Were very near close to 2. 63, gold up 40, as high as 1320 as the dollar index suffers its worst day in a month. The road map begins with a deal to avert default. After months of dysfunction, washington now faces calls for a grand bargain and the challenge of winning back the hearts and minds of the American People and american business. Shares of Goldman Sachs are going to be lower today, at least in the premarket after quarterly revenues came in well below consensus. Shares of ibm off after even more sharply, revenues fall more than a billion short of estimates. And other heavyweights out as well, ebays guidance up. The deal does fund the government through february 15th and calls for broad budget talks by a senate committee. This morning were making a new call to washington, its win us back. Strike a grand bargain are win back business, win back a disillusioned electorate, something the president talked about last night. Theres a lot of work ahead of us, including our need to earn back the trust of the American People thats been lost over the last few weeks and we can begin to do that by addressing the real issues that they care about. Ive said it before. Ill say it again. Im willing to work with anybody, i am eager to work with anybody, democrat or republican, house or Senate Members on any idea that will grow our economy, create new jobs, strengthen the middle class and get our fiscal house in order for the long term. The president is going to offer remarks about the debt deal this morning, 10 35 a. M. Eastern time and of course well bring you live coverage of that. Jim, thoughts about last night and thoughts about the next goround, which is essentially in 90 days is going to be easier or harder. Were a laughing stock around the world, maybe worse than italy in some ways when i look at benchmarks. We obviously have lost the faith of a lot of countries. If there was a way to be able to take your money out of this country and put it in germany, if i were china or kuwait, if i were brazil, if i were japan, i would do it immediately. I feel like this is very much like the United Kingdom in the suez canal crisis when the United States said were going to pull out money out of the sterling kingdom and if we dont pull out of this, i believe this is the deamericanization that a lot of the gulf states and chinese are saying behind the scene. Is that what the dollar index is reflecting today . Its lets get out of gold, lets get out of the dollar, wed rather be in any other currency because they basically have lost control. Its not 1861 in this country but i think there is a notion that theres party dissolution. Whether you can find a safe haven, gold, the euro, whether it be, frankly, the chinese currency. The euro, the chinese currency . Thats it . Where are you going to go . Where are you going to find a place to put 3 trillion or more than that . The only thing we have you know what . Obviously someones putting it in gold but the only thing we have going for us is that we have a very liquid market. But i think that theres look, im just saying that the chinese do not squawk. The chinese do not complain. Unless youre a ratings agency. And everythings changed. I know the chinese did not decrease their holdings. They did not. Nor did the japanese, i believe. China was very vocal. I just think i think the fed is buying every bond it can. I think the fed is not tapering, i think the fed is accelerating buying. Were back to qe discussions, fisher is on the tape saying the bond market in his words is starting to show the u. S. , quote, the back of its hand. There will be a lot of discussion about how you heard elerian a few moments ago does the fed need to enter a another period of experimentation maybe not. Europe is quite amazing. It shows you what happens if you have a stable fed, a stable government, a leader like merckle, who has prevailed and doing a lot of things. Big article, a very stable situation developing in spain. I am not being i cannot be overly dramatic about what our standing has become in the world. Youre absolutely right. By default maybe were okay. I think theres going to be a scramble over the next many years, just like there was about sterling. The United Kingdom was great power. Yes, it was. I raised this point yesterday, i think its a valid one, which is our borrowing costs, if you are correct, are going to go up overtime. The only thing these three things would have done is increaseds co the cost of borro. Ten basis points on 17 trillion gets to be a pretty big number. Some say, jim, this whole episode proved that lawmakers will blink when it comes to default, that we will never default and in a way it actually restores some confidence in that sense because its clear theyre going to fold every time. Well, maybe we first of all, im not sure about that because i think there are a lot of people who feel like the next battle is already upon us and that the speaker of the house had no power whatsoever. Look, well never default, theres a lot of other things can you do beyond defaulting that makes it so your country is not a great place to invest. Im sorry to be so pessimistic. There a lot of things you could do to actually engineer real legislation as opposed to dealing crisis to crisis to crisis every six weeks. Are you talking about an energy bill . Or even a grand bargain. The president has to go to congress, not just stand in the white house and say this. Any time you criticize anybody in this process, this is a very nixonian moment, maybe the house investigates your tax return, maybe the president. Its very interesting, in the article in the wall street journal about businesses being upset with republicans, you see any names . Nobody wants to come forward. Everyones scared. Ill speak the truth because, i dont know, because i have a contract, because i have some means. So where do we go from here . You know what we ought to do . Lets figure out about the crisis coming in june after we solve the january february. What if a miracle were to occur and there actually was a grand bargain . What if we were able to get this coalition that showed up in the senate and the thousands actually agree and keep the tea party in their own party. Santa claus does come shortly before this. So speaking of miracles. I mean, santa claus. Im saying its impossible with miracle on hey, i still have a child that believes in santa claus. I have two right over here. Wow, i dont think my kids ever different game plan. But karl rove, having interesting piece, saying this was all about the democrats taking the house. I think thats what this is about, you can take the house. Well see. Do you think im too negative about the republic after what youve seen . No, i think its very easy to be as negative as you are. I will say this, that all of those people who seem to be complacent ended up being right. We didnt default. We didnt. Oh, great. Anybody who sold only 20 billion down in the economy in the past two weeks. Im talking about from overseas and from business. I dont know. Im a little negative, all right . About the country. Not about the companies. The companies are amazing. The companies are amazing. David, you want to jump in on goldman here . Lets do it. Lets do Goldman Sachs right now the stock is down in the premarket. The wall street firm said it did earn 2. 88 in the Third Quarter. That was ahead of analyst estimates but they were well below consensus forecast. They were hurt by weak bond trading values. It was fixed income, currency and commodities, otherwise known as fic. Down 44 was the revenue number, 1. 25 billion, that was lower in the Third Quarter of 2012 by 44 , reflecting less rnet revenues and mortgage products. It certainly was challenging. In june we saw this poor performance from jefferies and we wondered whether that was a precursor. And perhaps it has been. Fixed incomes, currency and commodities has not been strong this quarter at least of what weve been seeing from any of the banks, from what i recall. Its interesting. A Senior Executive at a firm i wont mention, i asked in an email, well, how are things now . He said september was good, october everythings quiet and the banking backlogs are very strong. The markets were ready to heal until this crap in washington started up again. They used that word . Yes. Yes. How about the fact that ipos didnt matter at all. You got the greatest ipo market in history but they cant make any money because all that matters is fixed income trading. Compensation down. You saw twitter you always had to pay 7. Those numbers are coming done. I have blankfeins comments on the budget. As longer term u. S. Budget issues are resolved, we could see an improvement in corporate and Investors Sentiment that would help lay the basis. Is goldman a buy here . I dont know. Ill go over jpmorgans quarter and i come back after reading this and say, gees, jamie dimon did an unbelievable job. That was a fabulous quarter. I know he had to resign from some role and hes public enemy number one right now but this just shines a line on how well jpmorgan is handling itself in this diversify environment. If not for legal costs, jpmorgan would have blown the numbers away. Comps running at 41 , compared with 44 for the first nine months of 2012. Again, the Fourth Quarter is where they make their real decisions in terms of where thats going to end up, though you might expect it willnd up in the low 40s. This is not a time for a lot of financial companies. It is a time for industrials overseas. New corp did a terrific number. Hedge funds are overweighted in Industrial International companies, but if you do business overseas, you werent as plagued bit hedge funds that are doing nothing at goldman. I wonder if steve cohen maybe steve cohen didnt do as much work. You mean in terms of commission volume . Even though lloyd said, hey, listen steve is not doing as much trading any longer. Is that insane to even think maybe its not insane, though i dont think thats correct right now. The company is putting up pretty good numbers this year. But well see what happens. We have a couple move months left in this year. Ill be curious to see if sac and the government reach some settlement. Some other Tech Companies have not been nearly as bat. San disk was good. Ebay was great, then suddenly they start disappointing, extremely disappointing, terribly disappointing, going down. Then im saying are they kidding me . Were going to walk through what ebay said on the call. Holy cow. Ibm, as jim mentions, too, singing the blues after blaming a lot on china. Well talk about that next. And not on is Jeffrey Gundlach known for success in the market, he made the call this year. And what to expect from google. Busy day shaping up. Very exciting. More squawk on the street in just a moment. You need a permit. To be this awesome. And you. Rent from national. Because only national lets you choose any car in the aisle. And go. You can even take a fullsize or above, and still pay the midsize price. aaron purrrfect. vo meeeow, business pro. Meeeow. Go national. Go like a pro. The Wright Brothers became the first in flight. 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