tv Bloomberg Markets Balance of Power Bloomberg December 11, 2018 12:00pm-1:00pm EST
headquarters, i'm david westin. welcome to "balance of power." on the brief today, from london, we have reports on a new challenge to theresa may. on the google's ceo testimony before the has to share committee. and michael mckee on reports that china may be reducing tariffs on auto imports from the united states. very automatic news with the group announcing that they think they have the letters to challenge theresa may come explain what is going on. reporter: this is the european research group, they are of the core of hardline brexiteers who want theresa may gone. they think that her deal is dead, they think the deal is dead for brexit and they wanted somebody else, maybe boris johnson, to take over. the way they get rid of leaders is 48 members of parliament have to, of the conservative party,
have to write to the chair of the kind of core conservative committee, the 1922 committee, with letters of no-confidence. that would trigger a vote of no-confidence in the leadership, which would then allow, if she did not win and that it would allow other people to run to be the conservative party leader. david: so is the prime minister, she is out of the country and it was going to have a tour of brussels, is she in the country and can they unseat her while she is outside of the u.k.? jess: not as we understand it, because the way the process would work is graham brady, once he receives the 48 letters would arrange a private meeting with the prime minister to inform her first, nobody else would need to know, nobody knows if he has that number of letters yet. so he would want to do is very privately. he would not even go to 10 downing street, because the
cameras would see him doing that. so, um, it is unlikely he would do it while she is out of the country. we understand she will not be back until friday. david: so just showing the pound is falling as the news is coming out. if there were these letters, so in fact theresa may's position would be challenged, what comes after her? jess: in terms of? well -- david: who are the candidates to be prime minister, would it remain with the tories, could it go over to labour, what could be the outcome? jess: it would remain with the conservative party, but we are also hearing a lot about the labour party wanted to call a different vote of no-confidence, a vote of no-confidence in the whole government. if they did that and they were able to win that, that would trigger a general election. david: we want to go to capitol
hill now with kevin cirilli, who has been watching the ceo of google talking to the judiciary committee. ceo sundar pichai talking on a host of issues, facing cushions from the republicans and democrats on china, diversity, and what conservatives say is bias. sheila jackson lee, a democrat from houston, raising questions about why google has partnered potentially with the chinese on the search engine platform. the ceo saying, "there are no plans to launch in china." they have received criticism for not renewing a department of defense contract with u.s. intelligence. and he also said an interesting argument that google had not said before, that getting access to information is a human right. the compass woman talk about claims of diversity, that google is not doing enough to foster a
google, that did not satisfied jim jordan. david: there are a host of issues he is addressing, privacy come in china, things like that, but it did not take long to get to the thing that really matters most in this conversation, how much they are getting charged for advertising on google, that came right up front. kevin: exactly. in terms of how google monetizes all of these particular ads and how they are recruiting, or how they are scrutinizing, is something that both republicans and democrats are interested in. the bottom line, this is the first time sundar pichai has testified on capitol hill. and it has been a busy day for him, to say the least. david: and it is not over yet. kevin cirilli from capitol hill. now, michael mckee a u.s.-china trade, seems to be in the news everyday. earlier, we heard china might be
giving in on auto tariffs. michael: i get to be the sort of, possibly good news got. earlier, china -- guy. further, china lower their auto tariffs, but in july they put in extra tariff on u.s. made cars in retaliation for donald trump's tariffs on china's goods. out the beijing, we are now reporting the chinese cabinet will consider getting rid of the extra 25% retaliatory tariff. no guarantees, but a possibility. if it happens, it would be a sign that china is making a goodwill gesture to try to -- david: i have to interrupt. nancy pelosi and chuck schumer meeting with the president, just coming in now. president trump: criminal justice reform, something people have been trying to get for many years -- for many, many years. it looks like it will be passing, hopefully. famous last words on a very bipartisan way. and it is really something that
we are all very proud of. and again, tremendous support from republicans and tremendous report -- support from democrats. and i to get will get a very good vote. we will see. it will be up for a vote very shortly. a plot of years they have been waiting -- lot of years they have been waiting for it. the farm bill is moving along and they will be voting on friday. pretty close. we think that the farm bill is in very good shape, and a lot of good things happening with it and farmers are well taken care of. and, again that will be bipartisan. that will happen soon. and the wall, that will be the easiest of all. what do you think? chuck schumer: it is call funding the government. president trump: we will see what happens. it is not an easy situation, because the democrats have a different view. i can say we have great republican support, we do not have democrat support, but we
will talk about that now and we will see. one thing that i do have to say is tremendous amount of wall have already been built, and a lot of wall when you include the renovation of existing fences and walls have been renovated. we have done a lot of work. in san diego, we are building new walls. and right next to san diego we completed a major section of wall and it has worked well. so a lot of it has been built. we do not talk about that, but we might as well start, because it is being built right now, big sections. and we will continue that. and one way or the other it is going to get built. i would like not to see a government closing, a shutdown. we will see what happens over the next short period of time, but the wall is very important to us. border security is extremely important. and we have to take care of
border security, when you look at what happened with the caravans, with the people. we shut it down, we had no choice. we shut it down. but it could have been easier if we had real border security. i want to pay my respects to the border patrol agents and officers, they have been an incredible. the i.c.e. agents have been incredible. and our military went in and did an incredible job. they have been really spectacular. a plot of the people that wanted to come into the country and really they wanted to come in, no matter how they wanted to come in, they wanted to come in a rough way. many are leaving and going back to their countries, guatemala, el salvador and other countries. they are leaving and it is getting less crowded in mexico. a lot of them were going to stay in mexico. the mexican government has been working with us very well. we appreciate that.
but they have not been coming into our country, we cannot let people come in that way. we will talk about the wall. i wanted to talk about criminal justice reform, just to let you know how positive that is. the farm bill. and i want to talk about the wall. is a tough issue because we are on opposite sides. but i think we can say border security, but certainly the wall. a plot of the wall is built. it has been very effective. i asked for a couple of notes on that. if you look at san diego, illegal traffic dropped 92% once the wall was up. el paso, you legal traffic dropping 72% -- illegal traffic dropping 72%. in tucson, arizona, illegal traffic dropping 92%. yuma, 95%-96%. onlyhen i say dropped, the
reason we have any percentage is where people got through, is because they walk and go around those areas not built. it dropped 100% in the areas where the wall is. very effective. if you want to find out how effective a wall is, ask israel. 99.9% effective. and our wall will be every bit as good as that, even better. we have done a lot of work on the wall. many people do not know that. a plot of it is renovated. we have walls that were in bad condition, but they are now in tiptop shape. prickly, some has been reinforced by our military, the military has been a fantastic job. the wall will get built. we may not have an agreement today, we probably will not, but we have an agreement on other things. nancy come a would you like to say something? -- nancy, would you like to say something? pelosi:losely -- nancy
i think the american people recognize that we must keep the government open. that a shutdown is not worth anything. and that we should not have a shutdown. you have a lot of -- you have the white house, you have the senate, the house of representatives, you should -- we should pass -- president trump: we need 60 votes. excuse me, i cannot get it passed in the house if it is not going to pass in the senate, i do not want to waste the time. nancy pelosi: you can get it started that way. president trump: the problem is the senate because we need 10 democrats to vote. nancy pelosi: the point is, there are equities to be weighed. and we are here to have a conversation. i do not think we should have a debate in front of the press. but the fact is, the house republicans could bring up this bill, if they had the vote,
immediately and to set the tone for what you want. president trump: we thought we were going to get a past. we could get it passed easily in the house. nancy, i would have it passed in two seconds. it does not matter because we cannot get it passed in the senate, because we need 10 democrat votes. is,y pelosi: the fact legislating, which is what we do, you begin -- you state your case, that is what the house republicans could do if they had the vote. but there are no votes in the house for a wall. donald trump: if i needed the votes, i would have them in one session and we would be done. it does not help because we need 10 democrats. of course -- let me ask you this, we are doing this in a very friendly manner, it does not help for me to take a little in the house where i will win easily with the republicans, it
does not help to take that but because i will not get the vote in the senate. i need 10 senators. nancy pelosi: you have the white house and the senate. president trump: the house would give me the vote, i need 10 votes from chuck. chuck schumer: let me say something. nancy pelosi: you do not have the votes in the house. president trump: i do. nancy, we need border security. we need border security. people are pouring into our country, including terrorists. we caught 10 of them over the last short period of time, very serious people. our four agents, all of our law-enforcement has been incredible, but we caught 10 terrorists. these were people that were looking to do harm. we need the wall. it is more important than anything. we need border security. it is important. chuck schumer: we have a lot of disagreements here.
the washington post gave you a lot of pinocchios, because they say you constantly mistake how much of the wall is built and how much is there. that is not the point, we have a disagreement about the wall. not on border security, but the wall. we do not want to shut down the government. you were called 20 times -- you call 20 times to shut down the government. we do not what to shut down the government. we want to come to an agreement. we have solutions that will pass the house and senate right now, and will not shut down the government. that is what we are urging you to do, not threaten to shut down the government. because you cannot get your way. let me say something, mr. president. you say, my way or we will shut down the government. we have a proposal that democrats and republicans will support to do a cr that will not shut down the government and we urge you to take it. president trump: if it is not good border security, i will not take it. when you look at these numbers
of the effectiveness of our border security, and when you look at the job we are doing -- chuck schumer: you just said it was effective. president trump: these are the only areas we have the wall, but when you have the walls it is effective. when you do not have walls, it is not effective. nancy pelosi: we came in as a branch of government. article i, the legislative branch. we are coming in in good faith to negotiate on how we can keep the government open. president trump: we can keep it open if we of border security. we are not going to keep it open if we do not have border security. chuck schumer: you are bragging about what has been done, we want to do the same thing we did last year this year. if it was good then, it is good now and it will not shut down the government. president trump: we can build a bigger section with more money. chuck schumer: let's debate in
private. president trump: we need border security. i think we can all agree we need more security. chuck schumer: we do. president trump: see, we all get along. reporter: can you have border security without the wall? president trump: you need the wall. we need border security, the wall is a part of border security, you can a good border security without the wall. nancy pelosi: that is a political promise. border security is a way to effectively -- chuck schumer: you can do border security without a wall, which is wasteful and does not solve the problem. president trump: it solves the problem and it is important. nancy pelosi: this styles downward. -- spirals downward. people are losing their jobs, the market is in a mood. our members are already -- president trump: we have had the
lowest unemployment we have had in 50 years. nancy pelosi: people are losing their offices because of the transition and people are not -- president trump: did we win the senate? chuck schumer: when the president brags he won north dakota and indiana -- nancy pelosi: we came in good faith and we are entering into a discussion in the public's view. president trump: it is called transparency. it is not bad. nancy pelosi: it is not transparent say when we are not sticking to fax. cts. president trump: we need border security. if we do not have border security, we will shut down the government. this country needs border security. the wall is a part of border security. let's have a talk. we look at the wall built. we have done a lot already. it is a big part of it.
reporter: it is everything you need? president trump: we need to have effective border security. we need a wall in certain parts, not in all parts, but certain parts of the 2000 mile border. we need a wall. reporter: how much money? president trump: we are doing it way under budget. we are under budget in the areas we have built. if we got $5 billion we could do a tremendous chunk of wall. reporter: but -- president trump: look, we have to have the wall. this is a national emergency. drugs are pouring into our country. people with medical difficulties and problems are pouring in, and in many cases it is contagious. they are pouring into our country. we have to have border security. have to have a wall as part of that. do not think we disagree so much. nancy is in a situation where it
is not easy for her to talk right now, i understand that. we are going to have a good discussion and we will see what happens. but we have to have border security. nancy pelosi: do not characterize the strength i bring to this meeting as the leader of the house democrats. chuck schumer: elections have consequences. president trump: that is why the country is doing so well. nancy pelosi: he is representing -- we have to have an evidence-based conversation about what does work, what money has been spent, and how effective it is. this is about the security of our country. we do not want to have that mischaracterized by anyone. president trump: i agree with that. nancy pelosi: let us have a conference -- a conversation, not in public, but a conversation about what really
works and what the american people deserve from us at this uncertain time in their lives. chuck schumer: we should not shut down the government over a dispute. you want to shut it down, you keep talking about it. president trump: last time coming you shut it down. i do not want to do what you did. chuck schumer: you said 20 times i will shut down the government. president trump: you want to know something, i will take it. you know what i will say, yes, if we do not get what we want, whether it is through you, the military, through anything you want to call, i will shut down the government. proudwill tell you, i am to shut down the government for border security, because the people of this country do not want criminals and people who have problems and drugs pouring into our country. i will take the mantle, i will be the one to shut it down. i when i blame you for it. the last time you shut it down,
it did not work. i will shut it down for border security. chuck schumer: we believe you should not shut it down. president trump: thank you very much, everybody. [shouting] >> it is time to go. let's go. let's go. president trump: a a lot of people want this wall. a lot of my friends wanted. a lot of people, people you would like, we have a lot of people that want the job of chief of staff. we will see what happens. we are not in a rush. reporter: why no rush? president trump: we have a wonderful chief of staff right now. we are in no rush. over a week or two we will announce who it will be, but we have a lot of people who want the position. thank you very much.
david: we have been watching president trump in the oval office, his office in the white house, meeting with nancy pelosi and chuck schumer. an extraordinary exchange. he started out talking about bipartisan agreement, things like prison reform and the farm bill, then they got into shutting down the government and you saw president trump going back and forth with nancy pelosi, then chuck schumer, disagreeing about who would shut the government out -- down. michael mckee, i do not remove or having seen that frank a discussion in washington to get -- i guess what goes on behind closed doors. michael: i never saw anything like that at all. one gets the oppression that even if the cameras were not there, that that is the kind of discussion they would have been having. the two sides are on very opposite ends of the spectrum here in terms of the border wall. it seems to be the major issue
in getting a budget passed. you heard the president say, if they do not give him the wall, he will shut the government down. odds with way up on that. david: one basic fact, shutting down the government is not at stake right now. 75% or more of the government has been funded, it is 25% of the government. and ironically, does that give the president more power, because it will not be as painful if they do shutdown that one piece of the government? michael: it may or may not. it is more psychological than anything else. it does not really affected the economy over a long time, needed it does not really affected the american public, except those who cannot go to the national parks or visit the smithsonian. i believe most of those are funded. the department of homeland security is not, which could be an issue, but the president has the ability to exempt any department, so he can say that they should come to work because they are needed employees. it is more the headlines, the
psychological impact. and the political impact going into a new congress, how that would play out. david: it is a point, it feels that a game of hot potato because chuck schumer and nancy pelosi cap saying, chuck schumer saying 20 times you said he would shut down the government. and by the end donald trump said, i will own it, if i do not get what i need i will take responsibility for shutting down the government. does that hurt republicans politically? michael: sure, because the debates always end up with people saying the other person is the blame, but donald trump is taking the argument away from his own party in terms of the dispute. and it does look like he is going to hold out for the wall. and i think that, at least as far as everybody who does these counts in washington is concerned, nancy pelosi and chuck schumer have the votes in this case and the president doesn't. so if he does not get his wall
and shuts the government down, we have that to look forward to. but what we have in our favor is they will do this the week before christmas, people will not want to go home with a government shutdown, going to christmas. david: it will be interesting when she is actually the speaker of the house dealing with the president. michael mckee, thank you. more coming up, the markets losing gains from earlier. you can see where we are, we are actually in the red on the dow jones. the s&p and nasdaq up slightly, but coming down off of their highs. we will continue to follow those markets closely. live from new york, this is bloomberg. ♪
mark: i would like to talk about what we just saw. that is extraordinary. president trump says he would be proud to shut down the u.s. government if his demands for met.r funding are not the house democratic leader, nancy pelosi, and the senate minority leader, chuck schumer -- >> he has the senate. he has the house of representatives all under republican control. they have the power to keep government open. instead, he has admitted in this meeting that he will take responsibility. the shutdown is something that thebe avoided, something american people do not need at this time. losing jobs,people and the market in a mood. senate leaders will talk about proposals we made to the president.
>> the bottom line is simple. the president made clear that he wants a shutdown. if he sticks to his position for $5 billion wall, he will get no wall and he will get a shutdown. sentm line is ver that -- very, very simple. we wanted order security. offered border security. but the america people know the wall, not paid by mexico anymore, is not the way for order security. we offered the president to ways ways to w always -- two avoid a shutdown. extension of the homeland security bill, the same
way it was funded last year. cr for all-year remaining appropriations bills. both of those ways, we gave the president two ways. the of which would get majority of the votes in the house and 60 votes in the senate and would avoid a shutdown. we hope you will take it because the shutdown avoids too many people. thishis trump shutdown, potential he seems to throw will not get him his wall and it will hurt a lot of people because he will cause a shutdown. to shut it he wants down. it is hard to believe he would want that. that we have ay, a christmaswn as president, a holiday president people.merican i told the president that the
new house of representatives, when it convenes, will pass what mr. schumer suggested here and terms of passing the six appropriation bills that are issued in a bipartisan way and have a continued resolution until september 30 for the homeland security bill, by which time we can discuss these issues further. we told the president that would happen. we would send it to the president. he does not have the votes in the house to pass whatever his agenda is with that wall in it. we are telling him we will keep the wall -- the border -- the government open. i asked him to pray over it. >> one final point. no, no, no. stop. ok. one final point. the $1.3 billion that we gave
him last year for border security, no wall, but border security, less than 6% of it has inspect. they haven't -- has been spent. they haven't even spent but we gave them last year and they want more this year. we will take questions on this subject only. >> madam speaker, given what we saw in there, the back and forth, what does this say about your ability to work with this president the next two years? over and over again, this new congress will be something different from the congress we have now. it will be a congress of transparency so that the american people can see, not passing a tax bill with a $17 billion impact in the dark without hearings are expert opinions. there will be transparency. it will be about. reaching out, extending a hand of friendship to work in a bipartisan way to find common ground where we can, stand our
can, and about honoring the guidance of our founders. we don't come here to divide. we come here to unite. and we extend that and a french up to him -- hand of friendship to him. he seemed to like the course of action. if he does not accept that hand of friendship, we will be who we are, dignified, respectful of the institution of congress and honoring the tradition of our founders. i will just say this. reporterse of the saying -- well, fox reporters say why did we not want transparency in this discussion. we did not want to contradict the president that was putting forth figures that had no basis in reality or in fact.
i didn't want to, in front of those people, say you do not know what you are talking about. >> one other thing here. the president said things are working quite well at the border. we want to give him the same year.we gave him last if they worked well last year, they will work well this year. he shouldn't shut down the government. david: we have been watching the senate minority leader and the house minority leader nancy pelosi speaking just outside the white house after their meeting with president trump. they continued the things they had before. a lot of it was branding. you heard "trump shutdown" from both of them more than once. chuck schumer said they gave him two different ways to give the government open. governmentear, the
-- the whole government will not be shut down. it is the 25% portion that is at stake. it will be very close to the eve of christmas, something republicans do not want to take responsibility for. but as you recall. met comingpresident the end, president trump said, yes, i will take responsibility if i do not get the wall. i will shut down the government. so they did get him to admit that that is what it will be. she was asked how can you work with the president? she said it will be a very different congress that the president will be dealing with. we will be open. we will be transparent. but she left know i'll that -- but she left no doubt that it will be very different. the market is losing gains from
earlier. shanda: the dow jones and now the s&p 500 now in the red. the s&p 500 cannot make up its mind. that it is way down from the gains we saw earlier in the session. the nasdaq is still a .3%, much lower than the highs of the session. it is political uncertainty that is causing all of this. as you mentioned, the president threatening a partial government shutdown if he does not get funding for the wall. china was considering lowering tariffs for the auto sector, that is why we saw a bump there. but now there are reports that some administration agencies in the u.s. may be looking to call out china for economic espionage. take a look at the s&p 500 over two days. yesterday, the biggest one-day
reversal since figure six. we were higher -- since february 6. good sense of how volatile things have been in the markets a less few days. h, we should see some of the tech movers doing pretty well. in fact, twitter very well. is did look like it had the potential to move above -- it's a did look like it had the potential to move above its 20-day moving average. google, only by .5%. ceo testified to congress. a 500 -- five-dave losing streak -- five-day losing streak.
analysts do not like the surprise the parts are of the head of the express unit. it could cause the company to delay or miss a profit target or profit improvement target, excuse me. david: i want to continue with the story going on in washington. president trump just tell the contentious meeting with the democratic leaders. now we turn to alex wayne in washington for his reporting. we all watched that. this'llis a view of how go forward in the new congress, i did not find it very encouraging. alex: i have two applaud the white house for drawing back the hurt -- the curtain and letting us what's that. nancy pelosi want donald trump maybe we should not be doing this in front of the press, but they did it anyway. it was pretty entertaining and
informative. i guess it is a little discouraging i suppose if you are an investor. it does look like we are headed toward a government shutdown next week. the president proclaimed that, if the government shuts down, it will be donald trump who makes it happen. do you could almost say that pelosi and schumer baited him a little bit into taking ownership of a government shutdown should it happen next ready. david: -- next friday. by the end, particularly senator schumer said, that's right, if you are not going to give me the wall that i want, i will shut down the government. do to thethat republican party with that kind of ownership? alex: government shutdown's seldom end well for the president. the shutdown results when the
president refuses to sign a spending bill. i got a government shutdown days before christmas will begun news politically for the white house or for the republican party. david: we heard chuck schumer in the after briefing to the press. said we gave him $1.5 billion, not for a wall, but for border security and they have spent only 6% of that. is that fair or is that a timing matter? timing. could be they could be letting contracts for construction projects on the border. but it does seem like there has not been a lot done, certainly not as much as the president would suggest in his tweets. i think the most noticeable thing that has happened is that the military strong some razor wire over the past couple of weeks after the president dispatched the army to the border. avid: how this has evolved or devolved. early in the president's
administration, there were thoughts of a compromise. they did not specifically talk about it well, but the democrats gave him a fair amount of money. and if he used some of it for the wall, no one would be the wiser. now they will not fund the wall under any circumstances. alex: the democrats say they made a deal with president trump. they were going to give him $25 billion, which he could have used to build a lot of wall. in exchange, he was going to give the dreamers, the young undocumented immigrants, a path the permanent residency here in the united states. the president took a lot of flak from his right flank over the ideal so he had to back away from it. since then, democrats have been unwilling to really negotiate much on a wall at all. they don't feel like they've got interest with a partner in the president. david: finally, it appears at least that the markets may be reacting right now to this
increased apparent chance of a government shutdown. what would be the real consequences? as i said earlier, it is not the entire government. most of it is already funded for a long period of time. what would be the change on december 22 if this happens? alex: there are important parts of the government that will be involved in the shutdown, including the homeland security department and the park service. that will be the most noticeable one. signs will go up at national parks saying they are closed. but you are right, most of the government will stay from showing. the most important to investors will still be open, the defense department and health and human services. i don't think there is too much to worry about. i don't think a shutdown would cause extensive problems. i don't think it would last for a long, either. david: thank you for your reporting. in the meantime, more breaking news. uber is said to select morgan stanley to lead its ipo. more on that coming up.
others have reported, they filed confidentially for the ipo last week, setting up a race, if you will, between uber and lyft for getting out there, going public, grabbing the public's attention and getting the interest of big institutional investors to take interest in companies that have shown a lot of promise, but also carry some financial risk for an investor. david: it appears that morgan stanley has won the prize on uber. also, goldman will have a piece of the action, as it were. goldman has been working with uber some. >> they go way back. under gary cohn, under travis kalanick. there was a good, strong relationship between buer -- uber and goldman sachs, but things have changed in recent years. there is new leadership at uber.
they went through a big rough patch in terms of the public trust. new leadership has come in. with new leadership, that gave -- an stanley unopen ling opening for establishing a relationship with the new management and really getting itself in a very prime position. yes, you are absolutely right that other banks will play a role. we think a goldman sachs will be in there at some level. but clearly, for wall street, there is great trustees in being that flush left the bank, the bank that comes first on the line and gets to share the biggest chunk of the fees that are generated. and remember, banks are encouraging uber, telling uber that they could fetch a valuation as high as $20 billion. that seems aggressive for those who have seen the financials.
it is losing business still. you get, even though it is a small percentage, is a lot of money for the investment banking division of these banks. david: sounds like there is a nice piece of change. hold on. talk more generally, emma. it seems a bit choppy. is this a sensible time to be going out with ivo -- ipo's? emma: a lot of people have been looking forward to or expecting it to come. it will depend on market conditions. but the chief executive director has told investors of the company that it plans to list in the first half of the year. given what we have seen over the past couple of months, the market could be something that plays. david: the market not get choppy and then it might settle down
and they could pick the timing a low bit. emma: that's right. they would have leeway when they decide to do that. the company would need to list by the end of next year or some of the investors will be free to sell their shares on the private market. so there is a little bit of a deadline. but it is a deadline of a whole year. david: we don't want to ignore the other one, lyft. they filed their initial filings before uber did. we have jpmorgan in the lead on that as far as we know. tom: that's right. a horse race between morgan stanley, goldman sachs, jpmorgan on these big ipos. clearly, jpmorgan scored its own coup in being flush left on lyft's ipo. you will see a long list of investment banks on each of these. you can't be in both, obviously, because of conflicts.
david: this is balance of power on bloomberg television. we will take a look at the markets. they have been all over the place. the dow jones is now down about a quarter of a percent. it had been up earlier in the day. the s&p has been down .5%. the nasdaq has been up fairly consistently. these stocks move down as far as we can see, that extraordinary exchange in the oval office, where the prospect of a government shutdown really loomed large.
switch at the board, please. crude oil is a finally today. it has gone up nicely on some news. the 10-year is unchanged. the dollar index is up slightly. and the pound is down on news that apparently, perhaps, some people are claiming there may be enough letters to challenge theresa may to challenge her leadership position. sign up for the balance of power newsletter. power news ine of your inbox everyday. this is bloomberg. ♪
things got heated at the white house as the president met with congressional democratic leaders. want,we don't get what we other, whether it is through you, through the military, through anything you want to call, i will shut down the government. >> that's fair enough. we disagree. >> i am proud to shut down the government for border security, chuck, because the people of this country don't want criminals and people that have lots of problems and drugs pouring into our country. mark: government funding for several agencies runs out on the summer 21st. mitch mcconnell -- on december when he first. mitch mcconnell said. they will vote on a sweeping overhaul of the kernel justice system. -- of the criminal justice system. tax relief and other fiscal measures announced by president emmanuel mro