Goldman Sachs’ David Solomon: Market Uncertainty, Inflation & Crypto

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 7 December 2021

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

Congress and the Federal Reserve will have more impact on what happens to the economy and markets than the pandemic, according to Goldman Sachs CEO David Solomon, who joins Squawk Box exclusively from the bank’s headquarters in Manhattan. With support from both starting to fade in the days ahead, Solomon says investors should take heed and plan accordingly. He also discussed China, recent market uncertainty, cryptocurrencies, and why he thinks inflation could run ‘above trend’ for a period of time. British drugmaker GlaxoSmithKline says new data from early stage studies showed its antibody-based Covid therapy was effective against all 37 identified mutations of omicron. Plus, Tesla CEO Elon Musk says “it might be better” if President Joe Biden’s $1.75 trillion social spending plan, which includes incentives to buy EVs, doesn’t become law. The bill has cleared the House but not the Senate. Of course, Tesla has been helped by government subsidies. In this episode: David Solomon, @DavidSolomon Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Andrew Ross Sorkin, @andrewrsorkin Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music please.
0:04.0	This is Squawk Pod. I'm the NBC producer Katie Kramer.
0:08.0	Today on our podcast.
0:10.0	Goldman Sachs CEO David Solomon on what's next.
0:13.4	My base case is we're going to continue to find a path past the pandemic broadly.
0:17.6	The Omicron variant investor returns in 2022
0:20.9	and what the Wall Street veteran thinks about getting back to the office.
0:25.0	For our organization, where 50% of the people work at Goldman Sachs are in their 20s,
0:29.8	we need to come together.
0:31.0	We're an apprenticeship culture, we collaborate, and we need to come together. We're an apprenticeship culture, we collaborate, and we need to come
0:34.1	together. And the market seemed to be moving past fears of the severity of the latest COVID
0:39.4	variant, however you say it. I'm going to stick with Amacon.
0:42.8	You guys can do Omicron and Omicron.
0:44.8	I prefer Amacron.
0:46.2	If you're going to give me the go ahead for that, I'm going to do it.
0:48.8	People in fraternities have been lecturing me.
0:50.7	I won't say who.
0:52.3	Plus the rest of the stories that got us squawking today, Glaxo's COVID drug and Elon Musk on
0:58.0	EV legislation. He's not into it.
1:01.0	It's Tuesday, December 7, 2021.
1:04.2	Squack Pod begins right now.
1:06.4	Stand Becky by in three, two, one, fuel brief.
	...

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