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tv   Bloomberg Markets  Bloomberg  March 16, 2016 10:00am-12:01pm EDT

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obama's nominee to the supreme court. he is due to make that announcement official at 11:00 eastern we'll carry that for you live. orderingiated press is that merrick garland will be the new nominee for the supreme court. old, chiefars justice for the pc court of appeals and was on the shortlist for the last two highcourt vacancies. go to the markets where julie hyman has the latest on the markets. julie: markets are changed ahead of the fed decision today. that is not unusual, volume has been down, volatility has been down ahead of that announcement as traders over the commentary. take a look at me groups on the move. consumers, utility, and consumer stocks. energy, financials, and tech are the best-performing groups but
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we're not seeing a lot of movement. oil is having its biggest one-day gain in a weeks time as the meeting is suddenly being sent to discuss any changes to financial reduction breezes. you can see oil prices are up by 3% going into that. i also want to check on the fixed income market. we got inflation data this morning. cpi coming in higher than , risingd year-over-year 2.3%. you can see the 10-year moving upward, and this came as we got that data out, 1.99%. vonnie: thank you. to the breaking news. the associated press reported president obama is due to nominate merrick garland, the supreme court d c circuit justice to the supreme court nomination post. whether he gets nominated or not
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, whether there are humans or not, will be examined. let's go straight to the white house where our reporter is standing by, waiting for the president to speak. this was confirmed by the ap, not confirmed by other sources yet. hearing anything at the white house? >> we are hearing from multiple sources that have heard from the white house that the pic will be , who is a chief justice on the d.c. circuit. this is someone who has gotten rave reviews from publicans and democrats in the past, whose legal connections -- credentials are well-known, and who could give republicans a very difficult choice, if they are going to continue to stick with their plan of blocking the nomination. vonnie: just to give some background, he was on the short list of president obama in the last two vacancies, but also was involved in a conviction of timothy mcveigh.
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what decisions has he been involved in? >> he has been on the court for almost 20 years, first nominated by bill clinton. he supreme court nominee that he bases his background on hethe supreme court -- basically said it is clear that he is a moderate. that is well-known. this is a decision that will be difficult for republicans to stick with if they will continue to block the nomination. vonnie: they have been adamant that they will not have hearing. do you think it will be difficult now that we have a name, a person associated with what could be the next great court justice, for them to continue to block this? toluse: it will be quite difficult. it is a name that many republicans are on the record as
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saying that his legal credentials -- credentials are pretty astounding. orrin hatch said that he would be a great nominee, would be almost unanimously supported, when he was previously considered for a previous supreme court opening. we broughtse quotes back up, and it will be difficult or republicans to stick to what they said in the past, and to square that with what they are saying now, which is that they will not meet with the nominee. vonnie: let's bring in megan murphy. aviously, not exactly surprise because there were three names on a short list, but it seemed like perhaps sri srinivasan was the front runner. megan: the president is going for someone who he believes will be impossible for republicans to keep out, on this hard-line of saying we will not take this person to a vote, we will not have a meeting with this person.
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a lot of people expected sri, would have been the first asian-american justice, but clearly, obama looking at the political calculus decided that putting the republicans in a they have tore review someone that is universally known as a moderate, that would be a consensus choice in any other year, puts them in a difficult place. vonnie: what else do we know about merrick garland, we know he is based in washington, d.c., similar to john roberts in his background. megan: funny you mention that, nomineese republicans that they have brought up many times regarding obamacare. he is known as a moderate, is known as a respectful jurist. he has been considered before. he is the kind of choice that republicans will be worried about because, if this becomes a
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true political fight, as it has been, and promises to continue to be, those old comments about him will remain, and will be discussed, and they will be in a position to defend what some people view as indefensible. vonnie: i want to bring in kay bailey hutchison who is with us. thank you for being with us. will republicans continue to press the point that they will not hold hearings, now that we have a name? that we have a name, i think republicans will start looking at the candidate. the d.c. court of appeals has been very controversial, so the republicans will start looking at his record on the overturning the decisions that the d.c. court of appeals turned back, affirmed by the supreme court, and then the senate
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democrats decided to change the rules to pass the court. garland's,n, merrick will be the thing that republicans look at, in my opinion. those: at least one of decisions was the nlrb, the national labor relations board. panel that back to the nlrb and that decision. how much of a fight do you think this will be? to put in aision becauset in tennessee, it is a right to work state, was a labor violation. that was also turned back by the d.c. court of appeals and affirmed by the supreme court. now the d.c. court of appeals has changed in tone, so the interesting point is where
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justice garland was in that decision. that is what i think republicans will start looking at. then they will make a decision about whether to hold hearings or meet with the nominee. they say they won't, but now there is a person, they will be looking at the record and trying to determine if it is something they would want to consider. vonnie: kay bailey hutchison is standing by in dallas. i also want to bring in david westin. you, in fact, clerked with judge garland. what do you know about merrick garland? him hereclerked with in new york. we work closely together in other areas. good to see you, kay.
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beyond the ideology, we have to think about what kind of judge they would be. what is unquestionable is he is very intelligent, knows the law well. he has a wonderful judicial temperament. he listens to arguments on both sides. having clerked with justice powell, that is what i had in -- identify with. vonnie: isn't that the case for most justices? isn't that a prerequisite? david: i will not name names, but there have been justices in history that have not had those qualities. vonnie: is merrick garland the most obvious choice? may notsri srinivasan have been easier to get the nomination process underway. marek has been considered in the past. as i said, wonderfully qualified, would be a terrific justice.
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that said, i was a little surprised, even though i'm happy for merrick. one reason i'm surprised, his age, he is my age. typically, presidents are reluctant to appoint people in their early 60's. they like younger people who will be there for a long time, so that made him a somewhat like -- less likely candidate. to your point, the back story of sri srinivasan, being an indian american immigrant, and attractive that story that would make it difficult for republicans to resist. vonnie: definitely would be one of the older ones, john robert is the youngest. he is 61. david: when he was appointed, he was much younger. vonnie: i want to go back to senator hutchison. according to recent polls, two thirds of americans want a to gotion process
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through. only a third say they do not. will the republicans listen to the public on this issue? i think they will listen and look at the qualification -- not the qualifications, because he is qualified, but his decisions, to see what kind of judge he has been. i think they will decide if they are going to move forward with hearings. they say they do not want to right now, but you never know. i think they will be looking at the decision to see what kind of judge he has been. curious about be your thoughts on this, senator hutchison. the republicans also have to think about what happens if they don't hold hearings, and perhaps to pick a name, it's hillary clinton becomes president. merrick may be a
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much more central judge as to who the other one may be. vonnie: you never really know. i am sure some republicans think perhaps john roberts is it not turn out to be the justice they were expecting, but that is the point, you never know. megan murphy, one more question. influential,very this appointment, if it happens. it may tilt the court because right now we are 4-4. exactly the point that david was making, this is shaping the court, so it was a bit of a surprise that this was an older justice. right now. some thought obama would take the chance of putting in a more for thatiberal justice reason, to secure the court as a left-leading institution for a generation to come. he has chosen someone that is known as more centrist, so it will be interesting to see what
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the reaction is within the democratic community as well. vonnie: megan murphy, thank you. at the white house, kay bailey hutchison, and our very own david westin. we will have full coverage of the president's announcement and his nominee for the supreme court at 11:00. ♪
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>> welcome back. the london stock exchange and/or divorce have agreed to merge. if it goes through, the merger would create one of the largest exchanges in the world.
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the chief executive joins us now from london with more. thank you for joining us. and theeorgia force perfect fit for lse? someone argued that intercontinental exchange or cme group would be a better fit. >> good morning and thanks for having me. let's get right to the core of what they global infrastructure company is. we feel, and as i said to the shareholders this morning, i am 100% behind this transaction because it brings together two companies that already have a global strategy, global presence. arewho's on the products very complementary. this will yield a number of things that are critical. i cannot comment about any other
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approaches or projects. this project is here right now. it would offer a very significant regulatory capital and margin savings by bringing together our leadership in the world of clearing together with deutsche boerse's leadership in exchange trading derivatives, would bring together indexed products, ftse, russell, leadership position in the u.s., china, together with deutsche boerse's highly branded stocks. commentary around the area of technology. world-class collateral , custody andd csd settlement operations, which would complement our eurozone base. it is a deal that makes a lot of industrial cents. on the subject of
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clearinghouses, is it true that ,ou will become a member of lch will they begin to operate with each other? that has been seen as dangerous for derivatives. is this the case? >> this is an important question and it is underpinned by one thing. the regulatory structure remains the same. discussionever any about interoperability. this is not what this is about. this is confusion that some have thrown into the debate. there will be no merging of the clearinghouses under the existing structures, existing open access structure, existing technology. we can cross margin, our otc derivatives, with their derivatives, without merging the clearinghouses, without having the need for a co-mingling of
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the management framework and interoperability. we can also do that with other exchanges, such as the other two that you mentioned earlier. mark: is this deal going to get through the rough -- national regulators, how our discussion going with national regulators? >> of course, we have been in touch with them on the main regulatory framework, but also on the antitrust and competition authorities, in particular, as you would expect. clearly, i will not prejudge what their analysis will be. we feel strongly that a globally competitive -- the relevant market is a global market with global competitors. the emergence of a strong european headquartered company that has fundamentally a pro competition structure, and i refer to open access, for which we are offering a different position.
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we believe we will help with the regulatory process. mark: in a word, could this deal be upended by the better deal elsewhere? >> frankly, i don't know. i'm not the right person to ask the question. lse executive chief, thank you for talking to us. rolet, of course, will lead, it deutsche boerse succeeds with its merger with lse. some say it is as close to a merger as you can get. coming up in the next half hour, dancing with the fed continues. as we await a decision on rates, will the dollar hold study? we will hear from one of the world biggest currency traders.
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vonnie: you are watching "bloomberg markets." stocks are on the rise ahead to the fed decision from janet yellen. pattern, thehe deutsche bank head of ethics strategy 4g 10 countries sees the dollar having a favorable response. i guess favorable is a wavy word. favorable to some may not be so favorable to others. you think the dollar will strengthen after today. >> i think it will strengthen a little bit. the markets, over the last one in four hours, are to some extent, pricing in that the fed could be more hawkish. deliver, inlen does particular, the statement need
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to make comments that the balance of risk is crucial to being hawkish. number two, in general, you will see a forecast where the inflation numbers move up a little bit as well. that could be problematic. and then the dots. vonnie: how much dollar strengthened with the fed tolerate? we have had a stronger dollar recently. in some ways, bit of a repricing. i don't think you will see a strong follow-through to a stronger dollar from this meeting, unless the that shows that april is very much alive. if the market believes that the next meeting they could tighten, then i think the dollar will zoom ahead. otherwise, you may have to wait until june or that.
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mark: is that what will push the dollar to euro parity by the end of the year? i believe that is your forecast by the end of the year. allen: we were thinking the divergent story would plan on both wrongs, so that the ecb easing would help euro-dollar lower. theave seen most recently foreign exchange markets not being quite as responsive to the recent ecb easing, so it is up to the federal reserve to deliver, up to the federal reserve rates to drive on the u.s. side euro-dollar down. mark: is that the same with dollar yen? the yen has not responded as one traditionally might like of easing. alan: looking at past titans, there is a pretty persistent pattern of dollar yen going down.
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the yen strengthening in. where the fed tightens. now you have a situation, because of the current account surplus in japan, they are not really recycling that surplus, so i think the yen will be the strongest currency out there this year. mark: we will leave it there, thank you. looking forward to the fed later. still ahead, we will talk with the former fdic chair sheila bair. the banking system navigate the financial crisis in the united states, now president of washington college. she has taken on the issue of student debt. ♪
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you don't see that every day. introducing wifi pro, wifi that helps grow your business. comcast business. built for business. when it comes to the fithings you love,. you want more. love romance? get lost in every embrace. into sports? follow every pitch, every play and every win. change the way you experience tv with x1 from xfinity. world headquarters in new york, i am vonnie quinn in for betty liu. mark: i am mark arkin.
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you are watching bloomberg markets. dutch mark barton. -- mark barton. garland is the chief justice of the federal appeals court in washington and one of the most respected journalists in the nation. senate republicans have vowed not to consider everyone mr. obama nominates. they said the appointment should be made by the next president. we will have a enough metlife at 11:00 eastern bloomberg television radio and .loomberg.com the start of a russian military pullout on syria has briefed and to be stocks. negotiators met in geneva. the one special envoy for syria that there is no momentum in the negotiations. she has urged the government to be quote constructive.
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a suicide bomber has still 24 worshipers at a prayer and a mosque. one detonated in the prayer at the mosque and one waited outside as survivors try to escape. at least 23 others were wounded in the attack. in brussels, police searched houses overnight. they are looking for two suspects who fled an apartment after police suspect killed a suspect were police officers were slightly wounded. the british chancellor of the exchequer revealed a new budget today. the growth forecast was cut from 2.4 to 2%. osborne said the u.k. economy grow the fastest among the major economies and the economy is on core for budget surplus. the 2400 journalists and more than 150 news bureaus around the world. vonnie: thank you very much.
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at the center of this back in 2008 when the financial crisis hit. she helped ensure the nation's continue to run smoothly as head of the fdic. now she is taking on rising cost of college tuition area average tuition is up more than 50% since 2005 and student that has stored more than 150% in that time. sheila bair joins us. up close andg this personal. what is washington college doing to alleviate the burden? >> we are doing a lot of things. we are one of the very few countries that schools that have done this. accumulated benefit to families. baseline freezing the can be beneficial. we launched a new program for very high academically achieving
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students with financial needs students. we can cover room and board without them having to borrow. we have launched a scholarship initiative called them the debt to help pay down graduating seniors debt to help give a better footing going into the workforce. we are trying to do a lot of things. where holding the line on cost. trying to come up with new tuition models. is one college. wonderful. how do you make an overall model that would work for any college young? >> i am hoping we could make this work and lead the way on these programs. i think a lot of it the federal government needs to get smarter about how they structure their student loan program. a lot of it, the interest rates are pretty high. the loans themselves are complex. it makes it hard for kids to what they are getting
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themselves into. i would like to say -- see more interest rates be the standard. you pay a small percentage of what it is. jeb bush had a proposal on this at hopefully will survive his campaign. free tuition, i am concerned about that. i think we need accountability from schools. you need schools providing quality or not. mark: can we talk about one of your former jobs, when you were head of the fdic. you were there when the financial crisis hit. it would be there to hear your view of where we are in the financial -- united states in terms of the financial crisis. do you think we still face of risk from financial institutions that are too big to fail "i think we are more stable. i think there is a lot more than he to be done. i think there are a couple of proposed rules.
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one is basically a fancy word for requiring the three large banks to issue long-term debt to be readily converted to equity if they fail so the bondholders are on the hook, not taxpayers. the other is to limit the amount of exposure big banks have to prohibitr, which would domino effects. there are things that need to be done. tois safer than it was prior the crisis. mark: should we see another one like we saw in 2008, yes or no? >> i hope not. it is just not clear. accommodative monetary policy has created incentive to take risk, which i think is important. i think the central banks have risk.ushing interest rate this is a credit risk in the prior crisis. this may be systemic this time around. vonnie: a lot of people saying
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the fed was building up bubbles and we should have a desperate rush for the exit and would be in trouble. is that on the cards you post or does not seem like it now. >> part of the problem is everyone thinks they are smarter than everyone else. we certainly saw that during the subprime crisis. i think this was portrayed with the big short. we are smarter than the other guy and can get out first. they are saying they will not even have hearings. it worked in 80's for bob dole.
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they had disagreements. they were tried to find middle ground. i don't know anything about the nominee or the merit, but i think there is a prospect -- process that should be respected. they do not like the nominee, they should vote them down as opposed to delaying it internally. , then i ask you about this efforts of european banks to raise capital and put the financial crisis of seven or eight years behind them. that seems to be a disparity in the ability to raise effort. what can the european banking sector learned from the efforts clean up the.s. to crisis?er the
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>> they needed to move more quickly. the economy has struggled more and the -- in europe and has in the u.s.. more quickly. the economy has struggled more and the -- in europe and has in the u.s.. i think they are really glacial by comparison. i think they did miss an opportunity. we didn't do it very quickly. i still would like to see the capital levels higher. we did force the recapitalization process in a barely -- fairly short term. i think it is controversial, but my view is it is competitive strength for the banks. i think europe could learn some of the same lessons. a completely different city than it was in 2008. have we gone far enough gekko >> im not sure profitability is the reforms.sure for they are not supposed to be punitive in terms of taking profit away. they are supposed to be stabilizing and making sure they are not doing this on taxpayer
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dime's. to the extent some of the supplied benefit is being taken away through regulation. that is hurting profit. that is a good thing, not a bad thing. there is always a painful transition. bair, former fdic president. thank you so much. breaking news coming out of brazil. former president is to become chief of staff according to the deputy. julia is on the phone with us. can you fill us in on the breaking news. what do we know? not much detail yet. the government leader in the lower house tweeted this out from his official twitter account saying he will become the new chief of staff. taking over in the beginning of the year showing detachment
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about leaving the post. mark: what does it mean when it comes to the corruption probe? which of course has been encircling many people? >> taking over the cabinet post in brazil means he can only be investigated by the supreme court. his case will no longer be under judge. tends to delay any sort of investigation. this takes away any immediate danger, and possibly give more. foundhere be another way in order to have them brought to justice? >> the supreme court prosecute. this does not shield him overall. it just means it would delay the
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process a little bit. what they've the allowed to rule as usual and the business of government continue? as far as we know, there to beingno impediment chief of staff. they have said they will file fromaint to keep him filing. there has been no official move yet. >> how our investors want to respond to this. investors concerning the appointment could extend the struggle over the impeachment. how do you think investors will react? >> the initial reaction now to nottweet and headline was
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the most positive. stocks fell, and so did the currency. the general idea for investors is this will delay him being impeached or ousted in anyway because he could rebuild the government the most positive. stocks fell, and so did the currency. the general idea for investors is this will delay him being impeached or ousted in anyway because he could rebuild the government coalition base. this would or may delay any sort of resolution to political gridlock. mark: thank you for joining us and bringing us headlines that he is to become brazil chief of staff. we will keep on top of that. have a look at the main equity boards. essentially investors are sitting on their hands ahead of the fed a little bit later. the stock europe 600 down. it is up for a third day. the taxes higher, as is the ftse in italy. a couple of the big movers group. the llc london stock exchange and deutsche versailles have agreed to join. we of spoken to the chief executives of both companies. shares a little bit lower. a merger ofto be
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equals. have a quick peek at what is happening to shares of deutsche bank. 5.6%, after the code chief executive said he does not expect the german lender to report a profit this year. shares getting hit earlier by as 5% or so. more on the deutsche bank story. going to nicholas with bloomberg. surprise? annual lost -- annual lost last year. what were we forecasting? >> we had similar results of the and of january. this is him putting it in very pointed terms that no one could misunderstand. the analysts have a bit of his breath.
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are around the breakeven mark. it is a negative comment to happen out there. there is also comments about trading in the fourth quarter. revenue there. tsonga first quarter first order will be weaker. be evenaybe hours will a tick weaker than theirs. because we are pulling back. exiting businesses, and also the doubts about the company's solvency in the month of february. news does not help his cause in trying to become or lose the mental of the worst world valued major lender. , indeed. i think there were positive messengers -- messages for investors as well that sadly got drowned out by the negative burden of the wider environment.
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saying that he really wants to move the two biggest areas of concern for the litigation front, namely probes into mortgage backed securities in the united states, and the alleged money-laundering of the russian unit. he wants to get those out of the way this summer. the mortgage backed securities issues is a problem because it is the most costly. then on the russian -- on the equity side of things, people have trouble getting a handle on how big this could be. there is all the uncertainty rising from that. with gettingly do those cases out of the way. mark: thank you for joining us. deutsche bank shares roughly 5% lower.
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what is going on there in frankfurt? vonnie: midtown manhattan. abigail doolittle has themark: t . andstocks heading completely different directions. starting with monster beverage. starting with monster beverage. reporter:
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you don't see that every day. introducing wifi pro, wifi that helps grow your business. comcast business. built for business. when it comes to the fithings you love,. you want more. love romance? get lost in every embrace. into sports? follow every pitch, every play and every win. change the way you experience tv with x1 from xfinity.
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is confirmed is it better to nominate him now? >> beyond 30 or 40 years. that is something that could factor into the republican decision whether or not to take the nomination forward. if hillary hillary may choose a more
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liberal and more liberal justice. this could last longer than mr. garland. us of the very meantult cases that are to come up on the docket this year. that is if there is indeed a new justice, he may tip the scales. >> the new justice almost certainly will not be around to help decide those. those are union fees, big case involving abortion. the president's immigration plan. going forward, looking at things like campaign finance. certainly the question is just garland gets confirmed, will the supreme court meant to come up on the docket this year. that is if there is indeed a new revisits this and united for example?
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>> it is always possible they will hold over till the next term, protectively as there is a close call. >> that is correct. if the republicans succeed in blocking the nomination, we may aed -- we may not even on night justice. you are exactly right. that is a possibility for all of those cases. the court could kick them over and reargue them. but what is your sense? it says garland is a little bit like john roberts in terms of background? roberts may turn out something like he did not turn out to be. robertsnot sure the connection, while interesting, they both are not friendly. i'm not sure that will make it more likely he gets confirmed. if he gets confirmed, the president will make the case this judge has impeccable credentials. >> thank you very much. the president going to the stand. of the manyama: powers and responsibilities that in thestitution vests
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presidency, few are more consequential than appointing a supreme court justice. to succeedone justice scalia, one of the most influential jurist of our time. says -- whoomen who sit on the supreme court are the final arbiters of american law. they safeguard our rights, they ensure our system is one of laws . they are charged with the essential task of applying principles put to paper more than two centuries ago to some of the most challenging questions of our time. so this is not a responsibility that i take lightly. this is a decision that requires me to set aside short-term expediency and narrow politics so to maintain faith with our futures and perhaps
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generations, and that is why i have done my best to set up a rigorous and comprehensive process. i have sought the advice of republican and democratic members of congress. we have reached out to every member of the senate judiciary committee, constitutional scholars, to advocacy groups, bar associations representing an array of interests and opinions from all across the spectrum. today after completing this exhaustive process, i have made my decision. i have selected a nominee who is widely recognized not only as legal the sharp this minds, but someone who brings to his work as spirit of decency in the modesty, integrity, evenhandedness and excellence, these qualities and long commitment to public service have earned him the decency in
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the modesty, integrity, evenhandedness and excellence, these qualities and long commitment to public service have earned respect and leaders of both sides of the aisle who will ultimately bring the same care or to bear on the supreme court. an institution in which he is unique prepared to serve immediately. today i am nominating chief garland tock brian join the supreme court. [applause] in law enforcement circles and the legal community at large, judge garland needs no introduction, but i would like to take a moment to introduce people.he american he was born and raised in the land of lincoln, in my hometown
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of chicago, in my home state of illinois. his mother volunteered in the community. his father ran a small business out of their home, inheriting the work ethic, he became balloted taurean of his high school. he earned a scholarship to he graduated summa cum laude and put him self through law school by working as a tutor, stocking shoes in the shoe store and what is always a painful moment for any young man, by selling his comic book collection. [laughter] been there. [laughter] merrick graduated from harvard law and bear all the traditional marks of excellent. he clerked for two of president -- president eisenhower's judge edward friendly and william brennan. following his clerkships, he joined a highly regarded law thatwith a practice
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focused on litigation and pro bono representation of disadvantaged americans. within four years he earned a partnership. the dream of most lawyers. 1989, just months after the achievement, he made a highly unusual career decision. he walked away from a comfortable and lucrative law practice to return to public service. rrick accepted a low-level job as a federal prosecutor in administration. took a 50% pay cut. this was a time when crime here in washington had reached academic -- epidemic proportions and wanted to help, and quickly made a name for himself going criminals.nt his sterling record as the
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prosecutor led him to the justice department. he oversaw some of the most prosecutions in the 1990's. including overseeing every aspect of the federal response to the oklahoma city bombing. in the aftermath of that act of terror, more than 160 eight people, many of them small children were murdered. sayad one evening to goodbye to his own small daughters before reported a plane to oklahoma city and would remain there for weeks. --in the aftermath of that terror that killed more than 168 people. he worked hand-in-hand with local and federal law enforcement. he led the investigation and supervised the prosecution that brought timothy mcveigh to justice. perhaps most important is the way he did it. throughout the process, he took pains to do everything by the book.
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when people offered to turn over evidence voluntarily, he refused, taking the harder route of obtaining the proper subpoena instead. chances that he would go free on a technicality. america also made a concerted effort to reach out to victims and their families, updating them frequently on the cases progress. everywhere he went he carried with him in his briefcase the program from the memorial service with each of the victims names inside. of why he reminder had to succeed. garland has often return to his work on the oklahoma city case as " the most important thing i've ever done in my life." and through it all, he never lost touch with the community that he served.
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it is no surprise then that soon after his work in oklahoma city he was nominated to what is often called the second highest court in the land, the d.c. circuit court. during that process, during that confirmation process he earned overwhelming bipartisan praise from senators and legal experts alike. republican senator orrin hatch who was then chairman of the senate judiciary committee supported his nomination. he said in all honesty i would like to see one person come to the floor and say one garland doesrrick not deserve the position. he actually accused fellow republicans of trying to obstruct his nomination of playing politics with judges. and he has since said judge garland would be a consensus nominee for the supreme court, who would be very well supported by all sides on the western that
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he would be confirmed with bipartisan support. he was confirmed to the d.c. circuit. the second highest court in the land. both from a majority of democrats and the majority of republicans. three years ago he was elevated , and in his 19 d.c. circuit, judge garland has brought his trademark diligence, compassion, and unwavering regard for rule of law to work. on a circuit court known for strong-minded judges on both ends of the spectrum, judge garland has earned a track record of building consensus as a thoughtful, fair-minded judge who follows the law. he has shown a rare ability to bring together all d.c. circuite garland has brought couples, a simple coalitions, persuade colleagues with wide ranging the
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loss of use to opinions. this record on the bench speaks to judge garland fundamental temperament, his insistence that all views deserving of respect all hearing. his habit to borrow a phrase from former justice john paul stevens of understanding before disagreeing. and then disagreeing without being disagreeable. it speaks to his ability to persuade, to respond to others for logic -- airtight logic. our current chief justice one set, anytime judge garland disagrees, you know you're in a difficult area. at the same time, chief judge is more than just a
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brilliant legal mind. someone who has an understanding that justice is more than just abstract legal fear he. experience, his experience in places like oklahoma city and forms the view that it is more than just intellectual exercise. he understands the way law affects the daily reality of lives in a big, complicated democracy and rapidly changing times. throughout his jurisprudence runs a common threat, dedication to rejecting the basic rights of every american. a conviction that in a democracy powerful voices must not be allowed to drowned out the voices of everyday americans. lives in a big, complicated democracy and rapidly changing times. to find someone with such a long career of public service, marked by complex and sensitive issues, who just about
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likes, thatuinely is rare. that speaks to who he is not man.as a lawyer but as a people respect the way he treats others. his genuine courtesy and respect for his colleagues and those who come before his court. they admire his civic mindedness , mentoring of clerks, urging them to use this for their communities. setting his own example by tutoring a young student each year for the past 18 years. they are moved by his deep devotion to his family. his wife of nearly 30 .ears and two daughters as a family vandals their love of hiking and canoeing and the love of america by visiting our national parks. people respect his deep and abiding passion for protecting
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our most basic constitutional rights. it is a passion i'm told that manifests as self at an early age. one story that is indicative of this, notable. valedictorian of the high school class, he had to deliver a commencement address. the other student speaker spoke first and unleashed a fiery critique of the vietnam war. controversy that might result, several parents decided to unplug the sound system, and the rest of the student speech was muffled. he did not necessarily agree with the tone of his classmates remarks nor his choice of topics for that day, but stirred by the sight of a fellow student voice being silenced, he tossed aside his prepared remarks and delivered instead on the spot a passionate and impromptu defense of our first amendment rights. of lifelong career
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as a lawyer and prosecutor and judge devoting to the rights of others. he is done that work with decency and humanity and common sense and common touch. i am proud that he will continue to work on our nation's highest court. process would take the seriously, and i did. i chose a serious man and exemplary judge, merrick garland. as presidentears and all my conversations with members of both parties in which i ask their views on members, which includes the previous two seats that i had to fill, the one name that has come up repeatedly from republicans and democrats alike is merrick
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garland. now i recognize that we have entered the political season, or perhaps these days and never ends. a political season that is even noisier and more volatile than usual. republicans will point to democrats who have made it hard for republican presidents to get their nominees confirmed. and they are not wrong about that. there has been politics involved in nominations in the past, although it should be pointed in each of those instances democrats ultimately confirmed a nominee. put forward by a republican president. because of that justice scalia's outside role on the court, and in american law, and the fact that americans are closely divided on a number of issues before the court, it is tempting to make the process
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simply an extension of divided politics. the squabbling going on in the news every day. but to go down that path would be wrong. it would be a betrayal of the best intentions and betrayal of the founding documents. when politics are so polarized, at a time when customs of political rhetoric and courtesy and comedy are so often treated like they are disposable, this is precisely the time when we should play it straight and treat the process of appointing a supreme court justice with the serious and care it deserves. really our supreme court
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is unique. it is supposed to be above politics. it has to be, and it should stay that way. to suggest someone is as qualified and respected as merrick garland does not deserve a hearing yet -- let alone an up-or-down vote, when two thirds of americans believe otherwise, that would be unprecedented. to suggest someone who has served his country with honor and dignity, with a distinguished track record of delivering justice for the american people, might be treated as a political piñata, that cannot be right. garland wille travel to the hill to meet with senators one on one. i simply asked republicans in the senate to give him a fair hearing.
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down vote. up or if you don't, it will not only be an advocation of the senate's constitutional duty, it will indicate a process for indicating and nominating judges that is beyond repair. it will mean everything is subject to the most partisan of politics. everything. cyclel provoke an endless of more tate for tat and make it increasingly possible for any president to carry out the constitutional function. the reputation of the supreme suffer.ll inevitably faith in the justice system will inevitably suffer. our democracy will ultimately suffer as well.
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i have fulfilled my .onstitutional duty now it is time for the senate to do theirs. presidents do not stop working in the final year of their term. neither should a senator. tomorrow the senate will take a break in the town on recess for two weeks. i earnestly is senators take the time to reflect on the process to democracy. not what is expedient, not what is happening at the moment. what does this mean for our institutions? for our common life. the seriousness of the job we all swore and no to do. when they return, i hope they will act in a bipartisan fashion.
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i hope they are fair. that is all. i hope they are fair. as they did when they confirmed merrick garland to the d.c. circuit, i hope they confirm him the supreme court so that he can take his seat to fully participate in its work for the american people this fall. he is the right man for the job. he deserves to be confirmed. i could not be prouder of the work he has artie done on behalf of the american people. our thanks, and deserves a fair hearing. with that, i would like to invite judge garland to say a few words. [applause]
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judge garland: thank you, mr. president. this is the greatest honor of my agreeinger than li na to marry me 28 years ago. it is also the greatest gift, other than the birth of our daughter's. both parents taught me by words and deeds, like a public service is as much a gift to the person who serves, as it is to those he is serving. for me, there could be no higher public service than serving as a member of the united state supreme court. my family deserves much of the credit for my past that led me
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here. the orderrents left of restaurant -- russia and eastern europe. fleeing anti-semitism and hoping to make a better life for their children in america. they settled in the midwest, eventually making their way to chicago. , who ran theher smallest of small businesses in the room in our basement, took me with him as he made the customers, always impressing upon me the importance of hard work and fair .ealing there my mother headed the local pta and school board and direct her volunteer services agency, all the while instilling in me and my sisters the understanding that service to the community is a responsibility of all others. even.
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the hardest job we faced was persuading mothers and
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grandmothers. but if they testify, we would be able to keep them safe and convict the gang members. we succeeded only by convincing witnesss and victims that they could trust that the rule of law would prevail. years later when i went to oklahoma city to investigate the federal bombing, i saw up close the devastation that can happen when someone abandons the justice system as a way of absolving grievances and instead, takes matters into his own hands. once again, i saw the importance of assuring victims and families that the justice system could work. we promised that we would find the perpetrators, that we would bring them to justice and that we would do it in a way that honored the constitution. the people of oklahoma city gave us their trust and we did everything we could to live up
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to it. trust that justice will be done in our courts without prejudice or partisanship is what in a large part distinguish this country from others. people must be confident that a judge's decisions are determined by the law and only the law. for a judge to be worthy of such trust, he or she must be faithful to the constitution and to both statutes passed by the congress. he or she must put aside his personal views and preferences and follow the law, not make it. fidelity to the constitution and the law has been the cornerstone of my professional life. and it is the hallmark of the kind of judge i have tried to be for the past 18 years. if the senate sees fit to confirm me to the position for which i have been nominated
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today, i promise to continue on that course. mr. president, it's a great privilege to be nominated by a fellow chicagoan. i'm grateful beyond words for the honor you have bestowed upon me. thank you. [applause] just been watching an emotional merrick garland. and also joined by merrick's family and also look like a fair number of democratic senators prominently displayed. we have andy pincus joining us. i'm curious, having watch this now, president obama never practiced law but that was quite an oral argument he gave, greg, on behalf of merrick garland. greg: it certainly was. and one of the things that struck me was how much he
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focused on service. he talked about how mr. garland had left his lucrative private practice to go to work as a line prosecutor and then, you know, served the country over almost two decades on a federal appeals court and that would be a theme of what the administration will be saying as they get confirmation hearing. >> it also struck me as a great oral advocate president obama left out. he emphasized the fact that he clerked for two judges who have been appointed by eisenhower but he didn't mention he worked in the carter department and would you nominated by president clinton. he left all the connections to the democratic administration. >> right. he tried to describe judge garland as a unifier. he talked more about his role in the oklahoma city case which is a bipartisan issue where democrats and republicans came to his defense and praised him for what he did. he tried to describe judge
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garland as someone who can bring people together and not casting democratepublican or a nomination but a nomination that will receive praise on both sides of the aisle. >> if i could bring in andy pincus. andy, i want to ask you those meetings of senators start tomorrow. but we're awaiting for mitch mcconnell to begin speaking in just a few moments. we'll be going straight to that. did they have their minds made p already? >> they said what they said, but the question was that was easy to say and the abstract. now, there's a nominee and the nominee who everybody believes is a consensus candidate. you know, someone who they said,
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that he would be a consensus nominee for the supreme court, someone who's been a prosecutor, done all of the things that the president but most importantly on the d.c. circuit, which is a court that has judges with many strong views, he's been a consensus builder. and i think that's an important characteristic for someone who's been nominated to the supreme court and an important characteristic given the times for it. and it's worth noting that judge garland is at 63 is older than most nominees and i think that has to be seen as a bit of an olive branch to the senate in terms of the president not picking someone who could be on the bench for 30 or 240 years but someone who's so experienced and so well respected that they fit the mold for this time. >> you're an oral advocate yourself, andy. have you appeared before judge
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garland? >> i haven't appeared before him but he's actually someone i know very well. david: what is his personality as a judge? >> well prepared. writes opinions with incredible care. focuses on the particular case. he's not someone who's out to make broad statements about the law. he's someone who decides the legal issues that are placed before him based on the case, based on what the law is and what the facts are. >> andy, i'm going to give it a couple of things that we know about merrick garland as well in terms of transparency. he's on record as basically deciding that there should be more transparency. that the c.i.a. can say it didn't have intelligence for in the drone strikes, for example. there are certain things in his background that would be very un palatable to some. >> well, i'm not sure that
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that's right. most people would say he applied the law properly in most cases but you pointed out something that's really important. here's someone who as a prosecutor and as a judge has deep experience altruism and national security and that's something that we could use on the supreme court as more and more legal issues come into the court involving those issues. david: looking at merrick's resume, i know a lot of the things that the president said i know it to be the truth. he's very smart, very good lawyer. but it strikes me as ironic that merrick garland has been through this very dance before. he was nominated in 1995 to the d.c. sexirkt was not confirmed by the republicans because there was election going on.
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yeah, as andy said, that's also a sign that he is somebody who over the years has been considered by repeatedly by presidents as somebody who they might want nominate for a court. >> you know, i'm just reading on twitter that the senator patrick leahy just tweeted out saying it's been an average of 70 days for the person who's nominated formerly to actually get appointed and this should all be wrapped up by memorial day. rate the chances of that for us. >> the president had said from the beginning that the senate will have plenty of time to see this nomination through, to hold hearings, to have meetings. but the senate republicans who control the senate have just said they don't see that
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happening. they don't want to hold meetings. they don't want to do hearings. there will be a fight that's taking place with outside roups. at this point, we haven't seen any signs that the senate republicans are going to move even though the president says he has nominated a consensus candidate. >> we got some clarification when the senate majority leader, mitch mcconnell speaks. thank you. ♪
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>> you're watching "bloomberg markets." this is your global business report. here's what we're watching. the london stock exchange created a giant in european trading. ivals look to derail the deal. deutsche bank tells investors tough times ahead. it continues to restructure its business. car sales zoom higher in europe. because of the emissions scandal. we begin with the creation of the european trading titan. another n exchange and decide to merge. the transaction could be derailed by competition concerns. it may also have to survive bids from other major exchange companies such as intercontinental exchange. it's been called a merger of
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equal but the german company stock holders will own a majority of the stakes and the c.e.o. would run the combined company. >> it is truly a merger because and this is because we both recognize and appreciate each other's strengths. and the management team, the boards have come together to exactly develop those strengths and this is what we've done and we've delivered an intermediate result by announcing today. they are world's largest investment bank is warning investors not to expect profit this year. the bank may even pose a loss. they tried to boost profitability by eliminating thousands of jobs and selling assets. shares in deutsche bank have lost more then a third of their value. credit suisse is fighting accusations to money laundering. the billionaire accused by covering up making unauthorized
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transactions. it is a scandal that put the spotlight on changes and charges made by clients about improper trading back to 2007. the emissions scandal keeps hurting volkswagen. as the controversy pushes fires. overall, the car industry reported sales rose 14% last month. it's time for our quick take. david has more. >> it's time for our bloomberg quick take where we provide ackgrounds of interests. some four years since they began opening to the outside world. hopeful because. the landslide position in the november election and the military's acceptance of the outcome. murky because of issues within
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the country. here's the situation. the party took control of two houses of parliament in february with enough votes to decide the next president. but the constitution bars him from standing because their children are citizens of the united kingdom and that gives the military key post. they nominated an ally and she will dictate policy. burma ruled after world war ii and fell directly into conflict. the father was poised to rule the country but was gunned down in 1947. the coo in 1962 triggered half a century of military rule. two rules after the pro-democracy protest, the army annulled the election that they won in a landslide. the military showed signs of softening when a new civilian government announced economic reforms. here's the argument. ever since the outgoing president, observers have
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debated how genuine the country's transformation is. the general is unlikely to give up further influence and bigotry is entrenched across the political spectrum. the transition will depend whether the military accelerates the pace of change or decides to retrench. that is your quick takes and global business report. >> we haven't had to wait long to hear from the republicans from president obama's presidential nomination. senator mitch mcconnell speaking now on the senate floor. senator mitch mcconnell: either way, our view is this. give the people a voice in filling this vacancy. let me remind colleagues of what vice president biden said when he was chairman of the judiciary committee here in the senate. our pragmaticd be
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conclusion that once the political season is underway and it is, action on the supreme court nomination must be put off until after the election campaign is over. that is what is fair to the nominee, he said and is central to the process. otherwise, it seems to me, chairman biden went on, we will be in deep trouble as an institution. others may fret, he said, that this approach would leave the court with only eight members for some time. but as i see it, chairman biden said, the cost of such a result, the need reargue three or four cases that will divide the justice 4-4 are quite minor. compared to the cost of a nominee. the president, the senate, and the nation would have to pay for what would assuredly be a bitter
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fight, no matter how good a person is nominated by the president. chairman biden. consider that last part. senator biden said that the cost of the nation would be too great no matter who the president nominates. president obama and his allies may now try to pretend this disagreement is about a person. but as i just noted, his own vice president made it clear it's not. the biden rule reminds us that the decision the senator announced weeks ago remains about a principle and not a person. about a principle, and not a person. it seems clear that president obama made this nomination not with the intent of seeing the nominee confirmed, but in order to politicize it for purposes of
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the election. which is the type of thing then senate judiciary committee chairman biden was concerned about, the exact thing chairman biden was concerned about. the biden rule underlines that what the president has done with this nomination would be unfair to any nominee and more importantly, the rule warrants of the great cost the president's action could carry for our nation. americans are certain to hear a lot of rhetoric from the other side in the coming days. but here are the facts they should keep in mind. the current democratic leader said the senate is no a rubber stamp and he noted that the constitution does not require the senate to give presidential nominees a vote. that's the current democratic leader. the incoming democratic leader did not wait until the final
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year of george w. bush's term to tell the senate not, he said, not to consider any supreme court nominees the president sent. the biden rule supports what the senate is doing today, underlining that what we're talking about is a principle and not a person. so here's our view. instead of spending more time debating an issue where we can't agree, let's keep working to address the issues with we can. we just passed critical bipartisan legislation to help and opioid heroin crisis in our country. let's keep working together to make our country safer rather than debating an issue where we don't agree. as we continue working on issues
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like these, the american people are perfectly capable of having their say, their say on this issue. so let's give them a voice. let's let the american people ecide. the senate will appropriately revisit the matter when it considers the qualifications of the nominee the next president nominates. whoever that might be. >> ok. mitch een listening to mcconnell. they're as good as their word. but also paul ryan, as well as senator grassley, the judiciary committee who came out immediate throw say we shouldn't be doing
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this and it seems to me it's pretty simple. he battle is joined. the republicans are not having any problem. they're saying we should wait for the election which i find ironic. they don't want to politicize it. they want to turn it into a presidential election. bonnie: exactly. and they are using the same rhetoric. they're talking about basic principles. and paul ryan and mitch mcconnell are responding within minutes and this is preplanned and they're using the biden rule. and it's going to be difficult to come up with a response to that. but just to get to the issue at hand. this is, of course, the nomination of merrick garland. what would happen, david? if this is stalled, could we be talking about merrick garland against next january? david: it went through the process and they didn't nominate then president clinton who renominated again. you have to pick up on what
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mitch mcconnell said that he isn't nominating him to get him confirmed. tow ask yourself what does president obama thinks the chances of getting a hearing is? bonnie: he made a long case in the rose garden today. this seems like an oral argument and it was a conviction-filled case for merrick garland. more "bloomberg markets" coming up next. ♪
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david: this is "bloomberg markets" and we're getting close to the european close of the equity markets at least. i want to bring in mark with a look at what's going on in the markets. i don't get to usually talk to you this late in the day. >> i know. david: it's good for me. >> it's a treat for me as well. nice to talk to you. 35 minutes or so to go, david. until they close. essentially, we're sitting on our hands or i'm standing on my hands because of the big fed news.
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you'll see a mixture of colors there, david, which basically describes it's a mixed day for europe's main equity markets ahead of the fed. deutsche bank, one of the big ecliners, shares 5.7% lower. john clients saying he doesn't expect them to report a profit this year. that's hurting shares of deutsche bank. the ompany is -- chancellor of the executor implements a sugar tax on drinks makers. look at that. shares fell as much as 5% and now they're down to 1.9%. and the big merger story over deutschel.s.c., douche bank going to merge.
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that's it for me. bonnie: i -- let's take a look at u.s. trading. an ghail has more in midtown manhattan. is there much going on? >> we basically had stocks shuffling along ahead of the fed's decision. reversing a small loss earlier. one stock we've been watching is tesla. the stock had been sharply higher earlier. now, about flat. all of this as oppenheimer coming out what the company appears to be progressing well, two critical milestones including the positive cash flows this year the real story is the big turnaround that this stock has made this year off the low sharply and a huge bull and bear battle over last year. the moving average could be the
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tale above that. the buyers may be back in control. another stock trading even more sharply lower on the day is basel. nalysts say that the 10 he k reveals headwinds for the company including rising inventorys and accounts payable. he lowered his estimates and it's $34 adjusting that fossil may drop the lows. >> thanks, abigail. more "bloomberg markets" ahead.
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you don't see that every day. introducing wifi pro, wifi that helps grow your business. comcast business. built for business. when it comes to the fithings you love,. you want more. love romance? get lost in every embrace. into sports? follow every pitch, every play and every win. change the way you experience tv with x1 from xfinity. >> it is noon in new york, 4:00 london. from bloomberg world headquarters in new york, i am alex deal. mark: life in london, i am mark
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art and. -- mark barton. ♪ we will take you from new york to london in the hour. here is what we are watching. the latest budget for the u.k.. the country -- lowering the this yearorecast for and warning that economic union will the wood even more. -- lower it even more. alix: two hours away from the fed announcement on interest rates. it would be a major surprise if rates go up, but will the fed lay the groundwork or action in the months ahead? mepresident obama nominated rrick garland to serve on the supreme court. we will tell you who he is.

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