Skip to main content

tv   Bloomberg Markets Americas  Bloomberg  February 28, 2018 2:00pm-3:30pm EST

2:00 pm
scarlet: we are live in new york over the next hour and here are the top stories we are covering on the bloomberg and around the world. farewell february and hello march. places, treasury secretary steven mnuchin says partnership may still be back on the table and dick's sporting goods ending the sales of assault rifles following the mass shooting in a florida high school and destroyed his position taken by a large retailer in the national gun debate. we have markets closing in two hours time and will give you stocks still trading on a momentous february. we have the nasdaq falling the least and s&p and
2:01 pm
dow down by the same amount, breaking the winning sick we are sitting for stocks, but stocks today are up from the lows of the sessions and with the nasdaq leading aztec and financials as text in lead -- financials continue to lead. -- according to people to move the position, he but it is unclear what changes he could push for an there is a breakup of the company. representatives for his company and for united technology declined to comment but cnbc is saying that ackman is out of his position in herbalife and has unwound his position. this is something that ackman said he had high conviction in, his short position in herbalife,
2:02 pm
but it has not worked out as shares are now at $94 each. rising as well as to the company said it is changing ame to herbalife nutrition. jockeying to take over skyy, the companies the near remains under pressure at 5% over the quarter, and that is according to analysts, and meanwhile my come upgraded after comcast entered the bid say the position are trading lower. outside of stocks we are watching movement in the bond market recently and it has been interesting the 10 year because we are seeing a generally decline in yields. in thea rise yesterday wake of the jay powell testimony
2:03 pm
but we see a more general slide of seven basis points down over the past week. watching treasury positioning as well if you take a look at the bloomberg -- we have to cftc short positions and saw a big reduction in the us short positions as we see more of a sideways to down movement in that 10 year yield. shortingwhen folks are the treasury market and think the price is going to go down that means yields are potentially going to go up. let's get a check now with mark crumpton. mark: we are getting a goods of what happened with hothouse -- white house investigations and according to those were there, hicks ethnologist of the house committee that she has occasionally told which he called white lies for president trump the has not lied about anything relevant to the pressure probe. the panel is investigating russian interference in the 2016
2:04 pm
elections. british prime minister theresa may has delivered her harshest criticism yet of the opposition labor party sprint -- plan to keep the u.k. in the european union. >> we will bring back control of our border and money and that is in contrast with the labour party position was to be in a customs union, happy movement and pay whatever it takes to the eu. that would mean giving away androl of our laws, orders, money, and would be a betrayal to the british people. corbyn argued this week the u.k. should stick to the customs union and a proposal supported by the u.k. business community. newly released footage from shows the damascus airstrikes continuing despite a
2:05 pm
russian ordered humanitarian pause in fighting to allow civilians to leave. a syrian news agency released video showing what it comes to be syrian aircrafts launching raids over the last few days. european commission president is calling on kosovo to ratify a border deal with montenegrin to improve ties with serbia. ever by the eu commission chief -- montenegrin, which approved the border agreement recognizes kosovo independence from serbia, which belgrade rejects. the funeral of a bollywood legend -- france like the streets as her body was taken to a crematorium. -- 54-year-old actors actress drowned at a hotel of the weekend. the female lead in india's largely male dominated film industry.
2:06 pm
global news, 24 hours a day, powered by more than 2,700 journalists and analysts in more than 120 countries. i am mark crumpton. i am mark them this is bloomberg. new fall from the florida school shooting and what of the biggest sporting goods chains announced plans to end the sales of assault rifles. the exporting of says it will not sell high-capacity magazines and will not sell to anyone under 21 and spoke to one key retail analyst with thinks the move will go over well with consumers. >> may be one of the silver linings is some might walk away point, -- to your applauding them for taking a step to do what they are doing. and some might argue that is , and they will go to dick's sporting goods to buy my sporting products because they
2:07 pm
are stepping out and making a bold move like this. julia: we are joined now by polly -- great to have you back on the show. i believe dick's sporting goods make a decision to restrict what they sell after the sandy hook 2012 and this is additive and the ceo is not pulling his punches. >> we start to see this position in 2012, and in 2015 while mark made a similar decision and said it was not politically motivated and was a matter of sales. and now we have this decision which i think was put the motivated and was a cultural moment based on what his statement was. scarlet: i was looking into the background of the ceo and use the son of the men who founded the company and as a guardian of the brand and his father's legacy and is not being afraid to wait into the political battle that so many other companies are carefully treading.
2:08 pm
>> he came out with a big statement and part of it said thoughts and prayers are not enough and what he is doing here is going further than what anyone else has done, and this is the moral stance he wants for his company. julia: we talk about shareholder and investor reaction here and ultimately if they will be rewarded ultimately. to go to will choose dick's sporting goods. >> we have seen some people on the nra sza i will never shop at dick's sporting goods again, but some are saying i have never shop there before but i will want to because they value the same values that i believe in. you covered sandy hook as well, is this time different? as someone who has covered this industry, what makes it have more resonance this time than previously? >> the big difference is the
2:09 pm
victims of this attack are old enough to go on tv to write articles, go on tv, have a social media platform with thousands of followers and we are seeing them he the charge. the march they are hosting is led by students. charge, andis in because you have victims of a mass shooting calling for this is a little bit different. julia: we mentioned amazon, particularly because it is the #stopnra. there is hosted by these big -- weames and what debate throw this phrase of the national rifle association, the gun lobby in the united states. do they have their own pressures and supporters not taking the same stance as well? >> within the firearms
2:10 pm
community, they don't all agree with one another. there is key research that shows among the question that the mentally ill should have access to firearms, 89% of gun owners say there should not and have them believe in a ban on assault rifles. even among the firearms community -- they don't always say second amendment, there are disagreements and not everyone who is a member might agree with the nra on 100% of things. 80% or 90%,gree on or even 30%. to how: it comes back powerful the nra has become and the roots of its power are not what people think. thater back to a article the recent nra whence is not the money but because the nra has built a movement that convinces that gun ownership is a way of life and should be defended on a daily basis. the nra has linked it to identity politics.
2:11 pm
to creating an army of single issue voters. >> that is right at the nra has made it easy for for voters to decide who to vote for. who youet in a that is should vote for. and if you break it down to that simple level that the nra has it is easy for voters to get on board with that. and it disseminates that. polly come at thank you so much, and she will be coming back in the story develops. coming up, private equities and the next phase and will hear from the carlyle group. this is bloomberg. ♪
2:12 pm
2:13 pm
2:14 pm
julia: this is bloomberg markets. scarlet: it is time for the business flash. biking global investors has hired a team to build a big data platform and the hedge fund was -- according to people familiar with the matter, biking is turning to quantum to boost returns. -- startedpany company is planning to build in hong kong and company could raise up to $500 million this year. rails other investors include johnson and johnson and tencent. and that is her business flash update. julia: investors are willing to accept lower returns according to carlos chairman david rubenstein and he spoke with
2:15 pm
matt miller at the conference in berlin and discussed changes facing the private equity industry. there is no doubt prices are high and investors want to get the money invested. if you invest in high prices you get lower rates of return but investors are willing to accept lower rates returned to get the money invested, so if you have the money, which rather have so percent or get a 14% rate of return, being lower than 20% but much higher than zero, some to investdo want money and we can invest money and we can invested and get a good rates return. >> it seems that a lot of private equity firms are having trouble figuring out where to put the money because they have to invest money and we can invest money and we can invested and get a goodraised 3 trillion in the lat five years and are sitting on one $.7 trillion in cash, what did they do with it? funds are invested over five years and carlo put $22 million in equity so i think invested and iet
2:16 pm
do think larger from seven advantage because they have bigger skill and can get a dollars invested. this covers is unusual because i've become for 25 years and is the happiest i have seen people invested andbecause returns ard raising is good, i collect global happiness. i've never seen anything like it. i give a speech earlier that have to remember that the good times will and, but i don't think the good times will end anytime soon. where are at a point institutional investors want to give you their money, why do they if returns are expected to continue to shrink? david: in the old days, 20 years of 20%, might get a net to they would be 14 or 15%, but that is much that are than what you can do legally with your money. if you are a large wealth fund and you have billions of dollars to put out, sitting on cash is a 14ery good, so getting or 16% that is good, while
2:17 pm
returns are down, they are good returns. >> a lot of investors i talked to today are kind about the end of the cycle and when the cycle turns and it eventually will. what do you see from your view? when is the economic expansion going to come to an end? -- youall cycles and have had 103 consecutive months, i don't know when it will and but it will end at some time but i don't see any and in 2018. propel the tax bill will , and through 2019 we are in good shape. question to ask a about carlisle, the tax reform bill converted to ac corp., that was widely expected and it makes sense from -- for investors as well. is that a good idea for carlisle? -- there is no
2:18 pm
this vantage for them but in our case our income carries interest so it would be not as favorable. for our unitholders we have looked at it and are comfortable with our position and will continue to look at it all the time but we are right now not making a change but will continue to see how will do. >> it seems to be more advantageous for the investor to buy shares -- it makes it easier for private equity firms to use their own shares of currency. toid: and has some appeal investors who cap by the types of shares we have which are partnership shares. ,eople are buying our shares but i think it will sort out in the next year or so. was davidnd that rubenstein, and he is also the host of the david rubenstein show, and that airs on boomer television and bloomberg radio. still ahead, the battle of
2:19 pm
robots and will look at an etf that is the third entrant into -- what i should say, a new entry into the robotic etf space. this is bloomberg. ♪
2:20 pm
2:21 pm
scarlet: this is bloomberg markets and it is time now for our smart data etf segment report. the category sees a new entrant, and here to discuss his bloomberg intelligence etf eric.t -- you have two big players, pots and robo, and there is a new guy coming in? terminatorit is like 3. what is fascinating is that it has $5 billion in assets, robo has 2.4, and bots has 2.4, and
2:22 pm
came out in 2013, and is a product come out first to market is an amazing feat. how did it do it, bots is running away performance wise versus robo, they are both doing well. a big reason is this -- index weighting methodology is such an underrated field. screams for ai robotics companies. scarlet: that is the blue line, yes? >> yes, there are equal weights between them, and lots has -- bots is doing better. falter, roboto will outperform, and this is such a great experiment because people, i don't know if understand the methodology but they go with the one performing better. scarlet: they like the name and
2:23 pm
concept and the theme and both of these are doing well in general and gathering assets. how many people look in their the hud? ood? >> that is a loaded question, awaiting the technology means it new terminate -- but the one towards trust, this one is equal weighted in three tiers. it has 24% small caps that is not much different but it is first trust and there are really good salespeople. watch robt. and that one is doing well. and doow how to come in well even though the idea was borrowed. scarlet: this is a niche to invest in robotics. how many etf scanned this one support? we have three now, are the cap
2:24 pm
ped out? no one thing missing from this is someone to come in like vanguard, look at shares to come in at 20 and ruin it for all of them and gather all the assets, but with white billion and growing icy that you are not going to have a lot of robotics stocks. eric, stay with us because the etf industry has something for everyone and their --ep there's an etf for that this week there's an etf for that come in flying robots, drones. ♪ strategythe etf drawn is known for its ticker, i fly, and it attracts the global industry that will be worth $11 billion by 2020. the fund has holdings and the
2:25 pm
aerospace and telecom sectors, boeing and gopro are among the biggest holdings, and about the nations including turkey are also represented. high since its inception in 2016 with a total return of 45% which is more than 20% annualized. also hike is the expense ratio of 75 basis points. the fund has drawn $50 million in assets and get a green light of the bloomberg etf stoplight system. you can make an argument that perhaps amazon should be there with their plan to deliver packages through drones. a big question, do you put in a firm that gets revenue and dilute the pure play? that is the big question, but the one thing about i fly that we talk about the traffic light
2:26 pm
scores -- it is a multifactor, it is weighted on revenue. a lot of etf's are not market weighted, so look out for that, you will get a little bit different than the market cap returns. scarlet: maybe the copycat jones will have amazon. eric, thank you so much, and be sure to join eric and myself every wednesday for "bloomberg etf iq", the first show solely focused on etf's, every wednesday right here. from new york, this is bloomberg. ♪ mom you called?
2:27 pm
2:28 pm
oh hi sweetie, i just want to show you something. xfinity mobile: find my phone. [ phone rings ] look at you. this tech stuff is easy. [ whirring sound ] you want a cookie? it's a drone! i know. find your phone easily with the xfinity voice remote. one more way comcast is working to fit into your life,
2:29 pm
not the other way around.
2:30 pm
2:31 pm
scarlet: that is some of our reporting from tictoc that streams live on twitter. from new york this is boomer markets, and scarlet fu. breaking newshave with spotify, the highly anticipated ipo of 2018 -- public offering in the new york stock exchange listing ordinary shares under the term, spot. well is really important here, particularly the valuation. just over 4s billion, and operating loss of -- 278oward at 78 pouron euros, and we will
2:32 pm
through these details and bring you further headlines on this, but for now let's get you up to speed with first world news with mark crumpton. mark: and bc is reporting robert pointeds team is asking questions about whether donald trump was aware that democratic emails have been stolen before that was publicly known. peopleciting multiple familiar with the problem and say witnesses are being asked whether mr. trump was involved in the release of the emails by wikileaks. trump has repeatedly denied any collusion and has called the special counsel's investigation a witchhunt. new york banking regulators reportedly given three banks until march 5 to respond to request to provide information on their relationships with white house senior adviser and the president's son-in-law, jared kushner. people familiar with the matter say yours the part of the
2:33 pm
financial services sector letters to deutsche bank, signature bank, and new york community back to provide clarity on her shares this is properties as well as documents and medications about loan requests. a st. louis judge is scheduled missouriily trial for governor despite prosecutions that they need until november to prepare and the governor is accused of taking a compromising total of a woman without her consent while they had an affair. prosecutors say that criminal investigation is being rushed despite the three-year statute of limitations. house speaker ryan and mitch mcconnell are among those paid respects to the reverend billy graham today. casket is at the u.s. capitol for a rare salute by the nation's political leaders. reverend billy graham died last week at the age of 99. global news, 24 hours a day, powered by more than 2,700 journalists and analysts in more than 120 countries. crumpton.
2:34 pm
this is bloomberg. julia: thank you very much, mark. commodities,out and in 2018, the question is has the rally just gotten started? joined us to talk more is commodity strategist from bloomberg intelligence. we get excited at the start of the year and the rally we see in commodities, and then it fizzles out. why is this different? >> i hope it is different, there is demand and supply trends and one thing i love is that there is 95% correlation that we see in the first chart. one thing that is happening as we have seen a significant increase in grains and that is what you see in the chart there. it has taken the correlation --
2:35 pm
and it is 94% and that is a dollar value of grain exports versus the actual price. you can see the last two years prices have declined and you see more supplies coming from south america but it should revert -- prices have reached such low levels that the demand is taking off. julia: because prices are so low? mike: exactly. scarlet: what are the key drivers, is it predicated on weather? mike: we are running into the growing season in north america and if you look at longer-term trends, that is what you will see the next chart, that green but theows demand, price is stuck in the narrowest range. the bloomberg grain index -- with that means is it has crawled up and ready to go, but which way it goes, it needs a spark. we are having sales rallies as
2:36 pm
it comes to the u.s. but you have to be betting on that trend hasontinue and the weather been so bearable for so long i think it will continue. grains are ready to go higher. scarlet: and they might be a lining as well, talk is about this next chart. at the same time the dollar looks like it is speaking -- the market will coincide with that and it should rally. but the amount of grain stocks versus production or demand is speaking at the dollar potentially picking up the demand is trending higher. at some point rises should adjust and lower prices are helping this happen. talk to me about soybeans in particular because this is the top performer for 2018. talk to me about the dynamics here. ise: what is driving soybean
2:37 pm
argentina. argentina is in a drought and a are one of the largest exporters and that is reducing supply but also in the bigger picture i am showing you the man supply picking up favorably. demand supply picking up favorably. it needs a spark. and it resistance is up is a matter of time that this happens because the weather is awful. scarlet: that is the consistency say, it isike you spreading for us and ready to break out. how are people positioned? mike: they were very short. at the end of january was shorted, and you had usda reports and there were somewhat bearish, but they are mutual now.
2:38 pm
means that it is demand driven and you need the fundamentals. to have youe remiss on the show without talking about oral data as well, so talk about that and your outlook there. are together. -- oil data. should exceedon all estimates nbc that in the next chart. -- you see that in the next chart. don't short unless they have production so production is coming on and the bc estimates are catching up. --s situation keeping him taking it is a deja vu. this whole thing is happening over again where you are supply is taking off and should continue until prices decline.
2:39 pm
it is something i cannot predict, prices are a little outdated. again.: deja vu all over [laughter] mike: thank you for having me. julia: now let's get back to breaking news on spotify. bloomberg ipo reporter alex barinka joins us now from san francisco. a few more details about this ipo and what the financials contain. alex: this isn't just an ipo it is a direct listing. bytify taking unique means listing the stock and a drop the registration statement and the top line numbers here that caught my eye. if i am looking at revenue, they came in at $4 billion in euro revenue last are and it is $5 billion u.s. and it is up 39% from 2016. from a growth rate perspective they are growing at a 45%.
2:40 pm
the company is still posting losses but it seems like it is leaning on its leadership role in the music streaming industry to turn that around. if i drill down to user numbers, the company came out and said the descriptions are up at the paying users are up toward 6% year-over-year and the company currently has 71 million subscribers. the monthly active users in the fourth quarter were listening for 25 hours a month in the fourth quarter. strong financials and it seems like the company will be leading on as it convinces investors to buy into the stock. an interesting point, we have the answer of what is going to happen on listing day. market and roadshow and they are not going to try to figure out a price or valuation, it will show up on day one and judge the supply and demand and set a price their. point, a have 15 days
2:41 pm
until spotify can lift so we will be paying attention for more clarity on what exactly -- on went the company will be trading on the stock exchange. in the meantime, how does it compare and contrast with pandora which we know is struggling a bit here? alex: pandora has been struggling at spotify will say their business model is different and they are not as radio-based. spotify is leaning heavily on beta and it can perfectly cater playlists to users and help them discover more things and is also leaning on the fact that it has been relationships with creators. it is the best way for creators to make money to so it is promising the combination of users and music makers will bring folks to the side and right now they are reining in the music streaming market. why is spotify skipping the sensitive parts and going straight to the trading that
2:42 pm
because there is inherent risks associated with back, shortly. urely. explain this. want the cash,er they want a visibility, or they need to give investors liquidity. we know spotify does wants to give private holders and opportunities of the sell shares and a directory listing -- direct listing does that. they are choosing this really unique path that established companies don't take to go through that route. have financial advisors but they probably want be paying them as much as the typical meat of ipo banks so they will save money there, and also spotify is known as somebody likes to do things differently. i can tell you that my sources have said that other companies out there in private tech land be watching this closely to see if this is a viable option for them. julia: a nice point.
2:43 pm
an element of flair, and everything you said about valuation and avoiding that question, what are the rumors as far as valuation is concerned? i am sure you will have an idea. about 8.5as at billion dollars, and recently private transactions shares have shared at $20 billion, so there is a discrepancy. i will be looking and interested in seeing what investors want to pay. if you are in investor coming to the table on listing date you probably don't want to be paying up at 20 billion, you want a margin that you can make money, and whether it is the last time around two years ago or now, that $12 billion discrepancy seems to be the playground that investors and the company shareholders will look to plan when judging this new listing. listing and not
2:44 pm
an ipo, alex barinka, thank you so much for what will soon be spot for spotify. coming up, steven mnuchin best update concerning the internal revenue service moments away. this is bloomberg. ♪
2:45 pm
2:46 pm
scarlet: this is bloomberg markets. julia: it is time for our stock of the hour and that is a etsy. abigail doolittle joins us now with all the details. the stock is up in a big way and they beat estimates by more than 80% -- small
2:47 pm
numbers but nonetheless it beat revenues by 3%, and even more important is the revenue outlook they race for the full-year some momentum is going forward and there was one upgrade. i love bullish action, and what is shocking to me about this is you hear about an online crafts marketplace and you see a stock that is up quite a bit over the last year. lastre than 100% over the year, and a think there should be a huge shortage, it was only 2%, so today's move up israel action, real bind and not a short squeeze. that is impressive. scarlet: it is pretty remarkable. is there reason to think that short sellers a target etsy? is that anything in the results back at partisan that direction? so much the results, but i love this function, it shows what is happening here, as you the price of etsy is up 21%.
2:48 pm
the peers is not surprising, and we see the straight view -- seven analysts are neutral, we have four buys. but here's the issue if there ever is one, valuation, trading 61 times. that is crazy when you think about it, a 102% premium, and they are growing. is one issue perhaps that shorts can take into come up on the other side they are executing. if you go to their website, it looks at more than just a crafts marketplace. you can buy clothing and all sorts of things. julia: the ipo was $16 and then they shot up. interesting. abigail, like you for that. and be sure to catch our interview with the etsy ceo. and some of the biggest stories
2:49 pm
right now, comes on pressuring customers about nra tv, a afterl on pro-gun content the shooting last week as prime members threatened to cancel their $99 annual subscription on twitter using the #stopnra. stanley reported profits of $43 million, the bank cited the was tax overhaul and says it will adjust payouts to executives so they will not be hurt by the charge. the tax rate which was more than 40% in 2017 could fall as low as 22% this year. u.s. maine commodity regulator is allowing employees to invest and cryptocurrencies. the commodity futures digital tokens as long as they are not purchased on margin or and both
2:50 pm
on private information, however investing in bitcoin futures is barred. and that is your business flash update. scarlet: coming up, we are awaiting a press conference with treasury secretary steven mnuchin and it was an update on the internal revenue service and he spoke recently about the prospect of perhaps the u.s. thinking about looking into pp.oining the g could it be? this is bloomberg. ♪
2:51 pm
2:52 pm
scarlet: this is bloomberg markets, i am scarlet fu. steven mnuchin talk to reporters are now announcing the release of an updated irs withholding calculator. let's listen in. >> for someone like mr. buffett was set they didn't do anything
2:53 pm
to get the 29 million to keep in their pocket. lemon first comment that i have respect for warren buffett and without getting into specifics of various companies tax situations, part of this is because we have lowered taxes. his company is getting the benefit of that. it is a reduction of what would have been a future tax liability. i know warren buffett has a lot of cash and he is looking for deals and i can't speculate as to what he is going to do. yes created hundreds of thousands of jobs, so as i said before, if we get more money to companies. we expect them to do two things, one, it will increase wages. cuts that atax middle-class now, and step two is lowering business taxes so businesses campaign more. you are seeing that in the impact for way, and step number three is that owners of these
2:54 pm
companies have more capital to invest, whether it is a small business owner the lowest tax rates since the 1930's or mr. buffett can the play that capital, hopefully in manufacturing, service industries, opportunities to employ more americans and better paying jobs. any other questions? >> the calculator is being rolled out -- just so we understand, this calculator is going to help people understand whether it adjust the wasn't thatand going to be done automatically? >> that is a good question and thank you for asking that. is that we had
2:55 pm
w-4 the old system, and we with the irs and tax policy to change the withholding requirements for companies so that americans without doing anything with automatically get the benefit of the tax cuts act. step number two is now to provide individual taxpayers inability they can go in to look at their own specific situation and make sure their withholding is correct. we encourage people to do this. it is not something they need to do it with encourage people to check the calculator and adjusted to their specific situation and can print out a new w-4 to the extent of their situation reflects. additional tax cuts or forever reason they want to change their withholding but this is about creating a tool for american taxpayers to double check their withholding. how many errors or changes? americans don't
2:56 pm
need to do anything but we encourage people to check their specific situation. will this calculator work for people who either are working as independent contractors or retirees? >> mr. commissioner, do you want to come up and take that one? is designed toor work primarily for wage income but there is a way -- a line on the calculator that would allow you to put in self-employment income or nonwage income and come up with the right answer for you. thanks. thank you all for coming here today and we appreciate you being at the treasury. i want to thank the many people at the irs and office of tax policy for their enormous hard work.
2:57 pm
thank you very much. scarlet: you are listening to treasury secretary steven mnuchin with reaction to what he is saying. to some extent, this is a continuation of the sales job the trump administration needs to do to make sure people understand how the tax cuts influence them and companies. >> absolutely, they said they would put out this calculator, and that is to be expected with news of such a major tax cut as they did. ist they want people to do to go on there and say, i am getting a big tax cut and there is a lot of money coming my way and i like the president. that is the goal here. scarlet: and i'm going to spend some money in the meantime. it doesn't necessarily take into effect all of the -- where you live, what your local tax situation is, all of that.
2:58 pm
is, all of that. but it gives you a rough idea, and as he said, part of the sales job. julia: never a dull moment with administration, and the potential possibility of a return to the transpacific partnership. can you fleshes out in more detail. trade at this moment is a hot topic. somebody said today, look at the high level of discussion on this, and my responses look at the low level discussion. this deal was put back together after trump both out last year by the 11 remaining nations and took all of 2017 to do that. it is going to be signed next month and chile, and they don't want the united states to come in and upset that now. you'ree the treaty and going to have to accept it on our terms and maybe there is something we can do on the edges
2:59 pm
but we are not going to renegotiate right now. julia: there will have to be additional clauses -- and they surely at this stage will be like, no, we're not going back to the negotiating table. nothey said they're interested in negotiating, and chile said they are not interested in negotiating. trump has got to do something to change it if he is going to rejoin it, he has criticism from economist and business leaders and the u.s. because it takes us out of the pacific trade negotiations in china. it doesn't lower tariffs all that much. there is 18000 and there, but we don't export a lot of those things, so does it really matter on an economic basis? a leadershipbut on basis it takes the u.s. out of that that no one wants us to come back in on our terms. what is the motivation
3:00 pm
for them to consider negotiating this or rejoining tpp at this point? if we are not close to that happening, why not settle on the details first? >> you never know what is going on with this administration. i suppose it was off-the-cuff with this president. if we can't get bilaterals going maybe they're looking to fall back on multilateral's, but no one wants to negotiate.
3:01 pm
>> he got a lot of criticism and they have their own version of a tpp they try to put forth and get the remaining countries to join into. chinan't clear how much is going to have in this case. unless china expanding in the u.s. withdrawing and nature abhors a vacuum. we are going to come back to this. we are one hour from the close of trading. let's get a check on markets. >> we are seeing stocks rollover . all three major averages had been near their eyes. now we see the dow and s&p 500 hanging onto gains barely.
3:02 pm
--looks like bank stocks stocks led this. they have turned lower. sellinghares have been off, now more deeply in the red. that is responsible for the weakness. , weight watchers, higher on the day now appears lower by 3% even after the company came out with earnings that beat estimates. this was supposed to be my winners screen. booking holdings do remain winners on the session. .ales of 4% the company boosting dividends and planning a buyback. booking holdings was known as priceline. that beat estimates by a wide margin and non-hotel reservations up 53%.
3:03 pm
>> president trump is meeting with bipartisan members of congress to discuss community safety. nothing gets done. this is bipartisan. we are going to discuss safe schools. we can really get there but we have to do it. .e don't want to wait people forget and then we have another problem. we continue to mourn the loss of so many precious young lives in parkland, florida, we are determined to turn our grief into action. i believe that. the people at this table want it. some say don't say nice things about me. that's ok. if you turn that into this energy i will love you. i don't care. we are going to be able to do
3:04 pm
it. these mass shootings are nothing new. i ask for a list. you look at columbine. bill clinton president. virginia tech, george bush. fort hood my sandy hook, san bernardino, pulse nightclub. it is ridiculous. in a we are here bipartisan fashion to show leadership in an effort to end the senseless violence. it could be ended and it will be ending. we must harden our schools against attack. certifiedeople with a training, talented people to carry firearms. some people are going to disagree. i understand that. i want you to speak up today.
3:05 pm
98% of all mass shootings in the since 1950 have taken place in gun free zones where guns were not inside the the pulse nightclub. if one person in that room could carry a gun and new how to use it, it would not have happened to the extent it did where he was just in their shooting and shooting and they were defenseless. 98% of mass public shootings since 1950 have taken place in gun free zones. you have to have defense. you can't just be sitting ducks. that is exactly what we have allowed people in these buildings and schools to be. second, we have to confront mental health. there has never been a case i have seen, where mental health was so obviously -- 39 different red flags.
3:06 pm
the local police, the state police, the fbi, everybody was saying this guy was sick and nothing happened. we have to ensure when educators, family, when they warn authorities, the authorities act decisively unlike what took place in florida, which was horrible. we have to pursue common sense measures that protect the rights of law-abiding americans while keeping guns and we have to keep the guns out of the hands of those that pose a threat. this includes background checks. i know you are working on things. i am looking at a number of folks around the table. we have to get them done. we have to get them done. they have to be strong. the background checks -- i'm the
3:07 pm
biggest fan of the second amendment. i'm a big fan of the nr ray. i had lunch with them, with wayne, chris and david sunday and said it is time. we have to stop this nonsense. suggestions to many of you, and i think you are going to put those suggestions in place. good.n ideas sound i would have to send a tractor through the walls. thatve to create a culture cherishes life and human dignity. we are going to sit around and
3:08 pm
come up with some ideas. hopefully we can put those ideas in a bipartisan bill. it would be beautiful to have one bill that everybody could .upport as opposed to 15 bills if we could have one terrific hill that everybody, started by the people around this table. these are the people that seem to be most interested, very interested in this problem. so, with that i think i would like to start, john come you can start. then we will go back and fourth. .hey can hear some thought it is something that can be done. there is no reason for this. , really believe those people it is idealistic and wonderful, but if you think that somebody is going to be able to walk into a school and they feel they are not going to have the looks coming at them, you are never going to solve the problem. i feel that.
3:09 pm
i am open to suggestions. john, why don't you start. >> thank you for getting us together, expressing your sincere concern about this, solution.get us to a leaving and not getting something is unacceptable. we know how hard it is to get people together on a bipartisan basis but at least in one case, senator murphy and i am a we have a 46 cosponsors to the fix nics bill in the senate. i think that is a good place for us to start. sutherland springs, we lost 26 who was in theuy air force, a convicted felon,
3:10 pm
convicted of domestic violence, none of which was uploaded into the background check system. that is only as good as the data put into it. we havemurphy and i, what we think is a start. it is not the end-all be-all. there are other things people want to add to it. we talked about the bump stock issue. i'm going to write that out. that to write you won't have to worry about bump stocks. shortly that will be gone. we can focus on other things. i don't even know if it would be good in this bill. have that done pretty quickly. they are working on it. >> we need to get started on things only we can do which would be this background check system. people have other ideas.
3:11 pm
i am not sure all of them will pass but we have acquiesced to failure and have not done things we know were within our power to accomplished, like the fix nics bill. i would like to recommend to you and colleagues here we get that done and built on it. we don't stop there. none of us want to look these families in the face in the wake of another mass shooting and say we fail to do everything within our power to stop it. trump: fix nics has good things and in. it would be nice if we could add everything on it. the u.s. background check bill. your bill is good. having to do with a certain aspect. maybe we can make it more comprehensive and have one bill instead of 15 different bills. >> if we could get 60 votes for it. >> i think you can. this is one of the things you
3:12 pm
can get the 60 votes and easily. >> i do. you probably know this but i became mayor of san francisco as the product of assassination. i have been the victim of terrorist groups, the department gave me a weapon, they taught me how to shoot it, we proceeded through the 1970's that way. what i have watched and seen is a development of weapons that i never thought would leave the battlefield out on our streets. is theest and newest ar-15. it has a lot of assets to it. it is misused. it tears apart a human body with velocity. i have watched the school shootings in particular, which you pointed out. i thought sandy hook -- i am
3:13 pm
delighted senator murphy is here today, we thought sandy hook would be the end. he and i introduced another assault weapons bill after the first one. we did not succeed with it. .he killings have gone on the number of incidents have gone up. i put my case and writing, which i will give you if i may in letter form. secondly, the assault weapons legislation, this is the number of incidentsbefore and of deaths. this is when the 10 year assault weapon ban it was in. how incidents and deaths dropped. when it ended you see it going up. senator murphy, and 26 of us have cosponsored a new bill.
3:14 pm
i would be most honored if you would take a look at it. and let us it to you know what you think of it. >> i will. >> thank you. chris. >> thank you for taking this seriously. parkland. go out to we know, having gone through this that committee will never be the same. i want to bring this back to background checks. i think there is real opportunity. there is no other issue in the debate like that ground checks. 97% want universal background checks. murderse 35% less gun than in states that don't have them. we can't get it done. there is nothing else like that. where it works, people wanted and we can't do it. >> you have a different president now. i think you have a different attitude. people want to get it done.
3:15 pm
the reason of thing has gotten done is because the gun lobby has had a veto power over any legislation that comes before congress. if all we end up doing is the stuff the gun industry supports, this isn't worth it. we're not going to make a difference. i'm glad you sat down with the nra. but we will get 60 votes on a bill that looks like the mansion to me compromise on background checks. if you support it. if you come to congress, come to republicans and say we are going to do a mansion to me like bill to get comprehensive at ground checks, it will pass. if this ends up with they can notion of future compromise nothing will happen. i think we have a unique opportunity to get comprehensive background checks and make sure nobody buys a gun in this country that is a criminal, that is mentally ill on the terrorist watch list. it is going to have to be you
3:16 pm
that brings the republicans to the table. right now the gun lobby would stop it in its tracks. that responsibility. it is time a president stepped up. i am talking democrat and republican presidents. they have not stepped up. maybe before i: go, i would like to have pat toomey and joe manchin. could you detail your bill. >> absolutely. i do think our bill is the best chance of moving forward. we got 54 votes in 2013, the most in the bill in this space got. it had several components. easily. >> it would be nice to have one bill and not seven bills. a choir of have
3:17 pm
background checks on all commercial sales. sales ate big gaps is gun shows and sales over the internet are not necessarily subject to a background check. we think they should be. these are commercial in nature and they are on a scale that matters. our bill would require those background checks. .e have a number of provisions >> do have bipartisan support? >> we had 54 votes. most of those voters are still in the senate. >> you did not have residential backup. >> the president did support it. your problem.s >> he wanted to go further. one is a list of ways in which a law-abiding citizen could have greater freedom to exercise the second amendment, for instance. allowing active duty military person to be put to buy a farm -- firearm.
3:18 pm
our bill would correct that. another of small things. we want to look at the causes of these. >> what are you doing in the schools. >> the school safety program, when i was governor, we fixed a lot of schools. what architect ever told me you have got to make sure you have the first floor windows all bulletproof. no one came to me with that concern. hookis why the sandy shooter found his way in. with you taking a lead on something like this, it gives them comfort something reasonable, this bill has been vetted for five years, over 70% of even gun owners say we like your bill. we are just afraid president obama would take it or there. that is what i was running into.
3:19 pm
>> they are using the as an excuse not to sign. he was not proactive getting a bill signed. >> in all fairness, this is a bill that would your support would pass. it would pass. we think it takes commercial sales. >> can we use that to a base. you can add to the things that could be said in the room. you can add almost -- it would be a positive thing in terms of background checks. >> on this piece of legislation, without background checks, commercial transactions, of a sayon, when the terrorists go down to the local gun show and get whatever you want, because you can be in a gun show , two thirds of the gun show could have licensed dealers that have to have background checks
3:20 pm
if you buy from them, go to the next table and there is not one. that is a loophole. if you are selling outside of the state on the internet you have to have a background check. in state, it doesn't have to. this closes those loopholes. something about the mentally ill not been able to buy a gun. they have so many checks and balances you could be mentally ill and it takes six months before you can prohibit them. we have to do something decisive. you can take the guns away immediately from people that you can judge are mentally ill, like this guy. the police saw that he was a problem. they did not take any guns away. rather they had the right or not. i will tell you this. you have to have strong provisions for the mentally ill. people are saying i should not be saying that. i don't want mentally ill people
3:21 pm
to be having guns. marco. >> thank you for bringing us here. ,e all know what the issues are but what everyone agrees on is we never want to see this happen again anywhere in america. you mentioned something about the shooting that is critical. this was a multisystemic failure. fingers,, theng school district's new this was a problem pretty department of children and families in florida knew this was a problem. the big problem is none of them talk to each other. nobody told the others what they knew. there is a bill that senator hatch is going to file soon. congressman rutherford and others have filed. it is called the stop school violence act. one of the things it does is incentivize is the creation of this synergy where these people are talking to compare notes and get ahead.
3:22 pm
the best way to prevent these is to stop it before it starts. that does not mean we should not have a debate on other issues. the best thing to happen would be to know who these people are and get them the services they need, denied them to write to buy any guns. i think that is something that holds tremendous bipartisan promise if we can come together on the things we agree on. florida, theyf already moved on legislation. they are going to pass something perhaps by the end of this week on a series of things. ofhink that is an example what we can do in washington. get done what we can agree on. we can still debate but there are things we agree on. we all went to these families to do those things. i would like to comment from the standpoint -- a caution on
3:23 pm
mental health. there are a lot of people that have mental health issues that are not dangerous to themselves or to others. we have to concentrate on those not just that have mental health issues but the ones that showed dangers to themselves or others. otherwise it is not fair to other mental illnesses. the culturent on within the schools but i can't say it any better than senator rubio or senator hatch. we have to have a culture in our schools where people are attuned to people that have problems that could create this sort of thing, even connected with bullying as one example. we have to do things at the federal level that will give resources to do that. that fits in with what senator hatch is saying. i will end with more of a process. as chairman of the committee that will deal with a lot of this, we have to do something.
3:24 pm
i want to help the silla tate those things and move them along. and see what we can do. president trump: you are going to be a great help. patuld like to ask joe and them in your bill, what are you doing about the 18 to 21? >> we are going to change that. >> whatever you want to do. like somebody can buy a handgun at 21. this is not a popular thing in terms of the nra. -- you can buy a handgun. you can't buy one. yet the way until your 21. you can buy the weapon used in the school shooting at 18 years old. i think it is something you have to think about. i will tell you what, i'm going to give it consideration. a lot of people don't even want to bring it up because they are
3:25 pm
afraid to. handgun at 18, 19 or 20 but you can buy the weapon used in this horrible shooting. decide. going to but i would give serious thought to it. the nra is opposed to it. i am a fan of the nra. no bigger fan. these are great patriots. they love our country. but that doesn't mean we have to agree. it doesn't make sense i have to wait until i'm 21 to get a handgun that i can get this weapon at 18. i was curious as to what you did in your bill. >> we did not address it. >> because you are afraid of the nra. >> it never came up. >> it is a big issue. a lot of people are talking about it. a lot of people are afraid of raising the issue.
3:26 pm
vast reservation is the majority of 18, 19 and 20-year-olds in pennsylvania who , they rifle or shotgun are not a threat to anyone. they are law abiding citizens. they want to use it for hunting or target shooting. to deny them their second amendment right is not going to make anyone safer. that is my reservation. president trump: i understand that. i think it is the position. but if we are going to use you as a base, you are going to have to iron out that problem. questionked that almost any other. are you going to 21 or not? anybody? >> like many, as a father of four, as an uncle, i was with those as she won her election.
3:27 pm
when newtown happened, she was campaigning. struck withur words me. we need to act. worst thing than doing nothing, is doing something that does not achieve the intended results. you were in business your entire life. this is not about activity in doing things. it is about results. the active shooting kid is cowardly. tom and dad wants to know when they drop off their kids, they are safe. this morning i came in early. -- when no one else is in the office, at 7:00 a.m., i put together a sheet of the 14 mass killings. congress defined them following newtown. that means it three or more people lost their lives, it is
3:28 pm
considered a mass killing. since columbine we have had 14 of the use. my staff put together a spreadsheet but i was handwriting this morning looking at where did it happen. how many died. what was the age of the shooter. if under 21, how was that obtained? what is the status of the shooter question mark most are -- shooter? >> and was their offense of power so we have defensive capability. one other thing. if he knew there was offense of power inside of the 14 events, probably none of them would have happened. >> a message of deterrence is important to think about stopping these homicidal suicidal killers. 9/11,were meetings after
3:29 pm
after that horrible event occurred. they were meeting in the situation room and we made the decision as a nation we are going to secure our skies. we can never let that happen again. we can restore the trust of the public to get back on airplanes. we need to secure our schools. parents want action now. we had huge society issues, the shooters typically are males, they are white, and they are suicidal. and they are cowards. stopped with the deadly force. that is what i read with you that we need to secure our schools and allow states to figure that out. there is a role for the federal government. marco talked about florida. in montana, i was north of a school the day after they
3:30 pm
arrested in 18-year-old in montana because he said he was going to shoot up the school. the share of the sheriff arrested that young man, and prevented another mass shooting. that is what we need. president trump: thank you. >> we have been listening to a discussion between lawmakers and schoolsident discussing community safety. what restrictions could and should be put in place as far as gun control in the united states, a wide-ranging discussion, bipartisan. we have had democratic senators. republicans weighing in, both sides of the debate on what next. the president clearly passionate. i want to give you a look at the performance of the broad markets. the dow down by 8/10 of 1%. showing you the session


info Stream Only

Uploaded by TV Archive on