tv Bloomberg Markets European Close Bloomberg March 10, 2016 11:00am-12:01pm EST
vonnie quinn in for betty liu. and i mark barton. this is the european close. and i am mark barton. this is the european close. we are going to take you from new york to london to washington. here is what we are watching. mark: the latest on how markets reacting to mario draghi. and just trudeau visits for the --ouse white trudeau visits the house for the first state visit by a canadian leader in the years. and we talkmark:
exact the same role and will help oversee management through may. we are still following these headlines to see exactly what it means for the hedge fund giant. but interesting that someone is coming in to join that firm. john rubinstein, a long-term tech executive. now turning to the stock, a lot of fluctuations today on the back of mario draghi's comments. the ecb deploying an array of different kinds of stimulus. said there time, he would likely be no more interest rate cuts. you see that stocks have been bouncing around quite a bit. investors have been trying to what will come of this in the eurozone going forward. you will see this bouncing around i've been talking about and now these fluctuations between gains and losses. you have to throw oil into the mix as well, right? we see oil prices down to the , down 2%.e session that is affecting the u.s.
market if you look quickly at the imax energy shares. mark? julie, thank you. an initial move upwards, we have been following. as 2.5%. as much as you said, draghi says he does not anticipate more rate cuts. this is across the three main key interest rates. ollaris the euro-d intraday. draw thefell after announced quite a controversial, and the positive sense, set of measures. it was not anticipated. since october. want to show you the spanish 10-year. this is where we saw the biggest moves in the bond market.
the median fell i 20 basis points. -- by 20 basis points. we have seen it come back after the draghi inflation -- the preferred measure of inflation expectation. it pushed inflation expectations higher. that is the situation a cross markets. has the veryhoe latest from our news desk. courtney? courtney: hey there, mark. president obama welcoming prime minister of canada justin trudeau to the white house. present obama: we are very pleased to welcome the first official visit by a canadian prime minister in 20 years. [applause] about time, eh? the two leaders have
announced steps to cut emissions from oil and gas wells. the energy industry is expected to fight the plan. coming up later this hour, and news conference. you can watch it here at 11:40 eastern time. libya at obama calls mess. he spoke in an interview with "the atlantic" magazine. the plan obama says did not work. [indiscernible] previous prime parliament.ve left global news 24 hours a day powered by 2400 journalists in 150 bureaus around the world.
i'm courtney donohoe. vonnie? vonnie: hello. 's joining us from connecticut. co-ceo aews about a surprise? a surprise, much as when radel he owed chose -- ray e john rubinstein. what is not a surprise, what was painted as a feud with the bob prince -- i hesitate to say lost the battle, but that would be the easiest the situation. greg jensen gets into a disagreement with the founder of the firm, ray dalio.
what happens then? ultimately the decision will come down to ray. gregint this as a loss for jensen might be overplaying it, oecause i spoke to ray dali last week in austin, texas, and ray did his best to disabuse me of the notion it was a battle. he said it was exaggerated. said, is there drama? he said no. he said, do we disagree on things, yes, but we have a process for working through things. vonnie, the battle between greg goes back tolio 2011. decided therealio would be a 10-year turnover in management and other people would end up running the firm
when he left. those people were initially greg jensen and eileen murray. they were co-ceo's. greg jensen is now going to become a co-cio. you have to go back to 2011 and frame this the right way. ridge water is a firm with a very unique culture that very few people understand. vonnie: thank you for that context. we will continue to follow the story. big: let's get back to our story today, the ecb taking action to stimulate the european economy. mario draghi says the lower rates are here to stay for an extended time. but the economy still faces challenges. the outlook remains tilted to the downside. -- in relation to developments in the global economy as well as broader geopolitical risks. joining us from pimco, the
portfolio manager for germany. guest: hi. mark: how do you explain this turnaround in the markets? initially a sense of jubilation. we have seen a 180 degrees split. why is that? my head onscratching that a little bit, too. i do not think it is the rise in the euro. they of signal to the markets that they believe inflation is going to surge. it is a signal of economic strength. clearly, i think it is dominated by the interest rates, using interest-rate is one of the tools has effectively come to an end.
draghi has given the signal that interest rates as a tool is exhausted. i really think we will see -- quantitiessignaling of what it buys, government bonds, nonfinancial or print bonds -- that will be the heavy lifting on easing going forward. i think that those quantities will dominate. i do not see the signs that growth and inflation are bouncing back. what about the decision to find non-bank, corporate debt? it was not predicted by many. has that taken you a back? mark: -- guest: it's a logical rates.on of interest
it's opening the new chapter on easing. push back a little bit on the monetary policy. it's running out of ammunition. there's a lot that can be done in the credit easing space. once you start purchasing nonfinancial corporate bonds, it's not a far step to go into equities in the future, if that were ever to be needed. one of the questions is on helicopter money. phasezation is the final of what monetary policy can do. i don't think anybody wants to go there, but there's a lot left to do on the credit easing fronts. in germany, it is backed move.basis points, a huge is this being accepted differently in germany than the rest of europe? guest: i do not think there is
anything specific to investors in germany that is behind this. andrew, i'm sorry we have to interrupt you. we want to go to president obama and canadian prime minister justin trudeau speaking now at the white house. let's listen. obama: once again, i want to welcome prime minister trudeau to the white house. we just had a very productive meeting. although i regret to inform you we have not yet reached an agreement on hockey. but it is not interfering with the rest of our bilateral relationship. as i said earlier, this visit reflects something that we americans do not say enough, and that is how much we value our alliance in partnership with our friends up north. we are woven together so deeply,
as societies, as economies, that it is easy to forget how truly remarkable our relationship is. a shared border, bow thousand miles, the longest between any two nations in the world. every day we do some $2 billion of trade. 400,000y more than canadians crossed the border -- workers, business people, students, tourists, neighbors. and of course, every time we have a presidential election, our friends to the north have to brace to a nag to this of americans who swear they will move to canada if -- have to for americans who swear they will move to canada if the other party wins. typically it turns out fine. [laughter] obama: this is now my
second meeting with just in. i'm glad to have him as a partner. we have a common outlook. he came into office with a message of hope and change. his positive messages inspiring young people at home, with a commitment to inclusive visiting -- and fore visiting my perspective, what is not to like? of course, no two nations agree on everything. our countries are no different. but in terms of interest, our values, how we approach the few countries matchup to the way the united states and canada do. given our work together today, i think i can say in the prime minister will agree our two nations are more closely aligned than ever. we want to make it easier to trade and invest with one another. america is already the top
destination for canadian exports and canada is the top market for u.s. exports, which supports paying.7 million good american jobs. so many of our products are built on both sides of the border in an integrated supply chain. this makes us more competitive in the global economy and we want to keep it that way. we will be making it even easier -- goods and people to work to move on either side of the border. we discussed the transpacific partnership and we have reaffirmed our determination to move ahead with an agreement to travelers, making it easier for americans and canadians to travel, visit, and do business together. as nato allies, we are united against the threat of terrorism. extraordinarily big member of the coalition to defeat isil.
providing critical humanitarian support. were working closely together to prevent the flow of foreign fighters and we are able to share information, including with respect to our no-fly list. uphold the civil liberties of our respective citizens. the sensation of hostilities has led to a measurable drop in violence in these civil war and the united states and canada continued to be leaders in getting humanitarian aid to syrians in desperate need. meanwhile, our two countries continue to safely welcome refugees from that conflict, and i want to commend just in and the canadian people once again, for their compassionate leadership on this front. and canada arees
fully united in combating climate change. i saw how both of our nations are threatened by rising seas, disappearing glaciers, and sea ice. and we are focused on making accords are fully implemented. we are also announcing canada joining us and our aggressive goal to bring down methane emissions in oil and gas tankers and both of our countries, and together we will move swiftly to establish comprehensive standards to meet that goal. we are also going to work s andher to phase down hfc' limit carbon emissions from international aviation. we are announcing a new partnership to protect the arctic and its people and i will welcome our partners, including
canada, to our white house to look atisterial this. we are renewing our partnership across the hemisphere. mr. prime minister, i want to thank you for canada from support for our continuing relationship with the cuban people, which i will continue with my visit to cuba next week. we will work to help colombia achieve peace, and our scientists and public health professionals will work with partners across the hemisphere to prevent the spread of the zika virus and work together andvely for diagnostic vaccines that can make a real difference. and finally, our shared values -- our commitment to human development continues to guide our work as global partners. we are continuing our efforts to
from becoming epidemics. we are working to help ethiopia deal with the worst rout in half a century. spouses, michelle and so be, are reaffirming our commitment to the health and education of young girls around the world. ourwe will be joining initiative to bring electricity, including renewable energy to homes across the continent and help lift people out of poverty. those are values at work. again, justin, i want to thank you for your partnership. i want to thank you for your wouldr cooperation, and i like to think this is only the beginning. i look forward to welcoming you back. the next north american leaders summit will be in canada this summer. the prime minister has invited
me to address the canadian parliament and that is a great honor. i look forward to the opportunity to speak to eckley to the canadian people about the future we can build together. prime minister trudeau. trudeau: thank you, mr. president. on theve reflected historic relationship between our two countries, i return to president kennedy's words that more than whatis divides us. , individually,es and collectively, that make us friends. that friendship, matched by much hard work, has allowed us to do great things throughout our history, from the beaches of normandy to the free trade
agreements and now on climate change. the president and i share a common goal. we want the clean growth economy that continues to provide good jobs and great opportunities for all of our citizens. i am confident that by working together we will get there sooner than we think. just take the paris agreement for example. that agreement is both a symbolic declaration of global cooperation on climate change as well as a practical guide for growing our economy's in a responsible and sustainable way. and the u.s. have committed to signing the agreement as soon as possible. we know that our international partners expect and need leadership on this issue. willve announced that we take measures to reduce
commissions of implementocarbons and new greenhouse gas omissions for heavy-duty vehicles to combat climate change. we also announced a new partnership. this partnership foresees new standards based on scientific from fishing in the high seas of the arctic as well as new standards. the partnership will also promote sustainable development in addition to preserving the biodiversity in the arctic. will make our borders agreeingmore safe by
as well asclearing the railroad stations in vancouver. moreover, we are creating a u.s.-canada working group on the recourses on how we will resolve areas of identity on the no-fly list. we acknowledge the individual and wholly unique relationship between canada and the united states. we have historically been each other's largest trading partners. each and every day, $2.4 billion of goods and services cross the border. oury, we reaffirmed commitments to streamlining trade between our two countries. president and i agree on many things, including, of paramount importance, the
direction that we want to take our countries and to ensure a clean and prosperous future. we have made tremendous progress on many issues. -- unfortunately, i will leave town with my beloved expos still here in washington. you can't have everything. i would like to conclude by extending my deepest thanks to climateor his work on change today. i want to ensure -- assure the american people that they have a real partner in canada. we will stand side-by-side to confront the pressing issues that confront not only our two countries, but the entire planet. i am looking very much forward to the remainder of my time in washington, so thank you again for your leadership and your friendship. i know that our two countries can achieve great things by working together as allies and friends as we have done so many
times before. beaucoup, barack. president obama: we will take a few questions. that you you have said are looking for a highly qualified nominee with impeccable credentials for the supreme court. how much of this comes down to a gut feeling for you? does it affect your decision to know that your nominee is likely to hang out in the public eye ?ithout hearings and shouldn't that drive your decision? and for prime minister trudeau, we know that you have been following the campaign in the u.s., as the president alluded to. abouten made a joke
welcoming americans frightened of a donald trump presidency. what would be your reaction if donald trump or ted cruz were to succeed president obama? you obviously see i do i on a lot of issues. how would that affect the relationship? president obama: even though it was not directed at me -- [laughter] obama: i am absolutely certain that in 2012, there were folks threatening to go to canada as well if i were reelected. one of the great things about the relationship between canada and the united states is it transcends party and is bipartisan in terms of the interest we share. with respect to the supreme julie, whatd you, i'm looking for. i want somebody who is an outstanding jurist, who has
impeccable legal credentials, who by historical standards even be questioned as qualified for the court. , it is somebody who i want to make sure follows the constitution, cares about things ent,cedd ident -- understands the necessary humility of a judge at any level in looking at statute, looking at what the elected branches are is not viewing themselves as making law or in some ways standing above elected representatives, but also recognizes the critical role that that branch plays in
protecting minorities, to ensuring the political system does not skew in ways that ,ystematically leave people out that are mindful of the inditions that are embedded our cherished documents like the bill of rights. select,erms of who i i'm going to do my job and then my expectation is going to be will the senate do its job outlining the constitution? i said this before, i find it ironic that people who are constantly citing the constitution would suddenly read into the constitution requirements, norms, procedures that are nowhere to be found there. that is precisely the kinds of
interpretive approach that they have is eminently rejected and they accuse liberals of engaging in all the time. -- you can't't abandon your principles if in fact these are your principles, simply for the sake of political expedience. we will see how they operate once in a nomination has been made. i'm confident whoever i among fair-minded people will be viewed as an eminently qualified person. then it will be up to senate republicans to decide whether they want to follow the constitution and abide by the that of fair play ultimately undergird our democracy and that ensure that the supreme court does not just become one more extension of our polarized politics. if and when that happens, our
system is not going to work. courtot that the supreme or any of our courts can be her medically sealed from the rest of our society. -- her medically sealed from the rest of our society. these are people. they have opinions. but their goal is to be objective and execute their duties in a way that gives everybody -- both the winning party and the losing party in a given case -- the sense that they were treated fairly. that depends on a process of selecting and cooler headsat will prevail and people will herect on what is at stake once a nomination is made. thingminster trudeau: one
that is abundantly clear when the prime and mr. and president sit down to engage -- prime minister and president sit down to engage -- the relationship between our countries goes far beyond any two individuals are ideologies. i look forward to working with whoever the american people choose to send to this white house later this year. alex? alex: good morning. this meeting is happening at a unique point in canada-u.s. relations. president obama you have little time left here. , you haveter trudeau several years to think about and work on canada upon most important relationship. lay down some markers about big ideas, big
things you think these two countries could achieve in the coming years, beyond the next few months, and whether those things might include something like a common market that would allow goods and services and workers to flow more freely across our border. on a more personal note, you've had a chance to observe each other possible election campaigns. election campaigns. i want to ask you about your impression of president obama and his potential legacy and prime minster trudeau's potential. if you could answer that in french, bonus points to either of you. : we veryster trudeau much did engage on big issues throughout our conversations and work this morning. and over the months leading up to this meeting today. to allthat are important of our sins and -- citizens and
the entire world. whether it is how we ensure there is no contradiction between a strong economy and protected environment come understand how we need to work together as individual countries and as a planet to address the challenges of climate change and continue to seek to ensure security for hours the sincere at home. stability ande health security for people around the world facing pandemics and violence. these are big issues that canada and the u.s. have always been engaged on in various ways over the past decade and century. and indeed will continue to appeare. we highlight the fact that we , differentent skills
perspectives on similar issues and on shared values. that is a benefit in that we can complement each other in our engagement with the world and our approach to important issues. i look forward to many, many, many more years that will outlive the both of us, but tremendous and responsible and effective friendship and collaboration between our two countries. the topic of our discussion this morning has been what is at stake. climate change, security in the world, our commitment towards the most vulnerable population. canada and the united states are lucky countries in many ways. toy will always have a lot do in order to be together in the world. this is what we can keep on doing in the years and decades to come and we hope in the
centuries to come. , i've learned a lot from him. he is somebody who is a deep thinker, someone with a big heart and big brain. for me, to be able to count on a friend who has lived through things that i'm about to encounter on the political stage and international stage is a comfort to me. it is always great to have people you can trust, people you can count on personally, facinglly when you are big challenges such as we are doing right now in the united states and canada. hear from pleased to president obama how he has engaged with difficult issues of the past because he is a man of
tremendous heart and tremendous intellect. being able to draw on his experience and his wisdom as i faced a very real challenges that our countries and our world will be facing in the coming years is something i appreciate deeply. obama: alex, was it? , thee note, first of all tenor of your question seems to imply i am old. [laughter] president obama: you have managed it well, but don't think i did not catch that. it is true, i think i've said thate, i indicated to him , you plan toct keep your dark hair, you have to start dying in early.
you hit a certain point, it is too late, you will be caught. i think justin and his delegation, because one of the things we learned to rapidly in these jobs, this is a team effort, not a solo act. are bringing the right values come enormous energy coming enormous passion and commitment to their work. perhaps most importantly, it is clear that they are keenly interested in engaging canadian citizens in the process of solving problems. i think that is how democracies are supposed to work. their instincts are sound. that is reflected in the positive response to the work they've done so far. i think that will carry them talent andd justin's
concern for the canadian people thehis appreciation of vital role canada can play to the world is self apparent. and we do a great job are looking forward to partnering with him and we will have him and his team as a partner. with respect to big ideas, to some degree, you do not fix what is not broken. the relationship is needordinary and doesn't some set of revolutionary customs. what it does require is not taking the relationship for granted. effort anduire study perhaps, most important a, requires -- because we have so onh in common, we recognize
the big looming issues on the horizon, it is vital for us to the morether because aligned we are, the more we can agendahe international to meet these challenges. climate change is such an example. this is going to be a big problem for everybody. there are countries that are going to be hit worse by it. in some ways, canada and the united states as wealthier countries can probably adapt and manage better. on the other hand, we are also those responsible for a lot of the carbon pollution that is causing climate change. if we are not aggressive and farsighted and don't pool our resources around the research and development and clean energy agenda required to solve this
problem from other countries will not step up and it will not get solved. that is a big idea, a really important effort. with respect to the economy, one of the things that the united states and canada share is a free market. not onlybased economy has proven to be the greatest engine for prosperity the world has ever known, but also underwrites our individual freedoms in many ways. we value our business sector and entrepreneurship. but, what we are seeing across , and thisped world will have manifestations in the forloped world, is the need , makinglusion in growth
sure it is broad-based commitment sure people are not left behind in a globalized economy -- making sure people are not left behind in a globalized economy. that is a big idea for the united states and canada to work together on come along with our other partners. if we don't get this right, if we don't make sure that the average canadian or average american has confidence that the , thes of their labor opportunities for their children are going to continue to expand over time, if they see society in which a very few are doing better and better in the middle class and working people are falling further and further behind, that destabilizes the economy, it makes it less
efficient, it makes it less rapid in its growth and also starts destabilizing our and our democracies. working together to find effective ways not to close off borders or pretend that somehow ando say the world is big we are going to help shape it and value our openness and diversity and the fact that we are leaders in a global supply-chain but we will do so in ways that make sure everybody benefits. that is important work we will have to do together.
i'm sure justin shares that commitment just as i do. president.u, mr. some of your critics have pointed to the incredibly asarized political climate can to beating to the rise of someone as provocative as donald trump. do you feel response ability for that -- responsibility for that? heat iseel political constraining your pool of viable nominees? president obama: i think it's important for me to nominate a supreme court nominee quickly because i think it's important for the supreme court to have this full component of justice.
this complement of justice. -- with respect to your first question, i've heard this argument a number of times. i have been blamed by republicans for a lot of things. their primaries and who they are selecting for 's novel -- for their party is novel. i've said in the state of the union that one of my regrets is the degree to which polarization and the nasty tone of our politics is accelerated rather
than waned over the course of the last 7.5 years. i've done all sorts of soul-searching in terms of are there things we can do better to ensure we are unifying the country. objectively, the republican and many of the information outlets, social media and news outlets cannot talk radio, television stations have been feeding the republican ine for the last seven years notion that -- a notion that everything i do is to be opposed , that cooperation or compromise
is somehow a betrayal. that maximalist absolutist aretions on issues politically advantageous. that there is a them out there and then us. us.nd an politics, which i certainly have not contributed to. i don't think that i was the one myprompt questions about birth certificate, for example. i don't remember saying, hey, why don't you ask me about that? question whether
i'm american or whether i'm loyal or whether i have america's best interests at heart. those aren't things that were prompted by any actions of mine. seeing within the republican party is, to some over a all those efforts course of time, creating an environment where someone like a donald trump can thrive. he's just doing more of what has been done for the last 7.5 years. in terms of his positions on a whole range of issues, they are not very different from any of the other candidates. it is not as if there is a massive difference between mr. trump's position on immigration position on's
immigration. mr. trump might be more provocative in the way he says it, but their positions are not that different. despite the fact that mr. cruz and mr. rubio, their own families are the products of immigration. and the openness of our society. happy to own the asponsibility as president the only officeholder elected by all the american people to continue to make efforts to bridge divides and help us find common ground. i think that common ground exists all across the country. you see it every day. in how people work together, live together and play together and raise their kids together.
is what i'm not going to do notion that the has beenn crackup that taking place is a consequence of actions i've taken. will justeresting, i say one last thing about this, there are thoughtful conservatives who are troubled by this, who are troubled by the direction of the party. it is very important for them to reflect on what it is about the politics they've engaged in that the circus we've been seeing to transpire. and to do some introspection. an effective want
republican party. i think this country has to have that canle parties govern and are prepared to lead and govern whether they are in the minority or majority. whether they occupy the white house or not. i've often said, i want a serious, effective republican party. in part to challenge some of the blind spots in the democratic party. i think that is useful. you mentioned the trade, for example. i believe there have been bad trade deals on occasion in the past that often times they have globalthe interests of corporations, but not necessarily serve the interests
of the workers. i'm certain we cannot put up walls around the global economy. to sell a bill of goods to the american people and workers that come if you just shut down trade somehow, your problems will go actuallyvents us from solving some of these big problems about inequality and the decline of our manufacturing base and so on. someis an area where traditional conservatives and economists have had some important insights. they cannot be presented it is combined with no interest in helping workers and busting up unions for theiding tax breaks
wealthy instead of providing help to folks who are working hard and trying to pay the bills and certainly is not going to be with thecoupled anti-immigrant sentiment that betrays our values. i think the democratic voters are doing just fine working this out. it is useful that we've had a big wrist debate -- vigorous debate between two people who care deeply about our country and have fought hard on behalf of working people in this country for a long time. it has been a good conversation -- my most important role will be to make sure that after
primaries are done, i'm bringing everybody together so we can focus on winning the general election. >> mr. president, i will be asking the prime minister my question in french. you have not talked about lumber. have you thought about solutions to avoid the conflict that reopened in october and you signed several agreements -- what can you do so that the implementations survived the survive thection -- november election? looming overer is the bilateral relations. has any avenue and explode into
avoiding a conflict in november and what will you do to avoid losing seats for the democrats? you and prime minster trudeau have signed a number of agreements on a number of issues. what can be done for this progress not to be lost with a new administration? prime minster trudeau: this morning, we worked very hard, we made a lot of progress and we have showed what is at stake. a lot is at stake. we hope this is going to be help not only to canadian workers and the canadian economy, but the economy of both our countries. among these discussions, of
course, we raised the question of softwood lumber. we keep on working on that. i'm totally confident that we are on the right track towards a solution in the next weeks and months to come. in terms of the decisions we have taken and the work we have done today, i'm externally confident that the work we have extremely confident that the work we have managed to s andve, the agreement solutions, i'm confident that this will become a reality because at every stage, not only are we talking about what is good for one side or the other side, we are talking about what is good for both countries. interwoven,s are so our populations are so that we are going to have agreement that will
facilitate the crossing of borders while increasing the security of our citizens. this is good for both sides and it's where we work so hard .ogether intensely byked on our respective friends, colleagues and delegations over the past weeks and months. and certainly, softwood lumber came up. i'm confident we are on a track towards resolving this irritant in the coming weeks and months. , the issues we may
determine his progress on, i'm extremely confident will move forward in a rapid and appropriate fashion because we found such broad agreement on issues that are not just good for one of our two countries, but indeed both of our countries. for canadians and americans, or their jobs for our kids and their futures, for workers, businesses, as we tackle challenges in the economy, challenges and the environment and understand that working together in constructive and productive ways is exactly what this relationship and this friendship is all about. i'm feeling extremely good about the hard work that was done this morning and indeed about the over theining to do
coming weeks and months on the issues we brought forward today. obama: this issue of softwood lumber will get in -- will get resolved in some fashion. it has been a long-standing bilateral irritant. but hardly divined the nature of the u.s. canadian relationship. -- we have some very smart people and they will find a way to solve it. undoubtedly, to the dissatisfaction of all parties concerned, because that is the ,ature of these kinds of things each side will want 100% and we will find a way for each side to get 60% or so of what they need and people will complain and grumble. but it will be fine.
continuity, one thing i will say, this is an area where i will play the elder metesman, as alex described and as somebody who came in that'sn administration all things very differently than saw things very differently than i did, what you , for all the that difference is may have in your political parties, when you're , you have toharge be practical and you do what is needed to be done and what is in front of you.
one of the things that is important for the united states or for canada or for any leading power in the world is to live up to its commitments and to momentum oninuing efforts, even if they did not start under your administration. there are a whole host of initiatives that began under the bush administration, some that i was very enthusiastic about. saving millions of lives and to those vital drugs infected with hiv aids in sub-saharan africa, something president bush deserves enormous credit for. we continued that. there are areas that