Before i introduce the panel i want to thank you so much. I know this has been such a long day and you are still here. I appreciate it. We may not have too many members that we want you to know that everything is on the record. And will be here forever. So we just appreciate that. I am sure others will show up. I am happy to introduce the witnesses today. We have professor of law from georgetown university law center. And also the senior director for public policy at the association and the Executive Director of the national Consumers League. And at this time the chair will recognize each of the witnesses for five minutes. I know you are pretty familiar with this but i will just say it because it is in my notes to make sure that you remember you have the series of lights. Green will remain for four minutes lol show up at one minute and read means you need to conclude. So you are now recognized for five minutes. Thank you chair and ranking member and members of the subcommittee. Thank y
Before i introduce the panel i want to thank you so much. I know this has been such a long day and you are still here. I appreciate it. We may not have too many members that we want you to know that everything is on the record. And will be here forever. So we just appreciate that. I am sure others will show up. I am happy to introduce the witnesses today. We have professor of law from georgetown university law center. And also the senior director for public policy at the association and the Executive Director of the national Consumers League. And at this time the chair will recognize each of the witnesses for five minutes. I know you are pretty familiar with this but i will just say it because it is in my notes to make sure that you remember you have the series of lights. Green will remain for four minutes lol show up at one minute and read means you need to conclude. So you are now recognized for five minutes. Thank you chair and ranking member and members of the subcommittee. Thank y
Before i introduce the panel i want to thank you so much. I know this has been such a long day and you are still here. I appreciate it. We may not have too many members that we want you to know that everything is on the record. And will be here forever. So we just appreciate that. I am sure others will show up. I am happy to introduce the witnesses today. We have professor of law from georgetown university law center. And also the senior director for public policy at the association and the Executive Director of the national Consumers League. And at this time the chair will recognize each of the witnesses for five minutes. I know you are pretty familiar with this but i will just say it because it is in my notes to make sure that you remember you have the series of lights. Green will remain for four minutes lol show up at one minute and read means you need to conclude. So you are now recognized for five minutes. Thank you chair and ranking member and members of the subcommittee. Thank y
Sales way ahead of the season which would be black friday. Seismic shift here to this calendar here. Does this surprise you . Melody, you start to talk about it since june and every year it is further back. It is making me crazy. I admit that is maybe i am old school, everything you just mentioned until after thanksgiving that to me is the official Holiday Season bahumbug amazon is rewriting the script i guess in some way is good for them we have sales, walmart and target during the week and especially in light of this weird environment we are in which is an expectation of stimulus but no actual stimulus here well, we may be the line of misfit tonight there is no question amazon and walmart are the leaders. An acceleration of all these trends we spent so much time talking about fast money of the trends being pushed forward but already in place 49 measured through last month. As you go into the Holiday Season is bigger amazon about 32. 5 it goes to 38 they continue to take market share
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