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tv   Bloomberg Markets Balance of Power  Bloomberg  October 4, 2017 1:00pm-2:00pm EDT

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one of the first people i want to share distract with is my chairman. -- this draft with is my chairman. there should be broad bipartisan consensus. companies are open to this type of disclosure. it is illegal for foreign money to find its way into u.s. elections. so far, you have not been able to verify the intelligence community's assessment that russia was on the side of trump? sen. burr: we for confident that the ica -- feel confident that
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the ica's accuracy is going to be supported by our committee. we are leaving it open. wouldart investigation stay open until we have completed that. sen. warner: we are being extra cautious. we are not reaching final conclusions until we have had conversations. >> are you saying the meddling
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of russia was so overwhelming that it led to negative -- n egating election results? sen. burr: i have already made my assessment. we are focused on our investigation. everyone has their jurisdiction. my hope is that they stay within those lanes. when we need to talk with the special counsel, it is focused on criminal ac. we're not focused on ose. if we find one, they will be the first to know. the president hasn't really spoken out on this issue. something see him do tangible to protect the country from these ongoing attacks? slowburr: though it was
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getting dhs to recognize this, it didn't take as long as it did for the last administration to run the clock on it. we are not trying to point the things that were done wrong. >> is the president going to lead some kind of formal effort? the press briefing about progress does not in capital -- encapsulate our final say. dhs has taken a different posture. they have different directions. we are pleased with the progress
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they are making. hopefully they will incorporate important steps in their thought process moving forward. sen. warner: thank you guys. david: the chairman and vice chairman of the senate intelligence committee. mark warner and richard burr. discuss --ger to they are eager to discuss all they have talked about on their russian investigation -- on the investigation into russia's influence in the 2016 presidential election. senator richard burr said he is not going to institute an arbitrary timeline, but he wants to get them done by the end of the calendar year. let us go to our chief washington correspondent, kevin cirilli. and max, let me start with you.
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a huge focus on social media. what is the latest we know? max: my take away from this, this is the beginning. they were very careful. we think they have more work to do as far as investigating what happened. interesting thing that came out of this was that senator warner seems more worried about fake activity. then he was about specific advertisements. might be seeing stories surfacing to the top of your feet because hackers and social engineers -- top of your feed because hackers and social engineers are causing you to see fake new say they are
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getting support and we think companies are taking this seriously. a shift, a good sign. emphasized senators they want to have a governments of -- government approach when it comes to cybersecurity. what does that look like? max: it is still being figured out. there isn't agreement in the white house about what that threat is, that is problematic. the issue of election hacking or messing with polls is a big issue that is unexplored. cirilli, there was a lot of conversation on the steele doctrine, opposition research that was prepared but never seen over the course of the campaign. what is the latest on how they are approaching that document?
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kevin: one of my three takeaways from this press conference. investigatorssaid have hit a wall with regards to this dossier. officerthe former mi6 released that dossier through buzzfeed. they said they are unable to determine that credibility must they are able to get testimony. that is one of the five pil th chaman bu and mark warner have said they are continuing to investigate. a second point i would make is that nine months into this investigation, chairman burr was quick to note that there was no evidence of any vote totals being altered during the election. he did say the issue of collusion is still open. but another point -- this was
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not good news for silicon valley. they have crafted the perception of being transparent. both chairman burr and ranking member warner essentially sent to facebook, the ball is in your court about whether or not you were going to release these advertisements. -- pointmember warner or not americans should have to write when they are looking at these ads to know who is paying for it. what would people think if russia was paying for dilbert on interstate highways -- billboards on interstate highways? our executive editor joining us now from washington dc. how interesting is it they still have to carry out 25 additional interviews?
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we didn't get exact details about the issue of collusion. >> that is one of the big takeaways. we have a long way to go. 25 more interviews at least. they have to be brought in, scheduled. this is clearly months in the making. it is going to take a long time. time they look under a rock, they find three new things to look for. the focus of the investigation is heavily on this question of social media. rces bought advertisements on facebook. we don't know how many. facebook was slow to come to the table without information. were gettinger pretty impatient with some of the companies out there. silicon valley is trying to be a
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little bit more forthcoming. but the question is whether the public will get to see these advertisements. burr is saying they have no intention of releasing them. warner thinks he says the public should see them. are putting an eye on silicon valley as well. video inerberg did a which he talks about making a commitment to preventing this again. how big of a turnaround is this? max: facebook still isn't fully aware of how bad this is. they are really focused on these companies. facebook took out full-page ads in the times and the washington post, which you don't do unless you are really concerned. inquiry cuts to the quick
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of facebook's whole business. the point of facebook is that you don't need human oversight, you can trust their algorithms. what you see on facebook is real. thatart seeing suggestions is not true, lawmakers trying to regulate that, that will create huge problems for this company, an dthe -- and the way the silicon valley companies do business. max, greg -- crai g, thank you all. shery: we are seeing markets rally. let us go to have it -- abigail doolittle. abigail: gains may be small. a set ofoking at simultaneous record highs for the three major averages. for its longest
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winning streak since may. investors encourage today. today.uraged homebuilding stocks are trading higher. lenar was upgraded to buy. it seems to be helping out kb home's. the straight for some of these stocks may help to explain a record we are seeing -- the strength for some of these stocks may help to explain a record we're seeing. this is a longer-term chart of the philadelphia housing sector index. this was before the housing bubble crashed. this index put in a peak, including homebuilding stocks,
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suppliers, financials. and then we see the crash. we have exceeded the peak from 2 005. maybe bc another -- we see an other dip or peak. let us take a look at oil trading. below $50 a barrel. reported initially crude spiked higher. inventory isl bearish. oil trading down incipit the without report. that conjuction with report. david: we have an interview with reid hoffman, his take on how the political environment impacts the growth and future of artificial intelligence. this is bloomberg. ♪
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david: this is "bloomberg markets: balance of power." coverage continue our from the vanity fair new establishment summit. er is joined by a special guest to discuss the future of artificial intelligence. emi emily: i am here with reid hoffman. always great to have you here. we're talking about artificial intelligence. elon musk had warned that robots could take over the world. do you agree? reid: almost certainly not. artificial intelligence has huge potential.
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able to enable colonization, for example. caneed to the careful -- be reful. risks?what are the the terminator movie is very vivid in our imagination. we already have algorithms running our lives. we have them doing credit, judgments on parole. parole violations. all of these things have impacts. the near-term and there are questions around cybersecurity. the science-fiction risk is a ways out. colleaguen told my
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that google could inadvertently do evil by creating a robot army. does the future of artificial intelligence rely on the good intentions of these companies? reid not necessarily. you have thousands of people working on these projects and at these companies. if people see something wrong, they can speak up. but what is the thing that best help society? how do we have good human outcomes? that is what is going to happen. example, you's tell the artificial intelligence to eliminate spam, and it eliminates all human beings. as you are building safety
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measures, as you ask for more resources or articulate goals,, hav -- having humans in the loop is a simple safety measure. google and microsoft are thinking about that already. emily: is this fear monitoring? -- fear-mongering? reid: it is dangerous. it causes the discussion not to focus on the real issues. we talk about robots marching in the streets, versus how are algorithms already influencing our lives? what should we do for transparency? we should think about these science-fiction dystopias and apply them toward utopias. e,ily: facebook and google saying they are adding more
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humans to the problem. is this something only humans can do? reid: this is getting better. for example, let us have humans look at these advertisements. the answer is improve artificial intelligence to detect advertisements like you would detect fraud. and then have humans get involved, and say, take a look. emily: what about when it comes to robots and jobs? the ground is shifting beneath us. how many jobs are under threat? reid: jobs will be transformed. people have this worry moving from agriculture to cities. to manufacturing. we have to pay attention to people with these transitions. i don't think that means jobs are going away. off -- technology usually
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creates a lot of new ones. a radiologist can still be there to look at the weird cases that an artificial intelligence performs. apple, google, facebook, amazon. they are in a race to be better. who will win? reid: they're all going to win. in different ways. stuff from all three say, this is the one big pile of data. say, we willl partner with you if you want to build artificial intelligence with private data. you are working on a podcast where you talk to takers about how founders
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their companies from zero to infinity and beyond. uberare the lessons in about what not to do for founders and investors? reid: part of the thing is to make sure you start asking the social impact questions early. it doesn't mean you orient your whole company around them. you say, what is the mission? how is that mission best for helping people? how do we help drivers, in uber's case? you ask those questions early. i am a board member. air bnb -- it did well. a positive example. that is still the way you build a globally impactful company. emily: what is the job of
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investors along the way? say, you are in this cycle of this exponential curve. ut ss. inner resources to bring in these other voices. you have been very outspoken. are you doing anything to take your decently -- decency pledgue fo -- decency pledge forward? the whole point was to say, i won't work with bad actors and to hold people accountable.
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having conversations about what we can do to take it to the next level. emily: reid hoffman. thank you so much for joining us. i will send it back to you. shery: bloombergs emily chang at the vanity fair new establishment summit. david: last night, the king of spain said separatists have shown unacceptable disloyalty in breached the constitution catalonia's independence referendum. government has counted more than 2 million votes for separation and an illegal -- in an illegal referendum. it was not a process overseen by an official election board. the catalan government has not presented the final result. the king put out a statement
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at 9 p.m. we're not expecting an imminent announcement. the catalan parliament will be meeting on monday. to create an independent republic. it has to be enacted by the catalan parliament. this is based on a referendum that was deemed illegal by spanish courts. the european union does not recognize this either. who will recognize this republic remains the question. shery: this is a big issue. -- that has been making doing this unconstitutional. in the marketsle
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when it comes to spanish bonds. we will have to keep an eye on whether the prime minister does play that wildcard and suspend cattle on a time to me -- catal an autonomy. david: given the historic sensitivity to this issue, you would expect that. we'll have coverage of what the national leader has to say on that in a couple hours time. we will have an exclusive interview with stanley fischer, the outgoing fed vice-chairman. this is bloomberg. ♪ . .
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so we need tablets installed... with the menu app ready to roll. in 12 weeks. yeah. ♪ ♪ the world of fast food is being changed by faster networks. ♪ ♪ data, applications, customer experience. ♪ ♪ which is why comcast business delivers consistent network performance and speed across all your locations. fast connections everywhere. that's how you outmaneuver. shery: welcome back. this is "bloomberg markets: balance of power." i'm shery ahn. david: i'm david gura. first word news with mark crumpt.
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mrs. trumpdent and have arrived in las vegas to pay respects to victims of sunday's mass shooting. the president said personally it is a quote very sad day for him. mr. trump will visit with victims of the attack as well as with first responders. sunday's shooting left 59 people dead and over 500 others wounded. the senate intelligence committee is still investigating russian interference in last year's presidential campaign. the panel has reached no conclusion yet. that's according to the committee chairman richard burr and cochairman mark warner. >> i will confirm that the russian intelligence service is determined, clever, and i recommend for every campaign in every election official take this very seriously as we move into this november's election and as we move into preparation for the 2018 election. mark: they began the investigation in january and the
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panel has interviewed dozens of intelligence and political officials to assess the extent of russian interference in the election. in moscow today, russian president vladimir putin discussed his relationship with president trump. president putin spoke on a panel moderated by the senior executive editor. >> they are muslim and we saw a show just one time. we have a couple of telephone conversations on various issues of mutual interest. says heesident putin sees i eye with president trump on certain issues, and is cooperative with the u.s. on several tracks. a tropical depression that could grow into a hurricane as forecasters such as forecasters try to u.s. gold coast on sunday, potentially shutting down offshore oil and natural gas rigs and dealing another blow to citrus growers. according to the u.s. national hurricane center, the system of
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the nicaraguan coast is excited to reach hurricane strength as it nears the u.s. coastline between louisiana and florida. global news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. david: thank you. now to a bloomberg exclusive, the outgoing fed chair talked with tom keene talk about the future of the fed. he presented a shortlist of candidates to leave the central bank in that list concludes current chair jerome powell, and gary cohn. wouldn't talk when individuals in particular, but he did talk about the decision-making process. >> is a choice of the president and the administration and that decision is up to them. there are candidates whose names are in the newspapers who don't know how important they are. for really not appropriate
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me to get into deciding who is going to be the next chairman. tom: i'm suggest that is true. name, rank,to know and serial number, but the basic idea here of if we have the turmoil we have in america and the economic uncertainty in our theory, will that migrate us towards a more rule-based system and away from discretion all over the coming years? >> the attraction of a rule-based system is very large. i think in practice, you will find yourself having to define all the time when it's appropriate to diverge from the rule, because rule to not anticipate the many strange things that can happen in economy, even such things as three hurricanes in a row, which is not a huge surprise. it happened and it changes policy. and many other things will change policy. guidelineles are good
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for the basic policy you are taking, where you are trying to go, but i wouldn't run monetary policy on the basis of rules, were you strictly go down and look at this equation and say that's it. let's get rid of the central bank. tom: in zambia years ago, your first book, do we need a fed chair like chair yellen, who has read leonard gains 1936? given number of candidates who haven't even gone through those few key chapters which are considered the canon today. read the whole book, because of the end of the general theory, he says what happens in the interest rate -- when the interest rate gets too low. it's worth reading even today. tom: can we have a new set up with someone like william mueller, a nonmonetary fed chair it was a vice chair of your
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capabilities or chaiyellen's capabilities? or do we need to have that monitor expertise for crisis in shock as chairman? terms in found in my one place as governor and another is by share that having the basic economic theory, theoretical knowledge and experience increases your self-confidence about what you are doing. is it essential? i doubt it. there are very smart people to figure this out in many ways. but is it helpful? yes. 1998, younjoyed enjoyed the financial crisis and you've enjoyed the struggles forged here. for the next chairman, whether it's chair yellen to be reappointed, many people talking about that. what is the difference of people like you in a four standard deviation shock of the moment or
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set of shocks versus a normal day. the difference is is there something you want to do, or should you let the market take care of it? if you decide to leave it to the market sort of way to we can see what it really means, those are things which depend a great deal on the experience you have, on your understanding of how the markets work, and that you get over the years. a valedictory interview with stanley fischer talking exclusively today to bloomberg's tom keene. with monetarytay policy. we want to talk about the unique structure of the federal reserve. it turns out the federal open market committee's composition of 12 fed presidents and seven governors could work to protect and monetary policy from future of people. is matthewto explain belzer. divergenceabout this
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in the difference between regional presidents and governors and their monitor reviews and why this matters trade -- matters. a very timely piece. we're talking about is coming in as the new fed chair to replace janet yellen and also all of these slots that president has to fill on the board of governors as well. the point really is that in normal times, there are seven seats on the board of governors and they tend to outweigh the voting blocs of five presidents who get to vote each year. presidents and five of them get to vote each year. we had recently a situation where the number of governors, because of unfilled seats and retirements have excellent dropped below, so we really only id four voting governors and we might bdown to three given that stan fischer is leaving early. it's an interesting power balance, where now power is at least momentarily shifting back
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to the president, who had more votes on the committee. regardless ofthat who president trump decides to bring in, there's going to be a lot of continuity here because of that. david: what does the ideological breakdown look like and give us the history, because this goes back 100 years. likepecial is a system this and how is a keeping with what founders intended? for having's unique this decentralized system. you have a lot of user on the table because of the system and you have the 12 reserve banks that are scattered throughout the country. at least in theory, they are supposed more rivers and views of the people. if you go back, it was designed as a populist counterbalance to the more political fed governors in washington. you still do see some of that, and certainly, those interests are still represented. things -- just keeps
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he gives a lot of momentum and inertia in the conversation. you have a wide array of views around the table. and interestingly, in recent years, used to be the case that governors were perhaps more influential. as the debate has opened up in the fed has become transparent, you have all these reserve bank residence out giving speeches all the time and there have been ,ome very influential notions ideas for monetary policy and fed strategy that have come out of the reserve bk, take a look at for example, john williams in san francisco, charlie evans in chicago. they've been pushing the discussion over the last few years. shery: what could be the repercussions of having such a system? there has been a criticism of the fed is not completely transparent. matthew: that's an ongoing criticism. it's interesting, if you look at it, they are out there so much, like every day we got multiple fed speeches that we are following.
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that criticism i think doesn't really stand up when you were sitting in front of the screen seeing these people talk all day and they give a lot of q&a's. many they are really trying to push back against that through their actions and through their words. shery: matt boesler, covering the fed. thank you for joining us from bloomberg news. david: more conversation with russian president vladimir putin and what he said about the potential for extending the opec deal to cut oil production. that's coming up. this is bloomberg. ♪
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david: this is "bloomberg markets: balance of power." i'm david gura. shery: i'm shery ahn.
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popping higher are shares of netflix. it looks like it has to do with positive analyst commentary. here to tell us more is abigail doolittle. i just canceled my subscription. i'm not helping. abigail: apparently you are not a part of this analyst channel. doug richardson at ubs has some channel adjusted numbers for the third quarter. could be better than what investors are looking for. he says he is raised his u.s. subscriber numbers to 850,000 from 750,000. you're not included in those numbers. nor am i, i'm old-fashioned. i still do the dvd. happening, at what's streaming and where it that come in orange we have the overall streaming numbers and we've seen that growth area in yellow we have the intersessional -- international streaming. in green we see the u.s. streaming at other people like shery are dropping away.
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they are saying the third quarter could be better than they were looking for. they did raise the price target of $225 from $191. there's more than 120% -- more than 20% upside. 50% on the year and part of this has to do with the fact that the shorts are really slipping away. this is g #btv 4163. back in 2012, the short interest was 30% of stocks significantly lowering blue, this is the short interest slipping away as the company had come up with great original content and streaming both domestic and international. was it of the stock is trading at a high, but the last record, with all his record highs, the last record for netflix was in july. shery: abigail doolittle, thank you. david: it's been about a year
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since russia joined forces with opec to cut oil production. now president vladimir putin says he may be open to an extension passed the deals expiration march. john fraher sat down with president putin today at the russian energy weak conference in moscow. week conference in moscow. do itt we were able to with opec was for the benefit of the whole economy. whether we extended is depending on whether the -- where the situation moves. by marchng to act 2018. >> it seems like you would be in favor for extending down the end of march. that's not very far away. >> i think this is possible. you know this quite well. it is very important to in such acaution and
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public forum, but many countries are didn't join us, they are quite positive to respond what we're doing today in the reduction. for example, the libyan leadership publicly stated recently that it is considering the possibility of having the libyan reducers join our efforts. in the part which is being controlled by the powers which it made such a statement. and everybody is aware of this, and understands the need for such joint efforts. i will repeat it again. we will have to look again at the way the global energy mix .ooks like in march 2018 we maintain contact with key partners in opec in general, and with main producer nations and so on.
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for that, we will have the honor and pleasure to receive the kingdom saudi arabia very soon in russia and undoubtedly we're going to talk about it. we are maintaining this constant dialogue. based upon the realities. will not rule we out that we may extend these agreements. >> one last question. likesne in this room stability and everyone in markets like stability. continue theo production cuts, could you see that -- the extension of cuts lasting until the end of next year? knowm saying that we don't yet whether we're going to extend or not. the question is going to be .sked to when we extend once we decide to extend or not to send -- not extend, that's
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when we decided. speaking about the possible extension to the end of 2018. russian president vladimir putin earlier in moscow talking to our colleague, john fraher. shery: coming up, president trump saying puerto rico's massive debt needs to be wiped out, but can the government actually do that? we take a closer look, next. this is bloomberg. ♪
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shery: welcome back. this is "bloomberg markets: balance of power." i'm shery ahn. david: i'm david gura. puerto rico is financially ill-equipped to deal with hurricane maria, the storm the made landfall in puerto rico two weeks ago. after a record-setting bankruptcy in may, the island stopped making payments on tens of billions of dollars worth of debt. president trump yesterday suggested that debt could be wiped out.
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president trump: we're going to work something out. we have to look at their whole debt structure. they all a lot of money to your friends on wall street and we're going to have to wipe out out area you can say goodbye to that. i don't often's goldman sachs, but whoever it is, you can wave goodbye to that. david: the president talking to geraldo rivera. is it possible to make their debt just disappear? the presidentsays is saying puerto rico needs to figure out how to solve their debt problem. what we know about what the president was saying and thinking about? >> mick mulvaney made it clear. the president, so far as i understand, having talked to a number of people -- let's say close to the for reagan situation, cannot wave a magic wand and make the debt go away. at least not directly. in a manner of speaking, he can wave a magic wand and make the debt go away because of what
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mick mulvaney said. we want puerto rico to find a way to deal with this problem. normally, when there's a natural disaster, or some kind of calamity, fema steps in and takes care of the bill. because states and municipalities aren't financially well equipped to take care of those kinds of extraordinary expenses. that's why fema exists. the mere suggestion that puerto rico may have to pay for some of this itself indicates what trump was getting at. here's the mechanics of it all. if congress does not appropriate enough money to pay for puerto rico's reconstruction and puerto rico is left holding some of that bag, if you will, they got to find the money somewhere. at the same time as maintaining essential services like police officers, firefighters, the pension obligations that they have come a natural the money is going to go. there's going to be none left to pay the bondholders and there isn't any money left to pay the
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bondholders already. what happens then? the governor goes to the district court overseeing its title iii process and says we need you to make determination that we don't have the money. recently don't have the money and have no foreseeable way of getting the money. if that's the case, the judge has the power to unilaterally owede the amount of debt to the creditors. so it is like waving a magic wand and making the debt g away. shery: when we read about the story, we keep referencing the type of debt that puerto rico holds, because they are municipal bonds owned by the state and state law relates those types of bonds. the federal government can't in fact just way in and take control of that. they can now because it's all under title iii. it's federal bankruptcy law that applies in this case, and that's why the judge has this power. we are not there yet. it is still possible that there will be a restructuring of this debt.
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it is, as i understand it, safe to say that the more congress withholds from puerto rico, the more pain is inflicted on the debtholders. why, you may ask, with president want to congress inflict pain on these bondholders and not the holders of texas or florida bonds, where there are also hurricane cleanups underway? this is a unique situation because it happens to be a lot of hedge funds, keep in mind as well that there are some puerto ricans who own these bonds. becausereal reason is all the money that is saved or arguably, the real reason if you think about what trump's priorities are, all the money that is saved not spending on puerto rico can be diverted into tax reform. the president in puerto rico yesterday in las vegas today. if he makes comments, we last about that life. g #btv 3010, general obligation
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bonds, it was a big headline. kind of going to the same conclusion tt they're going to have to start writing down their obligation. erik: these bonds have been taking a huge hit in the aftermath of a rear -- of maria already. but in the threat of what way, former's form that obligation to be reduced implies there will be a lower recovery. debtholders blackrock, franco templeton, goldman sachs. i'm not aware the goldman sachs has a significant position in puerto rican debt. franco templeton is one, oppenheimer is another. we know they own puerto rican debt in mutual funds and we know again the puerto ricans themselves hold $15 billion to $20 billion of the debt. to the degree that he hurts bondholders, he may be hurting puerto ricans and there are number of hedge funds, some which are public, some of which are not that own a number of different classes of puerto
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rican debt, general obligation bonds, the electric utility bonds. it's a complicated situation. but there is room here for the administration and for congress to make life difficult for those who wrote money by puerto rico. david: erik schatzker joining us, editor at large. shery: sign-up for the "balance of power." get the latest on the world of politics in your inbox every day. coming up on "bloomberg markets," renowned short seller left'sapse -- andrew e-commerce judgment. ♪
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scarlet: it's 2:00 p.m. in new york and 7:00 p.m. in london. i'm scarlet fu. julia: i'm julia chatterley. welcome to "bloomberg markets." ♪
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scarlet: we are live in new york , stocks are recovering on the bloomberg and from around the world. president trump travel to las vegas to comfort survivors of the deadly mass shooting. he will be speaking later this hour from the command center and we will bring you those remarks live. not resign from his post. secretary of state rex tillerson pledging allegiance to the president, saying he not -- he is not considering leaving his job. energy weak.s russian president vladimir putin gives us a rare glimpse at his nation's view on opec and oil sanctions. we have u.s. markets closing in two hours time and julie hyman, you were telling us yesterday about the narrow trading range. that continues. julie: it seems like we're living this day over and over.


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