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tv   Bloomberg Markets Balance of Power  Bloomberg  September 12, 2018 12:00pm-1:00pm EDT

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power. we go to david in raleigh, north carolina, and sarah is in new -- thata social justice sarah, jeff-- will say maybe we should go after social media companies after the president said you should in august. >> the president has had a thought popular among some conservatives that social media companies have been censoring conservative ideas. there is no evidence to back that up. aboutare broader concerns how much control they have over our consumption and information here it -- information. too much power in many people's
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eyes and sessions will look at anti-press concerns. david: google says we have no prejudice, they did not tell that last week to the senate because they did not show up. we are told the house has said we would like you to come back. whenwas in the room senators kept pointing to the empty chair that google was supposed to be in and saying, you should have shown up. very disappointed and very disheartened that google would not take them seriously. they will be called more formally to come forward and will send their head of privacy. david: we go to the hurricane, hurricane florence. david is in raleigh, in the storm's way. give us an update on the hurricane. >> it seems like the rose art loosening up -- roads are loosening up. earlier,mpacked operative upper, drivers are
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peopleing and now more are able to get gas. the run on gas is less. people are getting their preparations and early. david: is it strengthening or weakening? it moved south i know. >> path has changed but strengthened to the same, not a category 5. lightly, ite taken will be a very strong storm. david: thank you. finally, brussels, we are covering the story for the european parliament, they voted to censor one of the members, hungry. what is going on -- hungary, what is going on. openedpean parliament
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the door or what could be a sanction of the government for breaching democratic rules and the european union. two thirdsent got needed for the vote, which says hungary poses a clear risk of a serious breach of principles, including the rule of law. we have to keep in mind that this is just at the level of commendation, something that has to be approved by the european member states. david: does this have any teeth? a more extreme sanction, you cannot vote, that needs unanimity of the are being country leaders. is there a practical effect on hungary if this goes forward? >> this is something that has to be supported by european member states. although, today is a litmus test, this is a clear signal
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that is being sent to hungary to the in-line for their democratic principles. nexthis is something as a step. other governments have to support it. poland will be supporting hungary at this point. david: thank you. we want to go back to the hurricane that is heading towards the united states. president trump says we are ready but are we? we go to a republican from south dakota, mike rounds. he was the governor of south dakota so he knows about dealing with national disasters. thank you for being here. >> i appreciate the opportunity. david: president trump this morning said we have done a
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pretty good job with this storm and are prepared. from what you know in dealing with fema, are we ready for this? >> fema has good leadership. i do believe you are always looking for ways to improve it. they have good leadership and a good team but together. they have the resources, everybody at the federal level is committed. when you have a major issue like together,ybody works not republican or democrat. you focus on getting help to the folks that need it. what you can do in advance in terms of getting teams ready to go in, you pretty position your assets come your supplies, you make sure you have the manpower to make sure they can do with the damage. that is what fema is doing. david: i want to turn to trade,
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nafta, now there is a delegation going back to the united states from mexico trying to negotiate things and we heard candidate is pending. well that -- canada is pending. can he get done without canada -- can't it get done without canada -- can it get done without canada? >> the understands the midwest is counting on him and believes they will have a better -- the president understands the midwest discounting on him and believes they will have -- producers in the upper midwest say, we know the trade deals are not perfect and we understand and appreciate that, but we hope he gets it done sooner. there he good news to find out that mexico has come to terms with the united states. they are a major trading partner, particular for agricultural products, particularly with corn. and cattle is number three. they are a major player for us with regard to our products.
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canada is apparently very optimistic about the way things are going. the foreign minister of canada was in the united states and they appear to be optimistic about getting a deal done. robert lighthizer has been meeting on a regular basis with the foreign minister of canada. she is going back home to visit with the prime minister to see if the proposals on the table will work. i think we are getting closer and being optimistic. it would be great to get this and get back to trading with these good trading partners. producers in the upper midwest will say we did not have perfect deals in the first place and if the president can make it better and they can get something longer-term, that would be really good for producers and what help continue the growth in our economy. david: let's turn to china and trade with china, news and get g with these good trading partners. producers in the upper midwest breaking that the united states, steven mnuchin and particularly, is reaching out to china to get talks going at a high level once
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again. have you heard that directly? sen. rounds: i visited with the chinese ambassador several weeks ago. a group of us got together with him and visited. they have an interest in moving forward and understand our concern with regard to intellectual properties. they would like to find a way to resolve it and are asking for our understanding, within the culture, they have never recognized and electoral property as being a right. this is a challenge for them internally. tothe same time, they need come around to the world view on the importance of intellectual property. we hate to see soybeans as a trading chip in south dakota, that is a major commodity for us. chinar the united states, was a primary source of where we would move those products. they would account for nearly 25% of our entire crop. we will not do see a deal complete with china but we
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understand how important it is to get the issues surrounding intellectual property taking care of. it is optimistic and we think the chinese understands the need for their ability to be able to access the united states soybean market. they are a huge part of it and they need that in the country. they do not produce enough soybeans to feed the livestock they need to be the nation. david: a lot at stake for the people and the farmers in south dakota. great to have you want always. coming up, more on the potential economic impact of florence. carl riccadonna joins us next. this is bloomberg. ♪
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david: this is balance of power on bloomberg television. i am david westin. >> the homeland security department is pushing back against the u.s. senator's claim that the trump administration transferred nearly $10 million from the government's disaster relief agency to immigration enforcement. an oregon democrat says the administration was taking money form the amount response and recovery at a time when hurricane florence is very down on the southeastern u.s. administer said today the and missed ration is prepared to handle the storm. >> we have plenty of resources to respond and recover. that has not impacted our situation whatsoever. >> hurricane florence has shifted slightly to the south and is now threatening to slam a and area of the coastline
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may come ashore near myrtle beach, south carolina tomorrow night or early friday. we will look at the economic effect -- economic impact of hurricane florence with carl riccadonna in a few moments. as the federal government prepares for hurricane florence, president trump insists his administration's response to the devastation in puerto rico is an underappreciated great job. it president rejected criticism of the response to maria which struck puerto rico a year ago and killed nearly 3000 people. younger arel and concerned about rising nationalism across the european union and its beaches in berlin and strasburg this morning, the german chancellor and the european commission president struck a common tone of alarm at the eu's cohesion, both made the case for europe to step up and show unity in the face of global challenges. secretary of state mike pompeo says saudi arabia and the united arab emirates are doing enough
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to protect civilians as they work to end the civil war in yemen. helpingpeo also says the conflict has been a national security priority for president donald trump. defense secretary james mattis said last month he wants to continue backing me saudi arabia led coalition and fighting rebels in yemen despite civilian casualties. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists in over 120 countries. . -- i am mark crumpton. this is bloomberg. david: joined by carl riccadonna . this is a human story first appeared these people being displaced. also economic aspects. what is the effect of prior hurricanes? carl: it is very hard to draw a parallel to a storm as severe as this. as we look back to hurricane
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hugo in 1989 or hurricane hazel in 1954, to draw parallels of a storm the strong appeared in the north carolina economy or the carolina economy in general is very different than it was at that time. we have storms like this, the first impact is the tremendous disruption of capital stock. whether houses, infrastructure, businesses that are damaged. that tends to not show up in the economic statistics. the national balance sheet or the state balance sheet is dramatically impacted by the assets being destroyed. firstly, the -- the recovery can used economic indicators. david: the old digging the hole and filling it back up again. carl: exactly and we could see not immediately but in the aftermath, a boost in the sales and vehicle and retail spending. and construction. even wage benefits showed up in
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last year, if you look at the trifecta of harbor, irma, maria -- harvey, irma, maria, a short-term benefit. david: what about the jobs numbers this month? we track jobless claims. they do spike up with the storms. carl: in the survey for september jobs reports, that means in the first week of october, we could see nonfarm payrolls distorted, especially the net hiring number distorted. before that, we could see impact in things like jobless claims, which would be a month the first economic indicators impacted. there will be a few before that like weekly chain store sales. and railcar loadings which would provide some perspective of the scale of impact. it means that, as we look at september and even october, there will be a distortion related to the hurricane in
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those numbers. that being said, the economy is on firm footing at the moment and it will distort the data but does not dramatically change the trajectory of the economy, nor for monetary policy. david: putting up the places and industries that may be affected by this hurricane. take a longer view. is there a chance, some possibility productivity could be increased in this sense, things are destroyed but it gets rebuilt in 2018 instead of whatever it was built however many years ago and may be bigger and better and more efficient. >> absolutely. we need to look no further than germany. or japan. rebuilding their infrastructure after world war ii to see that when you replace infrastructure with modern standard infrastructure, there can be a productivity gain. if we look at the size of the north and south carolina economies on a national aggregate level, we are talking about maybe 4% of gdp.
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that will not move the national productivity figures, certainly in those states, that could be perversely, some significant productivity improvement from the storm. david: how does the insurance work? there may be big claims, talking about $10 billion, $15 billion of loss and not all will be insured. carl: billions of dollars in losses. a hit onslates into insurance companies, you will see an impact and corporate profit. when we see the quarter three corporate profit in gdp accounts, which would be end of november, what we learned from the experience with harvey was that a lot of the claims were dramatically accelerated. while we thought we would wait a month or two to see a big vehicle replacement cycle, after harvey it was almost immediate
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that insurers did not need to see too much evidence of a flooded vehicle, a picture from an adjuster was enough to move forward. that helped jumpstart a quick rebound in the aftermath and i would expect to see the same in the instance of florence. david: thank you for being here, carl riccadonna. still ahead, a wild day for cigarette stocks, they plunge in rebound in a big way after the fda send a warning on e-cigarettes. that is next. this is bloomberg. ♪
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david: you are watching "balance of power." i am david westin. let's get a check of the markets with abigail doolittle. >> a wishy-washy day for major averages in the u.s. dow slightly higher on a report
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that the u.s. may have tried to initiate new trade talks with china and investors optimistic about that. s&p 500 earlier had been briefly higher. a small decline. the nasdaq down .5%. the nasdaq down several out of the last eight days. six out of the last eight days. on the stocks, chip sector down 1.7%, earlier down 3.3% with the index below the 200 day moving average. if we look at the movers within the chip space, these and declines, especially for macron, delphi percent, facial in a bear market into today. we had goldman sachs earlier down from a buy rating, saying the our memory chip pricing issues. analog devices lower. lam research is. -- research. some analysts say watch the
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stocks, if they go down, that could be a signal for a turned out in the broader market. nasdaq, it is a bit of a tail, lower here -- lower. trying to find ground on a report that china and the u.s. may talk again about trade. it will be interesting to see how the day plays out and the report around the u.s. and china trade talks, the possibility helping chinese stocks. let's look at internet names in china, alibaba, overall, the china ishare up point i present. -- up .1%. david: the stock of the hour, an entire industry, the fda has told five e-cigarettes manufacturers to fight the growing use of flavored electric -- cigarettes and teenagers,
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what is this? you think this would drive the stock down? >> the fda threat was a --stantial increase in use some figures we have seen shows 16% of 12th graders use e-cigarettes. the fda says they need to combat the growing use of these or they will pull them from the market and give them 60 days to address the market, five products targeted. logic, altria, fontem, among those are traditional cigarette makers and they dropped at first but then went up and the biggest news in 10 years for out tree and british american tobacco because the expectation is that people cannot bs[-- vape they will go
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back to regular cigarettes. david: juul is a big player but not publicly traded. >> what a lot of people are saying is what analysts are saying, this could be bad news for juul. they have two thirds of the u.s. e-cigarettes market and are a driver of use initiation and it is a way to help traditional smokers quit, they say. and analyst -- david: is this the law of unintended consequences? fda trying to protect kids and the market would suggest the investors are thinking they will go back to regular cigarettes which are worse. >> absolutely. ceo saidhy the juul they will work with the fda in response to the request and are committed to preventing underage use of their products and want to be a part of the solution and keeping e-cigarettes out of young people and making sure
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people do not smoke traditional cigarettes and they move on to e-cigarettes as a solution to how they quit regular smoking. david: the difference between the use of e-cigarettes and regular cigarettes by kids was a jarring report. >> both seems -- things seem to be cool. david:, a strong economy and unpopular president, we will look at the numbers and what they mean for the midterms coming up next. this is bloomberg. ♪
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"activecore, how's my network?" "all sites are green." all of which helps you do more than your customers thought possible. comcast business. beyond fast. david: this is "bloomberg markets: balance of power," on bloomberg television. mark: the divestment agency said that the time to flee hurricane
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florence is now. fema says that today is the last day for people to get out lately in the agency warned that it is imperative for residents to heed evacuation warnings. florence is expected to make .and off sometime late tomorrow p quinn's could reach 120 miles per hour and could drench the carolinas with upwards of 30 inches of rain. a new round of trade talks with china, bloomberg has learned that the u.s. government will it -- led by steve mnuchin has reached out to beijing after previous discussions ended without signs of august. the administration has artie billion inies on $50 chinese exports since july, causing beijing to retaliate. pope francis is summoning every bishops conference around the world to a summit to discuss preventing clergy sex abuse and protecting children.
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the latest signal that the pope realizes the scandal is global threatensoing nothing to undermine his legacy. francis will meet with u.s. church leaders tomorrow and the bishop's summit will be held at the vatican in february. some conservative economist dispute the white house claim that a corporate tax cut has already paid for itself. heritage foundation economists say the -- the claim is premature because we don't know how long the boom will last. the white house is trying to strengthen the president's claim that economic growth is due to his policies. global news, 24 hours a day on air and on tictoc on twitter. powered by 2700 journalists and .nalysts in over 120 countries i'm mark crumpton, this is bloomberg. there is at least one way that president trump demonstrably unique in u.s. history. every president has been more popular than the economy, until now. trump has a lower approval
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rating than the economy he claims credit for. i spoke to larry summers today and asked if the president deserves more credit than he is getting. larry: no. first, david, some of the reason why which you described is happening is not because of judgments people are making about the economy. it's because of characterological judgments, if i can call it that, that people make about president trump that are uniquely negative. david: we welcome now tom doherty, senior republican strategist now a partner at mercury. welcome back, tom, good to have you here. do you agree? the problem is not the economy, but it is what mr. trump is tweeting? tom: it is the problem. they can't stay on message. any good politician trying to drive a message, not only you
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but your surrogates are constantly talking about the economy and all the good things that are happening. the problem is he's talking about everything else on a daily basis and 47% of the american people think he should be impeached. that's an outrageous number for any u.s. president. we have a divisive government right now and he needs to stay on message, with the midterms right around the corner. david: any reason to believe he will change his ways? >> the only thing that will change him as a big defeat in november. remember, we went into the 2016 going to, we said he's lose. he wins. until he is proven wrong, he's going to keep up with the same thing that got him elected. david: understandable, in some ways very if you are a candidate for the house or the senate, what do you do? how do you leave that material behind? tom: you got to talk about the economy, stay on the positive, there will be districts where being a trump
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person benefits you and there will be other states, like the race in tennessee, we should be running away -- the senate race, the seat the blackburn one, that was a close race. if you look at some of the other indiana, nouri, serco deck, they should begin these with this economy. right now the senate looks like it will stay in republican hands , but not in the way that they had hoped. david: we had tax cuts 2.0, as it was called. the story, at least, you can tell me if you think it's right are lookingblicans for a way of refocusing the attention back on the tax plan. that's exactly right. changing the narrative. the economy works for republicans, they have to stay on that message. about about tax cuts and
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spending. the problem for that though is when you talk about the economy, one of the things with the last tax cut, the deficit has grown so large. trump ran against the deficit and it keeps rising, they have to be careful about that. david: let's get back to new york. you did work for george jackie. most of the polls say that cuomo will walk away with it. is that right? tom: you would think so. the -- but the progressive vote has not done so well recently. i expect that the governor will win the primary on thursday. how large the victory is, it has become nasty and divisive and going forward, does cynthia nixon give up the working families party line to support the governor? would it make a difference in the general election? david: you just said nasty and vindictive in the state of new york. do we have a hope that the overall midterm will not turn
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nasty and vindictive question mark the quality of the discourse is getting more invective. tom: i think it will continue to get worse. david: yesterday bob shrum said that one of the key things to look at was the ted cruz race in texas and if it were to flip, that would indicate a blue wave. tom: absolutely. flip, butpect it to it is closer than it should be. if that does go, all bets are off. david: is the house gone anyway? tom: i think so. talking to people in california, new york, new jersey, you could get to the 24 or so house seats in those states alone. i can't see us holding on to the house of representatives. david: great to have you on, tom. that's mercury public strategy partner, tom doherty. coming up, wendy sherman, longtime diplomat, discusses her experiences with iran. that's coming up next.
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this is bloomberg. ♪
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"balanceu are watching of power." u.s. sanctions start to bite and wendy sherman was one of the key negotiators of the iran nuclear deal. her wheel is the under secretary of state for senior affairs. she has just missed a new book, not for the faint of heart, lessons encourage, power, and assistance. she joins us now from washington. welcome, congratulations. you.: thank
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david: so much of the book is about a tsonga trying to get the deal with the iranians. explain to us how you got there and why it was important. it's very much up for grabs right now. wendy: yes, it's very much up for grabs right now. look, the president of the united states, barack obama, under the we were in a tough of greathout a lot alternatives. iran was on a path to get a new your weapon, meaning they could soject enormous power, more than they currently have, determining our actions and all overhe oil market the place in ways that would not be good for the world economy. so, when he thought -- i could on the sites and he commissioned a weapon that would be able to do underground sites, but it might lead to a broader war and you cannot bomb away someone's knowledge. he knew, even the critics knew
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thoseran would re-create facilities and do so underground and in secret and we would have to tom again in another couple of years. on, but keep sanctions sanctions don't stop a nuclear program. they just get people to the negotiating table and we could come back to that in terms of .hat trump is currently doing when the europeans started negotiating with iran in the early 2000's, they had 164 centrifuges and by the time we all got really serious about the negotiations, that was 19,000 centrifuges and even with all of those quite egregious sanctions on them. he thought that negotiations were the way to go. he established a secret channel helped by the then chairman at the time john kerry, who had established a relationship with the sultan of oman, the conduit for these discussions. that was brought into the multilateral negotiations that i led under secretary kerry and
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president obama, but this was in ,y case a four year undertaking while i also had responsibility for the rest of the world. you mentioned president trump. you mentioned president trump. he has been very outspoken in his criticisms of the iran dale. some of the things, they make sense, like why can we go into the military sites to expect them? why didn't we deal with subsidies or icbms? those must've been on the agenda at some point and you would have certainly spotted them. wendy: in terms of the military sites, he's actually not correct about that. this agreement has a provision that doesn't exist anywhere else in the world. the provision is that if we bring to the international atomic energy agency evidence, crab boat evidence that we are concerned about a military site, there is a process that cannot go on any longer than 28 days and you cannot get rid of evidence around your materials in 28 days.
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if at the end of those days iran has not provided a legitimate alternative or access, the iaea gets access. that criticism is not accurate. concerns about their terrorist activities in the middle east, there is a provision in the unc council about long-range missiles and, in fact, any capable of carrying a nuclear weapon and we in fact have unilateral sanctions already on all of that technology. but if you put everything into one agreement, then you negotiate against yourself. iran says -- ok, i will consider have has will a not launch so many rockets into israel, which would be a good thing of course, but they say they want to be able to keep more advanced centrifuges. so you neither get what you need on the terrorism side, the missile side, or the nuclear side. so the president decided that we
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needed to get nuclear weapons off the table so that we could turn our attention, because we already had lots of sanctions on ton and these other issues pursue a strategy with our partners in the gulf and of us without ally and partner, israel , to stop the nefarious and malign behavior in the middle east. solano was out today saying that he entirely supported the negotiations you made, but he said it's also impossible for the europeans not to go along with it. he said at the power is they squeeze you out. he said to his european colleagues, you don't have a choice, we have to go along with whatever sanctions imposed. do you agree? sadly, i probably do. the europeans are trying to create financial facilities to help small and medium enterprises invest in iran. all of the big companies, siemens, allianz, peugeot, they
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are all gone already because they need american market. the secondary economic sanctions in place at the beginning of november means that if you do business with the central bank of iran, you cannot do business with an american bank. most companies cannot survive under that. there are risks here, when jack lew was treasury secretary, he pointed out that we had to be careful about using secondary economic tensions because if we use them too often the world might say -- let's not have the dollar the the reserve currency anymore. let's create a basket so that we don't just rely on the dollar. in addition, because of the tariffs the president has put on, we are squeezing allies and kinds ofin all directions again, pressing them to find other alternatives to our powerful economic power. finally, if you look at the russian economy, which is very challenged, the ruble has come to mean nothing, but oil is
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traded in dollars and when these secondary sanctions go on, the price of oil will go a fire. and russia will make out like a bandit. and that's not in our national security interests. david: i want to turn to another part of the book, you talk about north korea. you spent a lot of time negotiating with them in the clinton administration. and office moment each ride to get a deal but it didn't happen. looking at what trump is doing in north korea, is he making progress? he has them at the table, after all. i think it's good that north korea is not testing missiles or nuclear weapons, but the international atomic energy agency and our own college community has set a are progressing secret their nuclear program and long-range we're missile programs and i supported the president's summit with kim
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jong-un, they are both leaders who think they are the only ones in that it is not accurate in our system, but it is. i was only for such a summit if there was a land, a detailed plan going in, if there was a team to do the negotiations. i don't believe that north korea has any intention of giving up their nuclear weapons. this is a slog. very tough. the president just announced a capabletary pompeo theessional who was head of ford motor company for decades. the capable guy, but every time the president says something, it pulls out the rug from under his colleagues. the president said that he was ready to seek with kim jong-un
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without condition, secretary pompeo said your other conditions, now we are hearing that a second summit is underway. i hope that this one is better prepared and better followed up on the last one. david: this is a rather personal book in many respects. it's your versatile experience with it. you have labored long and hard about things that you care about . north korea in the 90's, recently the iran nuclear deal. how is it to have spent that much time and effort with one deal did get done and the other looks like it got undone. it must be difficult to not get discouraged. the reason the book is called what it is is it's not for the faint of heart, any more than life is. even world wars may repeat themselves. when world war i happened, we said it was the war to end all wars, and then we had world war ii.
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catastrophic for a very long time. this isn't for the faint of heart. one has to persist and try, try again. our security depends on it. yes, it was recently tough the day the president pulled out of the deal. i knew it was coming. tough for the team in the u.s. ,ersonnel that made it happen as well as my colleagues and personnel around the world. the real cost is to american prosperity and national security and the president has put those at risk in my view. many thanks, ambassador. the title, "not for the faint of heart, lessons encourage, power, and persistence." coming up, who needs to do it when we have good old-fashioned paper. that's coming up next. this is bloomberg. ♪
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♪ power this is "balance of ." a good government group has sued the state of georgia, saying its is soted voting system bad that it denies citizens the rights to have their votes counted. welcome now derek wall bank who covers politics there. --david kirkpatrick. >> it's too early to say if they will make that request. to be sure, there are a lot of sermons now that every single ballot is counted going into these midterms, where there will be a lot of really close races. certainly in georgia there is a race where stacy abrams, the democratic and at it for governor, has done fairly well so far. she is putting that race may be in play.
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there are a lot of concerns especially on the left that maybe some of these voting machines don't have enough of a backup system. that is kind of one of the things they are really looking to push year. i was covering the 2000 election. we have had problems with votes for what a while. why has it taken so long for the united states of america to get its voting act together? remember 2000 very well. look, it's expensive. all of these fixes are hard. is a lot of money in it. realistically, whenever you start talking about these voting systems, you are talking about things where additional technology, people start worrying that the hacking, there will be manipulation, things like that. there is this balance between easy and try to get people through a quick count versus
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trying to make sure frankly russia can't hack the actual election. david: we have a primary coming up in rhode island today and there is a pretty remarkable race there, the incumbent centrist democrat may be in danger. >> yeah, you? know, look, i prepared for the worst year. prepared for the surprises. one of the things we are preparing for is the possibility that she doesn't make it through a democratic primary. be clear, she is the favorite walking into this, but she has a challenge from the left from a gentleman named mack brown. there are a lot of localized is in rhode island. it's not an incredibly followed the national mood kind of state. ray mondo is not the most personally popular elected official you've ever seen. there's a possibility for an upset. look, after this, after new york tomorrow, we are smooth sailing through election day on november
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6. david: smooth sailing in terms of knowing who the candidates are, but to come back to gina remind up, how much of this is a union issue? most people say she cleaned up the pension mess, but she made some enemies on the labor side. how much of this comes from the left in that direction? >> that can't be understated. when you are looking at these local issue races, the idea that you take action here, someone is upset i the action, they get a chance to come at you and put the money in, to find somebody who might go a different way. we see this all the time. you saw this and was once in with scott walker after he made some really big moves that angered organized labor and all of the money that went after him there. that kind understate of thing. local issues actually we can play in this race and even though i suspect that though she's favored, there is a
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possibility again because of that handling, of an upset. david: derek, thank you so much. sign up for the balance of power newsletter, get the latest on global politics in your inbox every single day. checking on the markets as we leave, the markets are frankly fairly mixed. the dow jones is up. the s&p has been floating around about in. coming up, special coverage of the latest apple product announcement coming up for a here on bloomberg. this isn't just any moving day.
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♪ mark: i mark crumpton with first word news and forecasters are running residents in the path of hurricane florence to prepare for the worst. one fema official says it will not be a glancing blow when it tracks over the carolinas. this will reportedly be a mike tyson punch to the carolina coast. the national oceanic and atmospheric administration cautioned that florence could be catastrophic. >> florence is a large hurricane, tropical storm was winds stunning 170 miles from the center and hurricane force winds extending 70 miles from the center. forecast trended of it

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