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tv   Whatd You Miss  Bloomberg  November 14, 2016 3:30pm-5:01pm EST

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his agenda while he goes to greece and peru. he must reassure global leaders that donald trump will be ready to leave. we will take you to the news conference as soon as he arrives. menuchin medicinova -- has been recommended to service treasury secretary. the choice is said to be a waiting the president elect's final decision. mnuchin has been considered the leading candidate for the job. and democratic representative allies -- want a congressional committee to review the finances of donald trump. in a letter, it was said that he wants to ensure that there is no actual conflict of interest. he says the value to release donald trump's tax returns warrants a review.
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the united nations spokesman and says more than 54,000 people have fled their homes because of the military operation to take mousul. that represent an increase of 6600 people from friday. three quarters of displaced .eople are sheltered in camps and 2016 is on track to be the hottest year ever. measurements began in the 19th century. whether agencies say that the average global to pitcher this year is 2.1 degrees. high above the level of the industrial revolution. it was boosted by the el niño weather patterns. , andl news, 24 hours a day more than 120 countries, i'm courtney collins and this is bloomberg. ♪
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scarlet: we are 30 minutes from the close of trading. we are live in new york, i'm scarlet fu. julie: and i'm julie hyman. stocks going higher extending the popular bets. scarlet: the question is, "what'd you miss?" president obama will be holding a news conference before leaving on his last foreign trip as commander in chief. he will have explaining to do, because this was intended as a valedictorian tour, but now it is overshadowed by uncertainty that president elect donald trump has cast over obama's priorities. it has cast a shadow on sanctions with russia. he is sure to talk about the man
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he once promised would never become president. we will bring you more on the bloomberg live and lumber radio when he comes on. taking a look at where the major averages stand. abigail doolittle is standing by. >> we have been looking at trading for the three major averages all day. it is fluctuating. going into the close, the dow and s&p 500 are trading higher. the dow is on pace to close at a new record high. as for the nasdaq, it is in the red. it has pared its losses. the tech sector is really one of the big jags for the market over all. we are talking about apple, microsoft and amazon. and facebook on the month is a down about 11% for its worst month since 2014. big jags for technology. many have been down for the last four days.
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oneover at lake capital, investor saying that this could reflect uncertainty around the protections policy under the trumpet administration could mean for companies with national exposure. and the winners we are looking at, the banks. the rally continues. bank of america, jp morgan, wells fargo, all trading higher. bank of america has had its best four-day streak, trading at levels we last saw in 2008. and jpmorgan should finish at a record high. strength, why the big the rally in rates. the tenure and to year and a 30 year are all trading higher. and the bonds are selling off and inverses the price and this could reflect expectations around the donald trump administration. week, it was said that the
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big rally in rates could reflect what policy could look like in the future. with the 10 year yield back at levels from january, this could continue. we go into the bloomberg and take a look. we see the 10 year yield on top in white, really starting to pop up there. and we have the relative strength index, circled to the side of the chart at levels last seen in 2008, said justin at the 10 year yield -- suggesting that the 10 year yield is oversold. but basically we could see that come back in some degree. julie: thank you. it looks like president obama is beginning the press conference. president obama: my final foreign trip as president. and while abroad, i will have the chance to take questions club that i figured, why wait?
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there are domestic issues people are thinking about. i wanted to see if i could clear up the underbrush so that when people areseas asking about foreign-policy questions and they do not feel obliged to talk on other questions too. i know you still will. [laughter] first of all,a: let me mention some brief topics. as i discussed with the president-elect, my team is ready to accelerate in the next steps that will be required to ensure a smooth transition and we will stay in touch as we travel. i remember what it was like when i came in, it was a big challenge. this office is bigger than any one person and that is why a smooth transition is so important. it is not something that the constitution explicitly
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requires, but it is a norm for a democracy. similar to tolerance and a commitment to reason and analysis. and it is what makes this country work. as long as i am president, we're going to uphold those norms and to cherish and uphold those ideas. as i told my staff, we should be proud that their work has ensured that when we turn over the keys, the car is in good shape. we are indisputably the strongest -- a stronger nation today than when i came in. jobs have been growing and incomes are rising. poverty is falling. the impoverished rate is at the lowest level on record. and so my estrogens for my team is -- and my instructions for my
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team is that we run through the tape and we finish what we started. we cannot let up in the last couple of months, because my goal is on january 21, america will be the strongest possible and hopefully there is opportunity for the next president to build on that. haser two, our work stabilized the global economy. i will spend this week reinforcing america's support for the steps we have taken to promote economic growth on a range of issues. i look forward to my visit - in greece. i will then meet with angela merkel. and talk about our support for those strong integrated europe. we will talk about national security and how it is important to global stability.
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that is why the transatlantic alliance and the nato alliance has entered for decades. -- entered for decades. and in peru, i will eat -- meet with the leaders looking at rebalance in the asia-pacific. this is a time of great change, but america has always been a beacon of hope to those around the globe and it will continue to be. finally, on a personal note, michelle and i want to offer our deepest condolences to the ifill of glenn i -- gwen on her passing. she was an extraordinary journalist. she asked tough questions, holding people accountable and defending a strong and free press that makes the democracy work. i always appreciated her reporting, even when i was at the receiving end of whatever tough and thorough interviews.
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whether she reported from the convention for or the field, or at the debate moderators table, she not only informed but she also inspired. she was an especially powerful role model for girls and young women. for him she blazed a trail as one half of the first all-female anchor team on network news. so she did her country a great service and michelle and i joined her family and colleagues and everybody else who loved her and remember her today. so with that i will take questions. earnest has some polar out here -- pull around here, he has put the wall street journal at the top of the list. you are wrapping up here and
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going to kansas city. josh happens to be from kansas city. [laughter] president obama: i did not know if there was a coincidence there, but we wish you the best of luck. >> as it turns out -- you are about to embark on a foreign trip, what will you say to other world leaders about your successor? and any misgivings about donald trump, should they be worried about the future? and as democrats regroup after a shocking upset, what is your advice about where the party is going out and who should lead it? president obama: one of the great things about the united to world when it comes affairs, the president is obviously the leader of the executive branch, the commander
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in chief, the spokesperson for the nation. but the influence and work that we have is the result not just of the president, it is the result of countless interactions and relationships between our andtary, our diplomats other diplomats and intelligence officers and development workers. and there is an enormous continuity the name the day-to-day news that makes us that indispensable nation when it comes to maintaining order and promoting prosperity around the world. that will continue. in my conversation with the expressed aect, he great interest in maintaining our strategic relationships, so
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one of the messages i will be able to deliver is his commitment to nato and the transatlantic alliance, that is one of the most important functions at this stage is to no them know that there is -- when it comes to america's commitment to a nato relationship. and a recognition that those alliances are not just good for europe, they are good for the united states and they are vital for the world. with respect to the democratic party, look, as i said right after the election, when your hard.oses, it is it is challenging. is a healthyk it bank for the party to go through some reflection. i think it is important for me
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thato be big footing conversation, we want to see new voices emerge, that is part of the reason why term limits are a useful thing. democrats should it not waiver on our core beliefs and doubles -- principles. the belief that we should have an economy that works for everybody, the belief that america at its best is inclusive and not exclusive. that we insist on the dignity and god-given potential and work of every child, regardless of race, gender, sexual orientation , or -- that we are committed to a world
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in which we keep america safe, but we recognize that our power does not flow only from the military but the strength in our principles and values. so there will be a core set of values that should not be up for debate. politically,ganize i think it is something we should think about. have betterat we also believe that good ideas do not matter if people do not hear them. and one of the issues the democrats have to be clear on is the given population distribution across the country, we have to compete everywhere, we have to show up everywhere. we have to work at a grassroots
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level, something that i have led in my career. i won iowa not because the democratic -- a demographics dictated it, it is because i spent 87 days going into every every fair ande, fish fry. and there were counties i might lost byt, but maybe i 20 points instead of 50. there are counties maybe i won that the people responded, because they had a chance to listen to you and get a sense of who used to orient you you were fighting for. and the challenge for a national party is, how do you dig in there and create those kinds of structures so that people have a
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sense of what it is you stand for. increasingly is difficult to do just through a national press push. it is difficult to do because of the splintering of us. i think the discussion could be taken on how you build more grassroots organizing, state parties and local parties, school board elections, city council races, that all i think will contribute to stronger outcomes in the future. and i am optimistic that that will happen. feelingcrats who are completely discouraged, i have been trying to remind them that everybody remembers my boston
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speech from 2004, but they may not remember me showing up in 2005 when john kerry lost a press election. the leader of the senate had been dated. there were only two democrats that one it nationally. republicans controlled the senate and the house. democrats were, winning back congress and then i was president of the united .tates things change pretty rapidly. they do not change inevitably, the change because you work for it. democracy is not supposed to be easy, it is hard. in a big country like this, it probably should be hard. mark? good to see you. >> they could.
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mr. president, what can you tell us about the learning curve on becoming president? can you tell us how long it took you before you were fully at ease in the job, if that ever happens? did you discuss this matter with the president-elect? look, i thinka: the learning curve always continues. a remarkable it is like no other job on earth . it is a constant flow of information and challenges and issues. now -- trueror now than it has ever been, because of the connections of the regions of the world. if you were president 50 years
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ago, the tragedy in syria might not have even penetrated what the american people were thinking about on a daily basis. now they have seen images, a child in the aftermath of a bombing. there was a time, if you had a financial crisis in southeast asia somewhere, it had no impact on markets here. so, the amount of information, the amount of incoming that any administration has to deal with today in response to rapidly, more so than ever before, that makes a difference. i was watching a documentary that during the bay of pigs crisis, jfk had about two weeks before anybody reported on it. imagine that. i think it is fair to say that something like that, if it
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happens under a current president, they need to figure it out in an hour with the responses -- response is. these are things i shared with the president unit. i think it was a useful conversation. i tried to be as honest as i could about the things i think any president coming in needs to think about. and probably most important point i made was that, how you the chief ofularly staff and national security advisor, the white house counsel , how you set up the process and the system, the surface information, the options for a president, understanding that the president will be the final
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decision-making -- a decision-maker, that needs paid attention to right away. i am biased, but i am sort of by the smartest and hardest working group of people in my admin decision that any president has ever had. and as a consequence of that team, i have been able to make good decisions. if you do not have that hope heou -- so i appreciated that advice. what i also discussed is that i was encouraged by his statements on election night. the need for unity and his interest in being the president all people. staffs, the first steps he takes and the first resetsions he makes, the
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that can happen, those are all important. and i think it is important to give him the room and space to do that. it takes time to put that together. emphasized to him, in an election like this that is hotly , gestures matter. how he reaches out to groups that may not have supported him. interest with his issues and concerns, those are the kinds of things that can set the tone that will help move things forward when he has taken office. >> how long did it take before you had ease in the job?
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president obama: i didn't have time to be at ease. -- good news, my experience an analogy.o find by the time fdr had come into office, they had been in a depression. we were in the midst of a freefall. the housing market had entirely collapsed. one of the advantages i had was i was too busy and too -- to worry about how i was feeling about the job. in this situation, we are turning over a country that has challenges and problems and obviously there are people feeling disaffected, otherwise
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we would not have had these results in the election. on the other hand, if you look basic indicators of where the country is right now, the unemployment rate is as low as years, income 8-9 and wages have gone up after in the last year than in a decade have historically low uninsured rates, the stock around itsovering all-time high it 401k's have been restored and the housing market has recovered. we have challenges internationally, but the most immediate challenge with respect to iso- -- isil, we are looking mosul isss in iraq and
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byreasingly being retaken iraqi forces, supported by us. our alliances are in strong shape and the progress we have made with carbon emissions has been greater than any other country on earth. 2.00 a gallon. he will have time and space to make judicious decisions. the incoming administration does out a huge put number of fires. they might want to take the country in a different direction, but they have time to consider what exactly they want to achieve and that is a testament to the tremendous work
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in my team has done over the last eight years. >> you said more than once you do not believe donald trump would be elected. now that you have spent time with him and spoke with him in the opel office, do you now think that he is qualified to be president? and you mentioned staffing and tone, what do you say to americans who doubt that there will be a peaceful transition and the concern over policies that may seem contrary to whatities and supporters, many call the white national movement, that it will be in the what message does
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that send to the country and is the world? issident obama: i think it very to say that it would not be appropriate for me to comment on every appointment that the president-elect starts making. if i want to be consistent with the notion that we will try to facilitate a smooth transition. what the people -- but the people have spoken and donald trump will be the next president of the united states. and it will be up to him to set up a team that he thinks will serve him well and reflect his policies. not vote fort did him have to recognize that that ishow democracy works, this a democracy. when i won and if there were a number of people who do not like me and what i stood for, and --
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think that whenever you have an incoming president of the other side, particularly in a bitter election like this, it takes awhile for people to break in silent themselves with that new reality -- reconcile themselves with that new reality. elections matter and voting counts. edit so, i do not know how many times we have to learn this having because we and of 43% of the country not voting that are eligible to vote. but it makes a difference. so, given that the is now trying to balance what he said in the campaign and the commitments they made to supporters with
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those that disagree with him and the congress, reaching out to those who did not vote for him, it is important for us to let him make his decisions and i think the american people will judge over the course of the , whetherle of years they like what they see. and whether these are the kinds of policies and this is the direction they want to see the country go in. sure thate is to make when i handoff this white house that it is in the best possible shape and that i have been as helpful as they can be to him in going forward and building on the projects we have made -- the
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progress we have made. to the president-elect was that campaigning is different from governing. i think he recognizes that and i think he is sincere in wanting to be a successful president and moving the country forward. i do not think any president ever comes in saying, i want to figure out how to make people angry or alienate half the country. i think he will try as best he can to make sure that he delivers, not only to those who voted for him, but those who did not. and there is a built-in incentive for him to do that. days and i been six think it will be important for room to staff up
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and figure out what his priorities are, to distinguish between what he was campaigning on and what he can actually achieve. there are certain things that make good soundbites but do not really transferred to good policy. and that is something that he and his team i think will wrestle with in the same way that every president wrestles with. , and i have him because ofly, that the nature of the campaigns, and the bitterness and atrocity -- veracity, that it is important to send signals of unity and groups,t to minority
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concerned that were tenor of tender -- the the campaign. i think that is something that he will want to do. but this is happening fast. he has commitments to supporters that helped to get him here and he will have to balance those. and over the coming weeks and months and years, my hope is those impulses ultimately went out -- win out. it is too early to start making judgments on that. julie: you are watching president obama speaking at the white house. he is answering questions about the transition for president elect donald trump. we want to welcome our viewers.
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the dow is finishing at a record high. we will go back to the president at the white house. president obama: regardless of what experience he brought to the office, this office has a way of waking you up. aspects of his positions or predispositions that do not will up with reality, he lie shaken up pretty quickly, because reality has a way of inserting itself. some of his gifts that allowed him to execute one of the biggest political upsets in history, those are ones that he could put to good use on behalf
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of all of the american people. >> thank you. you are off to europe, which is facing more pressures and then we see in the schedule. .n.n -- u to the and the choices they have made. about the choices that americans have made? president obama: i think the recognize that the world has shrunk, that it is interconnected, that you will not put the genie back in the bottle. the american people recognize that their careers or the careers of their kids will need to be more dynamic, they may be not working at a single plant
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for 40 years. they might have to change careers, they might have to get more education, they might have to retool or retrain. i think the american people are game for that. they want to make sure that the rules of the game are fair. if what that means is that aroundk at surveys america's attitudes on trade, the majority of people still support trade. they are concerned about whether or not to trade is fair -- not trade is and whether we have the same access to other markets as they do to us. and how it affects wages. i made the argument that the trade deal we organized did
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exactly that. his strengthened workers rights and environmental rights. it leveled the playing field and would be good for american workers and businesses. but that is a complex argument to make wind plants are closing. part of what i think the election reflected is people what you described, and the message around stopping immigration, not creating new themeseals, those were that played a role in the campaign. as we shift to governing, my argument is that we do need to
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make sure that we have an process, butration if it is orderly and lawful, immigration is good for the economy. it keeps the country young and dynamic, we have entrepreneurs who come here and build companies and that is part of the reason why america has been successful in part of the reason why our economy is stronger and in a better position than most of our competitors, it is because we have a younger population that is much more dynamic. ,hen it comes to trade, think when you are governing it will become increasingly known that if you were to just eliminate trade deals with mexico, for example, you have a global
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supply chain that is allowing all of the plants that are about to shut down, that now employ double-shifts because they are bringing in parts of mexico. so it is not as simple as it seems. when i say for us, us i mean americans, and particularly for progressives, is to say that your concerns are real and your anxieties are real and here is how we fix them. stronger worker protection, so that they have more leverage to get a bigger piece of the pie. stronger financial regulations, yes to trade, but trade that ensures those other countries
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are not engaging in child labor, for example. inequalitytive to and not tone deaf to it. operating prescriptions that will help folks in communities that have been forgotten. that will be most important. and i think we can successfully do that. the world will be looking to the example, wes for still carry great weight. be my strongues to belief that the way that we are going to make sure that everybody feels a part of the global economy, is that by showing ourselves off, but rather by working together. more effectively than we have in the past. >> thank you.
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some of the harsh words you had about mr. trump, calling him temperamentally unfit, is -- does anything surprising about president-elect trump when you met him? and it does anything concern you about a trump presidency? well, we had a: very cordial conversation. and that did not surprise me to some degree, because i think he is obviously a gregarious who i thinkbody have ao mix it up and to vigorous debate. that he wasclear is , yes theap into
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anxieties, but also the enthusiasm of the voters in a way that was impressive. and i said so to him, because i think that to the extent that folks who a lot of missed the trump phenomenon, that connection he was able to was with supporters, that him, it isto powerful stuff. and i think that he is coming to fewer sete with hardened policy prescriptions than a lot of other presidents might be arriving with. i do not think he is
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ideological. in thatthe is pragmatic way. and that can serve him well. as long as he has good people around him and a clear sense of direction. do i have concerns, of course. he and i differ on a bunch of issues. , the federal government and line,mocracy is an open as i discovered when i came into office. it took a lot of hard work just to make significant policy changes, even in the first two years when we had larger majorities than mr. trump will have when he comes to office. himof the things i advised is to make sure that before he
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commits to certain courses of really that he is thinking through how these issues play themselves out. i will use an obvious example where we have a difference, and i am interested to see what happens committee of portable care act -- what happens, the affordable care act. this has been the holy grail for republicans over the last 6-7 years, we have to kill obamacare. that has been taken as an article of faith. it is terrible and we need to undo it. republicans are in charge, they will say, let's see. we have 20 million people with health insurance of that did not have it before.
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costs have gone up at a waser rate since obamacare passed, which has saved the federal treasury hundreds of billions of dollars. people who have health insurance are benefiting in all sorts of ways that they may not be aware of, no more lifetime limits on claims they can make, to seniors getting prescription drug discount under medicare, to free mammograms. it is wanting to say this bank -- it is one thing to say it is not working, but suddenly you are in charge and you are going to repeal it, but what happens to those 20 million people? will you just kick them off and assimilate they do not have
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health -- and suddenly they do not have health insurance? will you repeal the provision that ensures if you have health insurance on your job and you change jobs or lose your job and how will you replace it? are you going to change the policy that kids can stay on their parents plan until they are 26 years old? how would you approach all of these issues? they caniew is, if come up with something better and a yearly works or two after they replace the affordable care act with their plan and 25 million people have health insurance and it is
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cheaper and better and running smoothly, i will be the first to say, that is great. congratulations. on the other hand, whether they are proposing that millions of people are losing coverage and the results in people who had health insurance, losing it. then we will have a problem. unique that will not be to me, i think the american people would respond that way. so, i think on a lot of issues, what you will say is now comes the hard part. we are going to be able to present to the incoming administration a country that is stronger, a federal government that is working better and more
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efficiently, and national security apparatus that is both true to ourve and values, and energy policies that are resulting in not just less pollution, but more jobs. and i think the president elect will expect that he is judged on whether we improve from that baseline and on those metrics, or that it gets worse. peoplethings get worse, will figure it out pretty quick. and if things get better, more power to him. i will be the first to congratulate him. >> you spoke about his temperament, do you have concern about his temperament still? president obama: as i said, what
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office, bring to this ofs office has a habit and hopefully you can correct it. i know myself well enough that i cannot keep track of paper, i am not well organized in that way. so, pretty quickly after i am getting stacks of briefing books coming in every night, i say, i need to figure out a system filing andave bad sorting and organizing, and any to find people who can help me keep track of this stuff. it seems trivial, but it ends up being a big piece of business.
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i think what will happen, there will be elements of his temperament that will not serve him well unless he recognizes because corrects them, when you are a candidate and you say something that is an urate, it hasnacc less impact than when you are president of the united states. everybody is paying attention and markets move, national require a level of precision in order to make sure you do not make mistakes. i think he recognizes that this is different. and so do they make a people. i will take a couple more questions and then i will get out of here. >> thank you.
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trump -- thect nuclear deal which you worked very hard on, what would you think of the altered it possibly? syria, you talked and theately about -- killing of civilians there. [indiscernible] to -- and howling trump'seact to donald statement that he will not support -- in syria. president obama: iran is a good example of the gap between some
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of the rhetoric, not unique to the president elect, and the reality. robust debateis a about the deal, before it was completed. and i was pretty proud of how our democracy dealt with that. it was a serious debate and people spoke on both sides of the issue. we were able to push the members of congress and the public, enough of them to support it. at the time, the main argument against it was about iran would not abide by the deal. that they would cheat. we now have over one year of evidence that they have abided by the agreement. it is not just my opinion, that is the opinion of the israeli
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military and intelligence officers who are part of a government that opposed the deal. so, my suspicion is that when the president elect comes and he is consulting with his colleagues on the deal, that they will look at the facts. to unravel a deal that is working and preventing iran from pursuing a nuclear weapon would be hard to explain, particularly if the alternative where to -- were to have them free from obligations and pursue a weapon. this is not just an international agreement between us and iranians, this is between other countries, some of our closest allies. us to pull out would
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then require us to start sanctioning those other countries in europe, china and russia that would be abiding by iran had itcause done with a were supposed to do. it becomes more difficult i think to undo something that is working, than undo something that is not working. and when you are not responsible can call itink you a terrible deal. the you are responsible for deal and preventing iran from getting nuclear weapons, you are more likely to look at the facts. that will be true in certain circumstances. for example, the paris agreement. there has been talk about the possibility of undoing the
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international agreement. you have 200 countries that have signed up for this thing and the good news is, what we have been 5-8 to show over the last years is that it is possible to and the economy really fast it is possible to bring down carbon emissions as well. it is not just rules we have set up, you have utilities that are putting in solar panels and training for jobs, you have the big three automakers you have had record sales and art overachieving on the fuel efficiency standards we have set. turns out, people like not having to fill up as often and to saving money at the pump, even when it is good for the
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apartment. you have california that is moving forward on clean energy agendas, separate and apart from federal regulations. 40% of the country already lives in states that are actively pursuing what is embodied in the paris agreement. and even states like texas, to opposey that tend me, you have seen increases in wind power and solar power. you have some of the biggest companies like google and walmart, they are pursuing energy efficiency before -- because it is good for the bottom line. we have been able to get a lot of practices into how the economy works and it has made it more efficient.
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it has helped the bottom line. and it has helped other countries come on board. and we say, you need to do the same thing. the biggest threat when it comes to pollution, it is not going to come from us, it is going to come from china with over one billion people. and india with over one billion people. pursuing there same kind of tragedies -- same kind of strategies, then our kids will be choked off. do i think the new administration will make changes? absolutely. but these international agreements, the tradition is
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that you carry them forward across administrations, particularly if it turns out that they are doing good for us and binding other countries into behavior that will help us. last question. you are right about that. syria, inct to benghazi we had a security resolution, we had a coalition and we were able to carry out a achievedission that the initial goal of preventing benghazi from -- fairly quickly. syria is aknow that much more messy situation. we have had proxies coming from every direction. bring this i could
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to a halt immediately. we have made every effort to try to bring about a political resolution to this challenge. john kerry has spent an infinite amount of time trying to negotiate with russians come iranians, and gulf states and others to end the killing. capacity tove the carry out the same kind of military action in syria that we did in libya, the situation is obviously different. we do not have that option. so we will have to continue to can a pursue as best we political solution and in the interim clubfoot as much --
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interim, put as much pressure as we can on cease-fires that could alleviate the suffering on the ground. i recognize that has not worked and it and it is something i continue to think about every day and we continue to try to find some formula that would allow us to see that suffering end. not surprising to you, because you study this deeply, that if you have a syrian military that is committed to killing its people indiscriminately as necessary, ,nd it is supported by russia that now it has a substantial
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military assets on the ground and our act or thing that regime , and iran actively supporting the regime, and we are supporting what has to be our number one national security priority, which is going after i in mosul and both raqqua, the situation is not the same as it was in libya. i continue to believe that was the right thing to do, although as i indicated before, in the aftermath of that campaign i think the world community did not sufficiently support the need for some sort of security structures there. now it is a situation that we have to get back into a better place. ok. last question.
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two things on your desk over the next couple of months. three quarters of $1 million of a document immigran -- of undocumented immigrants -- what you have to do to reassure them or she'll that information from the incoming trump administration and his stance on immigration? the administration -- you have long maintained it was an unconstitutional infringement on your rights as commander-in-chief considering the transfer that would continue under a jump administration. time to test
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this by moving the detainees? pres. obama: both excellent questions. on the deferred action program relates to that dreamers who are benefiting from these provisions, i will urge the president-elect and incoming administration to think long and are endangering of what, for all practical purposes, are american kids. these are kids who were brought here by their parents. they did nothing wrong. they have gone to school. they have pledged allegiance to the flag. they enrolled in school.
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by definition, they are part of this program. they are solid, wonderful young people with good character. that thestrong belief majority of the american people suddenly want to see those kids start hiding again. i will something encourage the president-elect to look at. , it respect to guantánamo is true that i have not been able to close the darn thing because of the congressional restrictions that have been placed on us. what is also true is we have greatly reduced the population. you now have significantly less than 100 people there.
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there are some additional transfers that may be taking place over the next two months. there is a group of very that we haveple strong evidence of having been acts committing terrorist against the united states, but because of the nature of the in some cases of the evidence being compromised, it is difficult to put them in front of an article three quart -- court. of that group has been the biggest challenge for us. my strong belief and preference is we would be better off closing gitmo, moving them to a different facility that was clearly governed by u.s. jurisdiction. andould do it a lot cheaper just as safely.
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congress disagrees with me and i gather that the president-elect does as well. we will continue to explore options for doing that, but keep in mind it is not just a matter of what i am willing to do. it is one of the things you discover about being president, that there are all these rules and norms and laws. you have got to pay attention to them. the people who work for you are also subject to those rules and norms. that is a piece of advice that i president. incoming thatery proud of the fact leavel, knock on wood, this administration without significant scandal. we have made mistakes. there have been screwup's, but i will put the ethics of this
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administration and our track record in terms of just abiding by the rules and norms and keeping trust of the american people, i will put this administration against any administration in history. the reason is because frankly, we had a strong white house counsel's office. we had a strong ethics office. we had people in every agency whose job it was was to remind people that this is how you are supposed to do things. it does not mean everyone did everything the way they were supposed to because we have 2 million people working in the federal government if you include the military. we had to try to institutionalize this as much as you good. that takes a lot of work. one of my suggestions to the incoming president is that he take that part of the job
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seriously as well. again, you would not notice if you were listening to some news members ofsome oversight committees in congress. but if you actually look at the facts, it works. of the just one example numerous ways in which the federal government is much better today than it was without people really knowing. look at v.a. people remember the legitimate problems that were publicized in phoenix. it was scandalous what happened. what people don't remember is we have brought in well over one million people who get benefits who were not getting it before.
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driven the backlog for down,lity benefits way cut homelessness in half, just maybe agency work better. not perfect, but better. one of the models i had with my staff is better is good. perfect is unattainable, better is possible. we will try to share the lessons that we have learned over the last eight years with the incoming president in my hope is he makes things better. if he does, we will all benefit from it. thank you, everybody. some of you who were traveling, you will get a chance to ask more questions. all right? thank you. >> dallas president obama speaking -- dallas president obama leaking at the white house before he leaves for his journey to greece and peru.
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theof the things that president kept going back to is to stress the idea that the country is better off than it was eight years ago then when he took office. mike: that is something he has been stressing all year long, thinking about his arc of presidency. he started right after the horrible financial crash when hundreds of thousands of april were losing their jobs every month and people did not know what was going to happen when the auto companies seemed like they might fail and there might be a larger general depression. that is a perspective he would like people to remember about his presidency. his presidency is something that works even though it ended with a result that brought in the opposition. scarlet: different reporters kept trying to press him. they will say you did not think trump had the proper character. two line stood out to me.
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he said reality has a way of asserting itself, seeming to say the office could well change donald trump. mike: that is part of the optimistic view he is trying to portray. it is also a note of grace that it is important to have for the president to bash important to have towards the president-elect. it is important that the top of government sent a note that this is a normal transition. he is hoping by framing things up this way that it will move trump in that direction. we will see. interestinghas been is in polling days after trump's meeting with obama, the president-elect has seen various hints that he might be more flexible on obamacare than he has been previously.
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president obama did not say that. he said if anything, parts of the law works and you would be wise keep that. why do you think there is a note of caution there? mike: i think that he is laying out the political problem in a way that he hopes will constrain trump and also allow democrats to stop changes. there are things that people like about obama care. the ban on discrimination based on pre-existing conditions above all. he is framing up a political problem for republicans. this, are going to repeal you can't have people losing their insurance or people losing this politically popular element. then he is showing -- he is probably laying out the private conversation about why it is hard not to have that more or less looks like obamacare if you are going to do that, although he would probably think the best
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i can hope for is something that will change that into trump care what still hits things i wanted to do. julie: he was not asked directly about the protests going on he talkse country, but about making it a smooth transition. is there any risk in that strategy, to play the devil's advocate? the more alienate progressive wing of the democratic party who does not want a trump presidency normalized? mike: i don't think so. i think when you were the president, you can't be the one throwing molotov cocktails on this. it is the job of people like chuck schumer, nancy pelosi, harry reid. congressional democrats will stay in the fight for the next administration to be doing that. you saw some of them doing that in their criticism of steve bannon today as one of trump's senior advisers.
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you saw obama gently framing up where people should he pushing principles, but not making a snap judgment on trump. it is the president saying that it is only been six days since the election. scarlet: mike dorling, thank you for giving us your take. let's get a recap of today's market action. we had stocks closing 44 minutes ago. the dow industrial average closing at a record high. change, and the nasdaq down by 0.3%. one thing that is worth pointing out is the rotation that is going on not just from bonds to equities, but within the equity space as well. before the election, technology was leading. it is moving into the weakening quadrant. financials continue to move ahead on the idea that steeper
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will be better. started to break out but they made a u-turn. caps continue to outperform. rates have been underperforming. if you look at the continued movement in bonds, even though the overall macro movement in stock pause, it did not pause when it came to bonds. and weloffs continued continued to see relatively large moves on that yields. on the two-year, a move up of nine base points. 2.25 on the 10 year and three even on the 30-year. it has been a remarkable move. scarlet: the speed at which it has moved. julie: the velocity. scarlet: i am looking at the
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10-year yield. it shows no signs of letting up. a decade-long snapshot of the 10 year yield. the rise since october represents falling prices. it has been pretty steep. over the longer term it is fairly minimal. indexlative strength indicates that it may be overdone. it has climbed above 80, which is the highest 2007. you have to go all the way back to this red circle. anything above this red line that yields may be overbought or the notes may be oversold. julie: let's talk about the economy under a trump administration. thank you for coming in. i was reading over your most recent notes. one of the interesting waste that you may, and this is a good reminder for people that cover the markets, is that the markets
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are not the economy. this is true over the last couple of years only saw stocks rocket. how does that dichotomy work now? steve: what you are seeing in is the markett discounting discounting a $600 million structural budget deficit. buyers have just disappeared from the marketplace. the dealership community, with capabilities,ry walk away from the market and try to find a way's -- a place that will bring buyers in. if you blow through that, their potential you could walk this up to 3% before you get domestic investors in.
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that is a huge move. we need to see what happens in the first 100 days. the marketplace right now i think is shooting first, asking questions later. julie: we have seen this take and rapid move -- big and rapid move. does it what constraints on stimulus? steve: it places a real can state on the net monetary impact of anything they do. if you go ahead and produced havebillion tax cut, you $100 billion in defense spending and infrastructure spending, you have another $500 billion coming through, maybe that could add 0.5%. the interest rates at the 2-year note leads to a higher currency. that environment subtract from that growth. i'm looking at this move and the speed of the move and sitting
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couldsaying, maybe this be a point at year. i'm starting at 1.5% growth. if i do not get my bang for my buck, i do not have a sustainable economy on the back drop. markets take a lot of force out of it. scarlet: before the election, the wisdom was if trump won the election, it would be a rush to safe havens. what we are seeing in the past couple of days means that trump 's presidency will be a stimulus. what is happening? steve: everyone's perceptions going into the election night were dead wrong. the net result is their presumption as to how markets would behave will be flawed as a result. you cannot use that as a comparison.
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the market is saying this will be pro growth. we have not had pro growth and eight-plus years. this is a time to celebrate. the market starts discounting a lot but does not look at the potential negative ramifications. that is the shoot first, ask questions later response to this. that will get us to where we need to be by the time the first 100 days are over. julie: are you adjusting your forecast as a result of the election? steve: we are in the process of rethinking it all ourselves. the growth story will not be dramatic rid of maybe on a fourth-quarter basis in 2007 because the timing of when this stuff happens is a couple of tenths. i am concerned is what is happening in the two years note. going to have to price in more in terms of
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monetary policy than it had been. i don't think that selloff in the 2-year note is complete yet. julie: thank you so much for coming in. interesting,'s asian -- interesting conversation about the market today. scarlet: we did get some filings release. one is from berkshire hathaway. millione held almost 22 shares of american airlines. shares for those companies rising by better than 4% after hours on that disclosure. 13-f filingso got a from carl icahn. he boosted his stakes in herbalife and burke. fromited positions chesapeake energy and transocean. not a lot of reaction as of yet but we will be following the filings.
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scarlet: home depot is said to report earnings before tuesday's u.s. opening belt. president trump may give the chain a lift, but he also could be negative with his stance on immigration. let's take a look at what we know right now about home depot. the retailer has posted at least 20 point of growth in the last fiscal year. this year it is estimated to slow down a bit. 15%, we areted still talking double digits. driving that is a streak of 21 quarters of straight growth.
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critical, as is home depot sales correlate with the remodeling market index, which is the blue line, which surveys remodelers by asking how much work they are getting. any value above that dotted yellow line represents an increase for the index. one fly in the oink and is if whirlpool and sherwin-williams big seen lower demand for items, like appliances. these items are a big deal for home depot. you can see over the last seven fiscal years they have shown strong growth. big-ticket items increase. the white line tracks the bounceback as supplies, the orange bars, have trended lower. depot may increase for motions in the fourth quarter.
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that would decrease margins. for more on home depot, let's bring in shelley vendors. the stock is still down year to date. it is down 3.5%, although to has climbed over the past week with the results of the election. what is your take on where it goes from here? shelley: i think for investors, the question is is this the peak? five years of so much growth for home depot. as you pointed out, they are completely leaving their competitors in the dust in terms of sales, terms of profits. things are starting to slow down. each quarter that happens, it gets harder to compare against the previous quarter. investors are asking is this enough? then you have the macro picture. what is going to happen when
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homeownership slows? that theyquestions have been asking every quarter for the last few years. people have said that for some time and it kept going. julie: home depot has done well compared to its competitor lowe's. will we see natural issues that take home depot down or are people not pursuing the right strategy? shelly: i don't think home depot will lose to lowe's. home depot has bigger stores, more sales per square foot. they have more official contractor clientele. thing home depot is doing better is online sales. that hometo think depot could not be touched by amazon but they proved otherwise. they increase their sales. oile: we are seeing
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fluctuating. our price is going to go up for home depot customers? what is that going to mean for sales? shelly: it can be a good thing for a lot of retailers, especially when it comes to commodities, like copper. the same thing with grocery stores and food. those things can raise prices for companies and can be a good thing, but to a point. scarlet: we will be hearing from home depot tomorrow morning. scarlet: you can read all the commentary on bloomberg . tomorrow you have a lot of events coming up. bank of england governor mark carney testifying before parliament. julie: we have got a lot of fed speakers. 17 is what someone brought up. those a list of all speakers. thanks for watching. ♪
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mark: good evening. world andlism entertainment world are mourning the loss of gwen eiffel start with words from president obama. >> gwen was a friend of ours. she kept faith with the responsibilities of her profession, asking tough questions, holding people in power accountable, and defending a strong and free press that makes democracy work


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