tv Bloomberg Best Bloomberg October 7, 2017 8:00am-9:01am EDT
♪ oliver: coming up, the stories that shaped the week in businesses around the world. violence in las vegas and the u.s. response to tragedy. president trump it was an act of : pure evil. oliver: conflict in catalonia. >> it has given the movement a lot of traction. misstepsolitical plague the european ruling party. >> they are negotiating with each other and europe is waiting on the sidelines. >> you hope for restructuring. oliver: sizing up the gop tax
plan. >> i don't believe we will get if there is elimination of the -- oscar bank -- oliver: what it takes to lead the fed. >> knowledge and experience increases your self-confidence about what you are doing. oliver: bob iger and mark cuban reflect on innovation and investment. >> it's a new world reality and we have to accept that. >> just like the net and streaming created our companies, this will as well. oliver: vladimir putin takes questions on donald trump and u.s. politics. >> do you think donald trump is a hostage of the american political system? oliver: it is all straight ahead on "bloomberg best." ♪ david hello and welcome, i'm : david westin and this is bloomberg best, your weekly review of the most important
business news and analysis and interviews from around the world. the weekend began in horror with nightmare unfolding in las vegas. >> it is the deadliest mass shooting and modern u.s. history. on a does strip of las vegas, more than 50 people were killed and 400 transported to aerial hospitals when a gunman perched in a high-rise hotel and open fire on thousands attending an outdoor music festival. the suspect has been identified as 64-year-old stephen paddock. they believe he was the lone shooter and police saying they have no sense of motive. president trump: it was an act of pure evil. to the families of the victims, we are praying for you and we are here for you. >> this is an important test for president trump and he and his team responded with a carefully crafted and meticulously read
statement that was put forward to a teleprompter and important for the president to not ad-lib offer a vision of unity and comfort. he did not use the word terror and that's because law enforcement agencies are trying to confirm if there was a link from the suspected shooter to outside groups and number two, because in the context of domestic acts of violence, the decision about whether to use that word comes loaded with the political base. >> president trump continues his visit to puerto rico to confront the devastation from hurricane maria that on. half the population is without water and they are still without water, supplies, or electricity. president trump i hate to tell : you, puerto rico, but you have thrown our budget a little out
spent a because we have lot of money on puerto rico and that is fine a. >> it's going to need money from congress and the weight of a package and private donations. they are glad to have the attention sean on this and this important humanitarian crisis and they feel like some of the logistical challenges of having a u.s. president touchdown in the midst of all of this they , think it is worth it. >> it cannot hurt for the president to be there. he is not there to rebuild relationships or get his hands dirty. i do not think we will see him shoveling storm debris out of roads like a mike pence a dead in houston, but he is meeting -- like mike pence did in houston, but he is meeting with locals right now and this is the thing you expect from presidents after major disasters. >> president trump went to puerto rico to offer relief, but
went beyond what people expected. he suggested they wiped out puerto rican debt to get on their feet. >> you can say goodbye to that. i don't know if it is goldman sachs, but whoever it is, say goodbye to that. >> mitch mulvaney said the president did not mean a bailout for puerto rican debt. he said the trump administration is going to be active in helping with the storm recovery but when it comes to debt, and that needs to go through the process congress started a year ago. >> if you look forward, there has to be debt reduction. you hope for orderly restructuring. it has happened numerous times in the corporate sector and it should happen again here. >> in the markets, dollar and treasury yields are lower as market digest the future of the federal reserve. president trump's advisors
delivered a short list of candidates in the running. gary cohn, walsh, janet yellen, is glenneably absent hobart and richard davis. >> i think chair yellen is still better than even odds for the fed chair. she would reflect a continuity of the policy in place that president trump has said he does like her and admires her track record. i would see yellen, powell, and further down the list, maybe warsh, but he might be too hawkish for president trump. dovishuld say there are governors being proposed but what i mean is potential governors who would be dovish on interest rates would pullback qe and get the curve to widen out a little bit, which would be good for markets. and probably the ones that trump, when he starts
interviewing these guys, he will go with one who is more anti-regulation. >> the house passed their budget year,tion for the fiscal taking a concrete step to enacting tax reform. it allows the republican tax bill to be passed with a simple majority and reconciliation protecting legislation from a democratic filibuster. how did the budget resolution become the easy part of this legislative process? >> you are absolutely right because not it turns to the hard part and that is trying to build consensus amongst republicans on a host of tax related issues, whether state and local deduction or any other issue in particular in terms of how they to pay and most estimates are saying is a $6 trillion plan. yes, the budget advanced out of the house, a step they needed to take, and they took it. it sets the stage for them to now get into the weeds of
actually crafting the tax policy and that's what we are going to see put out over the next couple of weeks. >> bob corker yesterday set the stage for what is happening right and as everybody is throwing around the sugar and tax cuts and nobody will eat spinach, which is how do you pay for them? that is a big concern for the few remaining deficit hawks out here, they want to see an administration and republicans bear down on these loopholes and tax deductions in the code and say, we will get rid of them, even if it means some people pay higher taxes. >> the estimates for payrolls is $80,000, the previous was $156,000. the jobs report right now. >> down a 33,000, a loss of 33,000 jobs during last month. however, the household survey, the jobless rate ticking down to
4.2% and the average hourly earnings climbing .5%, better than .3% estimated. year-over-year earnings rising 4.2%, the lowest since february 2001. >> i think fundamentally, the job growth numbers are probably fine last month. the 2.9% wage growth is the headline and janet yellen said in a healthy labor market, it is between 3% and 4%. we are just about there. i think that chair yellen will look at this and say, my understanding is basically right. >> this is the situation where analysis of the fed, a rate hike in december, as long as financial markets are firm, as long as wages began to rise toward 3%, they certainly are, i think the fed is slam dunking in terms of raising rates in
december. david still ahead as we review : the week on bloomberg best, conversations with larry fink, vice chair of the stanley fischer and disney ceo bob iger. plus -- vladimir putin holds court on donald trump. and up next, more of the weeks top of business headlines. the former head of equifax gets grilled on capitol hill. >> what we learned this morning is a that equifax messed up. david this is bloomberg. : ♪
, leaders state they might claim independence later after 85% of voters backed independence. hundreds of activists were injured when they tried to stop police from shutting down the illegal referendum. >> on the ground yesterday and it really got nasty. some nasty pictures, a pr disaster for the administration is a total double whammy. they wanted to stop the vote and the vote happened and the yes won and they wanted to contain and continue to make this a domestic issue. it is making news over the world and giving the independent movement a lot of traction. a lot of tension during madrid and barcelona. >> they have kept them guessing on if and when they will declare independence. they reiterated an offer about mediated talks attacking king felipe's condemnation of the illegal referendum. >> we have been totally open to
discuss it with the catalonia the government but it has to be , within the framework of legality and the spanish constitution. if we accept any mediation or arbitration, we are setting a dangerous precedent for all of europe. >> sources within the catalan government now saying a lot of numbers are getting cold feet. there are ready to push ahead but some are getting scared about what it can do to the economy. they want to reframe it, reword it. there is division about how to the woodhead. and they do not what you do it unilaterally and they want to engage the central government in negotiation. >> the squeeze on the separatist government tightens. the spanish constitutional court suspended a meeting held by the catalonia president in the
regional parliament on monday. is meeting to consider moving forward. >> they are based here but a lot of their business is in spain but crucially they want to make sure and this is the message they want to send it to the market no matter what happens, , they will still be backed up by the european central bank and part of the eurozone. that is the latest news. in the business miniter saying they will make it easier for companies to move away if they want to. >> the u.k. chancellor hammond delivering a keynote speech at the conservative party conference today. instead of brexit, the address was focused on the leader of the labour party jeremy corbyn. of them as abed marxist and said that have moved to the left and grouped them in with north korea, zimbabwe, and others. this is a cabinet be set by
infighting. they set themselves up as the keeper of the brexit flame. he wanted to keep the flame alive in the u.k. and make sure he is viewed and the views of his supporters are reflected in government policy. this is just one more reminder answeringill keep questions about firing the secretary paris >> boris johnson is falling in line on brexit. johnson said he is behind every syllable of theresa may's brexit plan. his comments after an onslaught of criticism and calls for may to fire him after challenging her plan. >> it seems as if he has fallen in line. why has he done that? we caught up with a number of mps who say he realizes he is upsetting people he might rely on if he wants to launch a bid for leadership in the future. there could be something in it for him to back down in the short-term, but it doesn't change the conversation of the
conservative parties psychodrama, who leads this party into the future. that is in the fringe conversation in manchester. >> theresa may was interrupted by a protester. >> while our opponents flirt and prepare for a run on the ground -- some people say we spend too much time talking about jeremy corbyn's path. >> of the protester was identified as a comedian. the paper he had was an unemployment form. we know they are planning for the worst case scenario. there is no more no brexit is worse than a bad exit. it is we are planning for the worst case. >> every day there is a new message on brexit and there has been no progress for the u.k., they have been negotiating with each other and europe is waiting by the sidelines waiting for them to come up with something behind which they are united.
>> the manufacturing gauge rose to a five-year high, signaling efforts to clean up the financial sector and the environment are not hurting growth. the fact the private gauges we have seen is showing a different picture. >> why are we moving in opposite directions? give us color on this. what does it tell us about where the economy is going? >> for me, there is a bubble in china's official pmi. at the moment i tend to trust , the pmi, it paints a clear picture of the chinese economy at the moment. >> u.s. auto sales were firmer last month, helped like houston, who started replacing pickups and other vehicles damaged by hurricane harvey. the big u.s. automakers were on the rise as gm, ford, fiat, and chrysler beat analyst estimates. >> we have seen sales down or flatter most of the year.
the first half was slightly down. when you see a month like this, you have got to say that replacing that were damaged or destroyed in the storm has to be a big factor. maybe it happened sooner than analysts thought and maybe rigor -- maybe a bit bigger because because numbers like nissan are blowing everybody out of the water. and really everybody was up and over there estimates by quite a bit. it has to be replacements from the storm that is pushing this. people didn't decide they needed to buy more cars they were buying in the first few months of the year. ceo appearedifax before a house subcommittee answering questions about the massive data breach. he apologized for the security failure and it sold stock after the breach. >> it was deemed as suspicious activity. we had no indication that pii was compromised. we had a no idea that data was exfiltrated at that time.
>> we learned that equifax messed up. there were systems in place that employees did not follow and the company was not prepared to deal with the fallout of this reach. -- fallout of this massive a breach. that is one of the things we learned and it is important because it will be a theme moving forward as we start to see more policy issues debated around what needs to be done to prevent abuse types of breaches from happening. the central question is are , there rules and equifax did not follow them or their need to -- or does their need to be better rules put in place? >> convergence of two energy superpowers, the saudi king beginning talks with vladimir putin in moscow, it is the first time a monarch from saudi arabia visited russia, coming ahead of king solomon's planned trip with president trump's next year. what are the problems of a closer saudi arabia-russia unity?
problem forotential the u.s. because in saudi arabia, one of the key allies in the region and it looks like this to change in the country's position. obviously, the oil supply agreement between opec and russia that has succeeded in keeping prices stable is driving them up and has been a success. it looks as though russia will agree to extend it as saudi arabia has asked for until it lisa the end of next year which is what putin indicated yesterday. there will be possible cooperation on syria, another major issue for the two countries. ♪
president trump's outline for tax relief is under the microscope on capitol hill and wall street. in an exclusive interview with bloomberg's erik schatzker, larry fink discussed what he does and does not like about the proposal. >> there are a lot of merits and what is being proposed but , let's be clear. what is being proposed is a large extension of our deficits. according to the cbo, i were deficits will grow to $25 trillion in the next 10 years before whatever this tax reform or tax cut is. addser this tax reform $1.5 trillion or $5 trillion is we all have our scoring, but my biggest worry on a country so dependent on foreign ownership of debt, we have chinese and japanese owning
as much as 25%-30% of u.s. treasury debt. if you look at demographically, the domestic needs of china and japan, they are going to need a lot of that money. and to think we could have foreign ownership of 30% out 10 years is probably a bad assumption. my worry is, are we going our -- a with growing our deficits in front of a very big demographic walls? >> we are and we have. >> it only works if we can successfully bring our economy --and this 2%-two .5% range 2.5% range of two 3%. >> that's what the president says he wants to do. that's what gary cohn says the tax proposal is designed to do. >> that happened with a tax reform during the reagan administration.
it has not happened ever since. it brings growth forward. advocates ford in the future permit >> are you saying the proposal used to be budget control? >> no. but it has to be mindful of what we need to do related to our deficit. >> what would you change? >> i'm not a tax expert. i don't believe we are going to get tax reform if there is the elimination of the deductibility of taxes. that will create a bigger deficit, so we will have to find it somewhere else. one of the ways is by raising corporate tax rates from 20% closer to 25% or 27%. that is still a net positive from what we pay today and by and large, most investors and
corporations would welcome that. >> you would be fine with that? >> we would be fine with that. we up how does we pay about a 31% -- we pay about a 31% tax worldwide. two, we need to make sure we are fair and just across the different sectors. i do believe what the president's tax proposal as related to partnerships will help the small businesses quite a bit. by having that 25% tax rate. david: coming up, a roundup of the week's top company news including another eu challenge to another america tech giant. straight ahead, more of the more interesting conversations. stan fischer is getting ready to step away from the federal reserve. and yes and thoughts on a who will be filling his shoes. >> the initial reaction is that
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♪ >> the banks need to plan for a hard brexit. nobody knows if we will have one or not, but this is an assumption that is the most likely assumption right now. if you wait until the last moment for a financial landscape that will change drastically, there are too many risks associated with that. it would be our, and the bank of england's, recommendation to start planning early on, because if every bank once you go through the same narrow door, it will be a problem. >> what would be the impact of a hard brexit because the u.k. is the single largest export market
for the eu? there will be applications for -- implications for the economy. >> there will be implications for the economy. changes i would look at will be the changes in the financial sector, and the financial sector will be very different. it will be a lot less productive and efficient than it is right now. we will see changes to the business model of the financial sector. banks will move cities, part of their business models, new processes, supervision. it will be a big change to the way we do finance in europe right now. david: that was this bundesbank's bodar member, dombret.
he was not the only one who spoke with us this week. emily chang sat down with tech investor mark cuban and bob iger. disney announced a big bet on sports streaming services. emily sat down to talk about what this means for espn. >> espn still covers 16,000 sporting events a year, 65,000 hours of programming. in a few months in 2016, i noted 75% of americans watch some form of espn in a month. it is still an unbelievably popular service, one that is still driving from a profitability perspective, but the world of tv has been disrupted. we feel we need to adjust accordingly. that's what we are doing by launching a streaming service. it is why we invested in
stantec, and why we are making these extra sports on a consumer basis. emily: nfl ratings have been mixed. do you think ratings will go up? >> i think it's early for the nfl. as playoff races start to emerge and a new stars emerge or we are reminded of old stars' presences on the field, we are all facing more competition for consumers' time. even the most popular content. whether it's the nfl or network tv or the cable channels, we are living in a new world reality , and we have to accept that. it doesn't mean it is still among the most popular or successful things out there from a business perspective, but it is a reality of our time. emily: you told bloomberg you are considering getting into bitcoin. what do you think about people
like jamie dimon saying it is fraud? >> it is interesting, because there are a lot of assets whose values are based on supply and demand. you have no true ownership rights or voting rights. its value is a function of supply and demand and does nothing else. i bought some based on a swedish exchange, because it gave me liquidity. pure bitcoin. i'm also involved with ico's sales, because block chain is a great platform for future applications. just like the net and streaming creative, i think block change will as well. i am involved with mercury protocols which i believe will change messaging using block chain. emily: how big is your state in bitcoin? >> relatively small. david: speculation heated up this week over possible
successors to janet yellen. it was an opportune time for an interview with outgoing fed vice chair member stanley fischer. in his interview with tom keene, he did not comment on specific but he did share insights on what the job demands. >> do we need a fed chair like chair yellen? i believe we have a number of candidates that have not even gone through these key chapters which are considered the canon today. >> they should read it, and they should read the whole book, because at the end of the theory, it mentions what happens when the interest rates gets too low. it is worth reading even today. tom: can we have a new setup with somebody like william miller? a nonmonetary fed chair who has
a vice chair of your capabilities or chair yellen's abilities? or do we need to have the of crisis and shock as chairman? >> i found in my terms as governor and vice chair, having the basic economic theory and experience increases your self-confidence about what you are doing. is it essential? i doubt it. there are some very smart people who could figure this out in many ways. but is it helpful? yes, very much so. tom: what is it like with a standard deviation shock? you enjoyed 1998 and the financial crisis and the struggles. for the next chairman, many people talking about that, what is the difference of people like
you in a forced standard deviation shock at the moment or set of shots versus a normal day at the eccles building? >> the difference is, is it something you ought to do or should you let the markets take care of it? if you decide to leave it to the markets, you wait a week and see what it means. it depends on the experience you have and your understandings of how the market works. you get that over the years. to take a simple example, the initial reaction of people is that if something bad happens, you close the markets. that's terrible. tom: in your final thoughts of london in your final speech, you talked about never say never events. what kind of chairman do we need to be steeled and ready for never say never events? >> you simply need someone who has the flexibility of mind to
see he or she needs to take a different route at a particular moment in time or over the next year or two, and someone who has also the capacity to lead a very large, complex committee to agree with his or her thoughts. david: politicians and business leaders gathered in moscow for the annual russia forum. vladimir putin took part in a panel discussion. he addressed the topic of his relationship with donald trump. >> our personal relations, there is almost none. we saw each other one time. we had some various telephone conversations on areas of mutual interest. we also discussed the syrian
issue. issues,ay, on certain we are cooperating with america on many tracks. there has been problems, sanctions, tensions, searching confrontations over our approaches which are different. we are capable of coming to find solutions. after their effectiveness, you can judge for yourself. certain forces are using the russian-american relations to address their internal political problems while we are passionately awaiting for the process of this to come to an end. i do hope the fundamental mutual
interests which are not proliferation of weapons of mass destruction, commenting on cyber crime, cooperation in regional conflicts. i have been working tirelessly on those conflicts, coming up with solutions to these conflicts. the fight against terrorism, cybercrime. these are fundamental interests that will change the nature of russia-america relations for the better. >> do you think donald trump is a hostage of the american legal -- political system? that seems to be what you just said. >> i believe someone with a personality like trump, his
character will never be hostage to anyone. >> what would be advice to him? >> i would advise him to establish normal economic ties russia markets in the joint interest of the american-russian economy. they are interested in establishing well-established cooperation. they will continue promoting ties with them for the current political situation. ♪
let's return to our roundup of the top business stories and the latest skirmish in the ongoing battle between tech companies and european regulators. jonathan: amazon hit with a $294 million tax bill by the european union. it is the latest company to find itself in eu tax trouble. pay -- wasallowed allowed to pay four times less tax. >> one has been a regulatory review coming out of the eu for a long time in many years. that issue is there for the amazon and the google and the facebooks of the world. they also have this growing tax issue. it is not just the tech companies. there are some growing multi national companies like starbucks and mcdonald's who are impacted, too. that feels more political to some of the players, but these are global players doing
business in every country around the world, generating cash and for them. it is efficient tax planning. for the regulators, they want to make sure proper payments are being made. >> the director of uber voted no -- unanimously to propose the limit to the government structure when it comes to ousted chief executive travis kalanick. >> this is a move toward limiting the influence of travis kalanick and other board members who had outsized shares before this move. with the softbank investment,
there will be money put in from a couple of other firms. that will move into one h-share, one vote structure. that is part of the push softbank wanted as it came into this. they are stepping into this conflict and they are trying to reach a resolution where they can invest the money and take equity stake and put together some of the tensions between these two sides. >> monarch airlines has been the spotlight, and it is watching a program to fly back to the u.k. the transport sector describes this as the biggest repatriation ever attempted in peacetime. what does it tell us about those who remain and the life out there? >> it is fair to say we might see further anchored season along the road especially along the smaller carriers. we see a drop in fuel prices, ryanair andlowed
easyjet to ramp up their pressure on monarch, even the likes of the airline in poland. you are seeing the same kind of restructuring across the entire region. emily: new york can rest easy about their cable package. they reached a deal that keeps espn, abc, and disney channel on air for 2.4 million new york area subscribers. >> i think what this deal shows is that espn and disney still have a lot of negotiating leverage in these negotiations with pay-tv providers. a lot of people were watching this deal closely as a litmus test for whether espn could still manage to get higher programming fees from the pay-tv operators, which is important for the business because they are losing subscribers and they paid billions of dollars to air live sports. this is a crucial moment for disney. they have more contract renewals
with pay-tv providers coming up , and it looks like they got a lot of what they are looking for. higher rates for espn which is important, and they persuaded them to carry to college sports networks. >> showing signs of solid growth in the latest quarter. they are dogged the effects of brexit. shares of london fell today, there hartline on prices conflicted with an inflationary squeeze from the week pound. the company restored its dividends and officials remain confident it can meet 3.5% to 4% operating margin. >> it is an important step for us and our shareholders. it has been three years since we paid dividends. >> why, i might ask? >> i think they go hand in hand. we see a clear path towards investment grade. have been reducing in debt
and bought back 500 million pounds of bonds and the past -- in the past year and repaid one million pounds in debt so we are focused on both of that. >> netflix raising its prices once again, $11 a month. that is what they will popular -- they will charge for its most popular u.s. streaming service plan. it is helping to pay for its ambitious budget for their tv's and movies. the market is reacting favorably. >> netflix has three different rates. the lowest rate at eight dollars a month is going to stay the same. willwo higher plans increase by one dollar and two dollars a month. they need to raise prices because they are spending an enormous amount of money on programming, $6 billion this year, $7 billion next year. this can improve their profit margins, as well.
david: 10 years ago, three classmates opened the first restaurant in washington, d.c. today, it is a casual chain with locations in eight cities and the same three friends still share ceo duties. one member of the trio tells the growth story on the latest edition of "small to big." >> at sweet green, we make every single thing from scratch every day. the three of us were like, what if we opened this restaurant? it was solving a problem we had in our own life. wanting to eat something healthy, affordable, convenient, and really stood for something we believed in. we started the company by going out to anyone we could ask and we raised about $300,000. 40 people contributed to that first restaurant. the average check with between $500 and $10,000. the first place was tiny. it forced us to simplify everything.
that really stuck with us. it wasn't that sales took off in a crazy way right away, but the people who knew about us loved us. soon after, we started exploring the idea of a second and third one. we wanted to stay in the d.c. area but we knew we had to get things right before scaled it. we have had to raise a lot of capital along the way as we build restaurants, but we never relied on institutional funding. it was about four years ago, one of our customer's friends approached us about investing more money. he believed in our mission, and that kind of funding a lot of us investing allowed us to in people and community and systems and infrastructure. it allowed us to build a brand.
we invested in mobile technology and rebuild restaurants in a responsible way. you could pick up the phone and go online and pick it up and get out of there. it was more than building an app. everything had to be redone. the way we operate, our kitchen system, our craft, everything had to be rethought. it went from one restaurant, one engine, to two. it took about two years to build that. we embraced it and figured out a way to do it the right way, not just achieve it the easy way. today, we are open across the country in eight cities. we are in philadelphia, baltimore, new york, chicago, boston, l.a., and the bay area. we will end the year with 85 restaurants. for the next 10 years, we are focused on not only building restaurants, but building technology that can make it
analysis function in the bloomberg. we see here for revenue, updates for 6.4% back in 2016, but the bulk of their revenue, that is their traditional software. >> there are about 30,000 functions on the bloomberg, and we enjoy showing you our favorites. maybe they will become your favorites as well. here is another function you will find useful. quicgo, we can get important context and insight on important topics. here is a quick take from this week. >> the baby boomers of the world are hitting retirement age, but many of them continue to work. the generation famous for rewriting the rules are shaping the twilight of their lives. here is the situation. for older americans, there are practical reasons to keep working. many retiring homeowners have failed to pay off their loans. some can't afford a 30 year vacation. others are not willing to give
up enriching careers. compounding the issue has been the gradual privatization of retirement programs. offer 401(k)sn to in place of pensions with guaranteed benefits. but 401(k)s invested in the stock market lost a lot of value during economic downturns. here is the argument. americans are starting retirements with little savings and that means americans work more than other wealthy nations. 18% of americans over the age of 65 years old are still working, in contrast to 6% in germany, 10% in the u.k., and 22% in japan. it is not just an american problem. the birth rate is declining. that means fewer workers and people contribute to pension programs. governments feared pension programs could become insolvent without a robust workforce's of
people. so, many are being encouraged to stay on the job. most people now work as long as they want. a new reality is taking hold. when asked what age they expect to hang their hat, 10% of the be -- american baby boomer said never. david: that was just one of the many quick takes you can find on the bloomberg. you can also find them on bloomberg.com with the latest news and analysis you can find any day. thanks for watching. i'm david westin, and this is bloomberg. ♪
♪ david: did you always know you wanted to run fidelity? abigail i never felt any : pressure to. david: did your father say if you worked hard, you would be ceo? abigail: he was not the guy to make promises to anybody. david: what do investors want? abigail: everything. upid: was it hard growing with your father and family being famous? abigail: we were not famous at all. i think this is the moment that i have been waiting for. >> would you fix your tie, please? david: people would not recognize me if my tie was fixed,