From todays apple event we start with a major selloff in the financials the biggest driver in the market with the xlf falling more than 1. 3 citi dropping 7 today under pressure that regulators could crack down on the banks Risk Management systems the stock is now down more than 12 in the past two sessions guy . Dan nathan has been talking about this for a while one of the things weve said is todays banks are much different than ten years ago theyve become utilities you have to look at them differently and you have to factor in valuations much differently. Ill say this quickly about citi right now at 45 the stock is now trading 63 of tangible book, assuming that tangible book is accurate thats levels we last saw probably in the financial crisis these are trough valuations in terms of the price of tangible book i think Warren Buffett told you everything you need to know about us banks hes obviously paring down exposures in banks i think that tells you a lot as well in terms of citi, its
Recognizeey i myself. The warnings we had and decisions made about the most recent worldwide Intelligence Committee in january of 2019, and i quote, the United States and the world will remain vulnerable to the next pandemic where large scale outbreak of contagious disease that could lead to massive rates of death and disability, severely affect the world economy, strain international resources, and increase calls from the United States for support. We must ask ourselves what are the warnings are going unheeded, and what can we do right now to protect the American People from other threats . Before the unthinkable happens in the future, how can we exercise strategic and precisive foresight to the best of our ability today to ensure are a nation prepared for tomorrow . That same worldwide threat assessment Cyber Attacks is a top global threat with china, russia, iran, and north korea, raging a silent war capable of shutting down with such Information Systems and critical jeopardizing cr
Of, in the meeting remotely. This is taken pursuant to the local state and federal orders, declarations and directives. Committee members who attend the meeting through Video Conference and participate to the meeting as if theyre physically present. Public comment will be available on each item. Both channel 26, sfgovtv are streaming the numbers across the screen. Public comment is available by calling 14156550001. Again, 14156550001. Meeting i. D. , 146 136 7075. Again, 146 136 7075. Then press pound twice. Youll hear the meeting discussion, but youll be muted and in listening mode only. When the item of interest comes up, dial star 3 to be added to the speaker line. Best practices are to call from a quiet location, speak clearly and slowly and turn down your television or radio. You can make Public Comment in either of the following ways, conservative to myself or the budget and finance clerk. If you submit it via email, it will be forwarded it supervisors. Thank you, madame chair. S
Cspan coming your unfiltered view of politics. The Senate Aging Committee looks at the coronavirus and Racial Health disparities. Members and witnesses talk about how covid19 disproportionately addresses fx minority communities. Effects minority communities. Senator moran the Economic Impact of the shuttered main street businesses resulting in responsible Public Health protocols have been felt in every corner of the country. T has become clear that however, during this time of National Emergency and courtney did recovery, there are scam artists that seek to take advantage of consumers especially the nations most full noble communities like that of our nation seniors. Sentinel Consumer Network reports that consumers across the u. S. Have reported cases of different scams totaling approximately 90 million in losses from january 1 until july 20, 2020. At home in kansas over the same time period, consumers report over 500 million cases. Everyone should also bear in only the these are repor
More on all of this massive stock market volatility with 59 minutes left of trade. Coming up in the show, were down 2. 5 on the s p 500 and we have a big show coming up for you today were going to talk about all of those things that you just mentioned. We have former cisco ceo John Chambers coming up were going to talk about the comments from President Trump about potential decoupling between the u. S. And china and you will not want to miss what he has to say he previously used to run major Multinational Organization that operated both in the u. S. And had a small part of the business in china and then on todays selloff, you want to hear from Mike Novogratz the ceo and founder of galaxy digital. He said there was a frenzy in stocks he called for major selloff and what do we have on our hands now . Well hear what novogratz has to say now. Lets get to the big stories that were watching. Mike santoli is tracking another rough session for the market phil lebeau is following major moves in