tv Bloomberg Markets Balance of Power Bloomberg May 15, 2019 12:00pm-1:00pm EDT
from bloomberg world headquarters in new york, i'm david westin, and welcome to "balance of power." -- disappointing chinese numbers and escalating tensions in the middle east, and kevin cirilli on capitol hill discussing treasury secretary steve mnuchin. peter, let's talk about the chinese numbers. it shows this since the last year. just to be clear, the white line is retail sales. the blue line is industrial production. how troubling is this? peter: it is bad, and the purple line is real estate investment that is taking up, but it is night positive thing. china's economy is slowing. we have a story talking about a double-dip. in china says double-dip, they still mean -- when china says double-dip, they still mean growing, growing more slowly.
that 6%comes below trajectory the chinese leadership has promised, it gets people nervous. you could argue that gives an advantage to trump over negotiations with trade. xi jinping has to watch his own people and persuade them that fighting with the president of a united states will not hurt them. david: to be clear, these numbers came down before the tariffs went in. at the same time, the story of the martin -- of the markets seem to be the reverse that xi jinping will double down on the stimulus. peter: that is a good point. the sense that xi jinping may do something to stimulate the economy, but that for the people in china who have already been worried. what will happen if they cannot export to the u.s. anymore? david: what is the option? ken xi jinping stimulate the
economy -- can xi jinping stimulate the economy to overcome the trade went that the tariffs -- the trade wind that the tories will generate? peter: i will say now. it goes against the whole drive that china has been on the stop relying for their state-owned enterprise because that is the easy avenue, stop relying so toh on indebtedness, and have more consumer-led growth and more domestic growth. if he has to suddenly start going back to all the old tricks , he is going to undo his own reforms. david: he wanted deleveraging. thank you for being with us. let's go to bill in washington. seems like almost every hour it involves iran. what is the latest? >> the u.s. state department has decided to bring back all of its personnel at the embassy, citing
unspecified threats it has long blamed on iran. ons follows a drone attack the saudi pipeline that saudi officials are saying, that rebels backed by iran are taking the credit for. this has been a surge of tension in the persian gulf. so far, there has been a lot of denials from iran and a lot of questions about what the u.s. intelligence is here? overhanging on that this is the 2002up to the iraq war in and early 2003 that was seen as based on false intelligence, but so far, it does seem like hourly, we are getting updates about new issues raising tensions in the middle east. david: it does raise the question of intelligence and how reliable is it. we had this remarkable conflict between the british general, the number two man in our fight against the islamic state, saying we don't see them much
intelligence, but iran moving their forces around might threaten us. then you have the united states saying we disagree with that. bill: it was a strange turn of events yesterday. the british general and deputy commander of the forces said, he really did not see a big threat. he was reviewed within hours by the pentagon, and later by the ministry of defense of england. there is some doubt about how serious the threat is, whether it is something being hyped. notave seen the oil markets largely reacting to this latest round of tensions, and lawmakers on capitol hill are demanding a briefing. secretary of state mike pompeo is expected to break house members in a closed session at some point next week. david: one last question. when will the abraham lincoln carrier task force reach the gulf? bill: it is already in the general region. ed pastor the suez canal a few
days ago -- it passed through the suez canal a few days ago. i don't believe it has passed through the narrowest chokehold that oil vessels travel through when leaving iran. david: thank you, bill for joining us. let's turn to capitol hill, kevin cirilli. kevin: take busy day on capitol hill. let's start in the senate. for steven mnuchin. he was pressed on whether the administration moberly's donald trump's tax returns. he said that is a matter for the court. switching to tariffs on trade. not just china, europe. he has said he is still optimistic for there to be some type of trade agreement. after the hearing, i was as can briefly about specifically the
chinaable of the u.s./ trade agreement, and he anticipates in the next few weeks that he will head to beijing, likely before the june 28, 29g20 summit in osaka, japan for president trump and xi jinping will meet face-to-face. the house transportation committee hearing testimony from the acting faa director, daniel elwell. this comes after the committee is investigating going. they want to get answers for how the faa is acting in the global space, and particularly on the breakdown between global regulators and u.s. regulators. there has been a lot of pressure on boeing for their response. but on the riverside, boeing says they are working closely investigating to ensure consumer safety. david: kevin, thank you from --
thank you for reporting on capitol hill. and now, let's find out what is going on in the markets. emma: markets are in the green currently open lower -- markets are in the green. --y opened much lower could they opened much lower. gains.daq leading with the white house is planning to delay introducing auto tariffs. -- markets think we may get it may bode well for other trade discussions, suddenly for the s&p 500, where we were looking at a loss of .7% earlier in the session, and now we are looking at a gain. markets are continuing to climb higher. , one of theing
biggest latest on the s&p 500. let's look at the main names. facebook and alphabet. they are the best performing stocks on the s&p 500 on a point basis. facebook having its best state in three weeks. google is having its best a since january, benefiting for renewed optimism in regard to trade. analysts say that new at product introduced by google became blockbusters for them. chips are doing better on the possibility that we may be looking at an amelioration on trade issues. that is why they are doing well. i want to dive deeper when you look at trade versus -- excuse me, tech versus the s&p 500. the white line is s&p 500's tech index. you can see that while text
seems to fall harder, remember on that selloff on monday, tech had the worst day and months. get tens to recover -- it tends to recover a lot better. one more to show you, david, is the idiot game makers. they are having -- is the videogame makers. they are having a great day. like whatkers don't could be exploitative to children. may are planning -- they plan on introducing legislation to ban them, but they are saying that legislation won't go anywhere. the ftc is planning to look into the issue. your credit give card to your teenage son. coming up, we talk with a former member of the national economic council about apostle
♪ this is "balance of power" on bloomberg television. i'm david westin. told us a fewli moments ago that treasury secretary steven mnuchin and said trump administration officials will most likely go to beijing in the near future to continue trade talks. secretary mnuchin testified before the senate appropriations hearing today about whether the two countries are getting closer to a deal. >> there is still a lot of work to do, and i can assure you president trump is determined for us to have free and fair trade, must have a fair
relationship with the rules we can compete fairly. said aetary mnuchin also u.s./china trade deal would be a huge opportunity for american workers and companies. escalating tensions between washington and iran. the state department has demanded all nonemergency staff in iraq to leave that country immediately. leslie, washington said it detected new threats from iran and its proxies targeting american interests in the region. congressional democrats want to know why the only hospital on a remote puerto rican island remains closed a year-and-a-half after hurricane maria ripped through the area? lawmakers are asking the federal emergency management agency why there is such little progress rebuilding facilities on the island? the commonwealth has been seeking federal funding tim making -- funding to make necessary repairs. alabama's ban on all abortions
is in the hand of the state's governor. if she signs the measure, alabama would have the strictest abortion law in the nation. it would make performing an abortion a felony at any stage of pregnancy with almost no exceptions. after this in alabama -- activists are hoping the supreme court will overturn the landmark 1973 roe v. wade decision. global news -- global news 24 hours a day, on air and on tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. could this iston bloomberg -- i'm mark crumpton. this is bloomberg. out ofsofter numbers china reflecting a weaker economy before the newest tariffs on chinese goods going to affect. china needs -- will the chinese government double down on tariff measures? joining us is christopher smart.
great to have you here. showsup this chart that industrial production. positive, but nothing like what it was. retail sales have come down, but still positive. presidentthat tell xi? christopher: they tells himhat he has got an economic challenge to deal with. he has put in place a number of measures on the fiscal and monetary side to drive growth back from its altering pace last year. i think those measures were, but they don't always work in a straight line. david: if you were back in your position and you were advising the president of the u.s. as they go through these negotiation, what would you say this tells you? should the president be tougher? what would you advise him? christopher: the problem is we
are focused on this particular deal. we are trying to match a long-term relationship. it is important to secure some of the agreements the president has been focused on. a lot of these things are things that they have been working on to try to get china to play more by the rules so it is a level playing field for foreign businesses to do business in china. this administration is using different tactics. what remains to be seen is whether they can secure significant gains in the short-term. but over the longer term, does it help to build a long-term relationship as we try to integrate china into the global economy? david: if we did, we would have gotten that done by now. what has gone before has not been successful. changes.structural is that doable?
some folks are saying that will never happen. christopher: some things are doable and we have seen some things in terms of opening foreign investment that the chinese have been talking about. they are moving faster now. protection of intellectual property is much more in china's interest as it moves up the value chain. two needs to protect its own -- it needs to protect its own intellectual property. we're thinking about china changing the large part of its economy that is large. it wants to be a leading contributor to certain sectors of the economy? it is hard to imagine they will unilaterally step back from that? david: let's turn our focus to iran. it has been, as of today, year ago, president trump said we are pulling out of the deal with iran. and we see what appears to be
perhaps escalation. what do you make of it? if you are back in the white house, how would you interpret the various data points? christopher: as your colleague was saying earlier, we are getting different messages from the british military, the pentagon. usually these things are unfolding very, very quickly with a lot of conflicting signals, so you are trying to interpret those conflicting signals to determine how best to respond. with the president pulling out of the deal and trying to put pressure on the europeans to do the same, and you have the moving parts in iran as they try to structure a new relationship with europe and the rest of the world. it is hard to know without seeing the real details and intelligence reports how best to act by now. david: how do you strike a balance between being fully prepared for all options. , and then courting a possible mistake?
as you escalate, people can make mistakes. christopher: that is always a risk. not only to people make mistakes, they get bad information from the field and distorted information from the field. we have the most extraordinary military in the world. it is just a complicated set of decisions they are making. you have that actors in the region trying to provoke a conflict. there are a lot of moving parts and requires a lot of judgment and people know the region very well, and certainly, as measured in reaction as you possibly can given how quickly events are unfolding. david: italy is also in the news. we had the deputy prime minister say this morning, we will spend whatever it takes for an we don't particularly care what the rules europe has about deficits. we are going to change those rules. is that simply election talk
because the parliamentary election is coming up, or is there an issue with italy playing by the rules? christopher: it is both. partnerhis coalition telling him to stop disrupting things. they are going into the european elections. but there is a big question about italy's growth, whether it can afford to do more government spending right now, which i would argue it can afford to do right now and maybe it needs to do it and have more flexible interpretation of the rules of the european union. this'll will be a story that will play out over many months. david: it is one of many. brexit has played out over many months. i mean, there are so many at this point. as you advise clients, what is the cost to europe of dealing with one of these things after another, political and populism problems, without dealing with
european debt without fundamental reform -- without dealing with european reform? christopher: looking at the historic structure they have built, it is easy to see the weakness in it. but you cannot forget the progress they have made. including to the euro, i would argue. they need to do their homework and reinforce the foundations and create a foundation of capital market, more regulations. even as they do these things. walking and chewing gum at the same -- walking and chewing gum is hard for all of us to do, including europe. david: thank you to christopher smart. still ahead, macy's is in the crosshairs coming surging earners ticking up the stock. that is next. this is bloomberg. ♪
♪ david: you are watching "balance of power." i'm david westin. macy's is the stock of the hour, gaining 4%, but now, it is doing gained and -- it is trading gains and losses. >> [indiscernible] down 1.2%. great two quarterly earnings. call,ame the earnings' and that is when the ceo said the four-year forecast, that
they reaffirmed in the earnings, needed to be recalculated, and before we saw that list of goods tong included if they expand cover all imports from china. that would be the blue bar there. on that list of what would be expanded tariffs, the kind of things macy's has, which is everything they sell my clothing and shoes. beenich is everything this -- which is everything they sell, particularly clothing and shoes. if you look at the list of the expanded tariffs, most of it is clothing. that is a big part of what macy's sells. macy's sells a number of good that have been included in tariffs, including furniture and handbags.
the ceo says they have managed to handle that best far, but says it is difficult to find a path. what they are trying to do is thinking about diversifying away from china in terms of their supply chain. david: sounds like -- thank you so much, emma chandra. bloomberg is learned the owners of the ritz-carlton near central park are exploring a sale. the investment corporation are in discussions of qatar a hospitality out of cutter -- out of qatar. live from new york, this is bloomberg. ♪
at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology... there is human ingenuity.
indicating he will not comply with a subpoena to hand over president's tax returns saying a dispute will likely be settled in the courts. they face a friday deadline to hand over six years of mr. trump's personal and business tax documents. richard neal subpoenaed the documents last week after termination repeatedly refused his request to release them. in turkey, the foreign minister says delaying the purchase of a russian air defense system. is not on the agenda. . the united states does not want the turks to buy the system at all and has broached the idea of a delay so it can resolve the dispute. the u.s. argues the russian system was designed to shoot down american and allied aircraft. north korea is suffering through its worth drought in nearly four decades and has led to severe food shortages. officials say an average of 2.1 inches of rain has fallen in the country so far this year, the
lowest. has about 10 million people in north korea after the country had one of the worst harvests in a decade. the north korean officials blame bad weather and international economic sanctions. america's they be best is not over. a new government report shows the nation's birth rates last year dropped 2% leading to the fewest babies in 32 years. the u.s. birth rate for women ages 15-44 was 59 births per 1000 women, an all-time low. experts are not sure whether more women are postponing motherhood or forgoing it entirely. the number of teenagers having baby -- babies dropped 18%, an all-time low. 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: thanks so much.
on monday, the supreme court ruled that plaintiffs could proceed with their trust case against apple in which users are claiming apple's used its position to extricate higher prices from them by charging a 30% fee to all app creators. seniorome jennifer reid, analyst for antitrust litigation and james keith. welcome back. good to have you. always good to have you here. i want to quote from justice kavanaugh's opinion. he said in part, ever since congress passed the sherman act of 1890, protecting consumers has been the central concern of the antitrust laws. the consumers purchased apps directly from apple and they alleged apple used its power over the retail apps market to charge higher prices paired that some straightforward. jennifer: it sure does. david: 1890 sherman a. what is the issue? jennifer: how does this case fit
into the case of an old supreme court in the 1970's? in that case, what the supreme court decided is an indirect purchaser of an item from an entity that allegedly monopolized and inflated those prices cannot sue under the federal antitrust laws for damages. whatever the person or entity was that was directly harmed by this inflated price. you would think this would be the app developers that sell through the app store and have to pay apple a 30% commission every time an app is sold through the store. these are the consumers buying and paying those apps. the first court said they are indirect purchasers. in this case, the ninth circuit said no they are not, they are buying from apple, they are the direct purchasers and justice kavanaugh and the supreme court agreed. david: this is not saying apple is liable. this is a -- this is saying you can go ahead with a suit. a lot of the reaction is what the lineup was. we had justice kavanaugh joining
with the liberals on the court which was something of a surprise. james: it was a surprise. in some sense, you would think that conservatives would line up on this issue because the court is conservative on opening the antitrust laws to new actions. relate to standing, not the merits. it is who can bring the suit? this will lead to many more suits, whether they are meritorious is another issue. it is interesting that gorsuch and kavanaugh are again on different sides. it is a shift in antitrust to be -- to open up more lawsuits. david: at a critical time. a lot of talk in the political circles about the antitrust laws and whether they should be opened up, changed. we have talked about what is going on in europe. does this indicate the judiciary may be open to different interpretations? jennifer: i think it signals an opening up.
maybe not thinking as rigidly as they have in the past. whoames said, this is about can see and not the merits of the case. it remains to be seen what will happen with the merits. there is so much public sentiment and happening in politics about the antitrust laws not properly adapting to or dealing with the power of the big tech platforms. maybe that is seeping in and decision-makers are beginning to think about it differently. david: they are very different cases. but if you are representing today google or facebook, are you doing an audit to see if we have any places where those lawyers could come after us? james: sure. i am looking to see where i have direct contract with a group of customers. even if the harm is indirect economically. i think more importantly, i'm taking comfort that the biggest, not the baddest. monopoly pricing is not outlawed
in the u.s. antitrust laws. in this case where it is a 30% higher fee whether indirect or direct, it is still about pricing. you need to have exclusionary behavior. the plaintiffs here, these other platforms know that when these cases proceed and there will be more of them, it will take a creative lawyer and judge to find exclusionary behavior. david: to make a turn, let's spend a wet -- a minute on the qualcomm apple dispute. that was the private litigation. we also have a tussle going on between the ftc and department of justice. jennifer: it is a strange situation. the ftc sued qualcomm for monopolistic conduct. patents needed for a standard and technology. the trials finished. it was in the northern district of california. we are waiting for a verdict. situation, the department of justice filed a statement of interest saying, can you have a separate hearing and have motions filed on the remedy if you find against
qualcomm, because we are concerned about it overbroad remedy. we think it can harm innovation, advancement in the u.s. in 5g. it is a strange thing because it is the federal trade commission that sued and you have the dual antitrust enforcer saying go easy on the plaintiff. david: it is hard enough for a private company to know whether ftc jurisdiction or department of justice jurisdiction. james: the department of justice historically has basically set antitrust law should stay out of intellectual property licensing. these are sophisticated parties, they work it out. apple and qualcomm entered into a settlement of a six-year lysing arrangement. -- licensing arrangement. in ftc on the other hand is it with the suit against qualcomm. they want, especially in the context of 5g and who was going to be the industry or the world leader in 5g, the department of
justice want innovation and does not want to deter that with an interventionist approach. david: antitrust law meets industrial policy. watch out. thanks so much. -- and rio a jamesnd james keyte. there is bipartisan concern about how we advance with 5g, what the chinese are doing, huawei, and their participation in this. what you heard was that people want to really focus on this. veryer thing that was a important in the hearing was agreement bipartisan, that we need a national strategy, but we do not need or want a federalize -- to federalize the 5g network. kevin: president trump on bloomberg, she is reporting
president trump plans to sign an executive order that would prohibit american firms from byng it made telecommunication companies that pose a security threat. good move? sen. blackburn: good move. it is the right move. right now as we are looking at what we need to do to recoup spectrum, repackage spectrum, especially this mid band spectrum that is going to be so important to expansion of a network,sustainable 5g this is the right thing to go ahead and say do not use huawei equipment to our allies. do not use huawei equipment because they are going to use it to spy on you and in the long run, this will be the most expensive equipment you would ever buy. kevin: i was struck by how this is a nonpartisan issue. i am also struck by the backdrop to this. u.s.-china trade talks. this is the one area i think even sentiment -- even chuck
schumer would agree on with president trump. when you talk about tariffs, agricultural, i know these issues are crucial to your state. what would you like to see happen, not moving away from the cyber issue, but in the broader issue of u.s.-china trade talks? sen. blackburn: we would hope the chinese realize that they are a very creative people, and a very resourceful. and they can compete without stealing our technology, our intellectual property. they can compete without embedding spyware and malware into their hardware. what they need to do is compete and abide by the rules that every other market economy uses and abides by. i think that would be great. an on tariffs, tariffs have adverse effect. i look at tariffs as taxes. we have been working this week on issues with wire products and
charcoal grills and some of the soybean issues, chemicals that there,orted from over holly silicone. we are dealing with all of these issues this weekend. the tariffs are not helpful. david: that was senator marsha blackburn speaking with kevin cirilli. with 22heating up democratic candidates already in the race. we talk with the head of the national urban league about the issues that will be important to african-american voters next. this is bloomberg. ♪
to enable african-americans to secure economic self-reliance, power, and civil rights. it serves 300 communities in 36 different states. we welcome its president, marc morial, for today's conversation. great to have you here. 20/20 is around the corner. as we look forward to 2020, and you look at the issues, are there issues that will be at stake in the election that are particularly important to african-americans as opposed to the rest of the population? marc: i think there is great synergy from what african-americans want and would mode -- what most americans want. it is about economic independence, a good job, it is about a secure community, it is about the opportunity to raise your children, it is about the opportunity to live with dignity within the communities that we live. when you really want to drill down, i think issues such as criminal justice reform, the , themy, in committee
racial wealth gap, entrepreneurship and business development in the african-american community, the expansion of health care is a particular concern. education and support for public schools is particularly important. those are the issues that really resonate. i think this election may be different in the sense that there is an undercurrent and sometimes a banner headline that you have this move toward nationalism. or this move toward white nationalism which i think many of us see as corrosive, divisive, and inconsistent with the values of america. i callrrative, that -- it the gut instinct about where we are as a country and what this election is all about, maybe, if you will, override
conventional public policy issues when it comes to how voters vote. david: let's talk about the conventional ones. you started out with economic security, economic well-being, overcoming the inequalities. as i listen to you, i think if president trump were here, he would agree with what you said. even some of the criminal justice reform. said,ld say, as he has unemployment on african-americans is down. he takes pride in that. ofc: there has been an arc improvement in the african-american employment situation since 2010. we have had about 100 plus months of economic growth associated with job creation. underat has continued president trump. but what has also continued under president trump is the
differential, the fact that the white unemployment rate is half of what the black unemployment rate is. what has also continued under president trump is the decline in african-american homeownership which has not been substantially addressed with an aggressive initiative. you have to put -- everything is context. is the unemployment rate to lower today than it was two years ago? yes, but not substantially in the black community. we have to put these issues in the correct context. i am not one to throw credit around to any politician. but i think it is important to say are we better off than we were 10 years ago when the recession began? but most of the weight to bring the black on employment rate down took place under the obama administration. that momentum has continued under the trump administration. i hope it continues. maybe the best thing is no one has gotten in the way of that continuation. david: early on in the
administration, you met with ivanka trump. did anything come of that? do you have an open door with the white house? are they hearing you? marc: we had a good conversation with a ivanka trump. i think it led to working closely with her husband, i give him a lot of credit on criminal justice reform. to also let's give credit charles grassley and cory booker and hiking jeffries, and doug collins and cedric richmond, van jones, the national urban league. many of us coalesced. jared, i think, was essential to that. but i think those early to assions with ivanka led comfort level by me to work -- if there was an issue, if there is an issue, that we can find agreement on. i am going to work on the issue, notwithstanding sometimes the
deep disagreements that may exist. because the national urban league exists for the long-term. it has been here for a while and we intend to be here. david: as you look forward to 2020, there are 22 credit -- candidates on the democratic side. president trump is running. do you see people speaking to the issues that you think are important? marc: i have seen, to be honest, from the early discussions coming out of the democratic candidates, a willingness to engage on issues of racial justice that i have not historically seen. i have seen an openness to studying reparations, and openness to discuss the racial wealth gap, and openness to go further on criminal justice reform. i think that is a healthy recognition that african-americans -- not only african-americans, but many others believe that social justice and economic justice issues are critical for the
future of america where we are today. anid: we had african-american male serve as our president. as you look forward to 2020, i will put this as an old white guy, can an old white guy carry that flag for the democratic party and appeal to african-american voters? barack obama got african-american votes. joe biden or bernie sanders -- marc: it is so interesting because barack obama was singular, and he was an exception to the rule. the african-american voters when it comes to the presidency, african-americans supported john kennedy, lyndon johnson, jimmy carter. some african-american supported richard nixon in the early days. bill clinton had substantial support amongst african-americans. african-americans have always, i think, been willing to support candidates who are not african-american sometimes because it was the only choice. if there is a genuineness and a
trust factor that this person will have the issues of the african-american community as a part of their portfolio. i think the second thing is i think african-american voters are extremely astute to voters. ad want to align with candidate that they proceed to -- perceive could win. obama, in the early days, he had to overcome, was the country ready? could in african-american compete? in those early primaries, he outperformed the expectations and turned the tables. i want to talk about the state of black america report if i can. this is important because it is a 2020 lens. we identify what i call the terrible trio of voter suppression. there is an active campaign in america to suppress the vote and suppress the vote of african-americans. the supreme court and its
decisions are part of that. state legislatures are part of it. what we identify is how russian interference focused on african-americans. that has not been talked about. but it was really the driving influence to poke a finger into the country's racial challenges, to try to influence to not voteicans, in the 2016 election. david: we have a lot of to do. marc morial, terrific having you here. marc: we will be back. david: i hope you will be. live from new york, this is bloomberg. ♪
bank of new york mellon which is a major payment system operator. i knew the system itself would be in trouble. i decided our most important role was to keep the financial system open and operating. what did we do? a number of things. parallel. first was clear communication. very brief, very sis income of the fed is open on operating. fed stands ready to backstop the monetary needs of the system. that created a lot of confidence. then we had to live up to those words using a number of technical tools that the fed has at its disposable -- it's disposal. the third thing we had to do was this severe crisis that was occurring in new york and washington did not span across the country and around the globe. tool theveraging every federal reserve had, bringing currency to new york, keeping
the payment systems up and operating literally 24/7. lending u.s. dollars on a massive scale to other central banks so they can lend on to foreign banks that needed that money. for two or three days, it was basically flooding the system with excess cash, excess currency, excess reserves. the federal reserve's balance sheet which is much talked about having gone up to $4 trillion, i had to oversee it when it broke over $1 trillion on september 11. it was a massive effort to keep the system home and maintain a high degree of confidence. fortunately it worked. david: the entire interview tonight on bloomberg big decisions is at 9:30 p.m. this is bloomberg. ♪ erg. ♪
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