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tv   Bloomberg Markets Balance of Power  Bloomberg  July 8, 2019 12:00pm-1:00pm EDT

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where the world of politics meets the world of business. on the brief today, michael mckee on federal policy -- that is totally wrong. damian sassower will be talking about turkey. maria tadeo on what comes next, and from washington, kevin cirilli -- that's not right. sahil kapur on joe biden. bastak.ali damien, let's start with you. erdogan replace the central bank governor with his deputy governor. it undermines the institutional efficacy of the central bank. what we have is the situation where credibility was an issue in turkey and becoming even more so in light of the current move. guy: at the same time, is president erdogan wrong?
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we will show you a chart that shows you the real yield. damian: this is the thing we get to. this points to a bigger divide within the party. what might be important to foreign creditors and might be important to the president erd ogan and turkey might be different things. despite you have real yields, if the currency does not cooperate they will not be able to ease policy. david: how to the markets react? off,n: equities have sold the curve inverts. the turkish are the most inverted of all the emerging markets. worse than places like nigeria or iraq. you would think foreign creditors would be concerned about the price action. david: thank you so much. let's go to maria tadeo in athens on the new greek prime minister. they are efficient. interesting because
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in the space of 24 hours greek politics have gone full circle. the new prime minister voted in. he is the new greek prime minister. we're expecting an imminent announcement and he was clear when i spoke yesterday in athens that he wants to blow the economy aggressively. he talked about 4% global gdp growth. tape and cutut red taxes and wants to do this quickly. he needs fiscal space to do this. it is not clear the european commission and the creditors in brussels will agree to any of this. david: at the same time, he has a lot of eu restraints and they still a lot of money. they stood up debt that has not been relieved. does the of the political support to get this through? maria: the debt pile is huge. he is aware of this.
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at the same time, you look at the surplus target 3.5% of gdp until the end of 2022. he does not want to focus on debt relief. reliefs that the term does not work for the european institutions. instead he wants to look at the growth denominator of the equation. he wants to grow the economy quicker and if he does that he hopes that the tax cuts will pay for themselves. , anddea is can he do this the european commission play ball and will investors stay by his side. if you look at greek assets, it does look like the market likes the idea as a pro business government in athens. stocks have rallied and yields are -- the compression is spectacular. david: maria tadeo, thank you so much for reporting from will athens -- from athens. , joe go to washington
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biden back on his heels, a lot of apologizing going on. sahil: he is still the front runner but he spent a lot of this weekend walking back comments he made 18 days prior about segregation, about his work with segregationist senators in the senate in the 1970's and the 1980's and he mentioned two of them in particular and spoke wistfully about that and say a good relationships even though they even though they disagreed on almost everything. he said he is sorry for making those comments. this was a self-inflicted wound and caused a needless headache. he remains a front-runner but he has taken a bruising since this comment, mostly at the hands of kamala harris in that first debate. i think that could have been avoided. david: do we have any sense of who might be benefiting from vice president biden's difficulties? sahil: the two candidates that have risen the most have been,
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been kamalave harris and elizabeth warren. vice president biden and bernie sanders and in the front runners, but it is looking like , anden front-runner race then bernie sanders, elizabeth warren, and kamala harris are all bunched up for second place. david: thank you so much. sahil kapur from washington. out withbank came their major plan and the stock went down. sonali: exactly. initially investors were reacting well and then through the day you see people starting to follow some of the top news embedded in this massive restructuring plan, the biggest we have seen in many years even after four other restructuring plans. with 18,000 job cuts, there is not a lot of clarity on where those are coming from and how they will deliver any percent return on common tangible equity
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by 2022. that target alone, people say is ambitious for deutsche bank, but jpmorgan is about 18% or 19%. david: when something big like this happens, often the street looks to analyst. is there a consensus among analysts if this is a good plan or not a good plan? sonali: they needed a plan. analysts want to see something drastic but everybody does have concerns. deutsche bank outline what the pitfalls will be. no dividends for the next two years being one of them. investors will have to be patient for the plan to work out. david: who stands to benefit. deutsche bank is pulling back on equity sales of trading. who can step in? sonali: even a couple weeks ago i had people from morgan stanley and bank of america say remember when they did that to us?
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they were expanding into 2008 by stealing from the bigger banks, now you see citigroup and others taking talent from deutsche bank and e&p forming a partnership to take on those equities. david: now let's find out what is going on in the markets with emma chandra. emma: we are looking at a risk off sentiment for the u.s. markets. all the majors in the red. .5% and thewn nasdaq off 1%. all trading and investors are waiting what we will hear from jay powell later this week and any clues he might give as to whether rates will be cut next month in the u.s. and to what extent they may or may not be cut. back to what is happening today. we have the nasdaq down 1% and tech leading the way lower. apple the worst performer in the nasdaq and s&p 500. this after it got a downgrade from rosenblatt. we will talk more about that.
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chips also underperforming. let's bring up the imap function for the s&p 500. oneone of the worst -- tech of the worst performing sectors on the s&p 500. all but two sectors in the red. health care the worst performer. only two stocks are in the green today. let's take a look at some of the ones that are moving. we are looking at big pharma within health care. merck,erck -- pfizer, all falling. we heard from president trump that he may be interested in introducing a favor nations pricing system where the u.s. would buy drugs based on the lowest prices paid by other countries. that is having an impact on health care stocks. chartst chart, this is a showing the s&p 500. we were in overbought territory. this is the rfi.
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if it is above the red line, that suggests we are in overbought territory. we have been looking at quite a big rally over the last few weeks. the s&p 500 up four of the last sundayeks and last closed a week of record highs. david: turkey has a new head of its central banks. we talk about what that means for the turkish economy. that is next and this is bloomberg. ♪
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david: this is "balance of television.loomberg we turn to renita young for first word news. the justice renita: department says it will defer to legal team -- the justice
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department says will be shipping this matter to a root -- to a new team of lawyers. the supreme court already ruled against the change late last month. in new york, a federal grand jury has launched an investigation into gop -- into a gop fundraiser. faces accusations that he used his position as vice chair of president trump's inaugural committee to drum up business deals with foreign leaders. his contacts allegedly include the current president of angola and two politicians in romania. the mississippi department of environmental quality has closed all of the state's beaches as toxic bacteria continues spreading eastward. thatgency has warned midwestern floodwaters have been an outbreak of blue and green algae. exposure to the bacteria can cause skin and stomach problems. the u.s. women's soccer team will celebrate its world cup victory in traditional style.
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on wednesday, there will be a tickertape parade in the streets of manhattan. the americans won their second straight title and their fourth overall, beating the netherlands 2-0 in france. 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 am renita young. this is bloomberg. david? david: the turkish president over the weekend fired his central banker, saying he was tired of waiting for a rate cut he has been urging for months. here to explain what happened is reva goujon, stretch for vice president for global analysis coming to us from austin, texas. is the president wrong? put aside the independence of central bank. is he wrong on the merits? i will show you what the real rate is for turkey, and it has gone off the chart. reva: it is hard to say whether he is right or wrong.
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it depends if you are talking to wall street analysts or his inner circle. he believes that higher interest rates produces more inflation. it is an unorthodox philosophy but he is looking to surround himself with like-minded figures who will pursue his policy and his new central bank chief who was the deputy governor to the central bank, his name means "submissive" in turkish. he is expected to be much more deferential to that very unorthodox philosophy, which raises expectations overall for another rate. on july 25 when they meet again. you have to remember the context. erdogan is coming off another big loss in istanbul. that rerun was embarrassing for him. he is facing a major rebellion within his own party. the former deputy prime minister has just announced that he is
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defecting from the ruling party, starting a splinter party. there are heavyweights they're looking to join him. david: is this fundamentally economics or is it politics? is this trying to make himself more popular with the people by adding lower interest rates? if it is the latter he could run into trouble because that leads to inflation. people might not like that. it is growthdogan at any cost. he understands the things that got him to power were high growth rates and he believes that low interest rates produce high growth rates. vary overonditions time, there are cycles, but he does not want to face that reality, and by design he has extended his own tenure. he will be presiding over that reckoning. the next election is not until 2023. this is going to catch up with him but he has a lot of power to be as resourceful as possible,
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to implement the policies he sees fit. he would not have been able to fire his central bank chief before without the presidential powers he only recently acquired. david: politics is one thing. he has to answer to an election sooner or later, but the bond market is something different. he can be badly punished if he does not watch out for his economics. reva: absolutely. you see every day there is something that has a big impact on the turkish lira. he had a relatively successful meeting with trump at the g20 where trump was downplaying the potential for sanctions and the lira gains of it. the lira gains after the houston bowl loss as a win for turkish -- after the istanbul loss as a win for turkish institutions and you see a number of external factors that are compounding , whereat the same time you see in addition to this concern over the central bank we 00's beingan s4
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delivered to turkey. potential for sanctions and pressure on the american president to make an example out of turkey. turkish activities in the eastern mediterranean that could provoke eu sanctions, even if they are limited, and turkey's vulnerable to an increase in iran sanctions. nuclearee with iran's restart there is more potential for that. david: let's move on to iran. iran has announced they will go above that 3.74% enrichment of uranium to at least 5%. how does that put pressure on the europeans? reva: iran is still operating in an incremental fashion. the first step was to state it is increasing at stockpiles of enriched uranium. now it is saying it is increasing the purity level to 5%. it is saying it is still using its older centrifuges, not the
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more advanced ones yet, but that could be the next step. if you see iran rise to near 20% purity levels, that reduces the breakout time for a nuclear bomb. that israelconcern is going to be vocal about, that the europeans will be concerned about. right now the focus for the europeans is on diplomacy, and the french president is trying to open up a communication channel. that hinges on what iran's demands will be for even a negotiation to open up. if that is halting the sanctions and lifting the sanctions, reintroducing the waivers where iran is loud export at least 1.5 million barrels per day, that will be difficult for the trump administration to agree to, especially as iran is engaging in these nuclear moves. david: it appears the french president is opening up that channel even as we speak. in the last three or four
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minutes a headline just opened up that a micron envoy is supposed to meet -- that a macron envoy is supposed to meet in iran tuesday. can the europeans accommodate iran without running afoul of the night states and our control of the payment system internationally? reva: that is the problem. i do not think iran has any delusions that the european will convince private corporations and banks to continue dealing with iran and facing the risk of secondary sanctions. that is why secondary sanctions can be effective. already we can see this path where the europeans are not going to be able to provide that economic safety net and so i ran's demands will be high and the u.s. demands will be high, which is why the potential for a military scenario is strong. david: that is my question. if the europeans cannot move for the reasons we discussed and iran still plans on increasing
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the level of uranium periodically, is there any avoidance of military action by the united states? president trump has said he will not tolerate nuclear weapons in iran. reva: it all depends on how incrementally iran advances these moves. it is moving at a rapid clip at this point but these are all reversible steps. there is always potential for a negotiation to open up where iran hopes the negotiation will culminate beyond the trump presidency. it is trying to rebuild leverage for an eventual renegotiation anyway. there's always a chance you can avoid the military scenario, but i would still say there's a strong possibility we see the u.s. driven to a limited strike scenario as much as it wants to avoid it. david: give us some sense of the pressure being put on the iranian regime. we just showed a chart of how much the oil exports have dropped off.
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that might put them in a corner where my neck and desperate. which you think it is? reva: their exports have fallen to about 300,000 barrels a day. they are demanding they need to return to 1.5 million barrels a day. that is a big gap. this is hitting hard on the iranian economy. we will see inflation rise. it is not to the point where you ceiling countrywide unrest -- where you are seeing countrywide unrest, but i do not think iran is in a position where it needs to buckle and enter into negotiation from the point of weakness. david: thank you so much. reva goujon, vice president for global analysis at stratfor. still ahead, wall street pessimism on apple grows. how the stock is coping. this is bloomberg. ♪
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david: you are watching "balance of power." i'm david westin. apple is our stock of the hour. the iphone maker falling to its lowest since may. emma chandra is euros more. we are looking at the effect of an analyst downgrade. emma: apple gained a new bear. it was cut to sell by rosenblatt. whatnalyst there is seeing he calls a fundamental deterioration largely to do with the fact that we refer to apple as the iphone maker. apple too reliant on the iphone. he says sales in the second half of the year will be disappointing. sales growth for the ipad will also be slower than expected and sales of other devices like the air pod and i watch are not meaningfully enough to support total revenue growth. he also said services are
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something to be concerned about. we know apple has been trying to move into the services side of things and he has been saying that services are likely to slow. it now means apple has the most sell ratings it has had since 1997. five sell ratings at all for a total of 57 ratings track -- out of a total of 57 ratings track by bloomberg. you get a sense that the sell ratings are increasing and there are now five of them. ratingse number of buy has come down in the number of hold ratings has gone up. we are seeing growing skepticism about apple that has come to fruition through 2019. david: electronics and tech are having a tough time, but the one i do not see coming was between south korea and japan. emma: we know the u.s. china ,rade war has weighed on apple but now there's a new trade battle between japan and south
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korea. this could also have an impact on apple. what we heard is japan has slipped restrictions on exports to korea of three classes of curiel that are crucial -- of material crucial to the production of chips and high-tech screens. that will impact samsung which is a big supplier to apple. david: just needed a lot more confusion about supply chains. thanks so much to emma chandra. next, everyone agrees there's a crisis on the southern border but no one seems to know what to do about it. we talked to john stanwyck. watch meantime, you can us on your own terminal and see the interviews we have done. live from new york, this is bloomberg. ♪ xfinity mobile is a wireless network
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xfinity mobile has the best network. best devices. best value. simple. easy. awesome. click, call or visit a store today. is "balance of power" on bloomberg television. i'm david westin. for bloomberg first word news, me go to renita young. renita: jeffrey epstein appears
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in court today on federal sex trafficking charges involving girls as young as 14. charges that could carry up to 10 years in prison. he was arrested saturday after years of accusations of child molestation. the attorney handed down a charges earlier. today, we announce the unsealing of sex trafficking charges against jeffrey epstein. the charges allege epstein sexually abused young girls by enticing them to engage in sex acts for money. this pasts arrested saturday evening at teterboro airport aboard his private jet that had just landed from paris, france. case against epstein also indicates at least three of his employees were involved in recruiting and scheduling minors for sexual encounters with him. the democratic presidential candidates will take the stage july 30 and 31 for the second set of debates. this time in detroit.
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cnn will be hosting the debate. 20 candidates will be invited to participate in one of the two nights. the hopefuls will be notified if they made the cut july 17. in greece, the leader of the new conservative democracy party has been sworn in. had aos mitsotakis resounding victory over the left contender. voters gave him its is a mandate 's problems.eece problem an israeli court ruled the palestinian authority and a libertarian organization are responsible for deadly attacks israelis and jews. the court handed down the ruling covering 17 incidents. the court said the palestinian institutions and leaders provided financial support to the attackers. global news 24 hours a day, on-air, and @tictoc on twitter,
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powered by more than 2700 journalists and analysts in more than 120 countries. i'm renita young. this is bloomberg. david: very few people can get in to observe firsthand the children being detained as they cross the border are being treated. those that have gotten in paint a different picture. state,ve lived in that have been down there in my 15 years of congress, before that as a federal prosecutor. this is the worst i have seen it and it has to be taken care of. >> there is adequate food and water, because the facilities cleaned every day. i know our standards are being followed because we have tremendous oversight. we welcome the man who used to be responsible for undocumented immigrants coming into the country, john stanwich. welcome back. give us a sense of how big the problem is. it seems a number of overall
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people being detained is going up, and even more disturbing, the number of unaccompanied minors is going up dramatically. john: it is not necessarily the number of people but we have so many unaccompanied minors and family units. the situation at the border shifted in 2014, we started to see a spike in families primarily from central america. we didn't shift our resources to process those individuals quickly and these backlogs have formed and now we have children chanting facilities never designed for them to begin with. david: do we know why it's liked? -- it spiked? john: there is a lot of mass poverty and violence in central america. our asylumk in system, that is overwhelmed and provides an opportunity for people to stay in the u.s.
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that plays a role. human struggling organizations are recruiting individuals as well. don't think wei fully get a handle on what drives these mass migrations. as i say, conflicting reports of how these children are being treated, but they are deeply disturbing. do you have a sense of what is going on, and why don't we know? there seems to be an on her lack of transparency. john: i don't think the department is doing themselves any favors with that. the inspector general's report documented clearly. there is no bias there. i know the president is saying the democrats are exaggerating, but they are giving an objective sense of what is going on. children are jammed in facilities that were built for adults. they are there longer than they should be. it is not because the border patrol does not care. with an just dealt unwinnable hand here.
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these facilities look like jails. not long term jails, but the kind where they are held for initial processing. that is when these are designed for. we are now jamming tons of kids and families into the facilities. i have every reason to believe that what you're hearing about overcrowded facilities is true. we have to search resources to process these kids out much more clear that we are doing now. david: well money help the problem? now, $4.6funding million. how will that help the problem? john: part of this is the administration is taking a stricter approach. up, iffamily unit comes the untold is not the parent of the child, then the department is separating the child. i understand there are some human trafficking concerns and reasons to do that, but there are other situations where you have relatives being separated. that increases unaccompanied
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minors. it places a burden on services to place them in a safe environment. there are not enough hhs officers making placement decisions, not enough funds to fund foster care facilities. the money will definitely help if provided. officers in, and facilities to house these kids. david: we hear terrible reports at these facilities. how long does it take for the four point $6 billion to make it down to where it needs to make it? as a practical matter, when might we see a real turnaround? john: two things drive that. one is the flow. the good news is we are entering the summer months. historically you see a sharp decline in the summer months. big hiring in the spring, but the weather plays a role as well.
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with any luck, we will see a drop. that will help the department and hhs get their arms around what they are doing with. on the other hand, how quickly can the administration surge resources to handle the problem? one problem i think we have, we are surging more resources to the security approach, the wall, asylum and need are a judge us officers to process out weekly. david: who is trained to do this? the national guard is not trained to do this. there is a special kind of training when you are dealing with on a company minors. john: the way the system is supposed to work, it is supposed to be family members. the kids are supposed to be in attention for a short amount of time. ice is not allowed to detain the the national guard is not trained to do this. kids, period. unfortunately, those rules are coming back to bite us because we have created these massive backlogs. hhs is not ready for them, so
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now they are being held in border patrol custody. does handle minors every year, just not this many. they don't have the facilities to safely house them. david: the main issue is the children and the conditions they are held in. at the same time, officers are seeing and experiencing this every day. what toll is this taking on the officers? john: i don't think any of this is good. unfortunately, they bear the brunt of the criticism. people don't really understand, this is not their fault. a lot of it is the resources they have been given, and they hand.alt an unwinnable abilityl hinder their to do their job for years to come. it definitely hurts the morale of the agents who are saying i am doing the best i can and i look like the bad guy here. david: you know the situation better than most people. take a step back. forgetere up to you --
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about republicans, democrats, any of the above -- what would you do to fix it? john: we have to start treating this like a refugee crisis, not a security crisis. these people do not actively pose a threat. the situation at the border is safer than it's ever been, even though the numbers are up. we need to treat this like a migration. screen the individuals, the bad people away from the good ones. we don't need to let people stay in the u.s. afterwards, and we should be working with international partners to place people, so they have the option of going to a foreign country instead of staying in the u.s. i think we need to change the approach we've been taking. detention as ag deterrent, treat this as a humanitarian crisis and process these kids quickly. david: recently, the president toeatened tariffs on mexico get some changes. does that help?
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can hurt.ome ways, it we are pushing back your asylum claim in mexico, or mexico will process your asylum claim. we may see more situations like we had with the father and daughter who drowned in the rio grande, people getting desperate. about,have to be careful we are lucky that everyone is walking across the border at the easy points and surrendering to border control. we can fingerprint, conduct health checks, background checks, identify those who might be criminals from those who are not. it gives us a layer of extra security. if we push people back so they can no longer legally file their claim, we will see people marching through the desert, rivers, and coming across in a way where we don't detect them. that is when we have people coming into the u.s. and you have no idea who they are. david: thank you so much, jon.
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that was really helpful. coming up, health care figure prominently in the first round of democratic debates. we will stick to a medical doctor who served in the house and senate about what makes sense for the country. tom coburn will be with us next. this is bloomberg. ♪
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david: you are watching "balance of power." i'm david westin. president trump has made no secret to his objection of high drug prices. friday he said he would sign an executive order to make sure the u.s. pays no more for pharmaceuticals than any other country around the world. >> we are working on a favored nations clause where we pay whatever the lowest nations price is. why should other nations like
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canada, but why should other nations paid much less than us? they had taken advantage of the system for a long time, pharma. david: we welcome someone who knows medicine every bit as much as he knows washington. tom coburn opened up a family practice in muskogee, oklahoma, and went on to serve in the house and senate. he is now a senior fellow at the manhattan institute. we welcome him today for our conversation in chief. thank you for being with us. >> glad to be with you. david: let's talk about what the president was talking about, not paying anymore for any other country. does that make sense to you? tom: we spend billions and billions through the nih, nsf supporting drug research, the american economy and patients
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subsidize drug prices throughout the rest of the world. the average cost to bring a new drug to the market is about $2.4 billion fully absorbed. it is not of the total amount of money going to the drug companies is wrong, it is the disproportionate share that the american consumers are subsidizing germany, england, and every other european nation through the prices. what it will actually do is bring real markets back into fore, and the prices will go up over series -- overseas and come down here. david: you found in your own practice in oklahoma. effectt have a material how much patience would have to pay as a practical matter? sure it well. let's talk about what has happened since the affordable care act. we have not seen much price inflation but we have seen tremendous deductible inflation. the average deductible for the cheapest plan averages $5,900 in our country. you are talking about that out
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of your pocket before you even get to buying a drug. we don't measure inflation correctly in terms of health care. the other thing we know is that we spend somewhere between $400 billion and $1.2 trillion in health care that doesn't help anybody every year. the thing the president is doing , besides the pricing and trying to create a competitive marketplace in drugs, he is trying to get it so you know what you are going to pay before you buy something. are going toat, we save about a trillion dollars a year in health care. that is a conservative estimate. 90% of all health care encounters are nonemergent and not ikea ettrick, which means you have time to figure out what your co-pay and adoptable is before you buy something. the differential between hospitals and outpatient centers that are privately owned is about 300% on terms of the cost. we just released a study that
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showed the tremendous profits that the nonprofit hospital chains have made, $24 billion last year. ceosofit hospitals paying over $25 million a year in a nonprofit hospital? we have a lot of problems that market forces could take care of. david: let's talk about how we might get there. as you know, republicans came to town, said we would repeal act,care, affordable care and did not work, in part because it was more popular than we thought. what is the sensible alternative? i disagree with your assumption, it was not very popular. when people face their deductible, it is not very popular. unless you have encountered the health care system with a $5,900 deductible, it is fine until you have to encounter that.
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people whoally poll encountered it, it is not popular at all because they lost what they had before. i think the way you fix it is what the administration is trying to do in terms of price transparency. you should know what you pay before you buy it. we do that in every other area of the economy except for health care and education. my wouldn't we want to apply those principles of market forces and make it simple to people, all the have to do is know their deductible and co-pay, and they can figure out what they'll have to pay for anything their doctor orders, and they can know it ahead of time. maybe once we have that come in about three months, the digital age will allow you to know where you can buy the cheapest thing at the best price with the same people, all the have to do is know their deductible and outcomes, versus what you cannot know today. real markets will solve our
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health care problem if we will allow them to function. david: it strikes me that you really practice medicine out in rural areas, not just urban areas. some people think there is a real issue with medical services in rural areas. we spoke to tom vilsack recently, and he flag this as something that both parties needed to address. i think it's important for democrats and president trump to continue to articulate what the vision is not just for america but specifically former role america, a place where poverty rates are higher, an aging population, where job growth is not as robust as urban centers. the ethanol issue is an issue that's been discussed in iowa. the trade issue has been discussed, will continue to be discussed. access to health care. david: he is a democrat and you are a republican, but does he have the right issue? tom: no question we have a problem with health care. in america are
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declining in terms of population and economies. how in the world do you create a competitive equal outcome environment for something like a heart cath? or somebody that is septic and needs an icu? what is the best health care we can give based on the available resources? then we need to be triaging people to centers of excellence instead of trying to build something that is highly inefficient and will not be quality care, compared to what you can get at a much more sophisticated medical center. 4000 babies in muskogee, oklahoma, but i ship 300 of those to the oklahoma center of excellence where we did not have the care that we would need for those children. towns and role america want to keep their hospital. i understand that. the practical matter is you can keep your hospital and get poor care. how do we be saying,
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get the best care for rural america? with significant illnesses, we need to be triaging and shipping, not treating at the local hospital. at the intersection of your experience in washington and as a policy maker, we saw in the first democratic debate, people asking, should we provide health care to undocumented immigrants? pretty much everyone raised their hand. that?do you come down on as a physician, you want to provide for everybody. if we are notand, taking care of our own people, how does it work for undocumented immigrants? the first question, why do we have so many undocumented immigrants? my career was spent taking care of medicaid folks, i don't have any problem helping somebody. but i think you are asking the wrong question. don't have is, we
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the rule of law on our border. we have not secured our border. whiche mass migration now we are just now putting dollars down to handle the problem, because we have denied it was a real problem. down to handle thepolitically, o factual basis to that, but it didn't make political sense to recognize that we had a problem on the border. i think you're asking the wrong question. the question is how you stop the flow of people that are undocumented and how you fix these three crazy judicial decisions that allows people to stay here when they have no right to stay here. david: that is why we have you on, to make sure i'm asking the right questions. tom coburn coming to us from oklahoma. live from new york, this is bloomberg. ♪
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david: this is "balance of power" on bloomberg television. i'm david westin. the july 4 holiday ended with a
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bang in the united it's yesterday, the u.s. women's defending its world title and winning an unprecedented fourth world cup, defeating the netherlands 2-0. the win came after a tolerant performance which attracted fans as well as controversy. the team's unapologetic celebrations prompted accusations of arrogance. that sheinoe said would not go to the white house if they won, and in the face of criticism, she made history. she became the first woman to appear in three consecutive world cup finals earning both the golden boot as the top scorer, and the golden ball, as the tournament mbp. jason gay of the wall street journal wrote, it is one of the best talk and back it up performances. she is legendary now.
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and it was not just scores and trophies she was playing for. after the game, the stadium was filled with shouts of equal pay. now the world champions are on their way home where they will be honored with a tickertape in manhattan wednesday. speaker pelosi extended a extensio invitation to the women's team. one thing's for sure, this team has made its mark on far more than just sports. sign up for the balance of power newsletter at bloomberg.com. get the latest on global politics in your inbox every single day. live from new york, this is bloomberg. ♪
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let's get right to the afternoon.this
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british prime minister theresa may is moving to contain the fallout regarding president trump. u.k. ambassador to the afternoo. british prime minister theresa may is moving to contain the u.s. refer to the trump administration as inept, and called the current white house uniquely dysfunctional. may contacted u.s. calling the leak a matter of regret that did not apologize for the memos content. it is an extraordinary downfall -- admiral william morean had been confirmed by the senate to become the next chief of operations from the navy but now he will be leaving for what the navy secretary calls for judgment. he reportedly took advice from an aid, former aide accused of making unwanted sexual advances to others. european leaders are urging iran to reverse its latest decision to breach levels of uranium enrichment. for now, no one is threatening to impose sanctions. iran says it will resume purifying uranium beyond levels allowed in the 2015 nuclear agreement.

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