Skip to main content

tv   Bloomberg Markets European Close  Bloomberg  September 15, 2016 11:00am-12:01pm EDT

11:00 am
julie: you are watching the european close on bloomberg markets. ♪ you fromwill take washington to paris and cover stories out of new york, the u.k., and china in the next hour. here is what we're watching today. england policymakers indicate there is still a chance of another rate cut this year. what is the long-term fallout from brexit? we ask a former bank of england deputy governor. julie: what is donald trump's economic vision for america? he lays out his proposal this hour. we take you live to the new york economic club. former ecb president gives his perspective on the euro area economy and its central bank policies. should the ecb extend its qe program? that is coming up.
11:01 am
have a look at european equities, under 30 minutes until the end the thursday session. go whether the stoxx 600 will avoid dropping for a sixth day. it is been a volatile session. that is the worst losing stretched into february. global macro movers, these are the worst performing equities and sovereign bonds, commodities. it is principally a red day today. check out shares were hire downer, they are lower now by 1%. this is six years after leaving the firm. yesterday they named them their chief executive. resigning as an unexpected move as chair as well, morelli joining for bank of america just as monte paschi is repairing ditch effort.
11:02 am
shares are lower today this year sunkhave some by 80% -- by 80%. by 4.5% the most since the end of june. it reported third-quarter and august sales below estimates. the company says august had a good start at sales were negatively affected in the second half of the month by exceptionally hot weather in most of the groups markets. tech, we atr in the the latest data .2% for august in line with earlier projections. they expect the contribution from transportation costs in september to drive the headlines to .5 percent from .2%. that is well below the ecb
11:03 am
target of just under 2% -- the ecb forecasting inflation of 1.6% at the end of 2018. i thought it was at to put over to put over this chart the blue line which is draghi's preferred inflation gauge. . it measures expectations as you can see, from that chart, this blue line is near an all-time record low. today we're at one point 30%. inflation is proving sticky around zero. expectations at near record lows. what is it going to take to boost inflation in the euro zone? that is something we asked the former president of the ecb in roughly 15 minutes. minute into the trading day
11:04 am
in the united states let's get to the markets. >> one thing that will not help expectations, retail numbers. i will get into those in a minute. those were what modes the market earlier. screens are after some fluctuation this morning we're looking at risk on behavior across equity markets. by a sizable amount take a look at the nasdaq almost up 1% off some gains pretty good across the technology space especially apple on a real tear the past four days. the s&p and dow jones up about half a percent. i want to look at what happened this morning. this was an interesting both. it could be indicative of more to come. look at retail sales, we had sales numbers in the u.s. and numbers in the u.k.. there is a big difference here. you can see that the ones here pretty much missed but worse than expectations. with of the u.k. numbers, actual versus estimate retail sales
11:05 am
beat overall and a pretty solid in terms of auto and gas. hear what this means in terms of treasury yield and u.k. bond yields. what you will basically see is a bit of a jump in those fields afterwards. the question is why exactly is this happening? on the u.s. 10 year but you can see a big jump after those numbers came out. if you look of the u.k. numbers this is maybe what was happening. still a higher yield that it was early this morning. it has paired some of those losses. that is what is happening because you can look at the yield moving up across the world. julie: thank you so much. let's now check in on the bloomberg first world news this morning. -- first word news. jeremy corbyn says his labor
11:06 am
party is looking to norway for answers when it comes to brexit. he spoke to bloomberg in a exclusive interview. >> and be regular and a great deal from them. it does have a successful expanding economy albeit largely based on oil. it is a much smaller society than ours. nevertheless they have a very strong social democratic tradition. they have a huge and effective welfare state and health service. the model of their social economy is nothing different from what we in the labor party talk about. corbyn is campaigning to keep his position as the head of the labor party. the government had signed off on french utilities proposal to build two new reactors for $24 billion in southwest england. the prime minister theresa may had decided to review the
11:07 am
project. there were concerns over the cost and over china's involvement. donald trumpon and are virtually tied to the latest polls. 44% andtops from 46% to a two-way matchup among likely voters who lean towards a candidate. when third-party candidates are included, the race is tied with trump and clinton backed by 42% of likely voters. longtime physician says the candidate is in superb health. detailing for the first time specifics on his cholesterol, blood pressure, liver and thyroid function also do showed normal levels. some details of his health were first revealed yesterday on a doctor on show taping which will air today.
11:08 am
mark: thanks a lot, let's get back to the debate over monetary policy. the bank of england has decided to hold the rate steady now but holds the door open for a potential cut later this year. now, a former executive director and chief economist at the bank of england thank you for a much for joining us today. before we get to your viewpoint about stopping for lying a monetary policy can i just ask about today's monetary policy meeting at the bank of england. what do you think the boe has got left in its toolkit? how should it use it if it is needed come the end of this year and into 2017? >> it certainly has room to go further if it needs to. it can cut rates a bit more. it can't keep cutting them because the comes a point where banks will substitute to cash. that number is probably somewhere around minus one. before you get to that you would
11:09 am
be worried about the squeeze on bank profits from continually lowering bank rates. that was why when i was on the committee we stopped at half a in early 2009. of course, recent action has backed up the rate cut with this funding scheme. to try to make sure that it passes through and offsets any impact on banks margins. there is some room there. they can certainly do more in the live asset purchases. the problem is, the more you go into that if you stop a buying private assets you start raising economy questions. there comes a point where other policy actors need to pick up the slack. mark: of course, we are talking about the government here. this is the perfect end to discuss the statement at the end of november. what would you be calling on to announce when that pivotal day
11:10 am
arrives? i will take a pass on this. i've just been promoted which means i'm not allowed to make recommendations on policy. wherer, we are in a world given circumstances and particularly if the economy slows significantly because of affect.rendum if businesses are holding investment on the uncertainty about the trading regime, may consumer spending eases a bit as the exchange rate depreciation comes through. it might well be appropriate for some fiscal action to be taken. the laste virtues of five years of so-called austerity is that the chancellor now has some room to take some
11:11 am
temporary fiscal stimulus if he judges that is needed. the one thing i would emphasize is we are very much in the position of really waiting to see exactly how the economy is evolving. there is a lot of people leaping the economy shrugged off the effects of the referendum. they are putting a lot of weight on a couple of months of business surveys. it will be sometime before we can get a really good picture of what impact the referendum does have on the u.k. economy. julie: i was going to ask you about that i am curious of what we have seen recently. you retail sales on the one hand this morning home prices have started to come down a little bit. on the other hand, what do you think is going to be most important? what indicators are you going to be watching in the coming months to try to suss out what the effect of this has been? immediatebviously the
11:12 am
impact of a referendum was on asset prices and particularly the exchange rate. i think most commentators expected that if the vote went the way it did then boots he depreciation of sterling and indeed we have seen sterling fall by 10%. the next thing you want to be focusing on is what is happening to business investments. i would not expect consumer spending to have slowed sharply at this point. after all, half the electorate voted to leave. businesses who are lucky to put in plans on hold particularly if they are companies that might be trading in the euro zone or foreign ofpanies thinking that it basic activities here. that is really the key next signal. we have some signs of investment intentions.
11:13 am
until we start getting some hard data later on in the year don't think we will really know exactly what impact it is having. mark: charlie, thank you for joining us today. the former executive director at the bank of england. julie: coming up next we talk much more about potential banking. president will speak with us. we get his take on what brexit means for europe and what to expect from the fed next week and much more. ♪
11:14 am
11:15 am
boe holds rate steady the announcement comes just days after the ecb kept policy unchanged disappointing some investors.
11:16 am
now, investors are turning their attention to the u.s. federal willve and the boj which discuss the future of monetary policy. turning now to discuss the challenges facing the global central bank is former ecb president, good afternoon sir. thank you for joining us. >> good afternoon. describe theyou market reaction to the ecb's indecision or in action after -- last thursday? since then we assume a sell off and equities, you seem bond yield a backup. does the ecb truly disappoint the market? >> well, first of all the teams anme that it was not indecisive posture. it is a decision to say as has been said clearly it seems to me
11:17 am
that we're doing a lot we continue to do a lot. this qe rhythmn which is very important. of course a lot of good reasons to think that it works. that being said we look at it again. me ishe main message to really, clearly, the central bank cannot be the only game in town. we have a number of other partners, governments in the private sector that have sops to plate -- sought to play their own role. this is true in europe and the teams to me in all advanced economies. there is a tendency to consider the central banks of the only game in town which is of course not true. it is could be central banks are
11:18 am
expecting the other partners to play their own game. eurozonek at today's cpi data which remains at .2% in august, the same as july. the ecb is still a long way from achieving its inflation goal of just under 2%. the you think this -- mario draghi with achieve reaching his inflation goal by the time he leaves his tenure at the ecb? know,laude: well as you we are rezoning medium-term when we speak of price stability. that is, by the like, more or less the universal definition of price stability. all the major central banks are only 2% line. of thelast projections ecb company two years inflation
11:19 am
is in their view at 1.6%. we will see exactly how inflation expectations anchored in the quarters to come. what i really think is that there is certainly policy which an anchoringliver of the inflation expectations. it is not easy, obviously. as soon as the price of oil and it number of commodities goes up you will see inflation going up. of course, it also changes the mood. we are still at a time where you timea very low for a long price of oil. and a number of commodities, i expect things to be very different.
11:20 am
thaty case, it seems to me it is extremely important that the central bank continues to say i am doing all that i can. and it is, as you know, and enormous effort which is made. it is criticized by some. the central bank says we continue to do all that we can to anchor expectations and in my opinion they will deliver. i want to turn to the united states and to the fed. here we have not seen inflation rise to the fed's targeted level just as it has been in the european union. if indeed the easing we have seen, whether in the euro zone or here in the u.s., doesn't seem to achieve that why keep going? why not raise rates in the u.s.? why not start to taper qe in the
11:21 am
euro zone? again, we should short-term it on a basis. on a short-term basis there are a large number of dimensions that are influencing the inflation immediately. what counts is really the and the incorrect of inflation expectations in the medium-term. would be the counterfactual. both in the u.s. and in europe. if the central bank had not embarked on their policies, where would we be? where would be the inflation? where would be the anchoring of inflation? i taketh that it wouldn't have been done on both sides of the atlantic has been effective in terms of putting ourselves in a situation. now, it is up to each central
11:22 am
bank to judge the situation. on both sidessame of the atlantic. the cycle is not the same. we had our crisis of the sovereign risk. he had considerable influence on the business cycle in europe and was not observed in the u.s.. normal that the question asked to the central banks are different on both sides. we will see what the federal reserve will do with the open market committee. confidence in their decisions. again, it has to be done on the basis of the u.s. situation which is not at all that -- is onethe decision thing, the communication of the decision is another. we have been speaking with many investors recently who say they are confused by the communication that the fed comes out with not only the official
11:23 am
communication but also fed the speeches in between the meetings as well. situation of a no-win when it comes to fed can medication? are there things that fed members can be doing better? jean-claude: well, it is relatively easy to communicate when you are in a very clear situation. when all observers and members know veryen market an clearly where the situation is headed in way you have no great doubt on the direction. so, that is easy. there are others that are much more complex. a multidimensional situation with very different parameters going in different directions. in such cases you have to make up your mind. as you know, these colleges, the
11:24 am
mind is not the mind of one person. it is the mind of collectivity of the collage. then of course you have to wait for the very moment of the decision to have the decision because that synthesis has to be made upon a lot of different parameters. we don't have new information that is coming to the decision body. of course, the collective wisdom is very important. it seems to me that we are in such situations. mark: i want to get a few on the future. do you believe the ecb will extend or expand the bond buying programs? what are the other measures it can implement if necessary in the future if it isn't achieving its objectives? all, whate: first of
11:25 am
they have already decided is so powerful, so important, and the impact is so visible on many minor damage and -- many many dimensions that could increase the stand into the private economy. theou will never muster situation i think anything can happen. thisow by experience that can be very demanding. then we would see. i have confidence in them to take the right decisions. what it absolutely clear is maybe at a certain moment they have a problem with the amount of purchase. even if that means staying at the same level. and they might take decisions the would facilitate continuing to but they're still doing on the basis of the purchase of securities.
11:26 am
they might imagine something else. i would not necessarily recommend myself any degree of that. we have already extremely low negative interest rates. panasonic think was a right decision to take but not necessarily a good decision to amplify in the future. i have to interrupt you, because with come to the end of our segment. thank you very much for joining us today. it has been an absolute pleasure. julie: still to come we hear from donald trump he will speak about his plan for the future of america's economy talking about a corporate tax cut. we bring you live. ♪
11:27 am
11:28 am
11:29 am
you are looking at a live shot of the economic club in new york city where donald trump
11:30 am
will deliver a speech on his economic policies. we will take you to that event in just a moment but there are some headlines of the trump campaign manager released ahead of that speech including a plan to lower the corporate tax rate to 15%. also to lower the tax rate broadly for a number of different americans paying for that in part by cutting some government programs notably some at the environmental protection agency. mark: we're at the end of the thursday session, expectations for september u.s. rate hike fade. europe risingin today ending five consecutive days of decline which was the worst losing stretch cents -- earlier we were down for a six-day which was the longest cents february. at the end rebound of the day. that is led by insurers. and basic resources and financial companies also, a big
11:31 am
gainer in europe wm morrison supermarkets biggest again since october 2015. it reported estimate beating results and said cash flow targets will be exceeded as it starts it revival under the in the new chief executive. the first half shows progress is being made underlying that around 11%. second quarter, same sales growth at 2%. it was the strongest of any major u.k. supermarket since 2014. shares up by 7.8% postop in light of the policy decision from the bank of england and stronger-than-expected u.k. retail sales figures yes we saw a decrease in the last month but it was ahead of expectations. i thought we would look of the economic surprise index for the u.k. over the last few years now.ing this right
11:32 am
this telecine us anything can above zero that the data is beating economic forecasts. we were around zero when the u.k. referendum took place on the 23rd of june. since then we risen to the highest levels we have seen in three years, confirming the data on balance as beating expectations. today's beat was on retail sales , the figure the estimate from economists was a decline of .4%. quickly, i want to show you the wonderful work function, world interest rate probability which show to the expectations for a u.k. rate cut in the bank of england's november meetings. the probability of a cut now is 60.7% before the meeting today. expectation was 14.8%, visit expectations of a cut this year are in place as long as the economy continues to perform as they expected in august.
11:33 am
we want to again tell you we are awaiting donald trump, he will be delivering a speech on economic policies in new york. we will take its that the event when it begins. in the meantime we want to check on u.s. stocks. the nasdaq in particular is performing well. the s&p up about 8/10 of 1%. tech has been a big part of the rally. it has been performing well over the past couple of sessions. abigail: yes, we certainly have the nasdaq in full rally mode at this time up 1.2%. tech is the best performing sector but all are trading higher so it is a broad-based rally. after the recent volatility, will we see more choppiness to come? for thetoday's higher nasdaq in a row. could that choppiness return
11:34 am
especially the one for apple. ofis now that higher four the last five trading sessions helping them -- the nasdaq trade higher. interestingly will we going to the bloomberg and take a look at hashtag, there was one that does not contain apple that is the dow transport. we see a big divergence between the nasdaq any dow transport. it has put in low or highs typically that our bearish. when we've seen these in the past the nasdaq has tended to follow the dow transports. will that happen again? we don't know, but it is worth taking a look. speaking of apple, it has been a big boost. it is been helping s&p. why hasn't been doing so well? amazing, thes
11:35 am
sentiment really shifted. right now we are just in a bullish mode for apple. the company is saying the initial quantities of the iphone seven loss sold out in week -- seven plus sold out in record time. they said there were strong demand for the iphone seven. chip orders are better than expected. it looks like this iphone seven could be the thing to return apple to return apple ii growth. we not only have apple hire we suppliers. the chip 11% over the past four days the best again cents april 2014. so hugesky works up 15% strength here for apple and the apple suppliers really helping out the nasdaq. ande: thank you abigail, needed is we keep a check of the markets. in the meantime let's check in on the bloomberg chris world news -- first word news. president says the
11:36 am
future of europe -- france's president says the future of europe is at stake. said european leaders must underscore the eu's benefits and values. he also called for greater joint defense capabilities. eu leaders meet tomorrow in slovakia. the cease-fire appears to be holding in syria. the problem now is getting food medicine and other supplies into a aleppo. government troops and rebel forces are preparing to withdraw from one of the main roads leading to the city. russian troops with then take over keeping it open for aid convoys. switcher lives central bank is keeping its negative interest rate on hold. the swiss national bank left the deposit rate at a record low. it pledged to intervene in the currency markets if needed. the bank a says the brexit feelings clouded its view of the global economy. typhoon battled
11:37 am
the city. expected to weaken as it moved in land. earlier, the type of left two dead and 30 injured in taiwan. more than one million households lost electricity. part from the malaysian airlines flight washed up intensity of. it was founded in june and confirmed it was from the missing aircraft. aircraft vanished with 239 people on board during a flight from kuala lumpur to beijing in march 2014. julie: thanks, turning back to politics hillary clinton is back on the campaign trail after a bout of pneumonia. the timing couldn't be better with less than eight weeks to go until the election a new new york times poll shows trump
11:38 am
closing in on clinton trailing car now by only 2 points. donald trump is back in his home state where he is expected to speak of the economic forum in just a few minutes. people are filing and prepared to give that speech. as we wait we are joined by bloomberg's -- he covers politics and economics for us. it is great to see you, we have a few details of the trump plan going into this speech. any big takeaways from this? and he surprises? the question for eric cantor's this point in the campaign is how will you pay for these things and you promise? he is promising 3.5% growth that is extraordinary. hasclinton campaign declined to give a number where the sea economic growth getting in the future. jeb bush said he would get us to 4% that was hard to emagin. 3.5% isn't much easier.
11:39 am
it does he like he is becoming paul ryan on fiscal policy. he has adopted the republican proposed tax brackets and looks like he brings in the corporate tax rate down to 15%. he just he will do that for both corporations and past corporations. any partnership you get which is about half of the revenue for american businesses will be taxed at 15%. the other thing that struck me really is that his approach to cutting spending, how are you going to pay for this? is very similar to the kind of spending cuts that the house republicans proposed in their 2012, 2013,sal 2014. donald trump called at the penny plan. he will reduce nondiscretionary -- sorry, discretionary nondefense spending 1% a year
11:40 am
over the next 10 years. he doesn't say how or what will be cut because that is where the rubber meets the road. that is really hard thing is. he just has we will reduce it. this is similar to paul ryan's budget resolutions three for years ago to the will reduce the size of the budget relative to gdp but will not actually walk you through the specific way in which we will cut expenditures. julie: it sounds like what you are describing is less sort of can talkrumpian, if we about things in those terms and more so classically conservative. is this a play to get those voters who have been alienated by aspects of his campaign so far? >> i think that is absolutely right. one thing is he has recognized he must work with republicans in congress of the should come up with something he can get passed with them. it is almost as if he's outsourced this part of his
11:41 am
campaign to republicans in congress. i think it is important that we think about the venue in which he is giving this speech. janetthis institution, yellen spoke at this year, antonin scalia a spoken it this year. oriole druggie spoke there, going to that beautiful podium and speaking is a sign to a certain kind of republican that has been concerned about donald trump because he is a very serious man. focusit all comes as the of donald trump and hillary clinton continues. now we understand that mr. trump as i quoted, his excellent physical health so says his long-term doctor. finally, we have some tests to back it up don't we? >> but what is he packing, to 67 -- 267? disclosure in the
11:42 am
standard sense. that is what it is so fascinating what the way in which donald trump has been rolling this out. hillary clinton came out with data from her doctor several months ago. donald trump responded with a paragraph from his doctor then said he was going to release his data when he in fact with lisa and talk aboutz, it in a show. it is hard when you're talking about health to compare apples to apples. we don't have that with the health data with two of them. julie: i wanted to mention brexit. at mike pence, who is introducing trump. we will be listening in. there was also a q&a session that will be after this economic speech. do you think we will get any more details on where exactly we might be seeing some cuts here?
11:43 am
if indeed this does follow a more classic conservative playbook are the usual suspects? >> i suspect that we get out of the q&a is a discussion of how you measure economic growth when budgeting posted this is something republicans in congress have been pushing for a long time which the idea of dynamic scoring. don't just use arithmetic, you use the possibility of future growth and how that will affect revenue. what we will find is his proposal was a dynamically scoring this is going to produce a lot more revenue in taxes than if we don't first of this has been an approach that the congressional budget office has been reluctant to adopt because once you get into using calculus on the budget instead of arithmetic and you have all sorts of discretionary judgments you can make. it is basically what are the multipliers on spending cuts, tax cuts, infrastructure spending? you get a letter disagreement
11:44 am
among economists. i suspect it will be a discussion in q&a about dynamic scoring. meanwhile, hillary clinton is back on the campaign trail after her health episode. of trust, the issue of transparency remains. how much damage has been done to the clinton campaign in the last four or five days? >> it is so hard to look back over the 20 years and figure out which came first the chicken or the big -- egg? it is certainly a secretive campaign. and yet at the same time, they have released a lot more data on plans on health on taxes than donald trump has. so, yes it is a secretive haveign and all of us who covered the obama white house have recognized just a difficult it is to get information out of
11:45 am
them. they're just as tightlipped as the clinton campaign. i think that a noise reporters in we get bothered by that. howe are trying to look at much data has been released by each campaign what you are looking at is there is but a lot more actual data released by the clinton campaign than the trump campaign. the one thing and looks like he is trying to address with this speech as we know she produces reems of policy papers. i know this they are long and have for notes. the trump campaign has been more cherry with the details. i think what we see in this speech is much more detail on tax brackets. it, thatill he pay for is the one question i want to ask of both candidates constantly. the: let's listen in to labour party leader here, jeremy will give us exclusive interview earlier and he was fairly outspoken against mr. trump. jeremy corbyn: donald trump
11:46 am
can't offer you anything other againsthetoric minorities or against mexico or against muslims or against any particular identifiable group. what you have to have is a government prepared to promote intervene, but the government above all that cares for everybody not just a few. mark: is donald trump promoting investment? is donald trump caring for all social classes, as the leader of the labour party would like him to? here, am imy job supposed to defend donald trump against jeremy corbyn? you put me in a strange sandwich. there is athat long-held tradition in american thought that says if you reduce taxes you encourage economic growth. some skepticism about that more recently. one of the things we're learning
11:47 am
is that central banks have been looking at different people respond differently to the same economic stimulus. tax cuts are more effective at creating growth of their targeted at lower earners, people more likely to spend the money immediately when it gets into their pockets. i can't look at donald trump and say this is insincere. many republicans sincerely believe what you have to do is get money back to people and they will spend it. i don't think it is fair to say all yes to offer is angry rhetoric, about minorities. certainly, that is some of the things that come out from him. definitely from some of his supporters. there is an economic plan here, that is one of the interesting things about today. there are details. this is one of the things we have been waiting for for his campaign. i think it is probably a step too far to say as jeremy corbyn does the donald trump has nothing to offer except angry rhetoric. he is adopting the chu piece
11:48 am
points and is agreeing with congressional republicans have to approach fiscal issues. it looks like trump is on the verge of coming out here. he will get into the substance of the speech let what would you say is the biggest point of difference between his plan and economic -- hillary clinton at economic plan? >> growth through tax cuts, that is obviously not her approach. julie: a classical republican versus democratic approach to the economy. dewey wants to start listening to mr. trump now? all right, let's listen to his economic speech at the economic club of new york. donald trump: i don't know where to begin, that is a good feeling. we are, cnn just came out, we are leading nationwide with cnn. i're leading in ohio and think it just came out we are leading in north carolina,
11:49 am
florida, and we're having a lot of fun on the campaign. it is wanted to say that, when people of fun don't of the teleprompter working but that is ok. [laughter] lucky about some notes. i want to outline a plan for american economic revival. it is a bold and ambitious looking plan to massively increase jobs wages income and opportunities. the great people of our country, i plan will embrace the that people floors under a minimum government burden, and will tap into the incredible unrealized potential of our workers and their dreams. now, 92 million americans are on the sideline outside of
11:50 am
the workforce. they are not a part of our economy. it is a silent nation of jobless americans. look no further than -- i mean no further -- all your use look at flint, where i spent a lot of time. the city of flint. place.disaster has taken the jobs have been stripped from the community. its infrastructure has totally collapsed. in 1970 there were more than 80,000 people in flint working for general motors. today it is less than $8,000. -- 8000en people people. little.making very people are trying to go down to asat $8,000 mark, ford h
11:51 am
announced just yesterday their moving a small car production facilities to mexico. about this talking along while vista may be that as are doing so well in ohio and michigan and lots of other places where cars and parts are involved. is moving at ford small car division is a disgrace. it is disgraceful that our politicians allow them to get away with it. [applause] trump: it really is. it is to be that cars were made in flint, and you couldn't drink the water in mexico. mexico andre made in you can't drink the water in flint. [applause]
11:52 am
donald trump: we're going to turn this around. my economic plan rejects the keepism that our jobs will leaving. and that our economy can never grow as it did once before. boy, did it used to grow. the pessimism that says our standard of living can no longer rise, and that all there is left to divide -- frankly, we're looking at an economy now of no growth in redistribution of wealth. that is not going to work. everything that is broken today can be fixed. every failure can be turned into
11:53 am
a truly great success. just look at the way i just melded into the teleprompter that just went on. [laughter] donald trump: who else could've pulled that off, ok? [applause] stopd trump: jobs can leaving our country and they will just absolutely start pouring in. it can happen. failing schools can become flourishing schools. crumbling roads and bridges can become gleaming new infrastructure. inner cities can experience a flood of new jobs and investment. way tocrime can give save and prosperous communities. all of these things and so much more are possible. to accomplish them, we must replace the present policy of -- it is taken so many
11:54 am
jobs are never communities, and so much wealth out of our country. we must replace it with a new policy of americanism. [applause] america first, remember that. [applause] under thisp: american system every policy decision we make must pass a simple test -- does it create more jobs and better wages for americans? it is a test. if we lower our taxes removed destructive -- he struck the regulations and we have to do that, unleash the vast treasure negotiaten energy and trade deals that put america first and there is no limit to the number of jobs we can create and the amount of prosperity we .an unleash america will truly be the greatest place in the world to and create new
11:55 am
jobs new technologies and entire new industries. instead -- thank you. [applause] donald trump: instead of driving jobs in love the way america will become the world's great magnet for innovation and job creation. my opponent's plan rejects this optimism. she also -- offers only more taxes and her tax increases are unbelievable. spending,ating, more and more wealth redistribution. future of slow growth, declining incomes, and dwindling prosperity. the only people who get rich are thellary clinton donors and the special interests. they're bad for our country.
11:56 am
and hillary clinton's america we have surrendered our status as the world to create economy. we have surrendered or middle-class to the winds -- countries.reign we take care of them better than ourselves. not one single idea she has got will create one that american dollar of new american wealth for our workers. the only thing she can offer is a welfare check. paychecksill produce and they will they will be great paychecks for millions of people. now unemployed or underemployed in the course of this campaign i have traveled all across the country and have met the most amazing people. every day i've seen the goodness and character of our country and
11:57 am
brave citizens proudly fighting through hard times and difficult circumstances. i have been all over this country. we have unbelievable people. they need leadership. country,arts of our the hard times never seen to end. i visited cities and towns in upstate new york where half of the jobs that left and moved to mexico, and other countries. the businesses are gone, they have been taken away like taking candy from a baby. politicians have abandoned these places all over the country and the people who live there are just there. hope, they have heaped scorn and the state on these wonderful americans. my opponent described tens of
11:58 am
millions of american citizens as just last week. so how can hillary clinton seek to lead this country when she considers its citizens tremendous numbers of them, beyond redemption? the hard working people she calls deplorable are the most admirable people i know. [applause] donald trump: they are cops, and soldiers, teachers, and firefighters, young and old, moms and dads, blacks and white, latinos, and above everything else they are americans. families, andr
11:59 am
their country, and they want a better future. these are the forgotten men and women of our country. have been forgotten. don't who work hard but have a voice. i am running to be their voice. [applause] and to fight and bring prosperity to every part of this country. to many of our leaders have forgotten that it is their duty to protect the jobs, wages and well-being of american workers before any consideration for anything. we have to do that. i am not running to be the president of the world. i'm running to be the president of the united states of america. scarlet: you're watching bloomberg television. trump is speaking at the
12:00 pm
gamma club of new york. let's listen in. donald trump: every last american job and every american company, which a lot of american companies in this room, let me tell you, we are going to be fighting for you because you are bringing the jobs. that paved theon west, dug up the panama canal, and won world wars and put a man on the moon. it's time sister thinking big once again. that's why it's time to establish a national goal of reaching 4% of economic growth. and my great economists don't want me to say this, but i think we can do better than that. now they are upset. they will be very upset. i think we can do substantially better than that. working with my economic team, we put together a plan p

31 Views

info Stream Only

Uploaded by TV Archive on