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tv   Bloomberg Markets Balance of Power  Bloomberg  October 26, 2017 1:00pm-2:00pm EDT

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step closer to tax reform. david: house republicans narrowly passed -- without any democratic votes. tax reform is not the only thing on president trump's agenda. he plans to outline his plan to fight the growing opioid epidemic. we will bring that in about an hour's time. ambitious plans in riyadh this week, including the $500 billion city. shery: earlier today, the house adopted a senate budget resolution giving congressional republicans the tools they need to avoid any democratic filibuster of their tax overhaul plan. here with the latest is
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bloomberg's chief washington correspondent, kevin cirilli, on capitol hill. the opportunity to pass a bill without the democrats did outweigh the complaints that some lawmakers had. complaints, most notably from republicans in states like california and new york over exemptions to the state and local tax production still will not seemingly be enough to block tax legislation built when it comes to the floor . the budget in the house of representatives on a 216-to 12 margin with five members abstaining. -- is not enough for them to, should they form a coalition, to block any type of tax reform bill once it is brought to the forefront. things could get interesting during the public hearings. within the last hour, we've heard all right jokingly suggest that when they do unveil their
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tax plan on november 1, president trump will be overseas in asia. markup is slated as of now for november 6, one week away from monday. one a listen to what republican representative had to say about what he is holding out regarding this budget bill and his concerns over the state and local tax issue. he voted against the republican budget. republicansthe 90 voted against it, and extraordinary step. it is usually considered a partyline vote. a clear message that we will not be able to vote for the tax package, the tax reform bill . kevin: it is not just a state and local tax issue that has republicans privately talking behind the scenes. it is also about taxing 401(k)s. asset managers like blackrock
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having a lot to say about that. spoke to representative brady and representative blackbird -- they do not think that -- will be a significant part of any tax package. david: thank you very much. --'s get to our insight into oklahoma representative tom cole joins us from capitol hill. let's talk a bit about what was in the budget and what wasn't. are you happy with what you voted on today? happy with the reconciliation. the budget itself is a nonbinding resolution. i like the house budget better than the senate budget, but this doesn't have the force of law. the real decision will come with individual pieces of legislation and appropriation, and we have to have the reconciliation.
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a couplee give democrats on the senate side, but we don't want to give them the power to dictate what is going to happen without those reconciliation instructions. some lawmakers made a stand on the state and local tax reductions. for themthe right time -- when would be the right time for them to address that? and what parts of this resolution were you not happy with? tothey were right to point areas of concern. this budget doesn't affect that, but at the end of the day, what will matter is what accommodations do you come through in the markups. that's when the committee goes down to work. i think there expression, they were pretty certain we had the votes to get this passed. reformf members want tax . a lot of things i didn't like --
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in the original house budget, mandatory spending or entitlement reform, but this budget does not. we are going to be working on it next year, but you have to make the main thing the main thing. right now, the main thing is to get a tax reform bill done by the end of the year. david: what conclusion should we draw from that republican party from this vote? you saw who voted against this legislation. both from that and senator jeff flake and bob corker as well. therehink in the house, is not much question we will get this done. we got the obamacare repeal and replace done, the repeal of over 280 pieces of legislation sitting in the senate. i think we are an efficient operation at delivering, and our leadership has laid out a good product for us. we'll get it done here. i think the senate is more
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problematic and difficult them -- and the margins are more difficult. you have people who are not on the ballot next time, they look at the world differently. some democrats could potentially be in play. some people who are going to be on the ballot and want to vote with the president in states where he got margins. >> are you looking at the world any differently, in light of what has happened? of the president, of the party? >> there's personalities in every party. the president has worked this issue very hard. i think the overwhelming majority of the republican party in the house and senate is with him. i have talked to him personally myself on sunday morning. he was working the phones, lining up the votes. parties are a coalition. he brought new people and new issues into the republican ranks. he is not an orthodox republican . probably not why he won the
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nomination -- probably why he won the nomination. and tax reform reduction legislation is a chance to do -- a big test for us. shery: are we heading toward another funding crisis in december, passing the budget is one thing, tax reform is another, but we are getting close to the december 8 deadline. what is congress doing echo >> quite a bit on the appropriations front, and that is where you would see a government shutdown. i can't see another short-term continuing resolution to the end of the year. the house is moved all appropriation bills across the floor. the senate is making progress. they are a long way away. withe prepared to sit down our senate colleagues, and that negotiation will have to be bipartisan. you still require 60 votes. democrats will have leverage in
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the senate, and we usually require democratic votes in the house as well. strangely, you will see the exercise as pretty partisan, and the spending process as bipartisan. we will hear from the president in a few minutes talking about the opioid crisis. is there enough in the budget to curve or scale the opioid crisis in the u.s.? >> that's a place we can work together, there is. we have significant funding increases a few years ago and the 21st century cures act, $500 million for state and local efforts. the president included that in his own budget. i'm interested in seeing what he proposes. i think you will find democrats and republicans working together. this is a scourge that makes no distinction by party or region. members on both sides of the aisle are anxious to do what we can. thank you so much for
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your time. republican congressman tom cole of oklahoma, house and budget committee member. it is very likely -- will not need a 2017 -- will not meet its 2017 targets. it'sve heard earlier that ceo is stepping down amid insider trading obligations. we are seeing it plunged more than 2%. for the time, let's get back to u.s. markets. we are seeing a rebound from yesterday's session. from: a modest turn down yesterday's session. the question of who will be the next fed chair and the future of the back ofn investors' minds. i want to focus on hospital stocks for a moment. we had some headlines in the last hour on -- health care. reuters announced that the company -- following the earlier
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than planned departure of its in the week. representatives did not immediately have comment. this report that the committee had been considering a potential sale was reported last year by the wall street journal. is notight sale necessarily likely, but there could be a breakup of the company. holder --largest sale shareholder, and make seek to replace the board as soon as january, according to an earlier bloomberg report, setting a person familiar with the firm's thinking. we have seen a downturn in other stocks today. led by universal -- i'm going to pick that up so i know why universal is down. they missed their third-quarter earnings estimates and gave worse than estimated guidance. have hca holdings
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following along with the rest. we keep talking about earnings, so i want to give you an update on where we are. we have some other earnings to talk about. we will get to them later. it is the busiest date for earnings in the s&p 500. 70 companies reporting today and a return of the s&p over this period of time is about four point -- 4/10 of 1%. thank you very much. coming up, senator elizabeth warren pushing hard to keep the pressure on big banks. we will take a deep dive into those efforts next. ♪
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>> welcome back, this is bloomberg markets: balance of power. david: let's check on the first word news. mark: thank you. paul ryan says the $4 trillion budget that narrowly passed the house today was a victory for americans. the vote gave a significant boost to president trump's plan to cut taxes. this budget we passed in the house brings us one step closer to historic tax reform. that means more jobs, there were taxes, bigger -- there taxes for americans. -- to increase the federal deficit by up to $1.5 trillion over 10 years without concerns of potential blocks by democrats. secretary of state rex tillerson says washington sees no future for president bashar al-assad in syria's government, insisting the reign of the assad family is coming to an end. tillerson made the comments
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today after what he called a fruitful discussion with the u.n. syrian envoy in geneva. peace talks are expected to resume in the coming weeks. an explosion at a fireworks factory near the indonesian capital of jakarta has left at least 47 people dead. thoseals say most of killed were trapped inside the factory when it burst into flames. dozens were injured. -- cast his ballot in his hometown of -- in today's presidential election rerun. work to unify the country if he is reelected. are tired of electioneering. it is time we move forward. for people to choose their leader, as indicated by the supreme court -- >> meanwhile, police in nairobi tossed water cannons and tear gas at protesters.
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supporters of the opposition leader are boycotting the election rerun, saying it is not credible. many polling stations and opposition areas did not open due to security concerns. 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. warrensenator elizabeth is sounding the alarm's on another financial crisis. the massachusetts lawmaker penned an op-ed for bloomberg view highlighting the need to on bigrrent regulations banks. she wrote that the likely motivation behind the effort to change the $50 billion threshold is not additional lending, but additional stock buybacks, executive bonuses. -- just yesterday, senate republicans voted to strike down the sweeping new rule that would have made it easier for
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americans to sue their banks and credit card companies. is michaelto discuss moore. elizabeth warren not talking she is havings -- an issue with bigger banks. >> they have relaxed the rules on some of their banks below that $50 billion threshold. now the banking lobbyists are looking at that area between $50 billion and $250 billion. those are the larger regional lenders. industry isom the that the truly too big to fail ones are the big guys. these regional banks are suffering from higher costs of regulation, and that needs to change. elizabeth's warning is, not so fast, the regulations have not
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hindered lending. that is her argument. david: she writes in a piece that the federal reserve has done a good job. i wonder how much agreement there is shortly after and-frank -- lobbyists trade groups representing these banks as well. they said they were unfairly burdened by what was put into place by that law. is there agreement with what she says? >> i think it depends on what perspective you're coming at. i think there is agreement that if your only goal is safety and soundness, the fed has done a good job of increasing safety and soundness. the stress tests, capital rules, the industry is safer and sounder. success. the industry would say, at what cost? have you gone too far? and you not taken into account how rules interact? that has been the pushed from the industry. let's take a step back and see if it is too much.
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yesterday, the senate voted on and overturning of the new rule allowing class-action lawsuits against banks. thedoes that fit into bigger context of where we continue to see deregulation moves, and how does this affect consumer advocates and consumers? >> this was part of dodd-frank, with a look at arbitration clauses. you have that tf be, which senator warren push for. they were the ones to introduce this rule, limiting the use of forced arbitration clauses. week,nate, earlier this kind of not that down. -- to sign that into law. that would stop this push back against these forced arbitration clauses. it makes it harder for consumers to sue. a lot of those lawsuits are
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frivolous and costly, the company's sake, and the money goes to lawyers anyway, but it is concerned for consumer advocates. david: -- says that lending of all kinds is robust. from what you have seen, is that the case? are we seeing easier lending than in past years? >> in the last five years, it has eased. in the last couple quarters, that is slowing down. the banks will say that is not because of what they are willing to supply, it is because of the demand. a lot of companies are taking a wait-and-see approach, whether tax reform or health care, they want to see the environment before they take out another loan. another aspect a rates being low is that markets are easily sensible for bigger corporations, so you don't have to rely on bank loans as much. over the longer term, that growth has been there. david: thank you very much.
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still ahead, the democratic response to tax reform. john yarmouth from kentucky coming up next. this is bloomberg. ♪
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david: the house is paving the way for tax reform, and congressional democrats are responding. fromessman john yarmouth kentucky spoke to vonnie quinn earlier today about the democrats' reaction. >> we know what was in the outline put out several weeks ago. among the items mentioned were eliminating the estate tax, which only benefits people with estates, couples with more than $11 million. eliminating the alternative minimum tax. in the one year know about donald trump's tax returns, it would have saved him $30 million. things benefit
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very wealthy individuals. and we don't know if we share what they are going to do with state and local tax deductions. if we do eliminate the deductibility of those taxes in my state, half a million people will lose an average of $9,900 in deductions. know, it looks like this plan is heavily weighted towards the wealthiest americans. -- is not there, one of our biggest complaints. you cannot pass a tax bill that affects every american and every business and corporation, and do it basically in secret. there are not going to be hearings on this bill. it is just going to come out of committee, get marked up, and go to the floor. vonnie: we are hearing from the house ways and means committee chairman that november 1 is when it will be introduced and markup will start november 6. how much time will you have the consider this and move it along?
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heaccording to speaker ryan, wants to get it done by thanksgiving in the house. ,hat is a short period of time when you are talking about something that affects everybody so dramatically and directly. we are going to hear from all sorts of people back home, whether it is -- if they doubled the standard deduction, we will hear from realtors who say that if you double it, even if you keep the mortgage interest reduction, you've made the interest the duction less relevant. we are going to hear from charitable groups who say the same thing. even if you keep the charitable deduction, that makes that the deductibility less relevant. and you will hear from virtually everybody on k street, a lobbyist for every -- i would doubt that a couple weeks or three weeks is going to be adequate time to get -- to that
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all of this proposal. it is going to give back $4000 to families -- for families in kentucky, have you done the math? >> no. the analysis they are relying on , they are basically making an assumption that corporations who save money are then going to automatically give their employees huge raises. that is not what happens, historically. kentuckyat was congressman john yarmouth. we have more politics ahead. this is bloomberg. ♪
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republican budget today, giving a significant boost to president trump's promise to enact taxes. they will increase the federal deficit by up to $1.5 trillion over 10 years. the building pass in the senate with just 50 votes. the tie-breaker from vice president and why passing need for democratic support. the centerpiece bill and the united kingdom brexit plan will return to the house of commons next month. it will propose what they consider it government -- a government power grab. november 14 will be the first of several days of debate. the bill would convert 12,000 european union laws into british that shoots -- statutes. there's a report president trump will not name janet yellen to a second term.
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source tells the political website the president changes his mind about it every day. according to politico, president trump narrowed the field to jerome powell and john taylor. they will release the final files relatedt bowe to john f. kennedy today. to the full disclosure 1963 killing. scholars of the assassination are nearly unanimously agreeing that we have the article acted alone. global news 24 hours a day. powered by more than 2,700 journalists and analysts in more than 120 countries. i'm mark crumpton. this is bloomberg. shery: thank you. the saudi arabian prince backed to the extension of opec production the on march 2018, making it all but certain that the cartel and its allies will
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-- at a meeting next month. >> the ultimate prize on a trip the interview with 32-year-old dynamo who is transforming the saudi economy. a friend told us saudi arabia wants to extend the opec and non-opec oil production cuts be march 2018 deadline. he told us he believes the oil market has entered a new era, that is a direct quote, and control oversupply is the only way to support prices. this is the first formal commitment by saudi arabia to maintaining the limits that has icesessfully pushed oil pr up into the high 50's. they will agree with russia to send the production cuts that have already been extended once. here is a direct quote. e is benefiting.
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it is the percent we have an opec and non-opec bill in bill in the oil stabling the oil market." that is from an interview in which we also talked about his dream for a new city in the northwest of saudi arabia on the red sea. the area will encompass not just the heart of saudi arabia but egypt and jordan as well. city.y automated to make this dream a reality, saudi arabia is already in conversations with amazon, alibaba, and another. bloombergzker, riyadh. shery: whispering in real how my -- little bit more about this. when the crown prince pushed out as cousin to get the crown, lot of critics were saying he is alienating the old guard. and people were saying this is
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too b what is the impression on the groundig. big.oo what is the impression on the ground? >> if you're referring to the old guard, that remains to be seen. there is a lot of energy you get from talking to young people in riyadh who are excited about some of the changes that are being promised. that are some changes happening. one of the changes announced is that women will be a love to - be allowed to drive. this is the only country where women were not allowed to drive. rik mentioned the new, giant city in the north, which is very much the city of the future. also an entertainment city just wher we saw some
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saw a lot of buzz from young saudis. -- whywhat create this create this app-based city? why do it this way? >> he wants to do something completely new. he made clear this is supposed to be a big hit. it is supposed to make money for them. he wants it to be a city of the future. the name kind of translates to "new future." this digit this is an entities of land in the government will
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pour hundreds of billions of dollars in it to make it a success. they want to partner with some of the biggest companies in the world to build something. work?t obviously, that is what everyone is asking as it remains to be seen. shery: the crown prince has a normative over policy in saudi arabia. he replaced oil minister with his own person. can we trust him when he says they are considering those open eyondction cuts to go b march 2018? inis very much the decider saudi arabia. that is absolutely clear. advisors -- the key he has a very close entourage of some people who are pushing the reform for him and away -- in a way.
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thank you very much for the time. i really appreciate it. coming up, we take a look at the industry and the state of drug pricing coming up. this is bloomberg. ♪
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david: this is bloomberg markets: balance of power. shery: time for the stock of the hour. cutting long-term profit forecast.
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the company missed on the top line with a announced earnings this morning. joining us is taylor riggs. how that was it? two key things he mentioned are the miss of the top line. $3.4tations were more than billion. quarterly, it was the slowest quarter of growth. the second quarter of 2009. out to 2020 and the net product sales are going to be falling down from $19 billion to $20 billion. the adjusted earnings. one key driver i want to look at its tesla. it is the third in terms of sales but came $100 million short of estimates. that was the key driver for what they had to lower that long-term forecast. analysts say they are concerned about confidence since management missed that credit is so much. that is one of the key ones we
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are looking at. david: let's look at what it has him to the sector as a whole. see the massive elgeneformance of calg going back a year. you can see other stops dragging it down this week. getting ahead on multiple fronts. david: appreciate it. davis. us is chip let us talk probably about generic drugs. theravance a much conversation about drug pricing. where does it stand now and where does it would likely to go? chip: we represent the generic side of the industry as well as the bio similar side. you're right. the topic of the session in washington amongst others has
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been concern around the increase in cost. president trump talked about it when he was candidate trump in the transition period. i testified last week in front ranging --lexander, chairman alexander and the rest of the committee. ist is going on in the focus oversimplified. we are experiencing an level of price deflation. the number of prescriptions are going up at the revenue is going down. shery: where is the money going? drugmakers are blaming the hospitals and middleman and they say we are no control over the list price. where's all that going. ? chip: there's a lot of finger-pointing in the supply
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chain. that is on the branding side of the industry and the relationship the brandoded pharma companies have your clear a commoditized industry. the dialogue is between us and the buyers. increasingly, the consolidation and the distributor and the wholesaler segment where there are now three buyers by control 90% of the market is having that on generic. impact obviously, deflation competition is good for the overall market to a point. lc prices low and the generic space. we are to make sure supportive of policies that will move the industry forward. principal economy was talking about delays in terms of getting drugs approved in when you look at the legislative landscape, what are the hurdles see more or less of? ofp: 153 approach
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across-the-board brand, even though one is a monopolized market versus a commoditized market. there are mistakes being made because of that impression. one market where you are trying to treat a deflationary and inflationary market the same. seeing, we are anti-competitive business practices. period when it is supposed to expire, they came to the market in created competition to lower prices. we are seeing an increased level of practice. that is having an impact on our companies. shery: what about the price hikes in octets and generics? -- off patent generics. chip: it doesn't necessarily affect generic street go back to believe years ago, a drug that was never approved as a generic.
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to your larger point, there is a class of drugs that are older and never got generic competition.your question is why . the new fda commissioner focus a attention there. in addition to focusing on the approval process you were talking about, he is talking about -- he put out a list of cane products so companies see if they can lower cost. david: in a few minutes with your for the president talk about the opioid crisis. how much more introspection does the industry need to do? what role will generic drug companies play in curbing what has become an escalating crisis? p: it is my understanding president will talk about the across-the-board approach role for industry, prescribers, and increasing role for patient and can awareness. that thee things
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association for acceptable medicines has done his partner with a technology firm to create an online awareness campaign for incoming college freshmen. researchers indicated their one of the most honorable populations. what is aiming to do, online module freshmen can take. it is focused on freshmen right now. it raises the increased level from inappropriate prescribing to making sure you get the right course of therapy to making sure you are not sharing a prescription. 30,000 college freshmen have taken it and we are hoping to expand it more. david: thank you. chip davis. a big shakeup in the private equity world is coming. david rubenstein. down from his post. he talked to our erik schatzker
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about what his role will be in 2018. >> we will still stay involved in the firm. i will be with the conway -- bill conway. we are not walking away, just changing our roles of it. we let the new people run the firm. erik: how much leeway will you get them? r.: a fair amount. we will not be helicopter parents are however. we will be involved in health as we can -- and help as we can but you guys will thing day to day. personallydid you it why did you decide that could've have happened at 67 or -- why 68? >> we want to hand over the
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reins to the other people. we didn't run away until it was too late and we didn't want to wait until we will set these guys should go. nobody was saying we should go, so maybe that was the best time to go. >> why these guys? glenn has been with us for years. he has worked in europe and in the united states for us. helped recruit four years ago. they both every good investment and people skills. they have complementary skills, so we're confident they will do a good job. erik: what are you doing to avoid the ge curse? you remember when the rains were wered and three -- reigns handed over and three of the best ceos left. what is carlyle doing about this risk? david r.: we have people that we
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put in significant positions. i am not aware of anyone in the firm who is a senior person who is not happy with this. i think we have a good transition. from time to time but i don't think anyone will leave because of this decision. ceo and thender and host of bloomberg the david rubenstein show. coming up, the president ranks of the federal response of the opioid of these purge. we will look at some of the data that is spring government action. this is bloomberg. ♪
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shery: this is bloomberg markets: all the power. the president talking about a public health emergency. this would ask for funding in
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response. the stakes are high for the president to take action. the cdc estimates the epidemic is killing 19 americans each day. -- 90 americans each day. how good is the data on this crisis? i feel it more people are talking about it and reckoning with staggering numbers. do we have good data on the crisis? >> give good data on the deaths, not the number of addicts, which i think is the more important number. but we know from these drugs is not everyone who is using them on a daily basis dies. it is a tiny fraction, but we do not know the denominator. see more of ao federal response to the more money, where without go? >> in some ways, it depends how the federal response is hit. earlier, president trump declared he would seem national emergency. what we are seeing is a public health emergency. it might cousin things like
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displaced workers. policymakerse seen talk about it? is this something janet yellen and other economic policy makers are talking about as it affects the u.s. economy? >> absolutely. usually we see them pay a service to this. janet yellen specifically called out. it pushing down the participation rate in the country, which is important. it becomes not just a human issue with something that is fundamentally affecting how we look at growth in this country. shery: we are seeign a response does we are seeing a response of those calls. regulators are cracking down on the pills and doctors are prescribing the less rate at the if there are no pills the a's will go summer else. >> there is an intense distribution. at the same time, pills are
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becoming harder to find. has gone of the street up astronomically. we are seeing addicts switch over to heroin or vietnam -- fentanyl, which works similarly on the body but are much more dangerous. david: there's a paper about brookings about participation rights and white men in particular in kobe or addiction. opioid addiction. what is it that policymakers want to hone in on? >> dr. krueger him as a great paper that previous work one step further and said something of a drop in male participation and one fourth of a drop of female participation. this --he barrier is
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how big of a barrier is this? this cyclical or will it persist over business cycles? shery: is there something measures this demographically or by location across the country? >> e-cig progressive progress in his epidemic, it is really shifting. early on, it was the familiar story we knew. white, middle-class people. now, and has shifted up toward the northeast. it has gone younger. gotten younger. race groups.und it is heavily driven by black people. there is money in the budget he passed to dust those passed to do with this. you have a sense of what it would take to reckon with this crisis? >> it is hard to tell. there hasn't been a big conference of study. chris christie and the president's opioid commission is
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scheduled to release the study on november 1. david: thank you very much. shery: sign-up for the balance of power newsletter. more at bloomberg.com/politics. coming up, president donald to outline his plans to fight the opioid crisis sweeping the nation. we just talked about it. we will bring in his remarks live moments from now. ♪
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it is 2:00 in new york, all 11:00 in san francisco. i am scarlet fu. abigail: and i am abigail doolittle and for juliu julia
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chatterly. this is "bloomberg markets." your live in bloomberg headquarters in new york over the next hour. here are the stories we're covering on the bloomberg and around the world. the house narrowly passes the republican budget giving a major boost to the president's promised to cut taxes. we are moments away from a major speech from president trump on the economic toll on america's opioid crisis. latestc's announcements. two hours.s close in it looks like stocks are back on the upswing. are we near record highs? julie: we are near record highs.

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