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tv   Bloomberg Markets Asia  Bloomberg  November 8, 2017 8:00pm-9:00pm EST

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rishaad: 9:00 a.m. in hong kong, 8:00 on wednesday evening in new york city. heidi: i'm in sydney. this is "bloomberg markets: asia." ♪ rishaad: the rally rolls on as asia extends wall street gains. , facing a stocks capital uphill battle. beijing.g numbers in
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president trump expected to announce a quarter trillion dollars worth of deals on this trip. warrior,another trade saying the president is good for business. up vietnam.leaning business and political leaders had for weekend talks. we will be live in denying. ang.n dan rishaad: other things are happening in china. it is business as usual when it comes to the statistics. here,look at this chart this is a look at what is coming up in just under a half hour. for ppi to age down to 6.6% year on year. it was a surprise blowout in september it would be consistent with the drop in the input and
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in -- thece indices latter dropping to 55.2. metal and energy prices in october, it all suggests while it might be coming down a tad, with prices dropping back a little bit toward the end of reading,a lower ppi which would mean there is pricing power and industrial profits as well, certainly in the pipeline. so the economic momentum continues there in china. i suppose were looking for just hits as we got yesterday with the trade numbers, still strong, but maybe signs of economic momentum starting to show signs of fading and the window closing for
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structural reforms in china. beijingt trump there in , where expecting a joint press statement from president xi and trump. take a look at markets, we're ,eeing quite a bit of support aussie stocks holding their head above water. >> aussie shares continue to climb above the 6000 level with real estate stocks leading, despite the drops we saw in home on approval and that's dragging the aussie dollar down .2%. overall the session looking fairly mixed. the regional benchmark headed for a fourth day of gains. japanese stocks are building on two decade highs. the elevated levels are not worrying one boj board member.
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he said such heights are very welcome. or earnings in the pipelines -- more earnings in the pipeline. havee 1300 companies that reported earnings, 63% have posted your on your road. take a look at the currency space, and the kiwi dollars on the back foot there after on a hawkishng policy revealed, putting pressure on kiwi bonds. a slight pickup and chinese on an malaysian debt rising along with cds ahead of the policy decision due out of malaysia. numbersinflation expected to be subdued. we do have offshore rates sliding ahead of that. to freshks have soared record highs after reporting the earnings.
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one raising targets on the big potential to it its goal of ¥100 billion earlier than expected. a pretty good run their. been talkinge about fiscal reform in the united states. let's get the first word news with paul allen. paul: u.s. tax changes move a step forward on thursday with the senate finance committee scheduled to release his proposals. that's republicans plan to outline the bill with their colleagues after facing criticism of inside and outside the party. p,interview with michael treasury secretary stephen mnuchin signals the white house is continuing to work with lawmakers on what's continued -- considered a fundamental part of the administration's agenda. >> this is the part that is most
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important. we are going to get this passed. the objective is to get it to the president's desk in december to sign. hashe british government lost the second cabinet member .n a week she failed to tell prime minister theresa may that she meetings with israeli officials during a holiday in august. on tuesday, it was revealed she suggested giving british aid money to an israeli army project. , thetion figures due later consensus forecast is for cpi to rise to 1.8% on the year from 1.6% in september. slightly stronger readings are not yet ringing alarm bells for the pboc as it focuses on addressing debt. factory inflation data is expected to edge down. the argentinian president tells bloomberg's reform plans remain
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vulnerable to global net markets. he says it will take time to lower double-digit inflation and cut the labor costs that have left international investors wary. on the other hand, the president admits the government still has two aro to block deficits. >> argentines have learned from our mistakes and now we are really committed to grow and be part of the world, to be predictable, reliable, and create rule of law so as to develop the country through new private investments. my first commitment is really happening. >> global news, 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i'm paul allen. this is bloomberg. heidi: thanks so much for that. the white house expects to
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announce a quarter trillion dollars worth of deals in china this week as president trump attempts to level the trade playing field with his chinese hosts. joining us from the provision city in aging, time, these are big numbers they are talking about. what kind of deals are we looking at? grabbinge are headline deals we are talking about. the ones we've had so far have been focused on energy and industrial sectors, but we are expecting more to be announced in the next few hours. there will be a signing ceremony at around 11:15 local time. watch for deals around the aviation sector. deals around autos, energy, and agriculture as well. it seems like the game plan for the chinese is to be playing up ofthe image that trump has himself as being a dealmaker. they flattered him, stoked his
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ego and given him a private tour to the forbidden city and now they're playing up the dealmaking image. it may come down to whether he can move the dial on the trade relationship tween the u.s. and china, particularly around market access. who will be listening in when they hold their press conference for any more details on its habit at around 12:30. later this evening, both presidents and their senior leadership will be meeting for a state banquet. tom, what do we expect to come out of the meetings today, if anything? tom: we are going to get more deals, of course. also the bilateral meetings happening now, having those meetings in the great hall of the people. will listen for anything we may hear from the chinese if they do move to lower trade barriers
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autos are financial services. that will be relatively significant. bloomberg has been reporting that they've been working up to forg this kind of thing investment banks in the u.s. over the auto sector. whether they announced them today or not, it is still to be seen. that's what we will be watching for, north korea as well. president trump taken a topline in saying china should cut itself off from north korea. that will no doubt be coming up and thehe bilaterals state department officials we've been speaking to have said pressure from the u.s. on the chinese will be on implementing these sanctions and making it more difficult for the north koreans to operate and generate revenue. will look for any momentum around that. u.s. chambers of commerce have complained that is a more difficult place to operate now, the chinese market, terms of access and transparency.
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we heard from the u.s. china business council earlier in the morning saying they will pay particular attention to this joint announcement between the two presidents. >> the two presidents will meet with a group of both u.s. trade delegation and chinese ceo. it will be interesting to hear their remarks in parallel and see what we might learn about that question. >> last week we spent a lot of time on the ground talking to executives, chinese executives, and they really kind of dismissed the china bashing we during the runp up to his election and before he took office. positive in terms of the relationship between the u.s. and china. they see him as a dealmaker and they hope up personal relationship has been fostered that will help move things
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continuing in the right direction. chinese businesses are benefiting from the domestic environment in the u.s., the strong consumer, and they are hopeful that will continue after this summit. rishaad: thank you, tom mackenzie in beijing. there will be full coverage and analysis of president trump's trip throughout the show. hisssador will join us with views on the talks so far. will have the ups regional president. this is bloomberg. ♪
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rishaad: your back with bloomberg markets. this week in the geopolitical spotlight switches to vietnam as global leaders
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gather for the apec summit. our chief international correspondent haslinda amin is there for us. themes we aren looking at over this weekend? >> it's all about trade. this meeting is set against the backdrop bond of urgencies in trade and policy around the world. the aipac headset it's a very complex situation and it's getting more and more difficult to find common ground. it's precisely because of that that several trade agreements have been scuttled, including the transpacific partnership. 11 members of the tpp announced -- are now scrambling to get something out, a statement trying to indicate perhaps that tpp can go through without the u.s.. tpp was crafted by the obama administration but was abandoned pretty much by the trump administration the moment he came to power.
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global ceos are in town to discuss prospects and challenges for them. ups aipac the regional leader. good to have you with us. what has been the key takeaway of this meeting? >> my highlight so far was the opening remarks from president kwan. it was great to hear his ambition and vision vietnam. that has created a platform why ups has been here for 30 years. [inaudible] >> despite the fact that globalization is under stress. >> many of our small and medium-size companies around the region continued to create businesses not only within the region but around the world. for us, it is volume. for them, their sales are going
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up very strongly. >> you recently boosted your investment in china. on what basis is that, is it in anticipation of growth rates which seem to be well poised to be at 7% for the second half of the year? >> there are a lot of positive complications in china. e-commerce is growing, industrial and automotive companies are growing. the exciting thing for us is small to medium-size customer base that is really driving that growth. quick so where do is the new investment going? are 33 major cities we are investing in an expanding to 20 new ones. we also created a joint ventured to allow us greater coverage across china and take their customer base outside of china as well, using our network covering 220 countries.
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>> where else do you see growth in the asia pac region? it's among the fastest-growing regions in the world for you. >> we are seeing good growth across all the regions. vietnam is consistently one of the strongest growing parts of the environment it has created here for us to do business. we have really strong manufacturing and customers here that are growing. we just put in a flight from ho chi minh city to our hub and we can get the enemies customers to anywhere in our network. >> isn't the business getting disrupted by the likes of amazon? they are testing new -- testing new ways of delivery. >> there is always disruption going on. it is important that ups is staying in front of that by always looking to the future. we are examining things like autonomous vehicles,
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semi-autonomous vehicles, drone technology. we try to stay ahead of our competitors and anyone that might attempt to disrupt our business. >> were coming to you live from the aipac summit here in da nang . beijing just outside the great hall of the people there. this is the motorcade carrying president donald trump is arriving there at the great hall. he couldlook at what be announcing a little later on as well. there will be a lot of trade survey by the american chambers of commerce saying they feel less welcome in china, but this is a real effort perhaps to restart and reset the relationship on trade. we will be waiting to see what sort of deals are announced later on.
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the presidents and their wives there at the great hall of the people. heidi: that's right, a busy day ahead for both presidents. they will be going into bilateral talks with presidents xi and trump. that will open up talks with others that will be brought into the conversation later today. from joint press statement them before they had off later this evening for a banquet at the great hall of the people. you can see president donald trump their meeting dignitaries and accompanied by the first lady, melania trump. just behind him president xi with the first lady of china. this is arguably the most crucial and highly anticipated leg of the asia trip. talking trade but also after that extraordinary speech in south korea that president trump
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delivered yesterday, calling out china and russia to do more when it comes to standing up to the threat of north korea. rishaad: absolutely. and talking about the free trade agreement they have, because donald trump has repeatedly thereized president moon in the south, but it was all about concerns about the threat from north korea. here in china we have president xi perhaps flattering donald trump with this so-called state visit. and a private tour at the for bid city and a trip to the opera as well as eye-catching promises. the white house expected to announce more than $250 billion of business deals there while he is in beijing. he is accompanied by dozens of businessmen, tom u.s. executives. it all goes to the trump campaign for the white house centered on his ability to go
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one-on-one with foreign leaders to get better trade agreements. he does prefer bilateral rather than multilateral trade agreements. the tpp he was calling a disaster. now he is finding that perhaps some of the trading partners are not quite as pliable as he once thought. heidi: that's right. speaking of the tpp, we spoke with the u.s. trade negotiator on the tpp before what happened with obama. he was speaking with friends and sources in beijing saying that in beijing, they are very well aware of president trump's need to come back with tweedle deliverables, that he can come back and call a win, if you will. we've heard his ambition of getting $250 billion worth of trade deals. $9 billion have been announced
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so far by wilbur ross including deals between honeywell and spring airlines. also the bank lending company that's been getting on like fire in some of these chinese cities. , signingcopter, ge some of these corporation agreements as well. waiting to hear more deals announced today after these bilateral meetings. we know president trump will be meeting with the premier as well but at the moment, looking at these pictures of president trump, melania trump and the president and first lady of being feted i all the pomp and ceremony there at the great hall of the people. rishaad: the stars & stripes being played by the band there. let's just take in the atmosphere briefly.
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rishaad: a so-called state plus visit. a marked contrast, this is a visit that has been centering on trade and that's what we've been talking about, just 24 hours ago -- we heard the president in the national assembly in sold talking about north korea and holding north korea's leadership to account for country which he llscribed in that speech as he on earth, in marked contrast to what we've been talking about today.
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no doubt north korea will be a subject of conversation, maybe one of the main conversations of tries to get he the chinese president to exert more pressure on pyeongchang to do something about their ballistic missile program and their nuclear program as well. this is outside the great hall of the people, much pomp and ceremony. let's listen to what happens now.
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♪ ♪ ♪
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heidi: just walking past the military, the various guards as they make their way into the great hall of the people. president trump walking alongside the chinese president. the great hall of the people flanking tiananmen square and you saw behind that the for britain city as well. a huge day in terms of what is on the agenda. there will be talk on trade, these bilateral meeting with the business delegation as well. some of the business leaders that have accompanied president trump on his trip to beijing. it's a reciprocal trip from when the chinese president was welcomed at mar-a-lago earlier this year. quite a bit of excitement from some of the younger people that are part of this welcoming ceremony. i know there will be challenging talks on the agenda, not just to
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do with the trade deficit which so often president trump has made one of his targets throughout the campaign and even more recently throughout his presidency, but also the thorny issue of how much beijing should be doing to contain that pesky neighbor of north korea issue. rishaad: our next guest says trump will be facing a confident chinese leader. a former u.s. ambassador to china joins us. this is being billed as the state visit plus one. what are you making of it so far, max? >> its classic chinese. they have been doing this for thousands of years. lots of pomp and circumstance. it's their technique to try to suck you in. it's fun to watch. -- itn't work.
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won't work, will it, surely. more power, lots of balance in his step, he's feeling pretty good about himself. is are thestion here two leaders going to get together and discuss a deeper way to reach some kind of honest understanding. not just superficial, but honest. i think it's designed by the chinese in part to prevent any serious conversation. the more pomp and circumstance, the last serious talk. -- the less serious talk. rishaad: he meets a very competent president who has submitted his bow to become the most powerful leader of china since chairman mao. does that mean he effectively has the upper hand in many of
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the negotiations he will be undertaking with his u.s. counterpart? max: i think essentially does. xi hasly because consolidated power. china as a country is quite accomplished in itself. it bounces act. -- bounces back. they know that in maybe 20 years [inaudible] they've got a lot of cards to play. the u.s., frankly, is a bit on the decline. for going to be tougher president trump. i think the real question is when the stories are written days after today if he comes out strong. heidi: just to ring you some of the consumer and producer price numbers coming out of china.
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a rise in pci, upbeat on consumer prices rising slightly quicker than expected. speaking of the trajectory of growth, were looking at numbers that suggest assuming current growth rate, china will be the bigger economy compared to the u.s. in less than a decade. does this play into the position goeswer that president xi into the talks in a relatively weak and devasting position that trump has, saying he was congratulating president xi for his political victory, perhaps misunderstanding the nature of governance in china. do you think that is a little bit skewed going into these talks? whate real question is agreement can be reached in china. talk, but actually gets
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results. what can we do about the trade deficit between these countries. it sounds nice, but it's just superficial. the real question, will china really open up its market to u.s. investment, and stop all this technology transfer? will be anye movement on those big issues during this visit. heidi: it's noteworthy that none --the companies that want it's a tornier issue when it comes to market absence. we were talking to the former u.s. trade rep a couple of hours ago and he was saying they want tweed of deliverables and the chinese know that. blethey want tweeta deliverables. max: it's a tall order.
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is real win on north korea to get china to do more that they have done thus far. i don't see coming, frankly. the real win on trade would be clearestment where we do access with china. i don't see that happening either. trump has talked a lot about backing up on opening markets for china. i don't mean to be a downer, but i don't see it happening. it will only happen when trump really understands what he's doing with an adversary that he cannot bluff. with presidentrk xi. rishaad: we've had lower-level officials who have been talking about this for weeks and perhaps striking deals in the background
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and ultimately it comes to that, does it not? max: it does. deals are fine, but they are very small percentage of trade between the two countries. the real question is can he do the fundamentals. that will take a lot more work by our administration. china does not want to give up much market access and will not until it is forced to, or until americans make china realize it's going to take a lot of work. rishaad: a lot of work, in other words, to avoid essentially an economic war. max: i don't see an economic war. i don't see a trade war. the u.s. in china or policy interest are china will not go to war on a trade basis. rather [inaudible] a step in a time building up
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2025, program that's ultimately paramount in nanotechnology, a step at a time. i see little step at a time. it will be hard for the u.s. to combat that. do you think the trump administration has a more co-here and foreign policy than they did six or nine months ago? max: we will see. we can only ask that question and see if there's something positive and constructive and non-contradictory to come out of this. i think he's trying to feel his way as to how to be effective with china. i think he has not found that yet. we will see in the next couple
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of days. heidi: interestingly on president trump's twitter account, he has changed his header picture to one from the beginning opera so maybe a bit of bilateral flattery, if you will. in terms of the danger of the shifting of the power dynamic globally, we spoke a lot about president xi in his davos beach on whether we have a new liberal order when it comes to global leadership. do you feel that is still playing out? because of the withdraw from the tpp, a lot of people are saying it makes more space for the beijing government. max: i think it does. while we are retreating tpp, , china on the other hand is expanding. the davos speech, the paris accords another example.
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good fors are very president xi. it often comes down to not just the words, it's the facts and deeds. this is where i hope china shows by deeds that it wants to actually work with the united states. friends tell me there is an internal debate going on with chinese government. about half are the nationalist pushing hard for china dominance maybe 15 or 20 years from now. the other half say we are still a proud country but we need more cooperation with the western world. that debate has not been resolved. i think it is a missed opportunity for trump to show that he is constructive, strong, that he is a real leader. that would help the chinese to find that space in a way that's more helpful to both of us. rishaad: in the medium to
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long-term, pulling out of the tpp, pulling out of the paris accords, will it be seen as a strategicategy, or david t bordering on a huge goal? as the world becomes more complex and interrelated, the united states has to be smarter. 80% of life is showing up and being there. the tpp, working with countries all around the world, southeast asia, the so-called america first tends to have the effect of putting china first. rather we should be america leading the constructive fight. rishaad: now that donald trump left tokyo two days ago, what is the mood like there and what is the political narrative changed if at all when they look at what's happening in
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south korea and what is happening now in beijing? concern, and a chinese friends i talked to tell me they really are not interested in pursuing a duality in the world where china reaches agreement with the united states , where china tends to control whereas america would have influence over the rest. china pointed to the u.s. monroe doctrine in 1823. chinese have something similar. that would frighten japan, it would not work, but they are seriously thinking about it. talksk when president xi to president trump, he will try to get a deal, and i'm afraid
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that president trump might be drawn into it naïvely. i think that worries japan and south korea and a lot of others who think about this. rishaad: thank you so much for joining us therefrom tokyo, former u.s. ambassador to china. we've been talking to the ambassador and we've had important economic data out of china. we could be set for a record as well. the index for asia has passed its peak so it set for new all-time high. helping that along is the rise receipt in japan, both the nikkei and topics continuing to build on to decade highs. the hang seng adding to that .7%, setrising about to resume weekly gains and trading above 29,000 points for
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the first time since december 2007. chinese stocks have been fluctuating since we got the inflation data out. large caps extending the drop we saw on wednesday. steel climbing almost 3% following the reducer price data out of china. and looking at what's going on .10%,nghai, shares down led lower by i.t. stocks as well as industrials. this is why factory price is rising as pollution controls curb output. miners gaining ground come up about .5% right there. looking at currencies, i want to highlight what going on with the you want. welcomes donald trump and a quick note on the hong kong it's continuing to rise
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at a five-month high after adding the most in seven weeks only day, following details of an upcoming debt sale on november 17. check this out, liquidity concerns have partly driven the search we have seen in hong kong interbank rates. the one-month high rose to a nine-year high. there's a question whether banks will raise their prime rates, which they have not done since 2006. they tend to move in tandem. the prime rate for hsbc now stands at 5%. so we wonder if this will put a squeeze on banks. rishaad: let's look at the first word news headlines with paul allen. paul: president trump's pick for the next fed chairman has won the backing of the head of the senate banking committee. he said he is had positive talks with jay powell and considers
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them well quick to leave the economy. he's in line to succeed janet yellen when her term expires in the spring. he still faces a full confirmation hearing on capitol hill. an incentive path -- package foxconn chairman to guarantee tweet 5% of any potential payback if the company fails to meet investment and employment targets. foxconn aims to build a flatscreen plant south of milwaukee that can employ up to 13,000 people. vietnam has point used to help clear up typhoon damage just days before world leaders arrive for the apec summit. it's just a 30 minute drive from andsummit venue in da nang was badly hit by debris. 10 people are still missing. president trump and other leaders will attend the two pay -- today talks at the weekend.
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global news, 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i'm paul allen. this is bloomberg. coming up, questions raised over nissan's quality controls have put a dent in his profit forecast. we'll take a look at their outlook just ahead. this is bloomberg. ♪
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heidi: nissan cut its full-year profit forecast by almost 6%, blaming the recall of cars in japan after uncertified safety inspections. domestic production was halted in mid-october all the government carried out checks and that cut delivery by 5010. next what is important is that dynamic of has a growth which is based on new whichts, new technologies are very modern technologies. were talking about electric
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cars, autonomous cars, connected cars and services. that's what matters. rishaad: let's get a look at what's going on with nissan and beyond in the automotive world. steve is here to give us an idea about nissan and put into context what is really going on in the macro, aerial view of the automotive industry. >> nissan in the second quarter beat earnings. they have reduced their forecast for the full year by ¥40 billion and there is more to calm. getting back to the second quarter, the quality of the beat was poor. most of it coming from forex, and we are seeing a pattern across all the japanese automakers, that just released earnings.
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we're seeing that those who are exposed to the u.s. market are actually, the margins have dropped. those who are more exposed to the emerging markets like india and the aussie on market and recovering european marketer ashley doing well. be aseanndia and market. rishaad: what are people saying and what are you thinking about the year ahead? >> japanese automakers have benefited from the weaker yen against the dollar. that's likely to fade in the coming new year. if you look at the year-over-year comparison in terms of the u.s. and japan dollar rate. markete time, the u.s. sales have been falling. there, not just the japanese but everybody who
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is selling cars in the u.s. will have increased incentive. we have already seen it. inventories have been going up. if you look at nissan's cash flow from inventories, it's dropping. that means are inventories actually rising. they in everybody else will have to pump up their incentive programs to push those cars out. what about the reputational damage? it seems like the scandals have not stopped. the quality scandal we are hearing from nissan, they are not as severe as takata. it does have a short-term damage to sales. nissan sales in the past have actually declined just over 50%. we will probably continue to see that. , yes, but damage
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long-term i think they are fine. nissan, subaru, they have been in business for decades. they have a very strong reputation with consumers across the globe. months, they will try to drum up sales and i think customers will come back. steve they're talking about japan automakers, going through a bit of a rough that. still ahead, roadblocks appearing on the corporate tax cut timeline. treasurye with the secretary, steve mnuchin, is next. this is bloomberg. ♪
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rishaad: your back with bloomberg markets. secretary. treasury stephen mnuchin says he cannot rule out a delay to the proposed corporate tax cuts.
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the senate is said to be considered weighting of two-year to lower the rate to make it work for overall tax reform. -- he warned it could hurt the economy but admitted a delay is possible. strongpresident preference, he feels strongly he wants to start this right away, but having said that, we will have to look at the entire senate package. i assume it is really just a money issue as to how they are moving the different pieces around. it's not a philosophical issue, i'm sure they would like to start this as soon as they can. >> the ways and means committee that if the excess ties provision. it makes another $74 billion hole in the package. how do you will that? think are going through a healthy process which we started getting the house and senate and the administration on the same page, so the fundamental goal and parts of the bill, we have all agreed to.
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now they are going through a very detailed process. you're talking about very technical issues on everything from the international side to pastors and everything else. i think were going through a healthy process with the committees. >> one thing being talked about to fill that hole and others is to kill the individual mandate from obamacare. does the administration want that brought into the tax debate? would likeident that. that's something he encouraged them to look at. i was out of press conference in senator cruz gave a compelling pitch for that, but we will see. that will be one of the things that is obviously talked about and will be considered. >> when you do the math on who would vote for the package, does it concern you that obamacare could complicate things in the senate? again, it's two different issues. the appeal of put a link -- putting that in, it gets rid of a very unfair tax on people who cannot afford it and freeze up a lot of money that would go to middle income tax cut.
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whether that is included or not, we are determined to make sure we get the tax cuts passed. >> the talking about getting rid cutsate and local tax entirely fear is that acceptable to the administration, or do you end up with a bill that cannot get enough republican support? >> fundamentally we agree with the idea of getting the federal government out of the business of subsidizing the states. that makes a lot of sense. having said that, several of these states are a very big part of the economy. new york, new jersey, connecticut, california. we are sensitive to the impact on the states, so that is something we will continue to work with the house and senate and look for the right solution. we want to make sure that middle income people in those states also get tax cuts. >> the president said if anything goes wrong, i'm going to blame steve mnuchin and gary
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cohn, and believe be, they will hear from me. >> i've spoken to the president already several times. gary and i are very comfortable being accountable. this is the president's most important domestic agenda item, and we will get this passed. the objective is to get it to the president's desk in december to sign. rishaad: steve mnuchin there speaking to my colleague, mike mckee. let's recap what we've been seeing this hour. president trump and élan iraq being welcomed outside the great hall of the people. that was about -- the president and melania trump being welcomed outside the great hall of the people. talking about the situation in north korea as well, as we had out intrump laying it front of the national assembly.
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will have the eurasia group president and talk to him and about 40 minutes from now or thereabouts. this is bloomberg. ♪ retail.
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♪ it a big burden off your shoulders now? you have succeeded a legendary business figure. was going to give advice, it would be -- david: the financial crisis of 2008. jeffrey: i kind of want to say, i want my mommy. if a president were to say come in as a cabinet officer, what would you say? jeffrey: i'm not sure business people make great public servants. [laughter] >> would you fix your tie, please? david: well, people wouldn't recognize me if my tie was


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