 hold dread. tom: no question about it, what a disparity between goldman stack -- goldman sachs and morgan stanley. as you open the show i was looking at the same bloomberg headlines to see if we get a note from the white house, i do not see it yet. jonathan: sherrod brown saying i hear it is imminent, it is imminent, apparently. we will see -- tom: we will see. i want to dovetail the earnings, all you need to know is that the top line is 6.1% top sales versus an estimate of near 2% which is the kind of that get you up. jonathan: the numbers out of home depot are looking good. lisa: the key question is can consumers demand -- can consumer demand each -- be continued in pace, that is a question that keeps getting answered in a resounding yes. jonathan: margins can keep expanding through next year. lisa: this is a testament for their ability to pass along additional costs and consumers want to buy a lot of stuff. with this stuff, the october retail sales are very interesting to see that dynamic. jon

goldman sachs is amongst them, boosting its s&p target for year end 2022. up in the european story as well. peter oppenheimer of goldman sachs, chief equity strategist, joining us next. this is bloomberg. ♪ >> challenge is if we overreact by saying let's change the path of monetary policy to deal with a one term effect, that could lead to a worse outcome for the economy. alix: this is the bank of america fund managers survey, where we get a read of what clients are doing in the market. this was very different than the previous month, saying clients are convinced inflation is transitory and except the fed to remain well behind the curve. you can see that in where the asset allocation is. global fund managers have the biggest overweight and u.s. equities since august 2013. also a favorite, emerging market equities, as well as bitcoin, three things you are probably going to want to invest in if you think inflation is transitory, as it seems like fund managers are now playing like it is. guy: there doesn't seem to be a sickle narrative working its way around

she's unclaimed with goldman sachs. she is one of the people that keeps the fearful in the market part of the painting over at the goldman sachs shop. we are thrilled that the advisory director joins us this morning. i am going to rip up the script, and i can do this for someone who wrote aristotle on investment decision-making in the financial analyst journal a million years ago. we are all getting lengthier. we are all playing the parlor game of extending the x-axis. we have been here before, haven't we? abby: we certainly have, and it is a pleasure to be with you and the team. another word we could use is protracted. basically, there are several factors now behind the inflation that we are seeing globally. some of these may prove to be transitory, yet protracted. that includes some of the supply chain issues. but some of them do represent the sort of inflation that one gets during the course of an economic expansion. the ones that i am looking at most closely have to do with wages. we have seen a notable pickup in av

when the ceo of goldman sachs says it is time to go, it might be time to go. it is not like he is going to make money, it is not like he is shorting the market and looking for to go down. he is giving you some legit advice, if ever he has. amanda: totally agree with that. matt: good, we are in agreement. that is rare. 10 for the stock of the hour, the power of amazon is being felt today in the credit card industry as processors fall following amazon's threat to stop accepting u.k. issued visa credit cards. predictive debt is a look. -- prita gupta is taking a look. >> the ideas those seeds are getting higher and higher. you go to amazon or any other retailer and use a credit card, the company charges you a pretty big fee. especially over in the u.k. since they have left the eu, those fees have gone even higher for that country, especially because we do not have the eu cap's. here in the states, they have risen over $100 billion per year. that is what amazon's turn to put a stop to by saying they are not going to be accepting visa credit cards, and you can see

joining us now the analyst behind that call goldman sachs managing director eric sharedan. welcome. happy monday you like amazon, you also like walmart. how much of this has to do with size and the investment that you think is going to pay off particularly for them? >> thanks for having me on, jon. we're bullish on amazon end of '21 into '22 my colleague on the consumer side courts walmart. i think they have similar themes we come back to on amazon. number one, scale, the ability to absorb these costs from an inflationary stand point the ability to deal with the shipping elements of the holiday period and into next year. i agreed with one of the points you made about labor inflation persisting and being more permanent that transient and you need scale to absorb that, but more importantly these companies actually built inventory over the last six months to now find themselves on the wrong side of the demand curve consumer demand from all the data we look at looks very strong going into and out of the holiday period so having inventory, being able to absorb the costs, communicating it

when you look at the energy crunch we have, goldman says it is all in the price. gas prices are rocketing again. coal prices are being -- coal is being hoarded. from an energy perspective, we break $100 on oil, do we see higher natural gas prices? >> i think relief is on the way. the advice i would offer to our viewers is you might want to order a sweater to get through this winter, at least fiscally sound condition. the sweater will probably get caught on a container ship somewhere. but energy prices have escalated. it is likely they will level off. we are seeing supply response in the united states and pressure on the global community to come up with supplies to keep europe in particular warm for the winter. with cop26 just to the background and certainly the bloomberg forum in singapore, there was a lot about climate change. the transition will have to be paced appropriately. it is likely even under aggressive assumptions about transition to alternative fuels that we will be using plenty of petroleum, natural gas, and even cold during the next decade or even tw

coming up, goldman sachs boosts its bet on london. it targets the world's superrich. this is bloomberg. ♪ tom: welcome back to the open. 53 minutes into the european trading day. clinging onto gains. the ftse 100 is lower. basic resources and energy are the drag. the dax and the cac 40 are higher. futures in the u.s. pointing to gains. the second day of the bloomberg new economy forum is underway. we will bring you some of the top conversations from the day. there have already been fascinating insights. the outlook for some of these corporate's. the european business summit also today. the focus will be on increasing digitization and the shift toward sustainability. at 11:00 a.m. u.k. time, a rate decision from turkey's bank. that comes in the wake of the country's slumping currency. we heard from erdogan yesterday talking about the need for lower rates. finally, the imf statistical forum is happening in washington, d.c., for all of you stats geeks. the theme is measuring the economic and financial dimensions of climate change. ok, we are talking about -- we are goi

tom: it is going to be important with goldman sachs. do you see how jon saves his best questions for 9:00? jonathan: every athlete has to warm up before they go and play the actual game. lisa: you compare yourself to the professional athletes? can i just say, the bears have gone away. we actually saw a bear short fund surrender this week. russell clark closed his fund. so sometimes, they are going away. tom: i am going to go narrow here, not on dollar-ruble, but the lira can't find a bid today. 9.94 turkish lira, ever weaker against dollar. i am watching that into the weekend. jonathan: when lisa capitulates, you know the top is in. i'm joking, maybe. perhaps i'm not. yields higher by a basis point. 1.56 30% on tents. euro-dollar, that $1.14 handle. unchanged on the day. tom: to summarize here the push for it, it was so good to have the head of bnp paribas north america with us earlier in the week. his chief market strategist attends now, daniel morris. what does the year ahead look like here? what is it going to look like, in the king'

. >> goldman is involved with ri rivian. >> there's a lot of those fees, all the things think sold and bought >> when i was growing up, you went to goldman and make a lot of money. >> facebook has a great new york office by the way, the people who applied for facebook, they don't hate mark zuckerberg >> so you don't believe the whole recruitment issue,ing that that is the stigma to interview there is or going to work there? >> i know enough people to know that the statement is false, that they -- remember, the seven-stage interview? anytime, you can drop out. >> your point is younger people are grapher at a timing towards those names than goals man sax, jpmorgan, really >> yes yes. i got out of school, i didn't have the computer science skills but if you come out with a legal -- or obviously business, and go to goldman, you have a pretty great life now. how many times -- >> you still have to work pretty hard if you're young, 80 to 100 hours a week. >> i used to teach on friday nights i would give an exam a 11, post the bottom five on month, so everybody could see -- >> pay is also goin

jonathan: how much of a big deal should we make of goldman coming out and saying july next year? lisa: it is capitulation to what people are thinking broadly, what does the fed do? the employment cost index rising to the degree it did gives power to the fed to say maybe we ought to tighten sooner. jonathan: a very interesting meeting this week with chairman powell. we will take that special coverage as always on bloomberg tv and radio. a report from "the washington post" -- "janet yellen said democrats should be able to approve a fixed to the debt ceiling without gop support if necessary." emily wilkins, your take? emily: secretary janet yellen seems willing to say what a lot of democrats are thinking but don't want to go public with, if republicans don't come along, they will have to do this via reconciliation. they will need to raise the debt ceiling. it will be much worse for them if they do not. senate minority leader mitch mcconnell from kentucky said repeatedly republicans will not join with democrats on raising the debt limit long-term and it is something democrats need to

katie koch of goleman stocks still with me. -- of goldman sachs still with me. do you play tesla? katie: right now, 5% of auto sales are in ev, but it is really important for people to focus on this. we are at an inflection point of x been into growth, and a lot of the things happening in the market right now is the market trying to price that which is actually really difficult to do, but it is really any cripple inflection point, and the bill is going to help this because what we are seeing is the cost curve inflect. when that happens, that is when you get explosive innovation and explosive growth, and the cost curve, just to put that into context, we are now almost at cost parity between a traditional ice and electric vehicle. so taking a step back, how do you play this space? we talk about the pure play ev companies. the second area to look would be the traditional auto companies. can they actually transition to take market share here? this is going to be really difficult. we have picked one company with gives going to win there, which is gm, but it is a very difficult thing to

goldman sachs says it rivers and's value versus the u.s. bank of america -- says it represents value versus the u.s. bank of america says something different. we will break it down. this is bloomberg. ♪ k it down. this is bloomberg. ♪ alix: one of morgan stanley's top calls is buy europe for 2022, when they are pretty negative on the u.s. equity market. many people say it is because of the european equities. the stoxx 600 recent 12 month forward earnings growth is topping about 7% growth since october 1. on the flipside, the white line is the s&p, just up 2% versus the yellow line, the nikkei 225, and that is pretty much flat. so in terms of the upgrades in the outlook, it feels like european equities are taking the cake. sure, there may be some slowing, but that doesn't mean completely slowed. that leaves many like morgan stanley to get bullish on european equity for 2022. let's get sharon bell's take, goldman sachs cohead of global emea research. what is your base case? sharon: i think it is a combination of things. we have seen a lac

i take you straight to the goldman sachs warning. in his 30 years, he has seen many periods of greed, followed by a little bit of fear. how greedy do these markets on the equity side look to you? >> good afternoon to you. i agree with them. it has been an extraordinary period. not just in equities, but in credit or risk assets in general. when it comes to equities, you like to think in calendar years. this has been a rare year where we have not had a chance to send a correction in markets. yet interest rates, they could well be the catalyst. it looks like the u.k. is going to go here in december. maybe it can be a mini catalyst to get a correction. but it is tough predicting. i'm pretty sure goldman strategy is sustain long equity. that is right for the long-term. i get where he is coming from. manus: what does long-term look like for you? i put this question to a number of different people. what would 150 basis points of interest rate hikes due to the overall risk environment? many people have been aggressively pushing back on me, s

jonathan: goldman one of those consistent bulls. the difference between morgan stanley at 4400 next year year end, and goldman sachs 5100. lisa: there's not expectation for recession, but people don't understand the nature of the inflationary pressures. they don't understand the fed's response mechanism and how much consumers can continue to remain the strong beacons of this economy at a time when we have a fiscal support rolling off. the only certainty seems to be that recession is off the table. jonathan: getting comp sales. 9.9% total sales for the quarter. they raise eps guidance as well. from what i can see in the early part of the release, he beat and raise from walmart. some decent numbers from home depot. tom: we are losing perspective. this is about nominal gdp, and the gloom crew was stunningly wrong on that. they have had to extend out there gloom of when we get nominal gdp down to normal, and some even suggesting we go below normal, down to some grim to percent real gdp number. we are nowhere near that. jonathan: the sto

the gentleman from goldman sachs earlier, and a conversation with the prime mr. of singapore a few hours ago. singapore continues with bloomberg. this is bloomberg. good morning. ♪ jonathan: let's get this trading mornings darted. a beautiful morning in new york city. your equity market -.1%. "the countdown to the open" starts right now. >> everything you need to get set for the start of u.s. trading. this is "bloomberg: the open" with jonathan ferro. from new york we begin with the big issue. counting down to a fed chair decision. >> between governor brainard and chairman powell. >> do not see much daylight between them. >> not a lot of daylight. >> monetary policy is still loose. >> inflation is running hot. >> weber comes in will have to tighten. >> the big differences on regulatory policy. >> will be shaping up the fed. >> a significant story

that is a significant change according to the likes of goldman sachs and mara. -- namura. broadly you are seeing a loss of 2/10 of a percent. the futures for the u.s. with gains as in europe, tech was a standout stateside, the reopening trade was punished, concerns about the trajectory of paper from the fed but also higher covid cases in europe. that weighed on european equities. the pound in focusing given comments by the bank of england on sunday, talking about the inflation forecast into suggesting possibly there is ambiguity around the december meeting. the pound and focus this morning. also looking in the oil space. reports out of japan that tokyo and washington are looking at a combined and coordinated release of reserves, this after china said it would also be releasing its reserves. iron ore is up, tied into expectations for more support for the chinese economy, and bitcoin at 57,000 after hammering last week. no upside gains in terms of trading over the weekend for the top cryptocurrency. pressure remains on bitcoin. let's switch focus to the details out of china.