not such a big deal? >> it is all about the timing. he says he will leave the congress by the end of the term. people knew that already, but that meant he would be around and would have time to deal with his big issue, tax reform. he has been the point man in the senate and there were ideas that he would have the opportunity to nail that down as a legacy issue, but now he is off to china. the next question is who will take over the issue of taxes in the senate. the man to replace ammonia ron wyden. chairman of the energy committee. it is a seismic sit in washington and nobody believes the wyden will have opportunity to cut the sort of tax deal that max baucus could have. now it means that all of the lobbyists will need to be not max baucus. you could call the musical committee chairs. more is moving to the powerful finance committee, giving up his seat to energy committee. that means mary landrieu is in lace to take over for ron wyden. that boosts her presence as she is running for reelection in louisiana. a tight race, tenderly considered one of the most vulnerable democrats. aut

thing. they desperately want to make it happen. there are a lot of people in congress who desperately want it not to happen. it will be top or it >> of course, israel called the six- month deal a historic mistake. could a deal be reached that meets its legitimacy -- legitimate concerns? >> i think that is impossible. the concerns which they have, which i think the concerns they have come at it has a red line which cannot be met. that is why they're so upset. another the basis of this deal is that iran would continue nuclear fuel ability. it would be reduced, but it would continue. the israelis don't want iran to have any ability. >> turkey has had a difficult year. out dangerous is it their? >> not dangerous in the same sense. no one is going to war. it is dangerous to the prime minister. it is a huge development. turkey has been an absolute rock in the region for the last decade. you have very strong growth, up to 10% or more. you had a leader who was absolutely unassailable. you had protests in the summer, which some people that about as the turkish bring. it wasn't, never was, neve

congress next year. the starting point is a bill that would increase the hourly salary from $7.25-into double- digit. alix steel has been looking at the impact on companies. which companies are most at risk? >> it is all about location. states are increasing the minimum wage on average nine percent irrespective of what congress does. california is up almost 13%. sector, it isant actually franchisee stores like mcdonald's that are best insulated. actual franchise stores will take a hit but corporate will be fine. stores that manage all their businesses like a starbucks or panera or chipotle or pjs, these are the stores most at risk. one analyst said these companies have more than 20% of their stores in these states and are planning wage hikes. >> how do these companies mitigate the risk? if this law is coming, it is what it is. >> it's not like they have been weight -- raising their wages. they pay slightly above the minimum wage. you could fire people. some analysts say people will be as lean as they possibly can. >> i don't think chipotle has extra employees. >> the third option -- th

beington scaled down to nonexistent throughout the week with congress in recess and the supreme court's on the break. president obama will also be out of town. he gave an optimistic outlook in the new year. is the final press conference of the year. breakthroughe a year for america. detail, there's a lot more that we can do to restore opportunity and broad- based growth. this is where he will be this week. this is for the 17 day trip. the air force flies in about 22 vehicles so the president can golf. you can visit his favorite restaurant. >> it is good to see some holidays there. speaking of some meters, mentions her off they came to power a year ago he declared japan is back. one of his key policies was to promote japan abroad and create new markets for japanese projects. this is how they are trying to revive the traditional media industry. girls support the 700 million dollar project to promote this abroad. the number of exhibitors hit a record at this years japan content showcase thanks to the government subsidy that began as part of this plan. at the venue, we met up with john. pro

there will be a strike. what if you don't get a final deal? what if congress refuses to remove sanctions o? what happens if those expectations do not materialize, we have to watch. >> you will have a busy 2014. >> watching media and talking about twitter prices. porter bibb. original publisher of "rolling stone." i want to add that. street cred. porter, the to see you. twitter up 70% this month. you heard my theory, people feel like they want exposure to social media and twitter gives them that. is it getting frothy? >> i think you nailed it. there are only two places you can go, facebook and twitter -- >> what about linkedin? is the driving force in marketing and advertising. there are thousands of ways you can take advantage if you are a marketer. toot of them are going facebook or twitter. what both of those two companies really worry about right now is the intrusion factor. it is really starting to rise up. twitter users -- i am a twitter user and i do not like komodo tweets on my newsfeed. most people do not. tweets on my newsfeed. most people do not. same problem with fac

is a chance congress will restore the brakes retroactively in january, but there is no guarantee. bell andined by steve phil mattingly. ail mattingly, how big of deal are these breaks for u.s. companies? >> sometimes they are overlooked because everyone assumes the taxs will reenact breaks retroactively, but they inter, and you will see it how companies lobby. look at what is on the table. the research and development tax credit, something intel, bristol-myers squibb -- they really care about this. it matters immensely. corning cares about infrastructure. you have tax credits for hiring veterans. these are things companies lobby hard for. what is also interesting, bottom-line perspective, companies cannot assume tax breaks that have not happened, so while we can assume they have not been enacted, it matters to earnings because companies can bookook of this, so you -- this, so you will not see a bottom-line impact. >> which are the oddballs that stick out? >> there is a depreciation break for racing horses. you could tip your cap to seven minority leader mitch mcconnell -- senate

and he gave a 50-50 chance that congress will pass some sort of budget before december 13. >> we went through a painful and nonproductive 16 day shutdown. i tweeted that we fought the good fight and it is time to plastic -- pass a clean cr . i did not see it getting better. >> where are you in this camp? >> i think the government doesn't harm to our economy. continuing resolutions, increases in debt ceilings, they create force action to deal with the long-term issues. what i would say is, we have the budget control act, i hope the ryan and congressman senator murray cannot come up with a good deal, i hope they pass a clean, continuing resolution. ,emocrat senators voted for it president obama signed it. i do not want to shut down the government. >> thank you for joining us. ron johnson of the wisconsin. we have more great guest ahead. we are going to be talking to and how it ismens dealing with the uncertainties in washington. our dentures in bitcoin. yesterday, matt miller bought a coin. we will show you what he has been buying with it. >> he stiffed me yesterday on lunch. >> we

did run on because of the way that congress and the treasury interact. secondly, i think they're monetary policy has been more effective. ir monetary policy has been more effective. what is starting to happen, there is being investment -- what is starting to happen, there is starting to be an investment boom. i am thinking of shale gas. a sharp decline in energy prices. that does help consumption. as well as investment. and companies. both of these components are actually going to be stimulated. where is and in europe, companies are still sitting on piles of cash. profits are up, they don't know what to invest in. >> what is your biggest concern for 2014? we went through a couple thoughts on europe and the u.s. is there a concern that the markets and the business community is not seeing. i think two concerns. one is, i don't think small and medium-size enterprises are getting the finance they need to expand. i have great concern in firing up bubbles that got us in trouble in the past. mark carney has warned about this. i wonder whether the new regulatory system will enable the ba

plans to ask congress for more money to enforce new rules. the problem is how do you -- >> is it too strong to say today is the beginning of 2014 and the major changes for banking? >> they already made a lot of the changes. implementation has already begun. enforcement is the next that. >> and mortgage lending and derivatives -- it does not stop once we get the details. >> 1000 pages -- are you kidding me? 950 pages. have you read it? our second front-page story, apple getting a big boost in china. assigning a long-awaited deal to sell iphones on china mobile network. it is china's biggest phone company with more than 700 million subscribers. according to "the wall street "theal lowe's quote -- wall street journal" of the belated this month. they thought the apple five s and the 5c will be at the same time. >> china wanted to get the so- called 4g technology and they had to wait. >> china mobile in particular, it has the most subscribers but only 45% of the nations three g users. >> apple need to china mobile. >> cinergy partnership for both of them. >> cinergy partnership. carl icah

. not because of the size of it, but because of what it does for the congress. for the american people. >> al hunt joins us now from the washington bureau. good guest. nice going. what else did he say? >> a whole lot of stuff. he talked about some kind of compromise that they are working on. janet yellen will be confirmed next week. he does not know anything about stanley fischer, who will be nominated for vice chair of the fed. he was not sure what the republicans would do on the debt ceiling next february. no great surprise, he says that democrats will keep control of the senate. >> how angry as he? >> not really angry. he is harry reid. you do not see a lot of passion. i think he does not have any regrets. thisw much longer is business of keeping the senate running going to continue? did he talk about the effectiveness of this as a tactic and whether it might backfire? maybe they will not get everything done before christmas. >> i actually got a deal late this morning. they will not have a weekend section. they're coming in on monday. they have agreed to vote on certain things. they

employee and both chambers of congress. senate majority leader harry reid has pledged immediately take this up. they have one republican on board and a bunch of democrats are behind it. they gething is can five republican senators to join them and get that magic 60 mark and put escher on house republicans -- put pressure on house republicans? they don't want anything to do with unemployment -- extending these benefits. it is going to be a big thing if the white house and senate democrats can put pressure on them when they get back in january. given the prospect of midterm elections, how much can republicans really fight this at the end of the day, especially since a lot of them are in part -- hard-hit districts were on appointment is high? >> they're looking at these red districts, these republican districts, and the people who and if it's an emergency benefits the most cap -- people who benefit from emergency benefits the most. they will hammer them on this throughout january if they cannot retroactively pass some type of extension. they feel like they are in the win his seat. --

analysis. turning to technology. technology countries have called on president obama and congress -- onose greater surveillance. >> they want to governments not just the u.s. government to change the way they carry out their electronic surveillance programs. of theiggest -- eight biggest companies have signed a letter to president obama and congress that will go in the papers today. they have done this before. the difference is they are more angry. it is a populist tone. that are more specific. one thing they want is to limit the government authority to collect user information stop we heard the google ceo and he is quoted in the letter and he said, we have been tried to off our game with encryption to protect user data. whenever government is taking a information, that is not worth a whole lot. he is talking about a program called muscular when we had the smiley face emoticon under the nsa slide that indicated exactly how the nsa is collecting data from google and yahoo! where their internal servers meet the public internet and how they are taking tens of millions of records every day. he

members of congress. they need to enroll under obamacare by the end of the day, are they risk losing their government subsidy. is with us, and also peter cook has more on healthcare.gov. as lawmakers are asked to enroll, some are having trouble. including john boehner. >> they have had some problems signing up for health care. they had to do it by the end of the day today. members of congress are facing the same technical glitches and sticker shock as they are retired -- required to drop their health care plans and sign up to the exchange. they would have to eat their own cooking. that is what has happened. the reality is that they do have more options. they can choose among the gold level plans. the government also picks up 75% of the premiums. lawmakers get into the online exchange for d.c., not healthcare.gov. that has spared them some problems. john boehner has signed up for an individual plan. he said it took several hours and he does not like the end result. a new $800 premium. >> my health insurance premiums will double. my co-pay and adaptable will triple. i am thrilled to de

the business. a lookant to go and take at washington because congress heads into the new year with a new budget, a small one. this spirit of compromise could evaporate as quickly as it came. the debt ceiling fight is still ahead of us and policymakers are positioning themselves for the 2014 midterm elections and the 2016 presidential election. peter orszag, former director of the omb is with us, as well as mario gabelli. ther, when you hear of compromise -- i can't believe we are calling it a grand bargain -- but when you hear of the compromise, do you worry about it is all posturing and will not carry over? we have theter that deal than we don't, we didn't, but i don't think we should celebrate too much. there are still other risks ahead. the debt limit being a significant one. it would be a great thing if we had 12-14 months of node dysfunction, no drama coming out of washington. --we all have hope >> so we can see whether the economy can pick up enough momentum. i think it is a crucial question. >> gdp. >> yes, which i think we would be on track for if we did not have more drama.

congress, who was .lected by the people and the president of the united states, saved -- elected by the people. >> even president clinton thinks we have done damage in the ?nternational community >> i would not call the president wrong in his beliefs. i think he had a great term. i think he had different challenges. i think we have serious international perception problems and trust issues we will have to rebuild. >> i recently sat down with the nsa director. talked about what the nsa could and could not do. he spoke a little bit about the technology involved. i would like everyone to take a quick listen. have great insight into terror risk. if a terrorist is calling into the united states, have you know if that is a good number or bad number? the nsa has the job of figuring out if it is about person calling, and give it to the the eye. this is hyped out in the press. everyone says they must be listening to everything. we are not.eally nonetheless, a ton of bad press of snowdens a result and all the attention. how did they come back this right now? combat this right now? >> the inte

president of the african national congress, the ruling party, the crowd was interrupting in an amazing jubilation. they were so happy that so many people had come to south africa to not only revere your the man that they loved so much that the fact that a south african man has become an international icon. absolute joy. and also the fact that south africa was able to pull this off over the last four days. they put together a very important event, with a lot of security issues as well. teams like we overcome that -- have overcome that. note,important thing to this national memorial service comes 20 years to the day since kerk wasla and fw de awarded the nobel peace prize. has de klerk book in yet? >> we know he will not be addressing the crowd. but we know who will be speaking -- president obama, we have , in china, the vice president will be addressing the crowd. i, cuba as well. and we talk about reconciliation. a lot of people from verizon walks of life and heads of state which we know already have some tensions brewing. i wonder if this is going to be a time where not only s

implications of this report, particularly as congress tries to get a budget deal .ogether >> i think there will be an impact on budget negotiations in the sense that if people think we get a deal, steady progress with only be helped if they create certainty in washington with a spending deal that lasts two years. that has been one of the calling cards from both sides during the course of the negotiations. let's lift the cloud of uncertainty, even modestly. this will add to that effort, and it makes you think, if we had not had the government shutdown, all of the noise in october, with the number be even better? >> that is an important idea, how the government got in the way and the sequester. matthew dowd is adamant that government will not have a dampening effect next year that we saw in 2013. >> because? >> a different time, a different moment. bill gross says the backup in the yield is different than what we saw in june and july. there is a nuance of optimism moving forward versus the gloom we saw. >> we need that. it has been a beleaguered 2013. >> it has been. >> one of my questions,

, like many other members of congress are doing, and that he picked a bronze plan. he is paying under $400 per month, but they will not say how much he is paying or what insurer he signed up through, and they will not even tell us what his experience was like, whether he ran into any of the problems that plagued the website. house is out saying like many americans, 85% or so, the president receives his health care through his employer, and he will still be getting his health care through the u.s. military, but he wanted to show solidarity with americans who are signing up and trying to show that the website is open for business, and the way to encourage other americans to sign up so that they can have insurance starting january 1. >> i am guessing he did not get a subsidy. a you know, again, it is bronze plan, so it is largely symbolic, and that is what we are going for here. >> talking about the deadline, we are hearing it is pushed back by one day. what is the idea to get coverage by january 1? in, and itetly snuck adds to the confusion, but the white house is confirming that the de

tax maneuver. it was created by congress to close a loophole that had existed back in the 1980's. the way they created it created an even bigger loophole. >> let's explain to people how it works. we cooked up a piece of animation to explain how it works. >> you want to give a gift to your heirs. >> we are using sheldon adelson as an example. >> if you give it directly, you have to pay a tax. you give it to a trust and then you have the trust give all the money back to you. , ife it is in the trust your assets happen to go up in value, all that extra gets to go to your heirs. because there is no cost to doing these things, you can do it again and again until some of them go up and you can transfer it to your heirs. >> there are billions of dollars at stake here. >> his fortune is worth more than $30 billion. he has managed to pass half of it without paying taxes using these methods. >> how much is he saved? billion -- $2.8 those are conservative calculations. >> we make those calculations on the basis of what? i would assume they would like to shield as much of this from the publi

benefits. will congress act to extend them or is this the end to the government's response to the great recession? look at this picture, one of the best of the year from our photo team. a celebration of the biggest merger in the advertising industry. the combined company is now the largest advertising firm in the world. >> big smiles. >> all smiles. ♪ are.3 million americans about to have their only steady income disappear. thanks to a standoff in congress, their unemployment benefits and tomorrow -- end tomorrow, the debate over extending these will be the first legislative fight of 2014. peter cook has more. what do you mean when we say emergency benefits? >> we are talking about something that was created in 2008 by president bush at the time of the financial crisis. this was extended unemployment benefits beyond the traditional 26 weeks normally provided by the states. it has been renewed 11 times since then. it allows up to 73 weeks of benefits and all. millionday, 1.3 americans will see those benefits go away because it has not been extended further. another 3.6 million will hav

of year. that is money that congress is having a hard time finding. find 54 point $2 billion, i'm not sure how this moves. a lot to play out. some analysts i have talked to have said you how have to wait until the end of 2014 for this to be addressed. , philnk you very much mattingly from washington on what we can expect or not next year. >> one of the things that has been a theme, a lot of see sweet shakeups we have seen, also company turnarounds as well. john mcardle became the latest to join a list of executives that plan to hit the road. matt was so inspired by his coverage of this story that he went out and got some. long overdue. >> is a very interesting story. >> by the way, i got the little geo-bits. it was a huge fad for a while and i think that kids are still going to always be wearing crocs. they are so simple and clean. i did not like them then. then they became widely hated across social media and obviously they are a total fashion faux pas and now i am a fan and i went out and bought my first pair because of the story and they are super comfy. >> they make a lot of s

congress was intended to function, that some things could continue to get done. i love the way he said on meet the press about how we decided to sit down and get to know each other. class i share with you the thatn that is discouraging there are discouraging things about increasing the problems in our economy. we talked to mom and the other day and the gdp would not be that great, although, we will be spending more money on things like military contractors and defense, and spending less money on unemployment. income gaps by the budget deal and that is disturbing to me. class i listened to that and that is not the best thing that could happen. the real answer is, let's create a path to get the economic growth going beyond the modest numbers right now. i will say it this way. the economy wants to grow. the government wants to continue it can.ery day >> one of the things mom and also said that they would be it would be key to see any credibility with what the fed action is. he did not know at the time, business investment. he may have heard a whisper somewhere. business investment. w

india's state elections for the opposition being seen as a big winner. defeating congress in delhi. polls pointed to a national vote which must be held up by may. it is being reported that an additional 5 wall st firms are under investigation for hiring practices in china. u.s. regulators have widened their inquiry examining whether jpmorgan broke anti-bribery laws by hiring the children of well- connected politicians and clients. that was amid scrutiny of its hiring practices. the u.s. bought more. europeans did as well and that bought a surge -- set off a surge in china's equities. for us.wn the numbers >> the biggest since january 2009 humming in at $33.8 million. that was the trade surplus figure. billion.nt -- 38 $33.8 china has increased their imports of iron ore to a record. all of this as traders are replenishing their existing stockpile. let me tell you what the analysts have been telling us. export figures show that global is picking up. paint a softer demand picture. what we can see going on from here on out is perhaps the chinese government using this to pave the way to

spending we have seen from congress in the last couple of years. this is significant and largely takes the threat of a government shutdown off the table for two years but not completely. the budget deal set spending levels for the next two years specifically, it is a cap that congress cannot exceed but it does not actually specify where the dollars need to be spent other than a specific dollar amount for defense and specifics for the non-defense side. what lawmakers have to to by january 15 is set the specific spending levels for programs and that is going to be a challenge. everyone says they can work it out and they have been doing this behind the scenes for several months and it is going to be a challenge. we have the threat of a government shutdown if they don't get that done by january 15. >> and they said we would not have one ever again, thank you. what about the spending part? what about the debt ceiling coming up? >> first of all, the biggest flashpoint for my once they set that top line number, that is significant. fights overe everything from funding for the environmental pr

? >> you're really optimistic. >> i don't remember congress doing something since i'm a i don't know, lincoln. >> 55 tax breaks are set to expire, raising everything from airline travel to my daily train commute today tuition checks. these are just the tip of the iceberg. there are a lot of tax breaks set to expire. >> there are. you have the individual issues. you have the commuter tax breaks. $240 right now, that will drop to about $130 as of tonight. coulds schumer said this affect over 700 thousand new yorkers. a huge deal from the individual side of things. it is a massive thing for businesses as well. the research and development tax credit, something intel, personal myers, companies like that, rely on. about $7 billion a year. that expires tonight. you have tax credits for hiring veterans, energy-efficient tax breaks are gone as well. you have private mortgage insurance write-offs that is gone. those commuter benefits. that is something that will have an impact i think we'll stop all of that gone tonight. when congress is actually going to come back to this issue? that is anyb

would to find out now that congress has allowed benefits for the long-term unemployed run out. ♪ >> as the ball drops tonight on the east coast, more than 50 federal tax breaks will expire as congress failed to extend them into 2014. has been looking over the list and has the details. i know that my daily train ticket commute is on their. >> the subsidy, the break for employers offered benefits on travel and transit will drop as of midnight tonight. it is about $240. it will gone down to about $130. or do you curse -- for new yorkers, this is a huge deal. it is not just an individual thing. it has a big impact on big business, which is why their lobbyists care so much about this. start to look at some of the brakes. -- breaks. you have energy efficient buildings, the r&d tax credit. have from the retail and services industry side, provisions about hiring veterans. not just individuals but businesses, too. big change is starting tonight. >> you have a basket of 55 tax breaks. through somewent pretty ordinary. which are the ones that stick out? >> you always have lawmakers that get their

. there are companies drafting facial recognition code. the congress department will meet with companies in february. it's an interesting potential but also so many scenarios we have not thought about. >> apple has a patent for face recognition on phones. that got their thumbprint on the model 5s and they have the idea of scanning faces for security. tore are interesting ways employ this. >> it also is a privacy concern. >> it raises concerns. is looking at this. privacy is a big issue. >> it is, you mentioned the retailers will set at the table to come up with these voluntary standards but privacy groups will do this as well. the commerce department will bring together the retailers but alsoaclu and they will meet in february and they will come up with a code of conduct by june. the technology we are talking about -- remember the movie "minority report" in 2002? it portrayed a world where cameras in public places could read public places and target ads to that individual. we are not quite in that world just yet but the technology is there. we have been talking about companies including

watch addition to what the president does is what does congress do. there is bipartisan support for making even bigger changes than the white house is prepared to do. watch pat leahy, the democrat in charge of the judiciary committee. what he does will come to the senate floor. this is one area of common ground. do not be surprised to see more dramatic changes coming from congress. >> it is hard to put the genie back in the bottle. >> these disclosures are the worst ever. there is an exit schedule loss of trade craft. >> there is backlash against them. dothey will try to adapt and new things. it will change consumer behavior. legislate in this area. the president can veto. congress toult for legislate without intimate involvement with the executive blood -- branch. inre is bipartisan interest adjusting these laws. i would not hold your breath on that. it is a complicated, divisive area. >> imagine if the president has to veto a proposal coming from democrats like pat leahy. what a pr battle for the white house if they have to challenge fellow democrats on these issues. right now, th

basically in the ministrations ability, they just need to get it done. dealing with congress? small deals should not be celebrated, but good we are able to at least not shut down. on insularity is one i've never bought, but i do think reaching out to business in particular is important about what we can do to help the economy. >> david plouffe with us this hour. friday the 13. >> and we are going to talk about the media entertainment industry. they are poised for growth. what about dealmaking? ♪ >> good morning. "bloomberg surveillance." what an uproar last night. our twitter question of the day -- you can block someone you don't like. stephanie ruhle can block tom keene so she can avoid it. they changed it from a block to a mute, where you could rush i could be an idiot and staff could mute me where she would not see it being an idiot -- >> but with the rest of the world? >> the rest of the worldwide. >> that's not fair. , you and i last night witnessed this first hand. night, they fully relented. this is the power of the new social media. >> companies use to wait for the new cycle to

fair take on things? , one is a difficult call for congress to decide. we have seen good momentum for growth this half of the year. we could get possibly up to three percent. i think congress will have to consider this, which i do not envy. >> what about all the jobs that cannot be filled by americans? there are about 3 million of them every month, because we are not strong enough in math or science. how much does that affect what you see in employment growth? main determinant of employment growth is gdp growth. we need faster demand growth. no interest rates help that. the concern of those on the other side of the debate would be that our unemployment benefits having an effect on labor supply, rather than labor demand. >> thank you so much for the time. u.s. chiefase economist. phil mattingly also because from washington, d.c. from cars to clothes, we live in a sharing economy. pictures ofhared ourselves with selfies. some say that if you have not done them yet, you need to embrace the self-portraits. ♪ >> you are watching "in the loop " live on bloomberg television. you can also w

infrastructure. edward snowdent leak, i think congress will be reluctant to pass any legislation that requires anymore privacy violations from the government. the government also does not want to give intelligence information to the private sector. we have something called sources and methods so when we collect information, we want to protect how we got that information and not lose that source. for example, we had a spy or some kind of resource in a country that was going to target us with a server -- with a cyber attack, and we give that information to the private sector, if that became public, you could compromise the somebody's life. are theer part of this data miners. their job is to collect as much information on us and our buying purchases as possible and they sell to their customers. there is a lot of information into that winds up leaking out on the web. what can we do about that part? >> what they taught us in high school, abstinence is the best policy. >> just use cash? >> exactly, if you are really that concerned about it, use cash. there are measures you can take to limit

have now a two-year budget agreement pass through congress, not taking any steps. >> the world has changed. >> a lot of that uncertainty is removed and the labor market looks better. were close in september, as they have told us it was a close call, then december really possibility. >> all right, thanks so much. unfortunately out of time. carl, great to sigh guys. we're going to have more on today's jobs report later in the ofr with the former chairman council on economic advisors and republican congressman garrett. is gettingmum wage maximum exposure. adam will tell you why in insight and action. >> minimum wage getting maximum exposure. action.""insight & president obama on minimum wage and workers in fast food rants, quote, work their tales off and they're still barely living line.the poverty what's he talking about? 35 fact that 35 states, states in the u.s., 35 out of 50 states, this is a real problem, are actually paying more in benefits than you can make if 40-hour workweek at minimum wage. think of that. let me give you an example. florida. this. look at florida weekly jobl

no congress pushed it back to him. president bush senior went along with congress as he came into office. >> most people forgot the ronald reagan vetoed the sanctions. that was one of the main pressure points and changing what happened. it is, i think that he in the end came along and saw -- but he stood in line. >> you cannot even describe the tension and america on campuses about divestment. it was tangible. >> you go back to that time and there was not a consistent view of nelson mandela. there was not a universal sense that this was a great man. there is a very big conflict. >> it brings up the question of what his legacy is. what countries can also learn about how he handled negotiations. he is writing on linkedin about what comfort -- what countries can learn. not only for developing countries, navigating complex transitions, but also for advanced countries. i thought that was really interesting. is -- heher thing highlights how small our politics are in this country. here is this man in south africa and what he did. it highlights how small our politics are. >> in the coming

future. now the situation has changed. >> we have split in the african national congress and various the country which are very evident. that is the concern. what i am thinking is going to happen just looking at some of the visuals we have seen, we seen people from all walks of life uniting once again. south africans are very good at uniting but they are also very good at splitting. i think this will perhaps bring us back to the notion of what nelson mandela stood for. , look atis rhetoric what he wanted for south africa. i think south africans are going to look inwards and say, how can change the situation? >> thank you so much for all of that. eleni giokos. >> let's go to johannesburg. bloomberg news reporter tony joins us now from there. tony, the morning after the night before -- what is the mood for the country? >> it is very somber but i don't believe people are particularly surprised. he has been in and out of hospitals for many years. people were prepared for this day. people are gathering at his johannesburg and also at his old house. flowers andng generally people are tryin

south africa's first black president after his african national congress party helped end apartheid in 1994. here is a look at his legacy. >> a free man taking his first steps into a new south africa. >> from prisoner to president. nelson mandela's 1990 release from jail signaled the end of apartheid. he would go on to become the country's first truly democratically elected leader. >> i nelson mandela do hereby swear to be faithful to the republic of south africa. >> born to a local chief, mandela was one of 13 children and the first member of his family to atend school. apartheid that made colored south africans second class citizens. as white south africa became more aggressive, so did he. as the head of the armed wing to have african national congress, the a.m.c., he led violent, sabotage attacks and was arrested and tried in 1962. he would spend 27 years in jail, but he was never forgotten. 4 eventually international and internal pressure led president declercq to announce apartheid would be dismantled and mandela would walk free. but he reached out to his former oppressors and tri

say? >> he is at least a member of congress trying to find out more about it. he admits he does not have all the knowledge on this virtual currency but he certainly knows more than most members of congress and has been doing some fact checking. he held that hearing to try to get more information because he sees the potential erol from that coin, the fact that it has been used to buy an illicit goods anonymously by folks on the internet and yet he also sees the potential good from bitcoin as a medium of exchange , a possibilityd for big business in the united states. he told me that he has not yet decided whether there is a need for greater regulation. >> virtual currencies are not knowing away. if they are going to be a reality, we have to figure out how to let them exist and do good, do more good than bad and how to deal with the bad. this goes on and on but i want to know if every buddy in washington is looking at the underlying economics and the price of bitcoin? are they having fun talking to silicon valley types about the efficiency of the product? what is most intriguing is ma

the debt ceiling debate? and it still has to get through congress. but they did have some kind of dialogue. >> peter cook is scheduled to join us in the next hour. is the basic idea is that they took away from sequestration and they will spread out the pain? >> they softened sequester cuts -- d tohat they pick and choose raise more money. they will end some programs like the 2005 natural gas resource research grant. i could bring everything back to commodities. but this is rather than a big, grand bargain. >> nothing on entitlements. also on the front page, general motors tapping product chief mary barra as the neck ceo, who succeed dan ackerson who is retiring. the first woman to run a major global automaker in the 22nd woman running a fortune fortune -- fortune 500 company, this includes meg whitman and virginia rometty from ibm. >> women still unrepresented that's underrepresented. but this is a bb&t at >> it is a big deal. i agree totally. but the migration is underway. you wonder where we will be in five years or 10 years. saying not too late to buy your daughter a truck for

congress. story as afavorite bronco fan, peyton manning has reclaimed the record for most in adown passes season, 51 for the year. breaking the mark set by tom brady in 2007. brady had broken manning's record. on, the does not go receiver who catches the ball did not realize it was a record, he just dropped the ball. he picked it up and grabbed it and ran off the field. >> selling it on ebay right now. >> for bitcoin. >> do you have him on your fantasy football team? >> i do not have a fantasy team. >> what? morning must read. >> tom keene would hate this. he less disruption. times" is saying we should lose this war. if there is a buzzword that deserves to be strangled it is disruptor. it originated in silicon valley and has spread like a virus into u.s. politics and media. he points out that most of what gets accomplished in the world gets accomplished by teamwork, hard work behind the scenes. the eureka moment is very rare. we overuse the word and it is not the way the world really works. >> but the idea that things are being disrupted and there is a structural change going on in

in washington, and bankers will meet in new york at the golden sachs congress. jamie dimon is scheduled to speak wednesday. they're looking for a congressional committee on the international financial systems. they will toughen the financial regulations. in an otherwise quiet week of reports, costco will first-quarter results. analysts forecast profits of the dollar three cents per share. on thursday, blackstone will set prices. helton plans to raise as much as 2.5 billion dollars. the most ever for a hotel company. also on friday, the self-imposed deadlines are set to reach a budget deal. lawmakers had the meeting to come to some form of an agreement. down on the you latest echo data. joins us economist tonight from sydney. it is good to see you. what is the followthrough for asian markets? is a positive. we have percent -- persistent numbers. on friday we still have the unemployment rate. we have a much stronger u.s. labor market probably indicative of the u.s. economy building momentum. the markets are staring at whether or not it is tapering. will we see the volatility fro

. congress in recess and the supreme court on official break. president obama will also be out of town for the holiday. he gave an optimistic outlook on the economy in the new year. pressnal press on 7 -- conference of the year before heading on vacation. >> .14 can be a breakthrough year for america. outlined in detail earlier this month, we know there is a lot more we have to do to restore opportunity and broad- based growth for every american. that is going to require some action. >> since winning the white house in 2008, the first family has vacationed in the president's native hawaii which is where he will be this week. -- the airnt and his force flies in about 22 vehicles so the president and golf, attend a basketball game at his alma mater and visit his favorite restaurants. >> up next, thailand's opposition ramping up the rhetoric as it vows to drive yingluck from power. the latest on those protests in bangkok coming up. ♪ >> hong kong and shanghai getting underway. just a minute away -- eight minutes away. hang seng futures up 0.3%. the premarket ending its auctions high. china

-year budget deal. on track to win passage in congress. it is likely to pass. settlement.portant >> is it a deal? is it handshake? >> it is a deal. >> it is a deal. >> is not a grand bargain but, yes. the debt ceiling. >> offsetting the sequester. years, a budget for both which was upsetting for republicans and democrats because it was in the middle of what they both wanted. >> to i presume it is all clear? >> it is not all clear. we still need to do with the debt ceiling. >> deutsche bank writing yesterday this budget demeans the fonc might lower its threshold for the unemployed rate come next week which might pave the way for an early tapering because of dysfunction washington is sidelined a bit. that was interesting. >> our third front-page story, stanley fischer will likely become vice chairman of the federal reserve. he is president obama's leading candidate according to people familiar with the situation. he would replace janet yellen who will become chairman of the fed. the white house plan to announce the choice this week. this is just based on our reporting. >> governor

. tosident obama is expected sign the first bipartisan budget deal from a divided congress in 27 years. the senate cleared the $1 trillion measure with a solid majority. it reduces spending cuts imposed under sequestration and lowers the u.s. deficit. to.king of that topic, over >> let's talk more about the budget. ofy know the inner workings capitol hill. hans nichols is our international correspondent. so progress, but how much? >> they have shown they are really good at cutting the low hanging fruit. it is the first time we've had notin 27 years, and that is insignificant. but overall, with the budget does is basically unwinds half of those automatic budget cuts, this week are station -- the sequestration. $23 10 years, it cuts billion. in includes the fees on airline passengers. you saw the merkel budget with the autobahn fees. this is america's version of that -- [inaudible] the structural deficit problems with any of the entitlement programs. social security, medicare and medicaid. i do not want to dismiss this because it does represent a coming together of parties. nine senate democr

there. when we come back, congress going small. negotiators are coming up with a cease-fire. we will have that story in a moment. knowverything you want to about bitcoin but were afraid to ask. matt miller is a knee-deep in virtual currency. this is market makers on bloomberg tv. >> this is market makers. i am live at black rock world headquarters with an exclusive look at the world's largest asset manager. is the chief investment strategist at black rock. your colleague just gave us a schooling on japan. i want a schooling on u.s. markets. what shall we expect next year? >> 2014 is going to be a another good year. people have more modest expectation based on what an extraordinary year it wasn't 2014. when the economy gets better there will be fewer headwinds. valuations are a lot richer than they were a year and a half ago. we have more of a challenging starting point than we did at the beginning of 2013. while stocks are reasonably valued, they're closer to more fully valued. >> give me a sense of what you think might happen. stocks are up 30%. >> what white we see? >> i think it i

when there is an intense debate in congress on these programs and legislative efforts in congress to scale back this all collection program, and the white house also considering its own changes , as well, and the president on friday just received an internal review report done of those surveillance programs by a special panel of experts that the president handled himself. we have not seen the full results of what they concluded, but the significance here again of this legal defeat. >> an intense debate, and we know the debt ceiling is going to be another one, and intense debate. >> yes, these of the issues congress is dealing with before they leave town, but the strongest one is, of course, the judge and battle, and we have a vote happening as soon as tomorrow on this idea deal that has to pass the house of representatives with both democratic and republican support, and right now, everyone thinks that it will get the 60 votes it needs and that it will be wrapped up in the u.s. senate. it would be suicide if republicans do not go along with this plan, especially because paul ryan

congress. when the former yugoslavia broke and damagedhelved by yugoslav and troops. the city wants to restore its place on the global map. they hope game of thrones will hope that helped spread the word. -- helped spread the word. >> final thoughts are next. ♪ >> welcome to "on the move." i am francine lacqua. areok at what the markets doing. 55 minutes into the trading day. 11 european stocks are pretty much unchanged. estimates.trailed in fact, production growth slowed while retail sales i expectedly accelerated according to data we had earlier this morning. factoryome french output today. we're expecting the a tight one and a short while. spendhe mario draghi to -- to speak today. guy johnson and i are back. .ou can follow me on twitter i will see you in just a couple of minutes. ♪ . . >> mark carney hits the big apple. the bank of england governor talks up the recovery in an exclusive charlie rose interview. >> well, i think it is really just beginning. the true recovery is beginning. the core of the systems are repaired. >> europe's biggest tour operator gets boost from th

study committee yesterday. -- heed to bring with him will get most of the republican congress. democrats here are not happy about some aspects. federal workers are at big issue. unemployment is a big issue. will they get those votes. at the end of the day, the sense i get is that they will get a deal. it could be announced next week. >> thank you so much for joining us. peter cook, our chief washington correspondent. back, at&t jumps on the no contract bandwagon. all you need is to own your own mobilephone. that is next. you are watching bloomberg tv. we are streaming live on your phone, tablet, and bloomberg.com. ♪ >> you are watching "market makers." a new ceo takes over at time warner cable next month. he has worked his way up to chief operating officer. decision may be to sell time warner cable and find his way out of a job. unless his current job doesn't first. rob gave us the next lucid interview this week. he comes to us from san francisco this morning. he does not strike me as the world's most modest man. >> he thinks he is the right guy for this job. there is no dou

to regulators and congress looking at that particular deal. it's a question of what kind of deals you will get going forward. a movie chain seems relatively innocuous. >> they are not going after lockheed martin, thank you so much. >> we have more to discuss. 78% is the percentage of nfl players that declare bankruptcy within five years of retiring from the nfl. we will discuss the business behind injured football players coming up on "surveillance." if you missed our interviews, you watch them on apple tv. ♪ morning, everyone, "bloomberg surveillance." it's a quiet couple of days because of the fed meeting. >> we will start with europe. new car sales rose for the third straight month in november, the longest stretch of gains in three years. sales are up 9/10 of one percent last month. registrations in germany, france, and italy are falling or it car sales in europe were close the lowest levels since 1990. in the u.s., record record number of people will be driving or flying over the holidays. aaa predicts 94 million people will take a trip of 50 miles or more. is official holid

still struggling. increasing the minimum wage is a top priority for congress next year. toreasing the bill from 7.25 10.10. looking at the impact on the company. >> irrespective of congress, many places have said they will increase the wage on average of nine percent next her. depends on where you decide to do business. california planning to wage -- raise it by 10%. the companies that have more ranch ics have up buffer. the companies that keep stores in house may run into problems. nicole miller reagan says these names have more than 20% of their stores in those states planning wage hikes. starbucks is very exposed. almost 35%. bj's with almost half of its business in california put some more at risk. >> what about company earnings? >> you have to take of your favorite reader maker. to pull a could be hit by as much as 40%. bj's a 33% impact. could be hit by as much as 40%. dunkin' donuts almost no impact at all. labor is a big hit for the casual dining. >> how do the companies mitigate the risk? menuu can raise the prices. through sales. what will they do? to makents could aim servi

. number two is that congress has now passed a budget. the first one in years. why is that a myth? >> this bill did not deal with the whole budget. it just don't with the appropriations. that is one third of spending. it did not deal with medicare or medicaid or social security. it did not deal with taxes or the national debt. this is a small slice of the budget. plus, there is no budget resolution. they passed out last year, but they were on able to agree on a compromise. withis why we ended up this relatively insignificant budget deal. >> insignificant, although some say that this was significant. -- usher in and year out of bipartisanship. different from what we have seen. you say that is myth number three. >> thank you for asking that question. this was an insignificant deal in terms of the impact on the deficit. it is not a harbinger of bipartisanship to come. the only reason they were able to get a deal is that they did not deal with anything controversial. there is nothing that happened here that would make you think they could get together on immigration or tax reform. all

movement against corruption. they're pretty much the estimated the congress. -- what does this mean? many argue that these were fought on local issues. this is a major embarrassment for the government. they can on record to say that the congress will have to interest that quite deeply on these results and with the outcome of this means. --t means you can kiss goodbye. what does this mean for the bjp? a candidate was seen as business friendly reformer. the momentum is in the bjp's favor. perhaps you see them one step closer. at least they have a leader. the congress does not seem to be announcing who will be leading them. head. hit the nail on the they're looking for several answers. it has pretty much failed. not opened a -- in the four states. the congress find itself decimated. -- more in the search. >> thank you. trading.check in on let's start off in australia. despite starting the monday trading day with a gains, we are entrenched in red. 1% down. losing 20%, the biggest decline since 2001. this is after forecasting a loss for the year. , we are seeing green. for the kospi. we