So were keeping a close eye on that. We have David Rubenstein joining us from the carlyle group. He has a great book out about Technology Giants who lose their worth after they get over a billion. It is gravy apparently after that according to him. Well get the latest on new york city. We know the possibility restaurants there will be closed through the end of the year. Now word that schools will open up but not for another couple weeks. It was supposed to happen by the 10th. Now pushed back to the 20 first. Even that looks kind of dicey. The big apple and all the problems apparently cant stop. It feeds on itself. Back to the major story, the lead story, the president of the United States going to kenosha, wisconsin. Normally president s when they hear local leaders are complaining they dont want to see them they back off. Not this president. Not this time. Mainly because not all local leaders feel the same way. Well talk to one congressman who welcomes the president. Says the city and
After covid19 vaccine. We are going to be talking in particular of an Innovative New model to try to address the issues around how to encourage accelerated research and development of important vaccine candidates, but also, how they can produced and distributed in ways that take an International Perspective and a perspective of equity and a Public Healthdriven distribution approach. So, were going to be talking a lot about the covax and theres a slide for the audience to get more grounded in what is covax. Its the vaccine pillar of something called the act accelerator to speed up access to diagnostics, therapeutics and vaccines. There are three elements of the necessary tools for an effective medical and Public Health response. This was launched in april and it was really launched as a collaboration of both government, importantly including the European Union and their president , but also philanthropy and not for profit organizations coming together, recognizing this critical need as
We established the commission in 2018, it is extending its work in the midst of the intimate through the fall of 2022. These issues are central to the work. We are undertaking. Peggy, one of our commissioners, will be presiding. She recently stepped down from the National Academy of medicine, and was the president of the American Association for the advancement of science, and the former fda commissioner, and former Health Commissioner for the city of new york. We published an analysis that is a companion to this event. S it possible to avert chaos in the vaccine scramble . It is available at csis. Org. The proposition is nationalism dominates the scramble for vaccines. And there is a certain highrisk that low Income Countries will be left out, subject to great delay and uncertainty commander this will have destabilizing consequences. Paper have in our examined operation warp speed, what china is up to, and we have put focus on a Promising Initiative that we will hear about in a moment
On. The s p 500 is still down. 9 . The nasdaq has crawled back to unchanged. The Dow Jones Industrial average, the worst performing index today, 1. 4 down. Click to move in treasuries. 63 basis points on the 10 year. A risk off move today for whatever reason. Of the headlines today is wells fargo, planning to cut thousands of jobs this year. The move may set a precedent for the Banking Industry that has been resisting layoffs. Joining us now is hanna. How many layoffs do we see from the likes of wells fargo every year . Hanna thank you for having me. Wells fargos headcount has stayed steady over the past decade, even as peers have trimmed down. Around america was 300,000 people in 2010, now around 200,000. Wells fargo is steady at about 260,000. People are expensive. Wells fargos expenses has been an issue for a long time. Vonnie primarily where well those cuts come from . Hannah there have not been any plans finalized yet, but the cuts will be broadbased. They are looking at cuts that
Markets moved to the downside, Morgan Stanley at the Economic Team out with a note in the last few hours, talking about some of the risks. Markets as youhe start to see this payrolls turned back negative. What that means for the Downside Risk for the market at valuations that are by some measures full at this point. Romaine lets bring jim polson back. Upay, you see the nasdaq 100 0. 8 . Snp down half a percent. Down 2 on the day. Smaller, midcap cyclical names, that has kind of disappeared. That some of these names could come back anytime soon . Jim i think that whenever we have jitters about the virus reemerging, that creating a slowdown in economic reopenings , we will get the kind of today we got today where the market itself, great leadership by what is perceived as defensive investments, which is the new communications, consumer discretionary, that has growth outside of reliance solely on the economy. But i think we are in a new economic recovery and new bull market. Ultimately, i