tv Bloomberg Markets Balance of Power Bloomberg July 12, 2019 12:00pm-1:00pm EDT
headquarters in new york, are marty schenker. .> and i am craig gordon welcome to "balance of power," where the world of politics meets the world of business. alex acosta has resigned. the move came after heightened scrutiny on the sexual misconduct charges levered against jeffrey epstein. anna enters and joins us now. announcement in a surprising appearance alongside president trump. what led to his downfall? this was an untenable situation for the white house and the cabinet. trump up to not have a problem , which is important for this president. it was not a good look for the white house and the president himself is too close to the story with his past friendship with jeffrey epstein. it adds another vacancy
to this white house staff. secretary. a lot of acting in front of names. what does this mean for the president? anna: the president seems to be very comfortable with that dynamic because he likes to have centralized control. he does not mind having people in positions of power that are beholden to him and report directly to him and he penned on him for their importance and for their relevance. it is not necessarily a bad thing, but it is troubling to some members of congress who want to defend their constitutional right to approve cabinet members. especially when it gets to some of the senate republicans that have been more institutionalist. they are uncomfortable with these vacancies, especially when it comes to the defense secretary. i know bloomberg news just released a story on the usmca fight, the new nafta, tell us about what we are reporting
and what you see ahead. it seems like it has run into choppy waters. a slow burnas been all year and it seems like one of the president's top priorities, but also a delicate moment for nancy pelosi. she has members of her congress that want to get this done, essentially the moderate members , where approving this trade deal is very important. progressive members are very uncomfortable with some of the provisions in the deal, especially with regards to labor in the environment and they would like to see those strengthen. she has told the white house you wants time to talk to her members and renegotiate parts of the deal so she can get more people on board. working groups working on the four main issues and for now it seems like the white house is giving her time to breathe. giving her time to negotiate what she says is important for her members, but the patients will not last forever. it will depend on whether or not white house officials can convince trump there is progress being made and nancy pelosi does
need to have time to get any eventual vote. marty: speaking of time and speaker pelosi, there's the issue of the debt ceiling. secretary mnuchin issued a timetable that moved up the time where the u.s. had run out of money. what is happening on that front? anna: lots of deadlines in congress coming up against the august recess. there were independent analysts this week that said we have less time to do with the debt limit than previously thought. that depends on tax revenue and a key payment due in september and whether or not mnuchin can use extraordinary measures to meet that payment. there was some nervousness in congress around this outside estimate and they had pushed mnuchin to give them the official estimate of when they think congress will run out of money to meet its payment obligations. thisputs a firm marker in
negotiation that this has to be done before lawmakers leave july 26 because they're not scheduled to be back until september 9. that pushes up close to the deadline. that is something markets do not want to see left to the last minute. craig: we're running up against the budget caps, running out of money, a hard concept for the united states. do we avoid breaching the debt ceiling, to we avoid a shutdown? are these talks are assigned people of good will are trying to work through this? anna: i think they will get it done. the question is how. you have nancy pelosi and mitch mcconnell and president trump all saying they want to resolve the debt limit and reassure markets this is not an actual risk. there's not a risk there will be a default on the obligations the united states has. what is included in that deal? if it becomes crucial, they could pass a clean debt limit bill and not attach anything else to it.
progressives are pressuring her to use this must pass will to increase spending. there are a lot of things democrats want to do now that they have a sliver of power and they need more federal dollars to do it. they will not -- they do not want to see this moment of leverage past without using it to advance their domestic priorities. marty: a lot to sort out in the next few weeks and months. gerton is our deputy congress editor and we thank her for joining us. marty: let's get a check on markets. here is emma chandra. emma: the majors in the grain. the dow jones up .5%, the nasdaq up 14%. the dow jones and the s&p also suspected row numbers we have seen of late. the dow jones above 27,000 and the s&p above 3000.
the s&p 500 has yet to close above 3000. investors this week liking the prospects of easier monetary policy but also liking the ppi numbers we got showing a bit of an increase in inflation, and investors in the transport might like that. that is why we are seeing the dow jones transportation average having its best day in more than a month. if we switch up the board, we can look at some of the movers in the transport sector. inflation numbers probably fueling fedex and jb hunt up 5.3%, actually having its best day since january. also looking at fort rising 2%. investors like plans to extend the ford partnership with volkswagen. they are looking at electric vehicles and self driving cars and it is worth $7 billion. we have seen automakers making a number of these deals in the last few months. we are also seeing general motors rising. autos getting a bid today.
i want to take a look at a chart i have for you to show you how the s&p has been performing on a weekly basis given that it is friday. take a look at this. you can see the six bars at the end, five in the grain showing the s&p -- in the green showing ,he s&p 500 trading at highs showing how much better june and july have been compared to the dismal may we saw. i mentioned inflation numbers, and that might be why we seeing consumer stocks feeling the s&p 500. i want to take a look at the likes of capri holdings, all putting in big gains. what is interesting is within those ppi numbers, you saw margin pickups for retailers at health and apparel and we are actually seeing macy's having its best day in a month. one consumer company not doing
quite so well is j&j. we should be on a show how they are performing. we heard in the last hour or so that the u.s. department of justice is reviewing a criminal investigation into johnson & johnson to see whether they lied to the public about the possible cancer risk from its talcum powder. marty: coming up, cabinet shuffle. -- how alex of acosta's exit good impact the white house. we will ask our political panel. from new york and washington, this is bloomberg. ♪
craig: this is "balance of power" on bloomberg television. i'm craig gordon in washington. marty: i'm marty schenker in new york. craig: it is time for bloomberg first word news. mark: as we have been reporting, president trump's labor secretary is out. in a surprise appearance with the president, alex acosta announced he is resigning. >> cabinet positions are temporary spots. it would be selfish for me to stay in this position and continue talking about a case that is 12 years old rather than about the amazing economy we have right now. i submitted my resignation to the president, effective seven days from today, one week from today, earlier this morning. mark: earlier this week, secretary acosta, a former
federal prosecutor in florida, without to stay on the job despite the uproar over his role in the prosecution of jeffrey epstein on sex trafficking charges in 2008. president trump declared a state of emergency in louisiana ahead of tropical storm barry. new orleans is bracing for torrential rain as well is a four to six foot storm surge. the storm could drop as much as 25 inches of rain in some areas and could also turn a door hurricane before coming ashore on saturday. the brazilian president says he is considering nominating his son to be brazil's ambassador to the added states. president also narrow said his son -- the president said his son would be perfect for the job because he is friends with president trump's children. the nomination would need to be confirmed by brazil's senate. india's taking a giant leap in the space. on monday india will launch its second giant -- unmanned mission
to the moon. the goal is to land a rover near the unexplored south pole region. the goal is to map the moon's surface and search for water. 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 mark crumpton. this is bloomberg. craig: back to the top story this hour. u.s. labor secretary alex acosta is stepping down after the backlash over his handling of a decade-old sex crimes case against jeffrey epstein when acosta was the u.s. prosecutor in florida. joining us now is our panel. trump 2020 campaign strategic formerr mark lotta and joe biden -- some danger this moment reminds people that the current president was pretty good friends with jeffrey epstein? mark: absolutely not.
this is the secretary doing the right thing for his department. he understands that because of the media's focus on this 12 beingld case, the work done by the labor department to remove burdensome regulations is being overshadowed. like a good leader, he is stepping away so he is not a distraction and the good work of the president continue. craig: we are up to a half dozen acting secretaries. is that any way to run a railroad? how do you keep the government functioning with so many people who do not know if they will have that job tomorrow? they are still doing the work and backed up by a lot of other deputies. thatyou see the great work is coming through from the trump administration, it does not matter whether they are acting or whether they've been senate confirmed. the work continues. craig: you have advised joe biden in the past.
if you were advising joe biden now, should he talk about jeffrey epstein or president trump's labor secretary having to be resign under a scandal? scott: this is a pretty big case that needs to be addressed. you saw the present make the political decision he did during kurds the labor secretary a step down. this is about law-enforcement. it is about figuring out what happened in these dreadful stories of these young women and girls and it is time to figure it out and assess the case. it is not politics. of law.e rule it is let law-enforcement officials do their job. marty: marty schenker in new york. there are a number of polls, wall street journal, nbc, fox polls showing joe biden ahead of the pack. is it too early to start making victory plans for joe biden and what would be your advice to him
to keep that lead going? scott: politics is at its best when it is not a coronation, when it is real democracy in action. you are seeing that in this election. voters no joe biden, they like him. they also see other candidates. let's let the process play out. he is taking it to the president and also showing contrast with president trump. he will continue to prove himself. he raced more per day than any other candidate since he entered the race. that shows a connectivity with voters that is real. that is not a nomination. there are debates, there are contact ind voter every diner, in every speech. that is what politics are made of. voters want to see their candidates. he has done well so far and i expect we'll see more of the same. you well i'm sure
know, it is the ground game that counts in getting a nomination for president. besides joe biden, is there every one -- is there anyone you think is cutting through in terms of blocking or tackling of the campaign? scott: you've seen impressive work by maier pete buttigieg, certainly by joaquin castro who had a tremendous debate, and you've seen nice work by senators harris and senator warren. what is interesting in this debate is you also see the presidents of governor steve bullock, a red state democrat who will be newly in the debates and a fresh voice. it will be interesting to see if he can break through during the debate later this month. craig: the president had to do a bit of a backtrack and a retreat on the idea of putting a citizenship question on the united states census asking
people if you're a citizen or not a citizen. this is a topic pretty important to his base. he did not get what he wanted. how does he sell that to the voters to say he's still fighting the good fight? marc: one of the things that many people want are the result and not necessarily how we get there. what the president did by signing the executive order, he is still getting through all the resources of the federal government and the accounting for almost all of the illegal immigrants and the citizenship status of people who are in our country. it would've been easier to do it through the senses, but because of the legal hurdles being thrown up in the constant obstruction by the democrats, that was not possible. the president use the powers of the presidency to get that information in another way. --the broader point, so many washington is covering the process of how we get things, where many people in america just care about the results.
that is what the president is focused on. that is what the american people will see. one of the main obstacles of the census question was chief justice john roberts, a staunch conservative. what you think the president and his team were not able to convince the u.s. supreme court that this was the way to go? marc: i figure was more process question in terms of the court and how the chief justice was rolling rather than the actual constitutionality of can you do this? it was the steps taken to get there. while the attorney general was confident they could overcome that legal argument, they would not have been able to do it in time for the forms to be printed. a processave won fight but still lost the ability to get the information. the president decided this was the better route. , there have been a number of reports that donald
trump would love to run against elizabeth warren because of the issue of the economy and using the word socialism, especially in the context of bernie sanders . is there a danger to the democrats that they could go too far along those lines in the 2020 election? scott: there's always a danger of going too far. i'm not sure that exists with senator warren. she is a remarkable impressive and exposed -- and composed candidate. when we looked at focus groups for the obama biden campaign, there was a residence across age group and geography -- people thought chief off for them. we can have a debate about rhetoric and the president and others can throw terms like socialism around. what people want about their elected officials are folks that will fight for them. what we see with this field is more than two dozen folks who
are mayors and governors and private sector officials who we think can make that case and make that fight. if folks want to parse words about socialism, they can. the desire to move this conversation left work and have a discussion about how to fight for the middle class is one the democratic party are happy to have. sayy: scott, can you whether this election in 2020 is going to be in issue election or an electability election? is it going to be on the person or the policies? scott: it starts with the person. race unlessn this you are a compelling elected or otherwise official who can resonate with voters, whether you are andrew yang who is found some residents is a former tech executives. the person matters, and as you get to know that person, what they are talking about and how
you are talking about it matters. you are starting to see separation between the top candidates and the rest of the field. senator warren has had success, as has vice president biden and others in rolling out specific policies. it is an art and a science. you're like the person and like what they stand for. craig: our thanks to mark lotta and to scott mulhauser, former deputy chief of staff to joe biden. marty: still ahead, the stock of the hour. oracle has lost a court challenge to attend billion dollar clout contract. this is bloomberg. ♪
power" on bloomberg television. from washington, i'm craig gordon. marty: i am marty schenker are in new york. time for the stock of the hour. oracle falling more than 1%. the company has lost its court challenge to the pentagon's clout contract. emma chandra is here for more. emma: the stock was down earlier in the session but we saw take another drop lower on the news it had lost this challenge to the pentagon cloud contract. a contract worth $10 billion. back in april the pentagon eliminated oracle and ibm from the competitive process, saying just amazon and microsoft would go through to the final round. it is a winner takes all contract and oracle had challenge this. they said the decision to just pick one winner violated federal -- that was designed to ensure competition. those -- the court dismissed this. this is a big news for oracle. they are locked out of the $10 billion contract. cloud services are $32 billion
of its more than $40 billion of revenue. the company had also claimed there was a conflict of interest as well. they said there were ties between some former defense department officials and analysts. the government had rejected that. they said they were not involved in decision-making. it is a big win for amazon. they are considered to be the front-runner. dan ives at wedbush out with a note after the news dropped saying that their contacts in the beltway have made steady progress. emma. thanks, this is bloomberg. ♪
power" on bloomberg television. in new york, i am marty schenker. can reach a trade deal on industrial goods possibly this year. the country trade minister met with the u.s. trade representative robert lighthizer in washington. talks have been stalled by u.s. demand to include farm products in a deal. turkey may be a step closer to being hit with u.s. sanctions. the first shipment of a russian missile defense system has now arrived. the u.s. has warned turkey it would face economic sanctions if it goes ahead with the purpose of the system. it also says turkey will not be allowed to take part in the program to build the f-35 fighter jet. a warning from steven mnuchin. he has told nancy pelosi the government may run out of cash in early september if congress does not increase the debt ceiling. wantsary mnuchin lawmakers to act before they
take their six-week recess starting july 26 but it is not clear if the house and white house can reach a deal by then. president trump says nationwide will be carried out this weekend, focusing on criminals. mr. trump told reporters "we will be taking them out by the thousands." he previously postponed the raids, saying he wanted to give lawmakers a chance to change immigration laws. 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. craig, back to you in washington. craig: turkey says it has received the first major delivery of russian defense missile systems. joining us for more on the story is built fairies -- bill faries. what does this mean for u.s.-turkey relations? >> it is the latest blow in a
long time partner, ally. one of the key countries helping the u.s. build the f-35 joint strike fighter. that participation now at risk. the pentagon has said it was willing to wind down turkey's participation in the program. what we are waiting to see now is if this latest acceptance of the missile-defense system which the uss could target the f-35, whether that will result in stronger sanctions against turkey. the pentagon is likely to issue some sort of statement on this. in congress there has been bipartisan support -- bipartisan frustration over turkey's actions. this will only stoke that frustration. marty: does anybody have a clue what erdogan's game is here? is he trying to get closer or farther away from nato and the united states? bill: what we hear is they are
still committed to nato, but this kind of action lies in the face of that. i think we are a time when a lot of countries are questioning whether some of their historical alliances are as valuable as they were in the past. erdoganwe have seen cozying up quite a bit more to russia and vladimir putin in particular. facing a lothe is of domestic challenges, so on some level, he may feel like this helps him domestically or within his own party, particularly after he had that pretty devastating loss in the istanbul mayors race. it is hard to know what is going right now,an's brain but this has been talked about for over a year. the u.s. has been trying to get them to rethink this approach and it has not worked. craig: how much blowback is turkey getting from nato? this is supposed to be a strategic defense alliance. if it looks like he is cozying up to russia, the country that we are all protecting each other
from mostly, are the other nato allies starting to put heat under erdogan? bill: turkey has always been kind of the problem child in nato. you go back to their invasion in cyprus in the 1980's. since that episode, this is the most serious thing to happen within the alliance. there is not a very clear process for expelling or leaving the nato alliance, but this is the kind of event that will cause countries to think, maybe we need to start looking at that. next up oness the this is coming from the white house and what donald trump decides do about it, is that right? already been a busy day for donald trump and the white house. i think we will wait to hear probably from the pentagon. it is a close ally, nato ally, business partner when you look at the f-35, this is the kind of thing that you would expect the
white house, pentagon, state department, even perhaps treasury department all to be weighing in on. i think we will start getting reaction pretty shortly. marty: thanks, bill fairies. -- faries. turning to the pharmaceutical industry, shares of johnson and johnson are taking a hit, this as the justice department pursues a criminal investigation to whether the company lot about cancer risks in talcum powder. bloomberg opinion columnist max neeson joins us now. is the j&j hit in the market justified by this probe? certain extent it is. definitely not good news. we had already known that the government had subpoenaed johnson and johnson or more documents related to what it's been saying about talc and cancer risk. hand, criminal
charges are difficult to prove. the fines they assess are not always as large as those in civil lawsuits. the bigger risk remains the hundreds of civil suits that are connected between talc and all very and cancer, mesothelioma. the fact that there has been a grand jury panel, criminal investigation certainly is not a good sign for the company and its liability. a lot of people think of the trump administration as business friendly but there are several actions out there, justice department looking into google, sec looking into facebook, now justice department with johnson and johnson. are we seeing is like tilt to hold these companies responsible? max: that is something that might be happening. definitely not the only action going on against the pharmaceutical industry. also some investigations into price-fixing in the generic market. clearly an area of interest.
it is part of a broader shift toward more aggressive corporate prosecution. that is definitely not good news for johnson & johnson, for example, which is one of the companies that faces more litigation risk. it has the pharmaceutical unit, consumer unit, and devices, which have all been sources of lawsuits. is there headline risk for j&j going forward? is it on this case or the civil case? max: i think both. it is not just talc. they also have the ongoing opioid lawsuit in oklahoma. you get that the more these headlines, the more it -- our investors bloomberg intelligence estimates -- $15 billion in liabilities just in talc, and that it before you get to these other areas.
that will continue to be an overhang in an otherwise rough year for johnson & johnson. marty: thank you, max. craig: coming up, president trump pitches usmca to rust belt voters. how does organized labor feel about the trade deal? we will speak to richard trumka, president of the afl-cio. this is bloomberg. ♪
the finish line in congress. joining us from washington is afl-cio president richard trumka. what is the current view on usmca and the work nancy pelosi is trying to do in the house to clean up a little bit? richard: it still needs a lot of work to be done. as it is currently presented to us, it is totally unenforceable, on three different levels. we are working on that. working to clean up some of the language internally. then we are working to clean up a couple of other issues. we are constantly working at it. we are hopeful that we can ultimately get there. old enough to remember the first nafta fight, when the unions were pretty down the line against it. you seem pretty hopeful it could get through with the fixes you need on labor protection, wages, jobs, that sort of thing. has there been a sea change among your members about the positive benefits of free trade?
richard: i think there's been a sea change among the american people that bad trade agreements are bad for the economy and bad for workers. you have 70% of people that think nafta has been an unmitigated failure. this is an opportunity for us to correct a bad trade agreement and actually make it work for working people. we are going to give it our best, given everything we have to see if we can get an agreement that actually works for the economy, works for workers. if we can, then in fact, we will support it fully. if we cannot, we will oppose it. marty: i want to give it to the 2020 race. there has been this whole notion from the trump white house that the economy has never been better, historic, certainly the stock market set records. are your workers feeling in terms of how this economy is treating them? richard: they are really
insecure. many of them have not had a raise for a long time, their health care is under attack, tensions are under attack, their children are facing a mountain of debt coming out of college. they don't see any change coming in the future. they believe the rules of the global economy have been written for them to lose, and they've been losing. they want to change those rules. they thought president trump would do that, that is what he told them he would do the last time around. unfortunately, he has not followed through on the promises he made. this is a chance for us to make sure that one of their worst rules gets corrected. marty: you expect, if these changes do go through, and nancy pelosi delivers, and that the president supports those changes, you will support this new agreement and support president trump signing it? we get an agreement
that is worthy of the american worker and the american economy, we will definitely support it. getting there is still the issue and we are not there yet. you know very well a lot of the members supporting donald trump in 2016 -- you said a sentence that we may have heard donald trump say, the global economy is not working for the average working man and woman in america. how do you try to prevent that slide toward trump in the 2020 election, are there any democratic candidates that you are looking at right now that are speaking about the issues that you would like to see them talked about for your members? richard: since president trump has been in office, i have tried to call balls and strikes. if you does something good for workers, i say so. if you does something that is bad for workers, i say it is bad for workers. if you are balancing them out, right now it till to the bad for
workers side, not good for workers. you could correct that and rebalance things. what we do is tell the truth about the issues. to every one of the democratic candidates, we went to president trump, and we said unless you talk about kitchen table economics and how you are going to solve the problems of workers, you are not going to get their support. i think many of the candidates that are out there right now are talking to those kitchen table economics, about how you get health care, get a wage, how you have collective bargaining, get a voice on the job. how you make sure we have secure pensions. how do we get a quality education, public education for our kids before college, and then a great college system afterwards, and make it affordable for everybody. the candidate that talks about those issues will win the most support from working people. craig: have you formulated your plans for 2020?
the three most important states in this election are where you have members, pennsylvania, florida, wisconsin. what do you expect afl-cio to do to help democrats get elected? richard: it is not helping democrats get elected or not get elected right now. we are having all candidates talk to our members, understand what we do for a living, understand how important we are for the economy. understand how many people get educated every year by the labor movement. we educate more people every year than anybody except the military. have them understand that, and have them understand the issues that are important. the candidate that speaks to those issues, those kitchen table economic issues that are important to working people, will get our support. marty: as you know, the president has promised to start making mass arrests this weekend
of what he calls criminals, immigrants. does the afl-cio have an official position on this plan? know, i find that very, very sad. educating workers at all of our worksites to prepare them for my may come -- what may come. we find that whole system inconsistent with the values of america. workers far more insecure. a lot of undocumented workers are forced to work in unsafe conditions, unhealthy conditions. they don't get paid properly, they workers far more insecure. get misclassified. and the employers that do that against our bid solid employers, those that are responsible, and take bids away from them. we think everyone should have the same rights, the right to
have a self and hate -- healthy place to work. we are just hopeful that we can get a fix in the immigration bill that is broken, provide a pathway to citizenship for those workers out there and are contributive to the american economy every single day. these people are not criminals. the people that are out there working on construction sites, doing gardening, a thousand other jobs, are hard-working, honest people. they are looking for an opportunity. to simply say we are going to eject them from this economy sort of lies in the face of the values that we have espoused to the rest of the world for a long, long time. marty: thanks to richard trumka, president of the afl-cio. coming up, president trump has a favorite currency, and it is not bitcoin. why the markets don't mind, and the cryptocurrency is rallying over 3%.
craig: this is "balance of power" on bloomberg television. -- president trump held a social media summit at the white house yesterday. many attended, as did marcia black earn. senator blackburn spoke to emily chang after the event and had this to say. >> my biggest take away from the meeting is you have a lot of social mediailize out and tor message communicate their stories. what they are tired of is seeing social media pick and choose what they want to promote, what they want to prioritize. they feel like this should be a neutral plot or and are looking forward to having congress do some more work on this.
they're also looking forward to the white house turning more attention to the issue of big tech and fairness in these platforms. facebook, twitter, social media companies were not invited. how can you have a productive meeting without the companies in the room? >> actually, they will be included later. what the president did today was to hear from people who utilize social media. one of the things that is so important right now is that individuals do not sit down every day and watch the news at 6:00 and 10:00. what they do is build their own network, different sources and channels, and sometimes they are streaming it, sometimes watching cable, sometimes they are getting notifications and alerts on their mobile device. they have built their own network. what they want is fairness. they don't want one of the
search engines going in and prioritizing everything that is in that feed. fairwant to have access to news. they don't want opinion journalism, they want facts. so when you have individuals who , theneating that content it is important to hear from them. understand, and as the president said today, he is going to invite the social media companies to come in and have a meeting. that is something that is taking place in the next few weeks. white house will have the date out soon, i'm sure. they will have the opportunity to talk about what they are doing. one of the things that has been of concern to us is how some of these companies manipulate their algorithms.
that pushes forward certain content and then diminishes other's, and the exercise is a form of bias. marty: tennessee senator earn. lashingt trump caps on out at big tech even after the social media summit ended. he took to twitter to attack facebook's digital core and all cryptocurrencies, saying i am not a fan of bitcoin and other cryptocurrencies which are not money and whose value is highly volatile and based on thin air. ra will have little standing or dependability. we have only one real currency in the usa, and it is called the u.s. dollar. joe weisenthal is here with the story. and reaction to the story. what did you make of all that? >>joe: a couple things. people who are super obsessed with bitcoin have been waiting
for the bitcoin tweet. when is trump finally going to say something about bitcoin? a lot of them were disappointed, many were disappointed about their chance to explain why he was wrong. arguably,onic, bitcoin and other decentralized cryptocurrencies are an alternative to the centralized nature of big tech. that is a lot of what bitcoin advocates like to say. decentralized, uncensored payment. , coming after the big day at the white house yesterday. people already think facebook has too much power, 2 billion users, they probably know what i had for breakfast this morning, and now they want to control our money. how is facebook handling this pr scare theying not to wits out of everybody that they are going to become a one world
government that will run everything, including the money system. joe: i was really struck all week by how much people in d.c. are thinking about this. powell in his testimony, obviously concerned about it. lots of congressmen and senators concerned about it. president trump with a very specific criticism. it is not just facebook should take over the money. it is very plausible and there will be hearings down the road. it is possible that facebook will have been caught by surprise with the seriousness by which people are concerned in d.c. about libra. marty: thank you to joe weisenthal. yield" withreal jonathan ferro. from washington and new york, this is bloomberg. ♪ i don't know why i didn't get screened a long time ago.
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so why didn't we do this earlier? life line screening. the power of prevention. call now to learn more. jonathan: from new york city for our audience worldwide, i'm jonathan ferro. bloomberg "real yield" starts right now. coming up, chairman powell heading toward july 31, teeing up rate cuts. data from the u.s. looks resilient in europe showing signs of life, fueling a bit of a backup in government bond markets. let's begin with the big issue. are there cracks appearing in the everything rally? >> we have seen a strong rally. >> the entire market rally so far