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tv   Bloomberg Markets  Bloomberg  September 7, 2016 2:00pm-3:01pm EDT

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quinn in new york. welcome to bloomberg "markets." vonnie: we are moments away from the federal reserve beige book report. there could be some softening in some areas of the economy and households and think. we have the dow, s&p down .2%. >> welcome back. reports from the federal reserve beige book showed the economy grew at a modest pace on balance in july and august. overall consumer spending was changed in most district. the labor market remains tight. wage growth and overall price inflation was described as modest index acted to continue to be modest going forward. ected to continue to be modest going forward. vonnie: what can you tell us about districts?
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steady as shery goes report. there was not a lot of weakening . there was an interesting anecdote that jumped out at me. in the new york district trucking analyst noted there is a shortage of truck drivers that firms do not have enough pricing power to raise wages. it gives you a microcosm of what the economy is healing with right now. a lack of workers were unable to raise wages because consumer spending still remain soft. david: any signs of inflation of note? >> not much. it was mostly described as it remains light. not much of a pickup in inflation and hectic going forward. as mrs. dealing with pricing power. not much signal in terms of a
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shift. david: thank you. we appreciate it. now we will see how the markets react to the headlines. julie: it did not look like it would be market moving, and indeed, it does not look like it has been, the beige book headlines in terms of the equity action. taking a look at the bloomberg on bonds. ,ot thing much of a reaction which is not unusual. all three major averages remain the work, although not by much. the nasdaq did touch her record high before falling back. one of the bigger drags is consumer staples. market came out and cut the forecast. that has been pulling down other pressures as well. talking about competition and food deflation and the effect on the pricing power.
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down 13%. whole foods and kroger also taking a hit. we have airlines today. number of different airlines are commenting added transportation conference. delta say yank the unit revenue may have bottomed that things are improving compared to the summer. else west said it will increase capacity at a lower rate than expected last year. that is helping to boost those shares as well. a little bit of a balancing act when it comes to the various groups of the s&p. david: tim cook returning to the stage airlines are commenting added transportation conference. delta say yank the unit revenue may have bottomed that things are improving compared to the summer. else at apple. apple itself, if you look at how the shares have been doing, bouncing around the lows of the session. when you take a look at apple, with the iphone seven revealed, revealed week is so many of the details of our it evenly as they frequently are when it comes to what has been done with apple, a
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couple of details with the iphone coming out, it will come in black, silver, black gold and rose go. black is a new color for the phone. apple tweeted the details before the technical, official reveal at the announcement today. it is waterproof as well. will like the home button be force sensitive. that was a feature that was .evealed at the last iteration we'll have a dual camera. apple announced it was partnering with a key on the apple watch. apple watch not doing much at the moment. out.ines keep coming the bigger stock reactions, fitbit, falling as the
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nike partnership is announced. it is down almost 2%. nintendo notably partnering with apple to offer games on the iphone. that was something nintendo does not do very frequently, those kinds of equipment -- those kinds of deals. shares surging. they are of more than 20%. vonnie: they too is a day to watch as well. we will watch tomorrow as well. -- day two. now we want to turn to the beige book. we are joined by ward mccarthy. thank you for joining us. i want to note a few of the headlines that came out of the beige book. it covers up to august 29. different districts. philadelphia noting the pace of economic activity slowed. when it comes to things like real estate, commercial real and audits though.
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there are things we should learn from it. the economy is a mixed picture. it has been a mixed picture really throughout the entire recovery. i think that at least taste on the headlines, it confirms what we have artie seen with the high-frequency economic data aware there are pockets of strength and pockets of weakness and some things are just tepid. frankly, i will be surprised if the fed pulls the hike -- pulls the trigger on the next right height -- rate hike. comments by some fed officials, bill dudley in particular, talks about wanting to get a better flavor for what third quarter looks like. the early figures were quite robust. then we have seen numbers that heightsuggest maybe there are kn the economic activity.
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i think the fed will probably wait. likely september is more -- december is more likely. david: you say tepid and slight. not great adjectives to describe the economy right now. >> right. ofget periodic spurts economic activity. times square growth slows down. but the trend has been moderate. -- times where growth slows down. vonnie: when you look at the data coming in now, should they have moved? 2020.dsight is quite frankly, i thought they would move in june or july, and they did to, until we got the employment numbers and the brexit. with the benefit of hindsight, you could say they probably should have gone into live. that is really not a fair criticism in my opinion.
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they have to move opportunistically. they have to move around and make sure financial markets are relatively's table and the economy is doing ok. that really limit what their options are. i think you could make a case that september marginally fits that description. opportunity to be opportunistic. i am more inclined to think they will wait until later in the year and they have their hands around what is around the economy. outd: john williams stands as someone out in front. he was speaking last night talking about the need to move and the need to move fast. is he taking on a new role? you think of the lovely as the second in command, but do use the john williams taking on a new position here? >> i don't think he is. if you go back to 2015, he was in the vanguard talking about
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liftoff happening sooner rather februaryr back in because the fed did not move until december. i think one of his roles to save the fed is going to move along the normalization path at some point. also, his comments last night did not specifically address september whereas jeffrey lacquered did talk of the september rate hike. william was rather vague. his comments are consistent with september rate hike. the fact that we have heard nothing from bill dudley that the fed is more likely to wait. vonnie: if you did get a market increase, would there be financial market turmoil? quite sure. it will cause market volatility, and the fed would prefer to avoid that. at this point i think it would be pretty difficult to that thes more likely to wait. convince the markets they are going to go
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in september. they have a lot more time to do so for december. vonnie: do we need to be concerned about the labor market indicators that are pointing to more week this? this fluctuates from month to month. we had some really bad numbers for a while. if this were to person -- were to persist, it would be reason for concern. openings.cord job that means that businesses want to hire. they just need to find the right people. that seems to be more of the problem than the fact that there are jobs out there to be had. that is ward macarthur, commenting on the beige book out today. the word to remember from that is modest. it the business of sharing is set to soar. this is bloomberg. ♪
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david: this is bloomberg "markets." i am david gura. vonnie: i am vonnie quinn. david: we want to get ahead -- check of the headlines from the apple event in san francisco. emily: the new iphone seven comes in a couple of colors, matt black finish, glossy black and rose gold, silver. one of the biggest new features is a new and improved camera, dual image processing. this optimaling image stabilization. it allows in more light, a higher speed 12 megapixel sensor. rattling off the specifics for the camera aficionados out
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there. there is talk this could usher us into a new era of photography. this camera now better than ever . the way the dual camera processing works, it takes two photographs at once and merges them together so it is writer and vibrant. reengineered hardware. water resistant up to 50 meters below the surface. a gps chip, and they can run with their apple watch without having to worry about getting lost. we were speaking earlier on the she was very excited about these new features, taking away from fitbit.
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new appleking at the watch. they are calling the new apple watch series two. we have seen new software, and of course, the big news is the iphone seven -- ironically apple leaked its own news on twitter at the beginning of the event, tweeting out photographs of the iphone seven and likely the leading the tweet. we knew this was coming. new apple watch. they are calling the new apple watch series two. we had reporting to this effect. now we have more details. >> a new stream of revenue from this event? emily: there is all this talk about increasing services revenue. now apple has announced partnerships with nike, nintendo. you can play mario on your apple watch. pokemon go on the apple watch. a lot of people very excited about that. that is why this software here
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is so important. apple not only meets to sell more iphones and apple watches, but needs the software to be better and better. also expecting a revamped apple music. apple music now has 17 million subscribers. we know apple music got off to a bit of a rough start. and others. spotify there has been management change within the apple music department. we are expecting a totally project that will hopefully bring in more users. services revenue will be incredibly important over the next few years as the smartphone closed down david:.
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apple has put some he hopes in the smartphone watch. to what degree are they resting support -- resting hopes on this? >> the very first product category. this is something apple is still very excited about. with the ceopeak and around each earnings report and suggest the apple watch is not doing well, they counter by dominating the market. it is a small market, but a market that is growing. the question is, will it ever be more than a niche product? i have four people around the set, and only one out of four were wearing an apple watch. we all have smart phones all smartphones,de our and it is not the same when it comes to the apple watch. the new watch is waterproof apparently. the most requested feature among apple watch users. is, can it he come
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a huge product category? we don't know exactly how many watches apple sells. we believe they sold 1.6 million in the first quarter. vonnie: emily chang. thank you. cory johnson outside the event now in the. will there be two refreshes, an iphone seven and then next year's major overhaul? cory: the product details will be the focus of the event. reason, as a for a people for reason, they want to sell phones. the details that our business audience and the analyst community is leading to dig into are the details around price,
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dates, many places they will try to sell this into. apple understands the only way to get the business results is a product that people want to buy. that is why this is all about sizzle and take. -- steak. vonnie: emily chang and cory johnson, thank you. donald trump lays out his plan for military buildup. we will break it down next. this is bloomberg. ♪
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vonnie: this is bloomberg "markets." i am vonnie quinn.
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if you thought the sharing wait.y was big now, just a new report finds the business of sharing everything from cars to apartment is set to surge. here is some of what we connect to seep. the shared transport market could grow to $315 billion. 60% of people could be taking part. a breakdown for what this means for internet companies, i want wait.ng in eric a new report finds the business of sharing everything from cars to apartment is set to surge. here is some of what we connect to seep. it seems like regulation and people getting sick of using sheridan. how did you arrive at those this. >> we looked at data coming in over the past couple of years. downloading on your mobile smartphones. the request see for which they use services. we try to extrapolate against the end market.
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how do people travel, get to work and home and back and forth. the ubiquity of those devices and applications, and a lot of ways cheaper and more flexible options would lead to greater consumer adoption over time. david: your looked at have traditional companies have reacted to this. how is this affecting traditional hotel chains? that if you have the democratic convention or the , that there can be a charge byess rate hotels. but now there is that much more inventory in the world. airbnb is putting more inventory into the surge demand being saturated by increased inventory in the demand. charge by hotels. but now there is that much more inventory in the world. airbnb is putting more inventory start with the travel
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companies, priceline. they have to compete with the all of thesenb and other startups. how have they been doing? >> the largest start up to date is airbnb. bought a company called home away. priceline is building out an organic business. so really when you look at the marketing budget and the impact of traffic, that gives some advantage over airbnb. airbnb is also the new kid on the block. so not exactly negative for the online travel agent these today, that probably most watched battle. the broader ecosystems versus standalone solo player. another issue is the
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regulatory battle these companies have faced. spending a lot of money to get regulation crafted in their future. when will the regulatory environment catch up to where they are rocco >> it is the biggest hurdle to adoption. consumers use these. it is regulatory. when you are trying to be a disruptor and going after incumbents, when you are looking at taxation and labor horses running tape certain amounts of money and a lot of incumbent revenue dollars, you will get .riction how this plays out is the biggest unknown. regulation has not state too far in front of innovation. we think innovation wins out. vonnie: what is more porton, the amount of market share -- more important. the amount spent is a lot higher because it is more of a boutique customer. >> it comes down to
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profitability. if it is not profitable, that is work.ing to you will need to see an environment grow up where people are profitable. we think all three players can be profitable long-term. sheridan joining us in new york. more of the research tomorrow. we talk about how this is impacting hotel accommodations. investor james glassman calling on fellow republicans to save the gop by voting for hillary clinton. this is bloomberg. ♪
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david: from bloomberg world headquarters in new york, this i amoomberg "markets."
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david gura. i am vonnie quinn. his dayrump ending detailing a proposal for expansion of military power. hillary clinton will speak separately at a forum on the military. this comes as an nbc poll shows trump leading clinton 55-36 among registered voters that are currently serving or have previously served in the armed versus. ringing in mark halperin. -- armed forces. -- we bring in mark halperin. starting with the event tonight. west side of manhattan, literally back-to-back. will he gets a bump from that? >> he has support. security something trump has felt from the
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beginning of the race. even though hillary clinton's resume has suggested a more traditional path to commander in chief. i spoke to her campaign manager. securityves national is a huge priority for a lot of voters and this is part of the message of they do not want message as usual. and that trump can argue he will be an effective commander in chief. you can bet donald trump will .alk about that nbc poll and he has a pretty overwhelming support from the military family. david: hillary clinton released an ad on this very subject yesterday showing donald trump talking about national security suggesting here that he is not resolute enough to deal with
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some of these issues. pulling her hair out figuratively, not liver not just trump's past but contemporary usage of language that is anything but diplomatic. donald trump would argue the country does not want that. they want someone who talks plainly. saying things have to fundamentally change. i continue to believe a lot of americans will look at the position and say we want nato countries to pay more. them to have a more mission that is more relevant. this is a test, an area where they would agree. trump would say i do not speak like a normal diplomat. clinton would say that is a disaster. polls are verye
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close but trump still has a deficit when it comes to african-americans and hispanics. >> i don't know that trump thinks he will win on the back of the coalition voters. he is looking to build a different kind of coalition, and if you want business as usual on foreign policy, his instinct has been that is not what the country wants. hillary clinton will argue i am certain that she did all the way through, that this is not the way america's president can conduct hit or herself and live to the office. >> gary johnson will be on your show tonight. what can we expect to hear from him tonight? >> gary johnson and his running mate, both governors of democratic leaning a are arguing
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people should look at them as an option at a time when we have record high disapproval numbers for both major party candidate. without a doubt, there is an opening, but they need to get better. appreciate that. an interview later with gary johnson. 5:00 p.m. wall street time. attire -- retired generals signed an open letter supporting donald trump candidacy. just last month, former security officials released a letter warning against a trump presidency. those opposing, only a few have said they will vote for hillary clinton. longtime republican served in the george w. bush administration. i want to read a piece that you wrote. you are here that keep that.
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the right thing to do is to take the next steps, don't just say you will not vote for him, but against him. i cannot tell you how many republicans and government have refused to say they will not vote for him or support the republican nominee that will not name him. been so thorny and what does this say about the role of politics? >> i think the party has been quite weekend. part of it is money and part of it is the fact that we change the rules on primaries. get someone like trump or bernie sanders who is not even a democrat coming very close to getting the nomination. effort a lot of time and trying to pave the way for an independent to run this time, and it did not happen. the rules are stacked against an
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independent. it is absolutely a choice between donald trump and hillary clinton. i think donald trump will be a disaster as president. beene: donald trump has announcing an increase in active military and navy ships and so forth. are these things the country needs? hillary clinton will argue against spending caps in that area as well. >> yes, mrs. clinton is on the side of the stronger the end. a lot of this comes down to not just policy but temperament. donald trump does not have the temperament -- you referred to that letter from the 50 experts in foreign policy, people who served in republican administrations, two heads of homeland security, several of state.
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one thing that talked about is donald trump does not have the values orrick. to be president. they also said he would be the reckless resident in american history. we cannot really tell, but certainly judging by the way he is conducted his campaign, i think that is a pretty good guess. i do not think americans want to tolerate this type of ring. vonnie: what about the actual details of the plan? do we need more active military? >> i think the big difference between clinton and trump on military national security is that trump once the united states to have a smaller role abroad, and mrs. clinton once the united states to have a traditional bipartisan role abroad. it was john f. kennedy who said any price ord pay will pay any price, bear any burden for freedom around the
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world. , think that is a great american idea. it is an inspiring one. i hope she talks about that tonight. wants to do ismp forms, become isolationist. think mostn't americans want that. >> last question about the outreach the clinton campaign has been doing to people like you, people who is associated yourself with the republican party for so long. we have not heard from tech terry rice and bob gave on the selection. what can the campaign due to get more people to his ego to make the endorsement known? think most americans want that. >>should the campaign be doing more? >> let me say, i do not work for the clinton campaign and really have nothing to do with the clinton campaign.
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we started our own little organization called republicans were clinton. we are trying to do our best on a grassroots level. what i said to my new york times he's was there are lots of lots of people that feel the way i do . the polish shows roughly a quarter of reggie heard republicans have a negative view of donald trump. view of donald trump. we are trying to get them to move from saying never trump. either i won't vote or not going to tell you, to declaring themselves as opposed to donald for mrs. voting clinton. already there are five or 6 million republicans who say they will vote for mrs. clinton. pretty financial. i would like to see it up to 10 million and donald trump defeated. he is not the kind of person that should be president of the
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united states of america. vonnie: our thanks to you. coming up, the apple ceo tim cook announces the iphone seven, calling it the best ever created. we will be to a big apple ball on wall street next. ♪ -- bowl.
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vonnie: this is bloomberg "markets." i am vonnie quinn. david: we are keeping a close eye on the apple event. unchanged.
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tim cook called the newest iphone the best iphone ever created. image stabilization and wireless headphones. cory johnson has more. get us up to speed. besthis is the second iphone. of course it is the best. there are interesting development that i talked about with the phone. my phone inraded two years. later it is twice the performance and cap power consumption. for this phone to more in terms of among other things, processing audio better. we've been looking for ways to create better experiences for
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the users. the all-too-familiar air beds, the central part of their advertising campaign are out. this is something they call the air more in terms of among other things, processing audio but, a wireless headphones that will work across apple , whether it is the mac to the ipod to the phone, you name your device. part ofthe seamlessly this we will see. they tend to get things right more often than not. users will see out in them marketplace and while say i need to get that to stay current. vonnie: we want to bring in one on wall street, brian white. joining us since judeo. david: let me ask you about the event. -- joining us in studio. where are we in the cycle.
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you have talked in your commentary about how there is a doom story. there is increased seasonality. where does apple see us situated right now? >> i think what we saw today was solid upgrade. it will not be the size that we saw with the iphone 6 in terms of the growth in september 24, but i think it will return apple to growth. growth,ooking for iphone unit growth in fiscal 2017 in total. these are solid upgrades. dual camera on the seven plus. you brought in a new color with jet black. >> water resistant is pretty much a good upgrade. do people by this time and the next time? this is good enough to upgrade,
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especially if you did not upgrade last time, but you will want to buy one next time, to. is thetechnology, this issue we always have. we could always wait and get the better product next year. the 10th anniversary. .t will probably be a big deal a lot of people just cannot wait. since so many people did russian , and apple saw 37% growth, though many people rushed in september 2014, i think there will be an upgrade cycle. we are not looking for 37% growth that we saw in 2015. this is nice because you have a cycle that connects and beyond a single iphone. you have the seven and seven is next time. i think it would extend a little longer. got news have not
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about pricing or availability. there was concern a few months back about the supply chain. how concerned are you about what we saw today is the taiwan supplier was significantly above what we have seen historically for august. it was about what we saw last year. i think availability will be pretty reasonable. with apple, there is always some component that has an issue. in the supply chain we did not see the big bump up in july and august. the sheer we did. i think availability will be fairly reasonable. >> brian white. the biggest apple bowl on the street. cory johnson, thank you as well. vonnie: gone are the days when
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anti-capital was asked -- condemned to penny stock existence. the company announced it was adding cyber security john mcafee to the team. for more on the mcafee effect, we will hand it over to our colleagues in radio. kathleen hays and pimm fox. >> they annotate sort of security program. i would like to welcome all of the bloomberg television audience. we are here with a special guest. i am pimm fox. mike colleague kathleen hays. jordan garrity. a columnist for investor pdf. mcafee.us now is john the first commercial program for computer security. he has worked for nasa, lockheed him now.ant to welcome
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he is the incoming chairman and incoming chief executive. thank you for being with us. i have to first say that when i mentioned to people you would be coming in and we would be speaking to you, there was this blurring of the line between your personal life and your business life. i am wondering if you could clarify any of the issues, and i know we only have nine minutes, so it will not be that long, but can you verify the issues related to your time in belize, guatemala, and what you are my time inoing? >> belize i am afraid we'll never get clarified. out with ais coming movie on the 24th of this month. by a man whouced is one of the people who has made a life career out of trashing me. in this movie apparently, not
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only am i linked to the murder they wanted to link the two in belize, but i think multiple .ore it is liable to get very interesting. it is the third world banana republic. you can go down there and make any tory you want if you pay .our interviews so they have a story in mind and .reated a fiction my business life, i have been in cyber security forever. 48 years. it is the one thing i love. i love my personal freedom and cyber security is the rock on which all of that rest this day and age. mgt, when i became the ceo, we throughout the existing products and became appear cyber
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security firm of. date one the most up to the planet. >> google became of verb that means to search. like that. name you associate with computer security. that wille technology set this new venture apart? >> i invented the current technology. it started with antivirus technology in branched out to whole system of problems involved in finding malware. by the time you find malware, it is too late. the office of personnel management was hacked into thousand 13. 21 million records were taken. they did not find out until 2015. all of our products today are
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reactive. i am developing an entire line of proactive products. all of my friends are hackers. i started off fighting hackers, but as i got older i got a grudging respect. they asked me to keynote devcon, the worldwide hacking convention. i have hired a bunch of hackers to help me. why gecko because they are the ones doing the hacking. if you are going to build the best bank vault, you will hire the best thankful hacker, aren't you? otherwise you're going to miss something. the proactive products are catching hackers within the first few minutes. it takes hackers months to get what they want. for because they are the ones doing the hacking. if you are going to build the best bank vault, you will hire the best the first few days thee just probing around.
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since i know how hackers work, within 10 seconds of a hacker sniffing your system, we have identified it. we find out where he lives, what technique, and we send in an to say you have a hacker in russia, do something. we are the alarm company. infinitely preferable to waiting till the malware gets in, destroys the database or shuts everything down and a man's $100,000 before they can >> inlant the malware sermons -- in terms of some of the people you're brought on, the chief technology officer has talked about trying to leverage social networks in terms of the security products. is there anything you would care to discuss about how social networks are featured prominently in terms of the ericntative products? >>
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, i've -- eric anderson known him for years. he is one of the most romantic programmers i have ever met. he was responsible for the artificial intelligence for grand theft auto. brilliant. what he has developed is a platform using social encryption. this is a brand-new concept. it will eventually replace the internet, i am sure of it. social networks, what can you say about it? for example, facebook. kids go to facebook to get news now. half the news is written by , which is really not satire when you say zombies just invaded a walmart in lexington, kentucky, and eight three people, and it sounds legit, right?
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young kids are getting smarter. people are getting dumber by putting information on social media that will come back and bite you. where it is going, i do not know. ilook and twitter are just the beginning. virtualt into the reality systems being built by japan and china, and i have tried many of them, unbelievable. the world will change radically. we will be having remote relationships with bodily contact. one person is halfway around the planet. wonder if you can talk about intel. talking about securing your
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identity. you are trying to secure your name. what is going on between you right now? >> there is only one piece of paper signed by john mcafee the individual and john mcafee andciate for the companies i signed both of them were it only gave rights to mcafee antivirus, that one name, that one thing. intel has rolled it out to every product in the world. i am not mad, but when they told me i could not use my name, i make youaybe i will not use my name either, because you don't have this right. is my identity. some people know me as john mcafee. >> you are pushing for the government to create a cyber
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security defense. is the number one thing the unitedesident of the states should do? >> this is very topical. i went on rts and called president obama clueless because of the g-20 summit the day before he said america is the most advanced nation in the world for cyber security, way ahead of china and russia, and he said the nation state must work together to restrict the weaponry.cyber the first thing i said, if we are the most advanced nation in the world, then we're all doomed . for example, a 15-year-old boy four months ago hacked into the fbi and walked off with every undercover agent photograph, fingerprints, name, social security name, and address. so yes, we are not number one. secondly, this is not a nation
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state issue. >> john mcafee, we thank you so much for joining us. you will have to come back and on this conversation. john mcafee, we also think dave garrity. we think our bloomberg television audience as well. .> kathleen hays and pimm fox speaking to jim mcafee on bloomberg radio. i am david gura. product event has just ended in san francisco. the big announcement, the iphone seven and seven plus. the devices will start at its hundred $49 and $749 respectively and will start shipping later this one. a new apple watch also unveiled. in the with more. starting with the headphone derivatives. they are not going to be cheap. what is the market for them?
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i think the market for them will be big. what we have scenes -- what we've seen is that it has been a race to the bottom. the performance has been kind of week. the notion of the move toward wireless, specifically with the focus in designing to manage wireless and the bluetooth connection across these devices bodes for help this may be a really strong product as well as our colleagues have noted with e-mail to us. they tend to get lost. two for every two years over the lifecycle of a product. >> i was going to say, if you come in the they $769 for the seven plus. do you get a bluetooth connection or what you have to it will separately? >> come with a new phone just like then old airfone but it did.
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they will ask band that to the beats wireless product line. beat product line that will incorporate the apple technology. again, if you want to think about this from a wall street perspective, what this means, the expectations were the expectations of wall street. now we know there is an f8 with the waterproof capability, branding and with nike. i think that is important, particularly with nike because the best case use thus far has been what we've seen with fitbit. not waterproof unlike the new watch. beats that the

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