you have got goldman sachs, the billionaires. a bunch of members of congress who is been appointed already and a bunch of others being considered. you have got trump backing away from repealing obamacare on day one. you have got steven mnuchin and wilbur ross saying maybe tariffs against china is not what we want to do. we do not want to slap import duties against foreign companies and foreign governments. what is the place, all of this trump signifies political peril for. these are all places -- political peril for trump. michael: absolutely. john: what is the thing that trump could do that could turn his supporters away from him? what is the red line he can't cross? michael: that is another good question. i do not think there is a single or red line. i think it is a culmination, of you will, of everything you're saying. ofthe backing down off obamacare, combined with a softer approach to immigration et, itthe wall isn't 10 fe is a foot and a half, those types of things in combination, i think will do a lot of damage, because th

there is a reason why people joke about goldman sachs. will this upset people in president-elect trump's base? >> not at all. for these economic-related position you have to pull from the financial industry. i think it shows you having someone extremely qualified who has the background for it. this isn't just a random successful former goldman sachs executive. this is someone who has been with the campaign since day one. he's somebody who was always on board with our populace message, our working class message. he's definitely someone from within his own ranks, not necessarily from the swamp. adamittomney meeting with president-elect trump. someone said they had frogs legs. it's like donald trump saying to mitt romney, i'm going to get yeah. would it be a bad idea to select mitt romney after he said horrid things about president-elect trump? >> adults in real life you can let by gones be by gones. -- bygones * be bygones . i have faith in mr. trump. he has had a chance to speak with mitt romney about what he would be like as secretary of

he attacked ted cruz's wife for ties to goldman sachs. what do you say to the critics who say the appointment of steve mnuchin is putting the same people he accused of robbing the working class in charge of the treasury department? >> i would say steve mnuchin is the perfect pick for treasury. he was one of the architects and one of the folks who worked tirelessly with the president-elect to put together this tax plan, helping to take the economic populism message to all americans. as we talk about lowering the tax code -- lowering tax rates, how do we make sure we free up more money for hard-working americans. so really, steve was the one who got in there and helped develop the plan. it's really -- it takes someone like steve, who understands how the system works, how we can go make it more fair and help american workers to get in there and actually change it. the other thing i would say, too, is that it's been well over a decade since steve mnuchin was with goldman sachs. i would say steve has been a winner at everything he's done in li

sachs guy which of course they showed our friend lloyd in that commercial, lloyd from goldman sachs but they're picking right from. >> mnuchin, goldman, bannon worked for goldman. mitt romney, bain capital. these are not people that are populi populist. mnuchin and ross big donors. there's some element -- >> like donald trump. like donald trump. >> like donald trump, yeah. a huge democratic donor. >> i would be willing to put a lot of money that the most controversial cabinet pick is tom price. that's going to energize the democratic party. >> already has. >> against medicare. >> wants to revamp social security a bit. if the democrats are ever going to stand up in congress, they're going to stand up over him. >> let's stay on mnuchin. >> i did have some relief, mika, in this crazy whacky political system. it was nice that we sort of returned to political norms and niceties where democrats were only accusing republicans of trying to kill graham. went out yesterday and said -- >> if we are popping popcorn, you guys are jumping all over the place. >> no, we're not going straight by the

we should point out gary cohn, number two guy at goldman sachs. i doubt very much -- liz: he is being brought up as you see. >> not with scaramucci. liz: jamie dimon was talked about for treshthink. >> he doesn't want it. liz: here is the second banker to come in, gary cohn heading into elevators. >> for gary cohn to be in the trump administration would take a lobotomy on his part. liz: he has a great job. he loves it. congressman mike mccaul. >> more than that liz. i wrote about this in one of my books. gary cohn was part of a coterie of wall street bankers that introduced barack obama to wall street in 2008, or 2007. they had a dinner, at a place called johnny's fish i believe it was called. by the way, used to be a restaurant right near the fox bureau in d.c. on capitol hill. larry fink was there from blackrock. paul volcker was there. liz: aren't all bets off with donald trump. >> no, no. liz: he is speaking to different people who had been against him. >> think about it, liberal democrat is what gary cohn is, he will go there and do some of t

former goldman sachs partner a formeronition -- goldman sachs partner is being considered for secretary of the treasury. they also say trump plans to nominate wilbur ross. an announcement could come as soon as today. , donald template -- meanwhile, donald trump continues to audition secretaries of state. he will bring back kelly for an interview at trump tower in new york today. another candidate's former massachusetts governor mitt romney. he had a second meeting with the president-elect at a dinner last night. european capital president donald tusk has flatly rejected a call from british lawmakers for him to protect the right of expatriates after brexit. he hit back after being urged to broker a deal guaranteeing that british nationals in you countries and european nationals in the u.k. would not be forced to leave after brexit. , causingsed the claim anxiety and uncertainty. people have rallied in south korea's capital to 'smonstrate against park presidency after she yesterday offered to resign after an influence-peddling scandal. a fraction of her ruling party that previously suppor

one of whom cut his teeth at, you guessed it, goldman sachs. the billionaire world is still trying to understand the choices. both were early trump loyalists. they're both friends of his. but their resumes are causing some cognitive dissonance up against the message that trump preached out on the trail. take for instance, steve mnuchin. he was the finance chair. he is a yale man. goldman sachs partner, he founded his own hedge funds and once closed on tens of thousands of homeowners while his institution was still receiving government support. he has finance someday big hollywood blockbusters including avatar and others. >> and then there's first quarter ross. he bet bigly on struggling industries like steel, coal and textiles. did he help restructure one of trump's struggling companies. and they have benefited from the very free trade policy that's trump has promised to rein in. this morning, mnuchin and ross talked about what they wanted to accomplish in a trump administration. >> our number one priority is tax reform. this will be the larges

is goldman sachs -- does goldman sachs -- it's a big place. don't make this an overwrought question and answer, but does goldman sachs want the kind of energy independence that donald trump wants so we stop relying upon foreign sources of oil and unleashing energy off our shores and under our feet right here in the u.s., spur economic growth within our communities, do the hydraulic fracking that is unleashing the natural gas we have right here? >> i don't know. >> there are many different -- there you go. there's an answer. in other words, let's ask them. it's a tool of the big banks that gave -- i'll tell you one more thing he would do. he wouldn't take gazillions of dollars in speaking fees for big banks and pretend somehow he's going to regulate them or somehow he's going to be for the people. if hillary clinton were -- >> we have no idea what he has taken in speaking fees. he has given speeches for money. but we have no idea how much money because he refuses to release his tax returns. >> hillary clinton, as cnn has reported, she has made

goldman sachs executive steve mnuchin and billionaire businessman wilbur ross. mnuchin confirms he's trump's pick for treasury secretary and ross is tapped for congress secretary, also. trump makes a huge promise. he will break ties with his many businesses so he can focus on running the country. trump made that announcement in a series of early morning tweets one of those tweets says he will unveil the details of all of this during a december 15th news conference. all of this after mitt romney, who's under consideration for secretary of state, breaks bread with trump at a posh new york city restaurant inside trump's international hotel. all right. so, we're coverig all of these angles with our team of reporters. let's begin with cnn's sara murray. good morning. >> good morning, carol. lots of news this morning. and today, trump's transition team has just made it official that they have chosen steve mnuchin as the next treasury secretary. this is really a loyalty pick for donald trump. this is a guy who was his campaign finance chairman who's been a close econom

mark: you upgraded goldman sachs on outperform. you say events such as the election, exit, it may not favor a bank such as citi. elaborate on that. was a tough call. i think management has done a great job of reducing non-core and risky assets. capital deployment is going to be a big part of the story. there is a transition going on, a lot of investment in cards. if you think about the macro environment, if there is a cut iti doesrate taxes, c not have as much exposure to the relative to the group, that is negative and that there is more discussion about tearing up global trade agreements, i'm not sure the best place to be positioned is global. the big concern about global trade is slightly negative and the cut in taxes, which is good for the space overall, is not actually good for them. mark: you say it is the leading franchise in the group, but is jpmorgan a franchise that is trading at a premium? david: when the stock got to about -- we felt that was a fair value for the company wanted to the other space, so it is extremely -- i

sachs, turned to a guy who was not only goldman sachs 17 years but is a son of a goldman sachs lifer and has a son at goldman sachs. it seems to be an anti-populous move to pick rich financ financr these jobs. >> woodruff: a statement was put out saying this is someone who made money at goldman sachs and bought a bank in california. tell us about that. >> some of the drnlings elizabeth warren and bernie sanders thinks anybody who worked for a bank shouldn't be the treasure secretary. other people feel having experience on wall street might be a good thing for treasure secretary. i think the reason mr. minuchin is controversial is not only he came from goldman sachs, which has been the center of criticism, but made a lot of money buying the bank in california, selling it, making a bundle and in between got grief because the bank was accused of being aggressive on foreclosures. so looked like he was a guy who profited off the financial crisis that caused so much harm elsewhere. >> woodruff: is that true? no. he profited because he bought a bank that was in trouble cheap, fixed it up an

worked at goldman sachs gutting the middle class. look, who is steve mnuchin? really important. 17-year career at goldman sachs, moved as hollywood producer there, a trump campaign finance chair. he has a more diverse portfolio than just a goldman sachs banker, to be clear. this morning telling reporters he is really knee deep in this tax reform that is issue number one and he and wilbur ross at commerce advising this president for some time, already working on ideas and priorities for the economy. they are already in the thick of it. wilbur ross is someone i've covered a very long time. known at the bankruptcy king. when an industry or company implodes, he sits back, steps in, in the wreckage. picks up pieces and finds value there, and has been criticized as a corporate you have which are vulture at times and found value in beaten down industries like coal and steel and in fact represented the bondholders in the trump casino disaster a k k decade or two ago when donald trump was on the brink. both of these men have the trust and ear

. >>> a former goldman sachs banker and billionaire to head up treasury and complermerce, g morning, i'm john berman. >> good morning, i'm christine romans, it's 4:00 a.m. in the east. scallops, carameled and this is inside the national hotel. >> look at the lighting there. >> right over there, across the seat -- the president-elect and the man who tried to derail his campaign joined at the table by chief of staff reince priebus. after, romney seemed humble and impressioned. >> i had a meeting with president-elect trump. we had a discussion about affairs throughout the world. and the discussion was enlightening and interesting and engaging. i enjoyed it very, very much. i was also very impressed by the remarks he made on his victory night. by the way, it's not easy, i know that myself, he did something i tried to do and was unsuccessful at. he won the general election. and he continues with a message of inclusion bringing people together. and his vision is something which obviously is connected with the american people in a very powerful way. >> cnn asked if mitt romney will be trump

mnuchin worked at goldman sachs for a long time. i remember to remember donald trump running against wall street and finance. yet, the man who is running up his economic team is a man who knows a lot and has worked heavily in finance, tal. >> yes, do you. in fact, he said goldman had total control over ted cruz, and it was a talking point on the campaign trail. and lo and behold he's on his economic team. keep in mind, you have senators like bernie sanders and elizabeth warn are who are going to be champing at the bit for steve mnuchin and use him as a proxy for all of their qualms on wall street. this is not going to be a pleasant process for steve mnuchin because he represents so much of what the democrats and donald trump ran against. but he represents someone who has been successful. and that's been a huge part of donald trump's appeal. and you know, there isn't a lot of pushback from the industry that the treasury would regulate. that's also going to benefit him. >> so we have billionaires, power brokers in the inner circle tal

former goldman sachs banker steve mnuchin will be it secretary and wilbur russell b. nominated for secretary. facebook adding more than a dozen games to effective messenger app called instant game and it will include classics like pac-man as well as new ones like words with friends. facebook wants the games to keep users on the site longer. we've got a check of oil futures heating up today at 5%. 40 $7.38 a barrel. speculation rising that opec will reach a deal today to cut output. we will talk to phil flynn about that soon. stock market futures ahead of the opening bell. but there is across the board, s&p nasdaq two. the call, a look at what's happening now. here's a look at some of the headlines in today's edition of "the wall street journal." the next stop on the populism global march. they voted confidence in prime minister matteo rents his government. the government giving the possible opening of the five-star move and. u.s. home prices recover ground lost during the financial bust. home prices set a record in september bringing to a close the worst. for the hous

steve mnuchin ex-goldman sachs. the fact that trump as a candidate may be different than trump as candidate may be an encouraging sign to those on wall street and a lot of the establishment. >> that is true, sara. even as a candidate, donald trump was proposing policies that were good for wall street. he was talking about big tax cuts that are tilted towards people at the top of the income scale, talking about reducing regulation, getting rid of dodd-frank, getting rid of obama caring all things that many in business complained about. so the policies were friendly that. he coupled that with persuading blue collar workers that he was on their side. if he can sustain that, that is something that will serve him well. the question will be when he gets around to implementing those policies, do those workers, beyond the 1,000 who were saved for carrier, do they see him as doing things to benefit him. >> he was seen having dinner last night with mitt romney. how important is it that he might get someone who may challenge h

he's former goldman sachs banker. he made plenty of money as a mortgage banker at a time when lots of people's homes were being foreclosed on and democratic senators are already raring to bring that up during his hearing. but he will be working alongside other folks who are going to be working to implement donald trump's economic agenda. wilbur ross, for instance, will be donald trump's pick for commerce secretary. he's a billionaire investor and has really been the leading candidate for this role for the last few days, maybe even few weeks, so not exactly a surprise there. what is a surprise is them sort of rolling all of this out together in addition to a deputy commerce secretary which is todd ricketts, co-owner for the cubs. his family has been critical of donald trump in the past. yet another example of letting bygones be bygones. all these folks will be working hand in hand trying to implement donald trump's ecomic agenda. earlier today, mnuchin gave reporters a taste of what they think their priorities are. >>

he worked at goldman sachs for 17 years and founded investment firm do you know capital management. he's likely to be scrutinized for the six years that he ran one west bank. his investment group bought that failed bank back in 2009 and when they sold it, mnuchin got proceeds from that sale. this morning on cnbc. >> as we look at dodd/frank, the number one pblem is it's way too complicated and we want to strip back parts of dodd/frank and that's the number one priority on the regulatory side. >> one person who has not impressed senator elizabeth warren, he's the forest gump of the financial crisis. he's managed to participate in all of the worst practices on wall street. stephanie ruhle joins me. >> you're elizabeth warren. goldman sachs used to be lovingly known as government sacks because you would see the senior executives leave goldman to go on to government. why? because the beautiful little loophole that those massive amounts of goldman sachs stock that they own when they go to work for the government, they have to immediately sell it tax-free. that is a win-fall. now, steve m

trading recommendations from goldman sachs. blaster, they had six trade ideas and by mid february they had to abandon five of them. populisme first is on and it means everybody is looking at king dollar. what that means is the dollar is set to rise and the strength is underpinned by what donald trump will implement. in the u k, we are looking at inflation and brexit and a that will put pressure on the pound. and with the euro, there is anticipation that the italian -- could be to follow. so the relative compared to the euro and the pound, they would exit this position if it falls by 5%. of the post at donald trump trading environment, goldman sachs believes the inflation we are looking at will be a headline. there is a chart from goldman showing the gap between the 10 year treasury yield and the tenure --, the competition where the investors think inflation might go. goldman says this could go longer and i think it is interesting combined with the last thing, how much goldman sees 2017 trading environment really being informed

goldman sachs, up 17%. target up 17%. freeport mac up 16% and caterpillar up 16%. >> target is still interesting. mel, welcome back. target had a great quarter. i know it's not nearly as interesting as goldman sachs or freeport mac or caterpillar up 50% this year. but target to me seems like they got their -- they got their feet back underneath them and it manifested itself in the last quarter. the technology is much better. i think they've separated themselves some walmart. out of those four names, that's probably the name with the most up side right now. >> anybody like target as well? >> i like target store. i think short-term target is a name to own. long-term investors can look at this tape and say, look, if everything pans out accordingly, to the plan, people are going to do fine. the market will continue -- >> according to the planning of the trump plan? >> we're trading on combinatiexs right now. banks trading on expectations of dodd/frank reform. biotech names trading on expectations of better pricing. move down

sachs, yet now according to media reports he's chose an second generation goldman sachs partner, steven mnuchin, to serve as treasury secretary. he'll take the pest most responsible for watching the high risk, high stakes gambling behavior of wall street which he himself has endwaged in for decades he worked at goldman sachs for decades, his father worked there, his brother still works there and he frequently returns for alumni and social gathers. he was named the foreclosure king after buying the remains of indy mac, a california mortgage lender and evicted thousands of people who could not keep up their mortgage payments. while president-elect trump promises to drain the swamp, he's not doing it. he's enlarging it. i yield back my remaining time. the speaker pro tempore: the gentlelady yields. are there further requests for one-minute speeches? for what purpose does the gentleman from virginia seek recognition? without objection, the gentleman is recognized for one minute. >> mr. speaker, on october 7, 2016, the department of homeland security and the office of the director of nationa

in the meantime trump's latest cabinet selections include offering former goldman sachs executive steve munn chin. he's most reisn'tly been financing hollywood films including "suicide squad" and the lego movies. >>> happening "today in the bay" area, a protest is planned against steve bannon and his role in the donald trump presidency. he was appointed earlier this month. right now a group of local jewish activists are protesting against bannon as part of national jewish resistance day of action. he was founding member of controversial breitbart news

eisenberg of the rnc, not only a goldman sachs partner, he was stephen's dad's partner at goldman sachs. you may think donald trump surprises this but they helped him win. vonnie: he ran on the idea of being an outsider but had a lot of insider friends. there was economic advisers, a t of them. i talked to them all over the last few months. they will all want to be treasury secretary or part of his cabinet in some way. how can he keep them all happy and we are watching the president-elect who has landed at washington reagan national and meeting with the president. we will have live shots from the white house. how will he keep the rest happy? >> anthony's gura mucci said donald trump said that stephen mnuchin would make a good treasury secretary. there are a lot of top jobs. does that mean someone like carl up there,l end probably not by going over the records and what these people have said to understand what kind of treasury secretary these people might be, it was on bloomberg tv that carl icahn who owns an oil refinery set on day one that donald trump could get rid of the epa rules th

goldman sachs out with a new note calling for 30% chance of an opec aspen deal. we will head to vienna and saudi arabia, said to reject a deal unless all members participate. ubs wealthie: management arm said donald trump breaking down the latest moves in currencies. the president-elect has chosen congressman tom price a fierce critic of the affordable care to lead the department of health and human services. more announcements today. let's look at where european equity fund trading now, under 30 minutes to be close at a very different picture from yesterday because we have been seeing a italian banks rebounding, pulling up the ftse and giving lift to european stocks overall. european stocks are still hovering near the lowest level in more than a week. a little bit of thin trading ahead of this referendum and the head of the opec meeting later this week. , italy'se equity space ftse makes up 1.9%, the cap 40 in france at 9/10 of 1% and greece up more than 1%, the euro stock of empty -- weakness in the ftse in the u.k., the ftse 100 down some 6/10 of 1%. the u.k.,

goldman sachs back as treasury secretary. and as we reported today, the decision of treasury secretary is likely to come later this week as soon as they hash out secretary of state. so this makes me think they're basically hashing out secretary of state, they know it's going to be somebody, romney or petraeus or john bolton, they know they've got that thing down. and as you know, the president-elect trump is having dinner with mitt romney tonight. but, so that makes me think that once they got that out of the way, this is coming. so this is coming definitely late in the week. the times says wednesday. you know, it could be tomorrow. but, you know, when i see the press release, i know definitely. remember where you heard it here first, not on fnc, fbn. charles: real quick, charlie, mnuchin at goldman sachs 17 years, a lot of criticism about them being the financiers of the swamp, if you will. also it was already reported, a lot of scuttlebutt on our friend, wilbur ross, at commerce. anything on that? >> as we reported yesterda

gary cohn, goldman sachs, he is the president and the coo. with us for the hour from cnbc headquarters today as well, we have joe terra nova, john najarian, pete najarian as well. guys, you want to comment on some of what you heard from mr. cohn? >> it was a great interview, first of all, scott, and you know, really i think the question becomes as gary mentioned, the financials and what you do right now with the financials. interestingly enough, it's been the russell that has been rallying, and when you look at the composition of the russell, 27% of the weighting is to financial services. i don't know if you play the financials through the russell. i don't know if you do your hedging through the russell. it certainly explains the move that we witnessed 9% higher in the last five years. >> the >> the steepening yield curve, that's all the stuff that gary was just talking about as well. when you look at that, scott, the most important thing that we're seeing, i think, in the opgs market, the derivative markets has been nothing but paper that co

wife for being an ex-goldman sachs executive. so now he becomes treasury secretary and this is one of the top five -- we ought to be careful -- >> yeah, nominee. >> he's the appointee, selectee for the nomination. he can't make it until he's actually sworn in. >> exactly. some people said part of delay here was concern about the confirmation hearings and his ties. obviously as a former goldman sachs banker. there's a lot of stuff. a lot of paperwork. >> the whole drain the swamp thing will be attacked by the liberal media. saying, well, wait a minute, this is a goldman sachs/wall street executive, trump was supposed to be a blue collar guy's president. and now the guy who's going to be running treasury is somebody who's been in finance all of this life? seems like good experience for the job. >> but for finance people and for people on wall street, and for people watching this very closely, you think it's a calming -- >> he's a familiar face. he's a known quantity. and in what has been sometimes topsy-turvy process in this transi

goldman sachs says the rally could continue with free cash flow bump. exposure.tocks with goldman sachs sees the likelihood of more volatility ahead. stocks could underperform if that happens. this is how the miners have fared since they fell to a 13-year low in january. goldman sachs sees more gains. let's head over to julie hyman. the nasdaq has turned positive. microsoft, apple, google continue their bounce. oil, we had an interesting development after that inventories report. after we saw an unexpected large build in inventory. refinery utilization number is what some traders are keying in on. there appears to be optimism that with inventories going up in the u.s., perhaps that now puts more pressure on opec. we've been watching the bond market. the outlier is the 30-year note. a drop of 2 basis points on the 30-year. this seems to have something to do with the proposal of the u.s. fed president to change the composition, increase the composition of the capital cushion at banks. we have downgrades for a number of different banks. we have been on a b

very smart people at goldman sachs that come up through the ranks at goldman sachs. there is very smart people everywhere. they just all seem to be on one floor in goldman sachs. and i don't think that's -- >> impressive. >> if you look back on it, there has been this -- bad spot on people's record if they came from a sell-side bank. i think that is close to being over. . is this good for wall street? >> i would say it probably is. >> yeah. >> i was never as negative on wall street if it was a hillary presidency, either. just because -- i mean, you know. i think that was overplayed, as well. >> right. >> but, yes, i think it is good. >> does it make you go giddyup? >> yes. >> over goldman sachs. >> not over goldman, over the financials. i think they understand the regulatory issues that they have faced for so long, and you're getting somebody who really understands that world so well. >> we always assumed we would -- once trump won, we assumed we would get someone -- >> from the banking industry. >> for very, very -- >> not going to be jamie either. >>> let's turn to

cohn weighing his future at the firm at goldman sachs, seen at trump tower. reuters is quoting a trump transition official saying chief operating official gary cohn is under consideration for white house budget chief and/or other positions. another potential goldman connection to this team, potentially. if he left, he would be forced to -- >> sell goldman stock. >> at an all time high. >> at an all time high. >> and without paying taxes. >> tax free. >> i mean, this -- >> might want to do it just for the money. >> think of the tax -- some could argue that, you know, with this administration, they could be engineering a massive new fresh leg higher for the financials, he could be missing out on the upside gain on that stock. but i think not paying the taxes lessens the pain of possibly missing out on that rally. >> that's part of the rule that applies to people who have to liquidate. >> he joined treasury. >> you don't have a conflict of interest. >> exactly. the benefit also is if he goes back to goldman sachs and gets awarded new stock, that would be at a hi

peter kernen, former partner at goldman sachs. you are a donald trump supporter. steer that charlie gasparino broke last hour that donald trump is starting to put names together for his possible cabinet if he were to win. peter minute new smyrna beach chin, former goldman sachs guy as treasury secretary. >> i do think that. he has grit intellect. he is like type o blood. you can pour him into any vessel. great for the nation if he was treasury secretary. everywhere he goes he creates success. that he is that kind of talent. liz: could see his signature on the front of a dollar bill? >> i would be happy to spend one of his dollar bills. liz: secretary mnuchin. markets seem to be spooked but you are not. why? >> gold is going up. gold miners doubled this year. everywhere you look, risk is up. this feels a lot like "brexit" did coming into it. "brexit" tumbled. anyone who bought really benefited afterwards. so i'm not saying trump is "brexit" but give the markets some time to adjust to the uncertainty. liz: there is bearishness. here is the volatility index. what is

this was an observation made by goldman sachs. this chart was put together. what happened was back into the -- december of 2012, about 6% in alexionfollowing babe's -- abe's election. if you come back to this white line over here, it shows the s&p 500 right now since donald trump has his election. what is interesting of course is the gains have been more modest. david says he does not see u.s. equities performing as well. he is calling for the s&p 500 to rally to 2400, just 9% over the next four months. it stalls out according to goldman sachs. 2017 around 2100. not a huge gain. ,he reason for this interest-rate's that will limit earnings per share and multiple expansions. a lot to dig through here. another thing, we saw a significant weakening of the yen. the dollar is incredibly strong. boostw that abe -- to inflation. arguably, some of the people want tighter policy but i like the comparison. i want to look at the effective ate trump has had to a look treasury yield, the worst months in the long time. we see the last time yields on u.s. treasuries, that wa

now, that's goldman sachs that says please return to goldman sachs. donald trump is returning the key to the treasury to goldman sachs. ain't that great. that's draining the swamp, folks. draining the swamp. guy named mnuchin, he made a fortune at goldman sachs. his dad worked there for 33 years. his brother still works at goldman sachs, he's going to get the key to the treasury. he also made a fortune during the tarp bailout by buying an asset, indy mack, and dispossessing tens of thousands of people of their homes. i would say that mr. trump, the candidate, the ad was right. these people at goldman sachs and elsewhere are the global lead, who have stolen people's savings, who have taken away their home. now he's putting them back in charge. mr. mnuchin is getting the key to the treasury. goldman sachs executive. dad lifetime. brother still working there. how the heck is that draining the swamp? the speaker pro tempore: the gentleman yields back. the chair recognizes the gentleman from alabama, mr. brooks, for five minutes. mr. speaker, president-ele

former goldman sachs banker steve mnuchin as treasury secretary. heading opfirm that made big money off of foreclosures. the dnc calling out trump's pledge to drain the swamp. dubbing mnuchin a billionaire hedge fund manager and goldman sachs who preyed on homeowners struggling during the recession. >> reporter: to save at least 1,000 jobs at it factories in indiana. but so far the details of the deal haven't been announced. now, we're expecting donald trump and mike pence to actually visit that carrier plant on thursday to tout making good on one of their campaign promises. but i want to bring you to donald trump's tweet storm of the morning because he is teasing another public appearance that's a press conference on december 15th in new york city. donald trump saying he's going to appear with his children and basically roll out the plans for how he's going to sever ties with his businesses. it's interesting, in this sort of spree of tweets he points out that technically, technically there is no conflict of interest law for the president. but says

sachs banker who has been a goldman sachs for 17 years to call him it back into his. he is 53 years old. to the from wall street west coast and silver screen, bankrolling movies including x-men and avatar. histoo much is known about interest rate view and fiscal policy view, or whether he will keep a stronger dollar going, but one interesting thing, he donated to both hillary clinton as well as barack obama in the past, but then flipped and decided to support mitt romney in 2012 and donald trump. announcingave trump a cabinet minister? , she was theo department of labor secretary under the administration of george w. bush, and now she is potentially set to come back into republican-controlled white house administration. we are looking at her potentially being confirmed. you are seeing pictures of her with another man, and that is senate majority leader mitch mcconnell. senate majority leader mitch mcconnell. she is married to the senate majority leader, but if she gets confirmed, she will be on the hook to try and fulfill donald trump's campaign pledge of spending as

why is goldman sachs so negative? acy: it is quite interesting to see the bank come out to say an opec deal is looking increasingly unlikely. they are citing a lack of progress, growing discord between opec producers ahead of the big november 30 meeting we are all waiting for. the bearish sentiment is not as much as an outlier. we have seen some analysts talking about whether or not if we do get a production deal announced, whether it would have an impact on oil prices at all. we had adam from morgan stanley talking about how his big case is we get a group production announcement and that could be easily overwritten by producers. the bearish sentiment is beginning to creep into the market and we see oil markets go down to $40 a barrel off of that. --ie: does this mean goldman why do they think a deal is looking more unlikely? tracy: right. as i mentioned, the difficulty is agreeing on what exactly this production cut looks like. you have three major obstacles. not only do you have to decide who is exempt from a produc

i think he knew that goldman sachs meant trouble. i think trump's saying, i don't know, let's get a couple good business people in, they worked at goldman, that's fine. >> everybody thought tim geithner worked at goldman, but he didn't. >> he didn't. >> remember during his congressional testimony? >> elizabeth warren gave a statement last night. >> oh, yeah? >> called mnuchin the forrest gump of the -- >> forrest gump? are you kidding me? oh, please. >> he did run mortgage backed securities at goldman. >> it is goldman sachs. >> well, i mean, look -- we should get lloyd blankfein onto lecture senators. look, it's a different era. is she right that he was involved with mortgages? yes. absolutely. indy mac was a mortgage company. he was involved with mortgages at goldman. it's hard to find people who were not involved with mortgages if they were in finance. if you were in finance and not involved with mortgages rk what were you doing, profit finance in emerging markets. >> yep. >> it's what you did. it's what you sold. so if you choose

minutian comes from goldman sachs. he was a goldman partner. carol: we think about the folks that end up being treasury secretary and they are traditional big bankers and wall street. when you think about hillary clinton, maybe they were associated with her. >> hillary clinton was so famous and probably so hated for ties to wall street. at the end of the day, i'm not sure clinton would have been able to put in one of her friends from wall street and she has many. she was a senator from new york, obviously. i'm sure a lot of them thought they were options but here we are with donald trump winning and it looks like the lead contender is stephen minutian and he was not like some schlub at goldman sachs. his dad is a legend that goldman sachs and he became a partner. he had a title like chief administrative officer. he had a senior title. he also worked for george soros and lloyd blankfein's face were flashed on the final donald trump ad. he is strongly affiliated with these guys. if he were here, he would say he is less interested in catering to w

instance.s for he wrote the book on goldman sachs. ok --know steve was an his father was a big deal at goldman sachs. one of those early partners. steve has less of an impact that goldman sachs. low footprint. he was fine. he was smart. was buying success the banks in california. he made a fortune. he turned it around and sold it. eight himself a billion dollars. invested in hollywood and became a player. next thing you know he signs up to be trumps finance chairman and now he is talking about treasury secretary. it is typical donald trump. taking people who are loyal to him and rewarding them. that is different than what he said, i'm going to find the best people. we are one a take them forever. i'm not sure he is doing that yet. i wish he would do that more. there is a lot of talent out there. maybe jim and -- maybe jamie dimon would but he said no. people will be happy to be considered. joe: the common thread is people who were loyal to trump, and beyond that we don't know about how he would be a treasury secretary. >> i have littl

. >> former goldman sachs banker steve mnuchin as treasury secretary. but mnuchin is sure to face scrutiny for his tenure as a mortgage banker. heading up a firm that made big money off of foreclosures. the dnc calling out trump's pledge to drain the swamp. dubbing mnuchin a billionaire hedge fund manager and goldman sachs alumnus who preyed on homeowners during the recession. trump also selecting billionaire investor wilbur ross to lead the commerce department. >> commerce secretary, sir? >> time will tell. >> reporter: meanwhile, carrier announcing they have struck a deal with the trump administration to save at least 1,000 jobs at his factories in indiana. but so far the details of the deal haven't been announced. now, donald trump and mike pence will be doing a little bit of a victory lap on thursday. they're expected to visit the carrier plant in indiana. meanwhile, trump is on twitter, teasing another public appearance, saying coming up december 15th, he's going to hold a press conference with his children, where he's going to explain how he's goi

the decline late firms such as goldman sachs among the best paid americans. the average salary was $350,000 last year. lauren: the number one concern for american voters is the economy. what do the candidates plan to do about it? >> all of our policy should be cured for keeping jobs and wealth inside of the united states. lauren: dan springer has our report. let's check in right now on this rally across the globe right here in the u.s. dow futures up 1.3%. s&p futures up 1.4%. the polls are still so close between hillary clinton and donald trump good oil moving to the upside today jumping 1.5% get $44.74-barrel. you are watching trend seven -- "fbn:am," your first look at morning markets and breaking news. ♪ ♪ [vo] is it a force of nature? or a sales event? the season of audi sales event is here. audi will cover your first month's lease payment on select models during the season of audi sales event. that's why a cutting edgeworld. university counts on centurylink to keep their global campus connected. and why a pro football team chose us to deliver fiber-

he has success in entertainment and he was a goldman sachs managing partner. >> reporter: the opposition to bannon is building. house democrats circulating a letter using trump's words against him calling to unify the country and asking how bannon fits into the picture. >> jim acosta, thank you. the issue is steve bannon as chief strategist. the president-elect trump is strongly considering the media bashing laura ingram to be his press secretary. brian stelter has more. >> reporter: every incoming presidential administration makes controversial appointmen appointments. steve bannon is the best example. highly criticized since he was appointed chief strategist on sunday night. we heard from people who believe his web site has white supremacist views. that is a few that breitbart and bannon reject. he says the movement that supported trump and led him to victory is a populous victory. he says there may be fringe elements who hold racist views, but it is not what it is about. bannon is on board and another i issue on the way. laura ingram. we had talk radio host was the job before. tony st

he is a formerly of goldman sachs. all along his name has been at the very top of the list of candidates for treasury secretary so. this comes as no surprise. he is considered to be very close to donald trump and has had several meetings with president-elect since the election on november 8. you can see him right there on the screen. he is not a very familiar face to the american public but he will be as the man at the treasury department. donald trump has a dinner date tonltd and that is mitt romney. we've tlernlds first lady melania trump will join in. the president-elect is still considering romney. one of his harshest critics. but trump is filling out his cabinet the only way he knows how. with lots of drama and distractions. >> can you hear me okay? >> after campaigning as the ultimate outsider, donald trump reached inside the belt way to fill his cabinet today. tapping elaine chow, labor secretary you understand george w. bush and the wife of mitch mcconnell. >> doctor from george, price has led the republican ch

he has a naval officer goldman sachs manager and successful in hollywood as well. people don't know that about him because it is easy if you don't know someone to always think of the negative. >> many people see it as a positive a clear sign that he is extending a branch to oliwashinn insiders but sticking close to what got him here in the first place. >>> thank you very much. mr. trump pulling in the established part of the party to guide him giving republicans reassurance he is serious about being president. reince priebus is a wise choice. >> one of the big problems that president elect trump has to begin with is the fact that he has run such an outsider campaign. this is a screwed up complex town where you have a lot of power and it could be a nightmare for anybody. it is a degree of wisdom he would bring somebody that does at least know washington. i think watching some of the things that some of the statements that we have seen as you showed with lindsey graham and others in congress i am a bit surprised that. he faces a republican congress they are not going

joe: a former goldman sachs banker. goldmaniled against sachs. in the final out of his campaign, he targeted goldman sachs specifically. there anything about his post goldman sachs experience that suggests -- >> listen, joe. after goldman sachs, he worked with george soros. he was there -- scarlet: along with janet yellen. >> the global elite. then he was producing hollywood movies. sachs, to soros, to hollywood, and now potentially, we don't know for sure, but treasury secretary under this -- >> that is the important thing to remember. it's an important part of what we will be seeing now. trump, even though he got to where he is as president-elect of the united states, bashing the global elite, these are the people around him today. there was a rumor that jamie treasuryld be secretary. it you would really have to search to find someone -- donald trump may have knocked them and insulted them, but he was friends with a lot of these guys. scarlet: tell us about stephen h and -- steve mnuchin. do you see his fingerprints on the policies trump has pr

he made his money on wall street, working for goldman sachs. he then went into the movie business, producing a number of hit films before taking the role as finance director, which according to max abelson, was really a calculation on mnuchin's part that he could become secretary come even if he does not always believe in everything donald trump does. the other interesting note is a report that rudy giuliani, the former mayor of new york, is in line to become secretary of state. he does not really have any foreign-policy experience, and donald trump does not really have any foreign-policy experience. it has people scratching their heads in new york and in washington, over why he may want to do that. loyalty may be playing a bigger role than policy experience, as donald trump fills out his team. am: michael mckee, give us protest update. are the streets still full in new york and other cities? mike: it was a little acquired or last night. .e have seen the protests grow i do not know if it is related to the fact that the bond markets have slowed.