tv Bloomberg Markets Balance of Power Bloomberg May 2, 2019 12:00pm-1:01pm EDT
david: from bloomberg world headquarters in new york, i'm david westin. welcome to "balance of power," where the world of politics meets the world of business. on the brief today, sahil kapur from capitol hill on the latest entrant to the 2020 presidential sweepstakes. kevin cirilli on attorney general barr not being back on capitol hill, and from london david goodman on the rate decision from the bank of england. another entrant, the senator from colorado. the 22nd democrat to enter the presidential race. i will say that again. the 22nd democrat. he is the seventh u.s. senator to announce his campaign and he is running on a platform of economic mobility and restoring integrity to government. he is not registering in polls, he is not well known. he will have a lot of competition. a difficult road to get known and be taken seriously. he is just the latest democrat to announce his campaign and what seems like a why not field.
why not run? if you do not win, you can boost your name recognition and use the clout to get things done in congress or elsewhere. david: boost your name and get to know the name. we will talk about the race a little bit more. sahil kapur on capitol hill. let's turn to kevin cirilli at the white house. one day was enough for the attorney general? the calculation the administration has made is that william barr do not have to testify before the house judiciary committee. they are saying it was a disagreement amongst democrats and republicans regarding procedure of how that hearing would go. jerry nadler, the chairman of the house judiciary committee, still convening the hearing and saying he might have to use subpoena power in order to get attorney general barr. talked to suggest yesterday's hearing before the senate judiciary committee was very much something that did not move the political needle on either front.
the president, a busy afternoon for him at the white house. he is said to have a visit from the senate finance committee chairman chuck grassley to discuss trade. david: whether a move the political needle or not, you have the impression watching that nobody's position is moving to the center. it seemed like democrats against republicans. can we infer anything about further dealings between the party? as we get to the debt ceiling -- or is this just a one-off? kevin: it appears this is a one-off. the rhetoric from the white house and president trump, including democratic leadership, it appears they are all suggesting they will be a lot of find areas of policy, whether it be infrastructure, the debt ceiling, lowering the cost of prescription drugs, they are open to having a dialogue even as the investigations continue. i want to make note of what senate judiciary committee chairman lindsey graham,
republican from south carolina said following the hearing. he does not feel it is necessary to have robert mueller testify. democrats clearly disagree with him on that particular point. i would anticipate that the next storyline in all of this is going to be whether or not robert mueller testifies publicly before congress. david: thank you so much. that is kevin cirilli coming to us from the white house with bagpipes. let's go to london and hear from david goodman. we heard from the governor of the bank of england, not changing the rate but saying maybe changes down the pike. : carney told investors they were getting the outlook wrong. investors do not get that message. the markets stay pretty much unchanged. the markets do not have the same view of brexit as the bank of england does. they do not think it will be a
smooth outcome as college seem to think. david: mr. carney seems to be quite concerned about inflation. the wiki concerns about inflation around the corner? g.: by the end of their forecast period, inflation will be above target and still rising . that is the big thing that came through. in the near term they have lowered their inflation forecast because of the conceit from energy prices. it is mixed in the inflation message. david: many thanks to david goodman from london. let's go back to sahil kapur. we were talking about michael bennet entering the presidential race. we also heard from her current candidate, that is joe biden. he had something interesting to say about china. listen to what he said. launch? is going to er -- to eat our lunch? come on. they cannot figure out how to deal with the fact that they
have -- between the china sea and the mountains in the west. they cannot figure out how they will deal with the corruption that exist within the system. they are not bad folks. -- they are not competition for us. whatever the merits of the vice president's point of view, is an interesting political point of view. what both is he going to garner by going soft on china? sahil: it sounded like the former vice president was trying to make a patriotic statement on the lines they are not better than us, we are better than them. he did say they are not competition for us. china is the second largest economy in the world. there is enormous debate in capitol hill and at the white house as to how to deal with things they're doing with intellectual property theft. there is absolutely a concern china is competition for the u.s..
those are the kind of comments you might have to clean up. joe biden does have a flare of authenticity and in the fact that he is loose with his words, some voters like that. we are seeing potentially the first example for him not conveying his point the way he wanted to. david: one of the strengths of vice president's name recognition. he also has to say why we should vote for him. is china likely to loom as large issue in this campaign? sahil: joe biden is a known quantity. he was senator for 36 years and vice president for eight years. as to how big of an issue china will be in the primaries, probably not that big of an issue unless candidates want to make the connection that china policy is affecting their pocketbooks. everything comes down to wages and health care costs and college tuition. the big picture is what voters care about. they will not be thinking about china unless candidates make the connection can say china is a
problem. david: a lot of farmers might be concerned about china. many thanks to sahil: for reporting from capitol hill. we turned abigail doolittle. abigial: look at the declines in major averages. all down .6% or more. not a lot of conviction on the part of investors. earnings report, we had a disappointing i is them report yesterday, payrolls tomorrow. investors choosing to go to the sidelines and a peek at the energy index, 1.3% in sympathy with oil. -- on paper its worst day and its worst two days of the year. typically oil and stocks to trade in tandem and that is something to keep in mind considering stocks have been up. we have oil breaking in uptrend. if we going to the bloomberg and look at a chart going back to september, the s&p 500's all-time high, we see oil is
white and the s&p 500 in blue. there is a directional correlation to last year's brutal selloff. a huge recovery this year. the s&p 500 back below that all-time high from last september. take a look at this from oil. the point is not to show a trend. it is to show a reversal. we're having a reversal for oil. he thinks that it is reversal happens, we will see oil go back down to $50 a barrel. let's take a look at some of the movers. it is all about big tech and disney. these are the worst tracks for the s&p 500. investors selling off high-quality names. disney down for a fourth day in a row and we have now in dupont down. another big drag on the s&p 500, but helping to explain why we have the bigger decline. 6% --cline in more than
down 8.6%. a disappointing earnings report for dell dupont and questions -- dow dupont and questions around spinoff plans. david: very interesting. abigail just told us about oil. when you talk about oil, you talk about venezuela. the fight between juan guaido a nicolas maduro for control of the country. that is next. this is bloomberg. ♪
at a house judiciary committee hearing today. to testify about robert mueller's report, but the justice department said he would not appear. jerry nadler pushed back on the justice department's decision. >> yes, we will continue to negotiate for access to the full report for another couple of days. yes, we will have no choice but to move quickly to hold the attorney general in contempt if he fails to negotiate in good faith. mark: congress has agreed to postpone the deadline for banks to respond to subpoenas seeking president trump's financial record. trump, and the trump organization are suing to block deutsche bank and capital one from responding to subpoenas to house committees investigating the presidents business dealings. catholic services are being canceled again in sri lanka after the government warned of more possible attacks by the
same islamic state linked group that carried out the easter suicide bombings. last week muslims or stole to stay home from friday prayers and all of sri lanka's catholic churches were closed. the april 21 almonds in churches and luxury hotels killed more than 250 people. officials say the suspects linked to the bombings are still at large. julian assange told the court in london that he does not want to surrender to america. julian assange is fighting extradition over the leak of national security information. is expected to formerly lay out its case by the middle of june. earlier this week, julian assange was sentenced to almost a year in jail for jumping bail. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. david? toid: two days ago we went
news that things could be coming to a head in venezuela and nicolas maduro might be leaving the country, but he stayed. the chair for senate foreign relations committee said he missed an opportunity. >> i think nicolas maduro made a horrible mistake for his own personal safety. he was reported to be ready to leave and with encouragement from the russians, he did not. we welcome eric farnsworth, vice president of the council the americans. welcome back. you heard what the senator had to say. did nicolas maduro make a mistake? how solid is his position? eric: i think you made a mistake. that was an obvious exit strategy where he would've been able to leave the country and have a negotiated deal to have access to some of his ill-gotten gains and have safety for the perceivable future. now he has decided to stay and try to have a blood test with the juan guaido government.
one of the scenarios a lot of people pointed to as a possible early -- as a possibility for change in venezuela has been a coup from nicolas maduro's own forces. to the extent people think he has been weakened, and i think he has been, they may become empowered to try to kick them out on their own terms. we'll have to see how that goes, but it is clearly added to the risk in that scenario. david: let's talk about that. it seems like he is kept his control of the military, which you have told us before is terribly important. at the same time, the people of what is leila, which has -- the people of venezuela, which has to include a lot of the troops on the ground must be suffering. we put up a chart, it is hard to get economic numbers, but to give some indication of what is happening with inflation. eric: inflation is out of control. it is hyperinflation.
it is the worst in the world and it does not have any indication of getting better. the military might have a uniform on, but they still have to live in the local economy and their families have to find ways to eat and have access to medicine and get to work. it is a hard life. if you are a senior military member, you have access to corruption, drug trafficking, there was an important report in the new york times in terms of drug trafficking in venezuela and activities that are illegal but if you have access to them you can feed your family and live well. if you're in the lower levels of the military you do not have access to that what you are doing the dirty work of enforcing the will of the regime. you have a lot of people questioning getting a better deal by remaining loyal to maduro or switching sides. if you listend: to mike pompeo or john bolton, you would conclude russia and cuba are propping up the regime. -- and ifue, and is
that is true is or anything we can do to put pressure on russia and cuba? eric: they are clearly actors in venezuela. cuba has been intertwined in the security apparatus in venezuela for years. hugo chavez brought them in search -- shortly after he was elected. the point is cuba has access to or runs the commanding heights of the venezuelan security apparatus and public institutions. the passport agencies, things like this. you get to a situation where you have a time understanding what happens and they can offer advice and input in terms of which military members or members of the regime may be getting cold feet. they have played an important role. russia has played a different role. they've sold equipment and given intelligence support. they have also been supported on the energy sector and they're running political air cover with united states and other
countries internationally. are they propping them up? there certainly enabling the regime. there is no question about that. david: what about the other latin american countries? what is the position they take and can they help resolve the situation? eric: the lima group has been a very important initiative. it also includes canada. it is trying to find a peaceful solution, a third way which would bring about democratic change in a way that is peaceful and subject to the rule of law. the problem is the lima group does not have all the tools available and it is a coalition. countries like mexico, if they change the government they change their policy and that affects the lima group directly. this is a coalition of countries that are interested. if nicolas maduro does not want to leave, there's not a lot the lima group can do to force them to leave. it is an important validator of the approach that is working in cooperation with europe and the
united states. go, theyduro wants to cannot force him out. david: finally, we have 70 sanctions in place, but we're also enforcing sanctions against iran and their oil exports. india and china are the main destinations for venezuelan crude. does the fact we put the sanctions in place put more weight on the importance of india and china getting crude oil out of venezuela? eric: you are exactly right. the u.s. has sanctioned venezuelan crude for u.s. purposes. that is important because we are vertically integrated with refineries in the gulf coast that handle venezuelan crude. the extent that is there going to india, that is helping to break out of the sanctions. the relationship with china is more complicated. china has given billions of dollars over the year in pre-payment in advance and venezuela has to pay that back in deliveries of crude.
china is very anxious to get that payment made in full. this complicates the situation. it is not like the united states can completely shut down the venezuelan economy. we have a lot of leverage and have tried to do that. additional steps are coming, but at the end of the day crude is a globally traded commodity. david: thank you so much. counsel america's vice president eric farnsworth coming from washington. shares of beyond meet have started trading on the nasdaq. the ceo of -- the ceo will be joining what did you miss in the 4:00 hour, eastern time. we will have more on that subject of beyond meat next. this is bloomberg. ♪
talk about the latest ipo, beyond meat. kailey leinz is here. it is trading. kailey: it is trading more than double where shares priced. $50, 100% gain at the start of trading. the market cap of this company now nearly $3 billion after just yesterday it was $1.5 billion. david: it has zoomed up. it is worth twice as much. ipo's can bounce around. kailey: lyft is a perfect example. david: in the meantime, let's go to our stock of the hour which is qualcomm, which came up after it had gone down. kailey: an interesting story. their third-quarter forecast did disappoint based on weakness in china, which is a vital market for them and makes up the largest revenue for them. that is waiting demand and competition with huawei.
analysts do not seem to be deterred. morgan said it has always taken a little bit more to invest in qualcomm because they have more inherent political and legal risk, but at this valuation, you should buy it. it is probably the consensus you should buy it. bank of america upgraded the shares, as did raymond james. a slew price target upgrades. everyone is saying by. -- everyone is saying buy. david: it has less legal risk that a couple weeks ago when they settle the deal with apple. do we have an indication of the kind of check that might get written? kailey: they did not disclose, but there are reports that say, and the guidance are some clue. that settlement is what is driving a lot of the bullishness on the street. shares are up more than 50% since that settlement was announced because analysts say the weakness we are seeing in the third quarter is because we
are in between cycles. and on be the next cycle the qualcomm has settled with apple it paves the way toward 5g which is expected to see astronomical growth in the coming years, reaching 1.3 billion subscribers by 2023. that makes qualcomm the next growth catalyst. i findone of the reasons this interesting is because it is the intersection between china growth and what is going on with smartphones. they come right at that intersection. is it telling us something about china growth? about 5g? about smartphones, or all of the above. kailey: china is a growth story in the smartphone demand story -- that is what drove a lot of the iphone weakness. it is the smartphone market. i think with qualcomm, the bigger story you're seeing on the street is 5g. that smartphone slowdown and demand china story is known and
5g is what is coming up and that is where everyone is looking. david: 20 talk about chinese competition, 5g is not far behind. huawei will not be the only one producing in the marketplace. kailey: competition is definitely out there. david: thanks so much to kailey leinz. says thestephen moore senate will change its tune on its fed nomination. we will talk with the ranking member of the senate banking committee, senator sherrod brown of ohio. if you have a bloomberg terminal, you can interact with us directly. you can also ask is a question. live from new york, this is bloomberg. ♪
says attorneylosi general william barr's testimony to congress raises "deadly questions," saying she "lost baep" after watching defendrr -- after watching barr defend president trump in his testimony. rep. pelosi: the attorney general was not telling the truth to the congress of the united states. that is a crime. mark: the justice department called the charge "irresponsible and false." a venezuelan human rights group says at least four have died in two days of protest after opposition leader juan guaido called for a military uprising. human rights activists say at least 130 were injured and 205 detained during the clashes between protesters and police. president nicolas maduro has the support of the military, and
some 50he support of nations that see him as the legitimate leader. demonstrators are trying to step up pressure on the military to .and power to civilians the two sides invited over how large a role general should have. the pentagon facing new pressure from congress over president trump's proposed space force. the pentagon has asked for $72 million in additional funds for the program. lawmakers say they need more information about why the new services necessary. military leaders testified to the senate armed services committee about-face force in an attempt to address concerns and build support. andal news, 24 hours a day at talk --global news 24 hours a
day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm mark crumpton. this is bloomberg. david: we have breaking news right now. president trump has said in a tweet that stephen moore has just withdrawn his name for consideration for a federal reserve seat. we welcome now the ranking member of the senate banking committee, senator sherrod brown. president trump now says stephen moore has withdrawn his name. i suspect that will not come as a huge surprise to you. you took to the floor saying you thought he was not the right man for the job. it is a surprise in that it happened now. i figured with this president and with stephen moore, he would probably hold it a while longer, but i think the lesson here is president should talk to people in the white house and in the the economics profession about what kind of
person to pick. stephen moore was so outside the mainstream. he's out the laws on child labor should be repealed. he's a top down, tax cuts for the rich, trickle down economist of sorts. pretty discredited in his work all over. i want to move forward. now ofeen two in a row people who have pulled out, nominees for the fed, because they were not qualified, because republicans on capitol hill couldn't even vote for them. i hope the president will spend real time talking to people and pick somebody professional that wants to keep the fed independent, somebody like jay powell, the chairman of the fed, whom i support. he's a republican, but i support him because i think he was right for the job. he needs to look at people like that. david: let's talk about the sort of thing he should be doing with the federal reserve. the president has made no secret of the fact he believes we should have a progrowth federal
reserve, and there is some merit to that, is there not? we look across the country at people who are concerned about their situations. sen. brown: i am progrowth, but i think this president defines progrowth as giving tax cuts to the wealthy and we can -- and ,eaken the rules on wall street and wall street does whatever it wants, and look what it did 10 years ago. to me, progrowth is someone who is levelheaded that will balance unemployment levels with inflation and will always look to growing good paying jobs. you don't see out of this white house, or frankly out of this federal reserve, any support for the dignity of work. we should honor and respect work. wages are flat. corporate profits are up. that is in part because we have a federal reserve and congress
and white house that really doesn't care much about middle-class wages and getting wages up. david: let's talk about the two components you referred to, one of which is fiscal, the other is monetary. let's stick with monetary policy for a moment. ray dalio of bridgewater wrote an essay saying monetary policy has failed us, in part because it did not address the needs of the working people across the country. importantthe most puzzle policymakers around the world have to solve for the years ahead is how to get the economic machine to produce economic wealth for most people." do you agree that monetary policy has not worked for most people? sen. brown: i agree that the economic system hasn't worked for most people when you look at what is happening with wages. as i said earlier, profits are up and executive compensation is dramatically up. worker productivity is up.
the government responds by giving more tax cuts to rich people, including in the trump tax law. for companieson that shut down production in mansfield or shelby, ohio and move across the border. that is the focus. it is partly the fed, but partly trade policy, tax policy that has abandoned workers. just president has betrayed workers consistently, from lordstown to the people on the supreme court that there some -- that put their thumbs on the scales in favor of corporations and not consumers. that is why the middle class gets shortchanged every time. david: you have been outspoken about the need to respect workers across the country and really have policies that do that. at the same time, president trump campaigned specifically addressing the needs he saw of those workers. how does your position if her
from what he said in ohio, in michigan, and wisconsin? sen. brown: he said the right things. he also went to youngstown about a year ago and said to people, don't sell your homes. we are going to bring all these jobs back. 4500 jobs were lost at that plant. 1500 of those just recently. another of those trucking companies just announced to its employees to work. all ripple effects from that. the president talked about that, but there's been nothing. $4000 -- i heard him do this at the white house -- raise out of his tax cut. what it has done is encourage more money to go overseas, and encouraged ceos and executives to do stock buybacks. gm had one of its most aofitable quarters in history
decade after taxpayers rescue gm and executives got huge tax cuts , and gm doesn't invest in the united states. clearly the president's words haven't been followed up by actions. when you have a president who consistently betrays workers, while some of us here are fighting for the dignity of work, that contrast is pretty clear. david: to return to the question of the federal reserve come up with those two things together for a moment. we talked a lot about tax policy. that is the purview of the political branches, not the federal reserve. is there anything he can do in nominating people to the federal reserve that will help serve the interest of workers, or is that something entirely separate? sen. brown: i look at some people i have known in the federal reserve. janet yellen, the most recent chair who just retired prior to jerome powell, she came out to cleveland, ohio to the alcoa plant, the old aluminum plant.
she and i spent maybe two hours on the floor of that plant in cleveland. and i'ved to see, taken another economist from the obama administration out to an auto plant in ohio. they need to see what workers do in this country, whether it is hospital or hotel workers, people working for tips or mid-level people working for salaries, or swiping a badge or taking care of families. the dignity of work means all workers. i just went to see these numbers of the fed and their background spend some time on shop floors, construction sites, hospital rooms so they can see the kind of work most of america does outside of washington. it will help them see the economy through the eyes of workers, not through the eyes of wall street and the sequestered halls of the federal reserve. david: to pursue these sorts of politics you feel very strongly about and have been consistent about overtime, you need not as the president. i am not going to ask about the
2020 election, except that we have an awful lot of democrats who are not going to be running for senate because they want to run for president. i think 22 candidates now. are you concerned that whoever wins the election in 2020, you won't have the trips you need on capitol hill to move forward some of the agenda you have espoused? sen. brown: there are a couple that i hope will run for president. the horse isn't out of the barn yet. i didn't even decide to run for the senate 12 years ago until one year before. there were 17 candidates, 16 defeated by donald trump in 2016. he went on to win. i don't worry about all of the cacophony and roiling of the waters in the democratic primaries. my interest is getting the earned income tax credit for the
house, fixing the pension system , protecting people with pre-existing conditions. all of the campaigns work their way outside of this building and the city. i have enough confidence both in my party and the election process. i am concerned, though, about the white house not being very interested in stopping the russians. i've read about 1/3 of the mueller report. it is not fast reading, but it is pretty troubling how much influence the russians had and how the trump family invited them in. we've got to make sure that doesn't happen in 2020 for the future of our country. david: for you, i know it all comes back to lordstown in the end and the lordstowns across the country. thank you for joining us from capitol hill. trump'sp, president loan primary challenger bill weld. this is bloomberg. ♪
♪ guy: you are watching "bloomberg markets." i'm david westin. stephen moore has withdrawn his name for consideration for a seat on the federal reserve board of governors. we welcome now the only primary to donald trump, former massachusetts governor bill weld. what is your initial reaction to stephen moore withdrawing his name? mr. weld: i actually thought stephen moore would be ok. i was a supply-sider when there was nobody except a few. i believe in tax cuts, by and large. i think they are good for the
country because the government is too big, and i believe in the dynamic scoring of tax cuts, and i am sure stephen moore agrees with that. i've known him for quite a while. he was writing for "the wall street journal" back in the 1990's, and they rang to be the most fiscally conservative governor in the united states, and i think he wrote that piece. i've always had a soft spot in my heart for stephen moore. sorry. [laughter] david: there's nothing to be sorry about, the facts are the facts. let's talk about monetary policy, the primary focus of the federal reserve. what would you want there? mr. weld: people keep coming up with these new monetary theories that mean deficits don't matter. i'm not buying that. i think we can't continue to run these deficits of $1 trillion a last and president trump's budget was a multi-year budget, but added 7.9 trillion dollars to the accumulated deficit, so
that is up at $30 trillion. it has a lot of harm if the chinese stop buying our treasuries. when i took office as governor in massachusetts, the outgoing secretary of administration finance said massachusetts is bankrupt. we cannot pay our bills. theyd a certain point, if spend money like drunken sailors and never cut spending in washington, d.c., that is where we are going to be as a nation. david: one of the consequences of all of that debt is it is good if we keep interest rates down because if those are going back up, it will be crippling. it will make a bad situation much worse. does that mean as president you would favor lower interest rates? mr. weld: i tend to agree with those who say let's have growth. i point my policies towards growth in the economy, and i think that can be done. david: would you be shy in expressing that view?
mr. weld: no, i'm never shy. [laughter] david: that's fair enough. mr. weld: i've actually got a lot in common with mr. trump. we are both large redheaded men with experience on the stage. i think if we got to debate, it could be entertaining. i know entertainment is of considerable value to mr. trump. david: let's go to exactly that question about you and mr. trump , on a stage or otherwise. as you look at your candidacy, is your theory you will get people who would otherwise vote for trump to vote for you? people who would otherwise vote for a democrat to vote for you? or none of the above? appealing tom republicans in the republican primary. i am going to be focusing, among other things, on the 20 states that permit crossover voting, where independents can vote in the republican primary. that has always served me well in past races. and dependents break --
6-1pendents break my way because i am fiscally conservative, but socially welcome. that is a good combination, certainly from my part of the country in the northeast. in order to do that, i'm going to be talking directly to millennials, gen x, suburban women, people who may not have voted republican in the past, but can be persuaded by issues like being fiscally responsible so that the millennials don't get stuck with the bill, so maybe they can get social security after all. changearding climate with a one-word policy "hoax." president trump has to know that these scientists aren't all lying about the impact of global warming and the extreme weather, the seven foot storm surges, and what is going to happen when the polar ice cap melts. all of our shorelines are going to be rearranged. all of the mountain glaciers that are the source of water
around the world for 300 million people are going to be gone. those 300 million people are going to be without water, and they are going to die, and no one is planning ahead for this. i see a big lack of planning in washington. the other trend that is about to hit us is the impact of artificial intelligence, robotics, drones, machine learning, self driving vehicles. forget long-haul trucker as a job obligation -- as a job occupation in the future. there will be released meant jobs requiring greater technical skills than these workers now make so i have a plan to them able to get that two years of post secondary education, whether it is online learning work post secondary college, when it comes to them. it is sort of like what was done for the gis coming back after world war ii. we said you can go wherever you want to college, and grateful taxpayers will make sure you
don't have to pay for that. i don't see anything coming out of the white house about how to deal with these trends and how to get them the skill sets they need for what ideally would be higher wage jobs than they have now. that is the sort of thing isaac about, the future of work in the dynamic between work and ,ducation, distance learning which is been proven recently to be just as sticky as little red schoolhouse social learning. it is free, and you don't have to move to get it, so we should go there. david: as i listen to that ofher comprehensive list substantive policy issues, i didn't hear the name of mueller come up one time. it strikes me. washington is consumed right now with the mueller report and the attorney general testifying or not testifying. is that a good use of our time and resources? or should we be addressing the issues you just talked about? mr. weld: we should come up at i think it is worth pausing on the
fact that bob mueller's report, if you read volume 2, not the part about the russians, but about obstruction, there are 10 examples of him obstructing justice. it went far beyond anything that richard nixon ever did back in 1974, and i worked on that nixon impeachment on the law. what is grounds for removal of a president. one of the articles of impeachment against him was contempt of congress for not obeying their subpoenas. the constitution says congress gets to do this. mr. trump says i'm not even going to talk about it. richard nixon, within days after the supreme court in united xon ruled he had to turn over the tapes, he turned them over. he had a sense of self-awareness so that when he saw what that portended, he resigned. david: who would have thought we look back on that as a better
♪ thiseld: this is -- david: is "bloomberg markets" on bloomberg television. president trump has announced that stephen moore has withdrawn his name from the federal reserve nomination process. this comes just hours after he said that he was "all in," despite the growing senate opposition. >> the situation today, i think it could be a lot different three months from now when i go before the banking committee and the full senate. i am not too concerned about this. thed: we are joined now by bloomberg "what did you miss?" anchor.
out "all in"ns doesn't mean that much. we don't actually know when he s, did he learn about his withdrawal from trump, which is very possible in this administration. we heard a number of republican senators say they weren't keen on him. david: this is to in a row. where is the -- this is two in a row. where is the vetting process? it does not appear there was much of a vetting process. with the judicial now money is, there's a long list of consistent conservative believers that are presented before trump, and trump think it is important politically to adhere to some of these names. that this isppear the case with the fed at all. david: the problem with both of
these is nothing they were true believers. they are true believers of exactly what the president wants in terms of monetary policy. the problem is in there backstory. joe: right. it is interesting. the criticisms of what brought them down were not the things that the people who are really into monetary policy focus on. a lot of people are focused on the fact that moore has been very inconsistent or partisan in the past. david: a lot to talk about today. thank you so much for being here. steel will talk about will's big fault day -- about oil's big fault today. this is bloomberg. ♪