Should be fired. Well fargo officials testified to tepid measures to address concerns but later there was even more trouble now the u. S. Federal reserve has waited taking an action which one commenter said is putting the fear of god in bank board rooms here discusses eric reimer a former f. C. C. Official and policy commentator eric thank you for being with us first of all tell us what you make of their entire sort of nefarious actions give our viewers what wells fargo has done over the last three years to put them in this problematic circumstance and its a very multifaceted problem basically it back in september two thousand and sixteen. The o. C. C. And the boss and so the attorney revealed that wells fargo for about a decade had been encouraging or at least facilitating its a sales reps to create millions of fake accounts primarily checking accounts saving accounts credit cards for their customers that were not authorized by their customers and essentially disallowed wells fargo to reach sales quotas to drive increased fees and to basically bolster their bottom line that the expense of their customers that also goes on top of several other scandals the past few years that wells fargo has faced ranging from the car loan scandal where they did not give the rebates to customers for prepaying their car loans Car Insurance scandal Life Insurance can the whereby they overcharge customers for that and of all scandals even most recently a hundred Million Dollars settlement where they were found to have but overcharging veterans for mortgage refinancing under if you cant do anything like kick the veterans boy what a horrible thing so whats the fed going to do with regard to their assets or and so the fed reserve sanction is a very extraordinary one basically the Federal Reserve will be preventing wells fargo from increasing their assets beyond what they were at the end of twenty seventeen calendar year at twenty seventeen their assets that about one point nine trillion dollars and so until lot of wells fargo meets certain Federal Reserve. Mandates regarding Risk Management and a change in management culture and they will not be permitted to grow the rats its beyond that they also have to replace four Board Members thats why this comment about the fear of god and bank boardrooms that theyre essentially capping their assets and if you look at what happened with the last six banks since that time june of two thousand and fifteen when all these the fairy sections came into. The light wells fargo really has been on the bottom of the barrel but you think you wrote did you write you wrote an op ed recently where was it in seeking alpha you wrote do you think they can actually get beyond that real quickly how are they going to do that i think by now theyve been drug scandals been dragging in the past few years and theyve certainly lagged behind other major banks in terms of performance i think however now the scandal finally will be put to rest hopefully they will hopefully finally be able to start growing again after its filing result ok eric rohmer public strategist and public a commentator on these things thank you so much for being with us its great to have you great to be time now for a quick break but stick around because when we return well discuss the market meltdown why did it occur is there more to come well get into it all in as we go to break here are the numbers that the closing bell. Im hear that muddy field stadium in the home of the high of Scottish Rugby im here to scotland legend. A man who fought many great battles on this behind me now hes engaged in the greatest bottle of all his struggle against newdow im busy. Two americas too intensely charged in opposing news narratives to Cable News Networks reflect these divisions or rather function as triggers intensifying Cultural Divide also what has happened to journalism is it now the profession inhabited by hacks in the politically possessed despite its turbulent history the soviet union you know has dominated International Sport however this was not about the use of those champions from the. Right moment your number. One will be different from the window for me if youre going to get your druthers describe what youre looking at what the irish of the list would be reserved for your you would do the first so if you had a limp it team of one nine hundred fifty two with polluted seats of ifas concentration camp prisoners and from slime soldiers sort of maybe in the good Little League there was corruption because you a much needed a new ship because youre worthless but youre the one for. The good out of. The area were going to. Be very sure youll push rupert through personal. Enthusiasm when you do when youre at the National Mourning period then youre there with the workers here we are in the world now as you know can we. The u. S. Supermarket chain kroger is selling off its Convenience Stores the cleveland based chain will sell eight hundred stores to e. G. Group which operates a chain of british gas stations for two point one five billion dollars krogers Convenience Stores operating under the names turkey hill loaf and jug quick shop and tom thumb generally are in the southeast United States that took in four billion dollars in annual revenues last year kroger will hold on to their supermarket based gas stations and Turkey Hill Dairy the sale as part of a previously announced plan to refocus on improving their supermarkets and kroger says they will also use revenue to retire their debt and pay back and buy back shares. If you feel like youre having a harder time finding a bank you may not be imagining it banks are closing branches in less profitable areas and the wall street journal reports that seventeen hundred were shuttered in the twelve month period that ended july of last year the journal calls this the longest string of Bank Closures since the Great Depression bank of america for example has closed fifteen hundred locations since two thousand and nine mostly in rural areas where bank of america citi and other big National Names have been closing branches since the two thousand and eight financial crisis regional banks are now accelerating the overall trend the prevailing of a. T. M. Is an online and mobile banking have also heavily contributed to the pressure to close. And we now move to discuss in detail the market meltdown more than an eleven hundred point drop yesterday following fridays six hundred sixty six point fall there was a panic type selling yesterday what to make of it to help us sort it out we bring in melissa our mo of stock swoosh and naomi osland the chief market analyst of think markets here we go melissa first what do you think is going on. Well good morning i get out to be nice to see a bar learned i am i really wouldnt have it so we had a huge rally today into the close which im really not surprised about even though we sell on friday and we fell yesterday and we fell little bit more than was expected there really wasnt a catalyst for that selling to happen and i did actually this morning my trading room if we have hundred percent today we trace the bar from the sell off far from yesterday then were going to turn right around and we actually did that so the panic lasted for no more than one day really and i was looking at it yesterday and i said theres no catalyst for this there simply was a reaction i think to the negative earnings that reported last week google and apple did not have good earnings thursday night they gap down with the market on friday and i think investors took some profits you also have Interest Rates and bonds going up so you may see some repositioning of money so i think thats why you had some selling ok well thats a one to one to know you want about you what you want your take on new spending. Orlaith things were having me i think the catalyst for us it was the us nonfarm payrolls started on friday right because soon recently seen god wage increase men coming in the inflation fear of the quam among traders was that a k. Now the fed aids behind the curve very hard to because the inflation air has started to take up and you know this inflation game especially with the rakes what happened yesterday because during the time in the last hour there was a massive explosion in the wallet tell it in that case and that caused a massive attention of investors yes i agree with the guest that there is no major catalyst because everyone does believe that the fundamentals of the u. S. Economy are very strong because wages are improving u. S. Nonfarm payroll does tell you that the employment market is strong but as you said earlier there are certain jobs within the u. S. Market which are becoming less they are not that popular has the banks are closing those jobs and it is important for the companies to make sure that the are also educating. Their employees and students are also getting the ditto of rank in terms of the education so as you are setting saying earlier in your. Section talking about cryptocurrency is just the regulations are really great and what i want to touch that is the villain the i. C. Or market the start ups such as developer they are doing a great job because thats what exactly theyre trying to do theyre trying to create a boost times where they can teach students about the Artificial Intelligence so hence these jobs are richer eliminating due to the technology and this technology is one of the factor that we are seeing in inflation and hence we have not seen the village increment but that of aging crimen is happening because of the tax incentives come. Thats traded that market selloff right but that was just only an excuse because the fundamentals are still strong and i disagree with that guest by saying that i think cause in the best is good but i have what i do concur is that yes ok the expectations are far ahead because market or the analysts are predicting numbers which are not realistic so we have a reality check thats what happened ten percent correction in the market is an excellent thing because i mean even if we get a twenty percent correction wed be more than happy to look at it because the fundamentals are sound ok well thats a lot to unpack the you raise so many good questions there so you know it seems like everybody has sort of an answer and i very much respect to both of your views ive heard even people some crazy conservative commentator say well this is president obamas fault because the cheap money despite the fact that everybody sort of like the cheap money for the last nobodys complained about it you know as markets been going up and then i heard somebody earlier talk about its the trump tumble i mean for gosh sakes my view is that by and large president s dont have that much of an impact on the stock market sure when there is Something Like legislation passes but whats your thought on that melissa i mean is this donald trump or Barack Obamas fault or does this have to do more with these underlying economic fundamentals. Well i will tell you that the market was bullish under president obama yes it was for the eight years that obama was president the market was bullish but you got to look at where and when a bomber started it was right after that huge debacle with the banking crisis so we really had nowhere to go but up after that and we did but when trump was elected after that in two thousand and sixteen of them or two thousand and sixteen the market took off and it never looked back for fourteen and a half months the market power trended up so we dropped for todays big deal the fact is that theres that old adage the trend is your friend and thats still in place we dont really have to do a correction people always like to predict corrections when it happens it happens if youre in the market long term is a long Term Investor this selloff doesnt mean anything to you if youre short term daytrader than you might have short of the last two days as far as trump goes his policies are in place now because tax reform passed at the end of two thousand and seventeen and people are looking ahead with a High Expectations i was something your other guest said thats true the expectations are high but it doesnt mean were not going to meet them look at what the markets look at all the cash these companies are going to be saving and taxes are going to do something with it a lot of them have been given bonuses a lot of them have been given wage increases and theyre also going to influence the the savings on their businesses with growth and that is going to happen and its something that takes time this just past it may not reflect right now the second but it might reflect in the next six to twelve months of earnings for these companies so you have to be optimistic fundamentally and technically theres just no downside here for a ten percent correction to happen in two days that is scary for people because its that its a speed that the that it happened was what was scary if it had gone to do and taken seven days to happen we want to be talking about it the fact is that it was a fact that it happened very quickly but i want to say one quick thing people here is when you panic when you are down money and the trend changes. Everyone was up ok so you might have got more last week before we fell on friday and monday but people were still up and people are still up in there for a one case and the trend is still intact and even more so after todays close so there was no reason to really panic if you were up in stocks and you wanted to take profits there was nothing wrong with that last week if youre in for the long term and you hold it through but the trend is your friend you panic when youre down like what i have said for panic and we got up in the morning and we got down overnight in the after hours at some huge number that would be panic city usa but that didnt happen and actually we were acting crazy last night in the after hours the market dropped a lot and then it recovered recovered by the open today the volatility has been high the last twenty four hours the last forty eight thats true but we were in such of such a territory of low volatility almost no volatility you can expect that to go on for every other just like you can expect the market to go up in a Straight Line forever which are pretty much did for november two thousand and sixteen intel two days ago out there realistic you know let me ask you about something melissa did there we just got about a minute left but shes talked about the speed and that is i think concerning you want the High Frequency traders traders ive called because theyre in and out of market so quickly but when things happen in markets today you want them because they provide liquidity but when things happen in markets they have been in an awful hurry is that a concern that you have. I think High Frequency trading is good in terms of providing liquidity but hes all for things because when things start melting up and then you start seeing the dow drop five hundred six hundred eight hundred thousand and fifteen hundred that is a machine war and this is what we study in the morning to our notes for investors that this is nothing but a machine will and a product which is sold by an institution to suppress the tele t. And that product wasnt right and. Thats the flavor thats what you get in the market in let me ask both of you just really quick one i want to couple word answer are you now buyers are you sellers or you wait and sears Buyers Sellers wait in sears melissa. Wait to nothing wait for the box to catch up and sell it strength again today with a good sign but if you want a confirmation wait to the market cap that name. Buy of the best all plus size yesterdays low thank you so much sure appreciate both of you joining us well get to this again on the future hopefully not too soon on a big tumble like this and thats all for today tomorrow we have a treat for you with the queen of crypto a reef a con youre going to love it plus space x. Has successfully launched a rocket into space well have more on that today with ed schultz and watching the hawks wallace is there be sure to check it out and be sure to catch boom bust on you tube at youtube dot com slash archie thanks for watching catch it next time. In america a College Degree requires a great deal. Paying a decades long debt. Studying so hard it requires trust to. Go through humiliation to enter an elite society. And paci sometimes quite literally. Want of the true colors of universities in the u. S. Led. To none of them going to. It is. Underway. Who will compete. So it will continue to protect. British judge ruled. With the aim of. Wednesday morning here in. International very well. So it is just two days until the twenty eighteen Winter Olympics get underway and its still clear who will compete at the court of arbitration for sport will today hear the case of thirty two russian athletes challenging the International Olympic committees decision competing in south korea over the. Right outside the court building. Here on the program this morning morning good. Or it will actually im inside the building and the hearings have already begun about an hour ago we have a couple of small hearing rooms on my right and this is where history is being made the decision that we will hear about very very soon will definitely go into sports history books that is at least thirty to russian athletes versus the International Olympic committee but in a sense that is a legal battle between. The court of arbitration for sport and cass and the i. O. C. Heres why thirteen of the winter athletes who are right to compete and chang is being defended were initially banned for life by the International Committee their medals were taken away all of this was overturned by cas later but were guard most of that the olympic officials flashed the red card for the russians nineteen more russian athletes didnt get lifetime bans but despite never being caught for teaching they were never told that they can come here to compete in. A Swiss Law Firm that is helping the russians says that the grounds for the lawsuit are a nontransparent nature of the criteria that was applied to the russian athletes also the unlawful nature of the decision and most importantly the. Discrimination on the basis of citizenship i can tell you that among the athletes whose cases are being heard wore the staci gold medalists that were then acquitted by cas after their medals were taken away by the International Committee and also world champions and heres what they have told us ahead of the hearing. The limping movement does not consider me an athlete who deserves to be a part of it without even providing an explanation ive never given a reason to doubt my honesty and my integrity. The games in korea are to be the first in my career together with my partner weve been working towards of this olympics for many years it was my cherished dream. I was shocked to lympics my dream and i was working towards this goal throughout my entire sports career ive given no resisted doubt that im crazy. Rory for you just to get an idea how complicated things are here in young chang just one of the Staff Members of the court of arbitration for sport while you were listening to the washington athletes came up to us and said that fifteen more applications have been filed but the court of arbitration for sport still dont understand whether they will have enough time to make the decision and head of the olympics so that makes the total number of lawsuits against the i. O. C. Forty seven it seems that they will have twenty four hours to decide on that but already this has massively strained the relations between the International Olympic committee and the court of arbitration for sport so lets hear the things that they said about each other previously. Due to insufficient evidence the appears so held the sanctions and their individual results achieved in such reinstated these kinds of decision is extremely disappointing these decision shows the need. For reform. In the internal structure of her class. So again rory the moment the latest news is that a total of forty seven lawsuits and help like a shins by russian athletes who want to compete and well have been filed the court of arbitration for sport these people are there the hearings are underway and of course the olympics are just around the corner the Opening Ceremony is on february ninth so time is running out but we are here checking out everything that is happening well try and get word from the people as soon as they leave the room behind me so ill tell you all about it when it happens right. There live in kong chang thank you and well keep you updated throughout the day here on our team at the fate of about forty seven russian athletes hoping to computers neutrals in south korea we spoke to a russian skater she did not receive an invitation to the games so despite being cleared by cas a week ago. It is sad for me to see other russian athletes posting videos and photos from korea clearly the first explanation which comes to mind is that they want to get rid of the strongest competitors maybe they were upset because we were ranked first at the sochi Winter Olympics they give no explanation do not share their reasons thats why the fear of losing seems the only plausible motive behind the decision i saw those looks from my foreign colleagues i heard them sneaking around some foreign athletes even took pictures of me it wasnt a pleasant feeling when other athletes refused to enter an elevator with me i felt helpless because there was no way for me to prove them wrong. We spoke to lawyer Chris Chambers he says theres a lack of equality and transparency in world sports of ministration so the i. O. C. Has almost plenary power to even ignore what the court of arbitration for sport says has decided and i think nations would probably say we dont want the i. O. C. Making arbitrary decisions that may one day affect our athletes International Sports community and member nations really need to get together and create a body that can that can enforce rules fairly and across the board. Equally because we do not have that right now there is enough time to really have the i. O. C. Sit down with c. A. s representatives and russian representatives and get things done there is time to and allow these athletes who have been cleared who are innocent who have been shown to be innocent by the c. I. S. To compete athletes from all over the world have started to arrive at the end i think facilities in the south korean city of pyong chang among them are russian athletes who were allowed to compete as a lympics athletes from russia under a neutral flag. The i. O. C. Issued strict rules regarding the uniform. So the uniform should bend the woods a limb pick athletes from russia or its acronym or a r. It should also be of a single no dual color and we know it will be grey no russian flag or any of its colors Red White Blue are allowed now that didnt stop one russian Design Company from showing its support for russian athletes by creating an alternative uniform we spoke to one of the designers. Or. Is stupid to deprive people of their own country and identity because whatever uniform the athletes are wearing we all know that they are only russian athletes and thats why we came up with the project using the strange name prolific teen olympic athletes from russia or a r we wanted to show you that for us and for athletes truth and sport are what drive us and all these brands and sanctions are just political games we have released a huge number of these prints for noncommercial use theyre intended for the france we hope that it will encourage our athletes theyll see that we support them and that we need their records and victories for. The president of ecuador says his country will continue to protect julie and our sons after a british judge ruled that an arrest warrant for the wiki leaks founder remains in force. Our government inherited the issue of mr santorum are. Clearly causes a certain inconvenience since the first day in office who pledged our support for him until hes safe and we believe these in danger. Routing is important we will not change our position will continue to present mr sanj under International Refugees law with the court ruling going against him looks like remaining holed up in their code or an embassy in london sweden dropped all criminal charges against him last year but the u. K. Says it will still arrest him if you leave the embassy affectively leaving us in limbo now on tuesday or