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tv   Bloomberg Markets Balance of Power  Bloomberg  July 17, 2019 12:00pm-1:00pm EDT

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if there is some wallet that does not follow the u.s., are we just out of luck, and that all of the illicit transactions are pulled through their? mr. marcus: if you are a u.s. resident and want to use a wallet, the wallet operating services in the u.s. will have to be properly regulated in the u.s.. >> we will have to have an ongoing discussion. i would like to mention cybersecurity. one of the main jobs of have stock is to oversee cybersecurity. you have seen fit to make a new programming language and i spent a little while looking over that. there is some creative stuff in it. some of it is copying things that have been done before, some of it is brand-new. even if it had zero creativity, there would still be a problem that one wrong line of code could generate a whole that would crash the entire libre system. that would crash the
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entire libre system. i understand you will be distributing runtime executable and things like that so that all of that has to be bulletproof for cybersecurity. i was wondering how you would deal with the governance of that? mr. marcus: two ways. we agree with you that this is of absolute importance. the way we are dealing with that is the language you are referencing will have formal verification in place to avoid issues. >> to the extent there are no compiler problems. mr. marcus: the compiler will not execute the code is the code is not formally verified, and we have a chance of having david dill, who is a professor from stanford in formal verification helping us with this issue. the other thing i want to say is
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the association will not have guidelines on what third-party code will be published or not. at the very early stages, it will be very limited to a set of templates that will avoid the issues you are raising. >> it will be an ongoing target because if the libra is taken to scale, it will be a fast target for cyberattacks, intrusion, insertion of insider threats. that in termsing of overall financial stability is probably as crucial as anything else. i yield back. >> the witness has requested a 10 minute break. the committee stand in recess. we've been listening to the testimony of mr. marcus from facebook in front of the house financial services committee on the question of libra, the cryptocurrency being proposed by facebook. right from the beginning we had maxine waters say you are
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proposing something that would be a rival for the u.s. dollar, and what is worse, you are proposing it be put into switzerland, which has been a haven, she said, for criminals and risky corporations. it went on from there, with various congresspeople saying we are concerned about the power of the u.s. dollar, where you are busy lady getting around -- where you are basically getting around central bank control of monetary supply. how do we know that the privacy of the people using this will be protected given facebook's heritage and their track record with congress. you heard the congressman saying you promised me all of the information, you did not respond to me. how will you do with these issues? we heard we are concerned about the u.s. dollar and control, concern about who regulates this thing, and not at all sure we can trust facebook given its track record. i want to bring in bloomberg's chief washington correspondent, kevin cirilli.
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give us a sense of what you heard so far. kevin: there were politics and policy. republicans making the case democrats are trying to cycle innovation on a technology that has already arrived. democrats making the case there already unanswered questions, particularly about what this would mean for the average u.s. consumer and consumer protections. very fiery rhetoric, most notably coming from brad sherman , a democrat from california who potentially poses more harm to people than 9/11." the questions that have emerged on the policy front are too many to count. would facebook play in banning users able to use the facebook libra? if it is not technically associated with facebook, how would they be able to use under the financial -- other financial
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institutions to work around bad financing. then you have the issue of whether or not this is an investment versus stability. david marcus testifying this is designed as stability so folks will not use it as an investment. question surrounding this. this was a fiery hearing. temperatures -- tempers were much higher than yesterday in the senate. a lot of questions remain for facebook that are unanswered. david: i want to go back to congressman sherman. he said i think the power of the u.s. dollar is more important for the security of the nation than the military. at one point he said i do not care how me lawyers you have lined up charging $2000 an hour, it will not protect us from the next 9/11 or our wrath if the next thing like that happens. he basically said i want mark zuckerberg to answer these questions. it is not good enough to hear from you. kevin: exactly. he went on to refer to them as "zuck bucks."
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clearly many criticisms being lobbied against facebook for this. there was another moment when david marcus said they have not written the policy yet so they are unsure about all of these questions. that is a direct quote. "we have not written a policy yet." a lot of folks were scratching their heads and saying what is the policy, how are they able to ask questions. when i spoke to a republican from arkansas, he was walking through ways in which this would be able to help various constituencies. that is where david marcus fell short. he was not able to articulate what this technology would mean for average consumers, especially people like farmers, commodity traders, how remittance programs would be affected by this. seasonal workers would be impacted. that is where the conversation from congressman hill's perspective needs to head.
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from his perspective, david marcus was unable to go there. david: david marcus was asked how many underbanked are there you want to try to serve. he said i don't know. then he said him a rural people are there, he said i do not have that number. they pressed him on the specifics of the benefits he is claiming will come when he does not seem to know exactly how big of a solution this would be to the problem. mr. marcus: he cannot i -- kevin: he can identify the problem or the solution -- he could not identify the problem nor the solution or provide the data on what this technology would do. a lot of unanswered questions. facebook says they are not going to come out with this or enact this until lawmakers and regulators have answered their questions. it sounds like lawmakers want to hear a lot more concrete details before anybody would be able to get on board. the final court -- the final
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point i would note is that yesterday, when i interviewed the senate banking committee chairman, who is with republican thinking and suggesting that innovation is here, they have to figure out how to do next. i asked would you use facebook libra? he told me i do not even have facebook. david: that's great. if that were not enough, one of the things that struck me is when mr. marcus was asked is this a security, is is a commodity? he said no, and the response from lawmakers said if it is not the above, there's no one who regulates this. it is not clear whose number we will call to be dropped how to regulate it. kevin: and on monday at the white house when steven mnuchin is suggesting that they sent one of the regulators -- that one of the regulators at the treasury arm would be taking the lead, i spoke to one congressman who said the consumer protection
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bureau would be where to go and they drew the parallel if you have an issue with your credit card you know where to call. if you have an issue with your debit you know where to call. if you call it facebook libra, you get your past but guess your password stolen from facebook libra. mark zuckerberg? it also poses international questions. there are semi-questions. to your point i think the basic question is how will the average consumer use this? is something republicans and democrats are struggling to articulate. david marcus still struggling to articulate. david: give us a sense of where you are. we are in a recess, we are told 10 minutes. how much further do we have to go in this hearing? kevin: they would like to wrap this up by early afternoon at the latest. there is a ton of other activity happening here on capitol hill.
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i am right inside that room where this hearing is convening. it is day two of these hearings 'sd we should note big tech presence on capitol hill. there been representatives from all of the fang stocks, all of the big companies. there were the antitrust talks yesterday and all of these questions in terms of regulatory structures. when i spoke to one of the supporters of this type of innovation, what he said is there quietly anticipating a 2020 launch of facebook libra and that the regulatory framework would be enacted around that time. that said, it is entirely premature to predict if that is a workable timetable. we should also note that the remains night and day difference is within the republican caucus on how to regulate them, how to work with international regulators on these types of issues.
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even how to regulate big tech, not just digital currency but on data privacy. semi-questions for the entire industry -- so many questions for the entire industry and washington still waking up on how to best answer those questions. as we saw from this morning and yesterday, facebook struggling to get answers on a lot of those questions. david: there's an awful lot of work left to be done, but there are other things in front of congress. there is a budget issue. even while we have been on the air there is a report that says speaker pelosi said she spoke with steve mnuchin and he wants a budget deal done this week. u.n. -- do you know anymore about the prospect of a budget deal before they go into the recess? kevin: i have spoken with sources on the democratic side as well as sources at the treasury department who agree that the working timetable is to get to some type of agreement
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ahead of the august recess. obviously, the backdrop to all of this has been heightened political rhetoric, to put it mildly, in the past 72 hours. whether that has any impact on them to get to some type of deal is a big question mark. that is where the politics and the fodder of the last 72 hours is impacting the policy. whether or not speaker pelosi is a weakened condition to negotiate with the treasury department, to negotiate with the president because of the pressure she faces from the left flank. that is the biggest unknown and that could have an impact in terms of floor time, as we saw last night, floor time was taken up to deal with the condemnation of the president's remarks. as you know from covering washington for decades, that floor time is so valuable, especially when you have a deadline like in august recess.
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that is where all of these swirling surround the hurricane of this washington rhetoric is coming to the eye of the storm because they want to get this done ahead of the august recess and whether or not is long-term deal or a short-term deal remains to be seen. they are up against a government shutdown deadline as well. david: they are running out of floor time. terrific reporting from washington. that is kevin's really. you can watch that hearing -- that is kevin cirilli. you can watch that hearing once it resumes using the bloomberg function live go and you can also follow along with our analysis. now is time to find out what is going on the markets. we turn to emma chandra. emma: a mixed picture in the u.s. all of the majors in the red. dow jones down .2% and the nasdaq down .1%. we are off the highs but off the lows. earnings waiting on the majors today -- mixed corporate
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earnings waiting on the majors today. we may be seeing a reinstallation of the trade war. when we look the s&p 500, just three sectors in the green, utilities, health care, and tech. leading things down as the .ndustrial sincelling the first 2008. this on a weak outlook for next year. that is fueling concern about issues for the freight industry and that is what we are seeing the other railroads fall as well. looko the same extent, but at that, 5% down for union pacific compared to a 10% loss there for csx. the other sectors, we want to board, and switch of the we've been looking at bank earnings out today. retail units seems to be
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powering gains for bank of america. that is something we've not been seeing for some of the banks that have reported so far. rico units doing better as we see concerns in the trading unit. rising andley america down 3%. mixed in the banking sector as a whole. oil is trading below $60 a barrel. we erase today's gains on data out from the u.s. showing there was a big drop in fuel demand last week. therefore we are seeing oil falling off, trading at $57 a barrel. david: still ahead, u.s. lawmakers are not the only ones raising the alarm about facebook's cryptocurrency. why are libra fears unifying g7. plus the secretary-general of the oecd in just a few moments from now. this is bloomberg. ♪
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david: this is "balance of power" on bloomberg television. i'm david westin. we turned out to mark crumpton. mark: notorious drug kingpin el chapo says he did not get a fair trial. speaking before he was sentenced , he told a federal judge in brooklyn, new york that his case was stained by germans conduct and complained about decision -- by juror misconduct. and complained about decisions of his confinement. he will likely serve his time in a maximum security in colorado
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from which no one has ever escaped. wilbur ross is dismissing reports that president trump considered firing him over the issue of a citizenship question on the 2020 census. secretary ross all the reports rumors and tells fox his appearances and tv interviews and other events on behalf of the administration speak volumes. nbc reported president trump told aides he is considering removing wilbur ross from his role after a supreme court defeat on the citizenship question. the president heads to north carolina tonight. the event in greenville will be his first rally since he officially kicked off reelection campaign in order. it will be his first rally since a firestorm erupted over he posted about four democratic congress women of color. years since ave missile blew malaysia airlines
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flight 17 out of the sky. relatives and friends of the victims gathered today in dutch memorial to mark the anniversary. people were killed on the flight that was down on its way from amsterdam to kuala lumpur. a team of officials from five countries said it would prosecute four suspects on murder charges in connection with the crash. 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. bloomberg. david? david: u.s. lawmakers are not the only ones raising alarm about facebook's proposed cryptocurrency. fears unifying g7? we will ask angel gurria. that is coming up next and this is bloomberg. ♪
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david: you are watching
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"balance" on bloomberg television. i'm david westin. bloomberg ministers -- g7 ministers are meeting in france today and finance minister angel pereira -- angel gurria has put cryptocurrency at the top of the agenda. we welcome the oecd secretary-general. thank you for joining us. let's start with talking about the cryptocurrency issues. what is the level of concern you are seeing among the ministers meeting in france about libra? mr. gurria: it is not just about libra, it is about the concept. there are implications for central banks, implications for finance ministers, implications for regulators, implications for consumer protection. therefore, there is concern and the change of
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experiences and information and alicy, and then of course collective decision that a lot more has to be discussed and known before anything can fly. david: one of the questions we have seen in the united states from congress, there has been testimony for two days, specifically on libra is will facebook stopped going forward with it and have a moratorium while the regulators catch up? what is the mechanism by which global regulators could coordinate on how to handle cryptocurrency? all, this: first of is not on the calendar before one year from now. we are not talking about something that will happen imminently. second, i think there will have
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to be a lot more consultation, a lot more discussion, a lot more analysis before anything goes forward. store.s a lot of work in the potential is interesting. it is important. so are the concerns and so are the risks. they have to be well-balanced before anything happens. david: one of the things you focus on his growth, global growth among the oecd countries. could this spur more growth? could it be progrowth? mr. gurria: the question of growth has been compromised because of the trade tensions. 4% year ago, we forecast growth, now we are forecasting 3.2% growth in the case of the oecd. the imf is going in the same
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direction. .7%, .8%haved off growth which is massive. this is the gdp of the world. the speed at which the world economy is growing. one of the reasons is trade is growing toward flat when it was ,lready growing at 5.5% in 2017 and when it should be growing around 7% or 8% and it is moving very sluggishly. so is investment. why? because if you are going to be able to sell, then you do not invest because you only invest to produce and you only produce to sell. you do not know what tariff you will be able to sell and therefore you do not invest. this is what is happening. this is why we have seen the slowdown, mostly because of the trade tensions which are moving
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into the territory of investment and creating uncertainty. david: which raises the question of what is to be done about that. one of the responses in the united states is you know that the chair of our fed has said that because of trade uncertainties we need to become more accommodative in our monetary policy. we have seen a dramatic growth in negative yielding debt. will that ameliorate or reverse what you are describing as some of the challenges to growth because of diminishing trade? central bankers are heroes, but over the last 10 years we've been dealing with a crisis, they have brought down the rates to about zero. the event was reversing somewhat but right now has given signals it may start cutting rates going forward. basically, what they are doing
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is playing by the signals. they are reacting to the signal, which is fine. the only problem is you now need fiscal policy. you now need the countries that have the fiscal space to stimulate their economies, invest some more, it does not mean they will lose control of their economy whether deficits, it is just there is room in many economies and they should use it. one other issue on the agenda is the digital tax that france has proposed for digital revenues in france. the united states government has resisted that. the president has announced they will have a trade investigation about the appropriateness of that digital tax. what is the discussion likely to be at the g7? mr. gurria: first of all, there is a shared interest that we
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continue to make progress on the issue. i say continue because we have already delivered a lot when it comes to international taxation. for example, 47 million bank accounts have been -- information about those bank accounts has been exchanged to the countries of origin, the owners of those bank accounts in third countries. worth $5 trillion. this is massive amounts. a hard-nosedn fiscal regimes and 100 more have been canceled or modified. there has been a good deliverable on this. now the question is the taxation
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of the digital. that is a complex -- there is no a program of work that has been approved since last may that has by the leaders of the g20. there is a good there's is good coordination between the g7 and the g20 here. there are a number of different approaches, different interpretations. the most important thing is we have received our marching orders to continue to work with whereclusive framework 120 nine countries are participating in order to 2020 have aby single approach. david: finally, there's a lot of change going on in the leadership at economic institutions on both sides of the atlantic.
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we have a new president of the commission in europe. we will have a new head of the imf. i'm not sure if it's within your purview to decide who that's going to be. do you anticipate the next head of the imf will be as european? are understandings to theme that have led world bank always appointing an american and the imf always appointing a european. i'm on point in time, the record as having said it should be based on merit. merit-based, rather than because you belong to a particular region of the world. however, the individuals that have been appointed to lead the world bank, certainly to lead andthe european commission
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the european central bank, christine lagarde, and the names that are being discussed in the , all are veryf well qualified. they are impeccable choices. have so manyege to well-qualified individuals. , if ientioned before could choose an ideal situation, i would go more for merit-based regardless of regions or nationalities. i think we can sleep tight. if any of those names that are being talked about today are appointed head of the imf, we will be in good hands. david: we really appreciate your time. that's angel gurria, the oecd
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secretary-general, coming to us from the g7 meetings in france. turning back to u.s. politics, we have one of the south carolina representatives in congress. in 2018, he lost his congressional seat up a falling out with president trump. now, he says he's considering running against the president and the 2020 election. governor, thank you for being with us. we really appreciate it. >> my pleasure. david: are you going to run? >> i don't know. that's what the next 30 days are about. i will stick my towing the water here and see how people react. i will see whether resources and energy, direction. come myrces and energy direction. we have a profound problem in this country with the debt and
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government spending. it's not a part of the presidential debate. i think it needs to be. i will explore a presidential run as a way of beginning that conversation. look at the idea of starting an advocacy group. i know we are long overdue for a conversation that has gone dark and theard to debt deficit and government spending in washington. david: you have a long history of fiscal conservatism. you have 30 days to figure out if you're going to run. is that the issue that would drive you to say yes, i will take a stab at this? sanford: that is the linchpin issue for me, for our economy, in terms of national security, in terms of jobs and the economy. , we have allly this banter.
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there was not one sentence on debt, deficit or government spending by the moderators or the candidates themselves. that is telling as to where we are nationally in the debate. the president has said i will debtout any action on the or spending these days. former governor who inherited a $1 billion financial hole, we cannot continue to wait. we can't wait another four years aboute this conversation what we do with clearly unsustainable numbers on those three items. david: you are a very skilled and accomplished politician. you know how this works. coincidence as we debates,emocratic
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nobody brings this up -- that has to be because skilled politicians and their teams have decided people won't vote for somebody like that. how do you turn that around? gov. sanford: that's where we have to have a national debate. people have to understand how dire our circumstances are. we've never done this before in our nation's history. debt as ae a sitting percentage of gdp greater than it's ever been in peacetime. you look at the national global debt situation, it's telling, you look at global debt in the wake of the 2007-2008 financial crisis, mckenzie wrote a fascinating report talking about in a way of deleveraging -- we are at a
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powder keg level nationally. we have to have this conversation with americans. we have to make some tough choices. if we don't, we will wait for the financial markets to do it for us. historically, that has been bloody. david: we just showed a chart showing the debt growing to $22 billion. ushave another crisis facing about the debt ceiling. voters tend toe, say i would like it if you want to give me something. despite the dramatic growth of debt, we haven't had a real crisis in the bond market. we shouldn't have to worry about it. we have politicians saying we don't have to worry about the debt. >> we've been lulled into complacency.
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here's what's interesting -- we've been on a 40 year downward slide in terms of interest rates. you cannot go much below zero. you have about $12 billion of global sovereign debt priced below zero. an experiment we've never tried before in the history of man. what are we going to do about it? you have to make real to folks how dangerous our situation is. interest is projected to be the fastest growing federal expenditure. out of all the money we send to washington, the thing that will be the fastest-growing category is interest. interest, ourar, interest expenditure will be more than we spend on children in the united states of america. welfare, education,
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the aid to families. we will spend more on interest then we do on national defense. that's why the former chairman of the joint chiefs of staff when asked what is the biggest threat to american security, the answer is the national debt. if you look at the history of civilizations, what has historically undone civilizations has been a buildup to the point of unsustainable debt and spending. i would argue that we are nearing that precipice now. action and discussion has to leave that action. david: you have something to say. it is something you know about, you've been talking about for some time. are you running to win or to inject yourself into the debate? from the tweet here gop in south carolina saying the
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last time mark sanford had an idea this dumb, it killed his governorship. do you have a prospect of actually winning the nomination, going down and getting nominated by the republican party given the resistance to you? gov. sanford: i don't know. it's a long shot, in fairness to your point. i don't know if you can or can't, but if you can change the debate in this presidential cycle to include a focus on debt, deficit and government spending, it would be worth several months of my life. after the cheap shot, that goes toward the world of politics. i'm an imperfect human being. welcome to life. tragically, we do a lot of things we regret. that's the human condition. should you be muscled for the
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rest of your life -- muffled for the rest of your life because you've made a mistake? i've openly acknowledged that i made a mistake. the voters subsequently reelected me to the united states congress. what was also telling about that we need to raise the debt and deficit issue and they immediately start shooting at you. that is symptomatic of the way people sometimes circle the wagons and trump -- in trump world and don't allow that discussion that's necessary. is it a truth or not that we are at a pressing point, a precipice with regard to debt, deficit and government spending? i believe we are. it needs to be debated. david: it is something we do try
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to cover here. thank you so much. that's mark sanford. we going out to mark crumpton. she: nancy pelosi says still wants a debt limit deal this week to give the house time to pass the measure next week before the august recess. pelosi and chuck schumer spoke with steven mnuchin today. the speaker pushed back on suggestions that congress could rely on a short-term debt ceiling fix if the broader negotiations fall through. iran says it has no choice but to manufacture missiles for defense purposes. today's comments by the country's foreign minister reflect more backtracking after his comments earlier this week suggesting missiles could be up for negotiation. iran has long rejected negotiations over the missile program which remains under the control of the armeni iranian
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paramilitary guard. set toame restoration begin nearly three months after the fire destroyed the monument. the chief architect said the safety and quality of the repairs is what counts, despite emmanuel macron's goal of completing the work within five years. slow-moving remnants of what was hurricane barry are still causing trouble. the system dump 16 inches of rain in arkansas. expectedft of barry is to combine with a stronger system, producing more severe storms, rainfall and potential flooding. seven states are under flash flood alerts today. some areas could see more than four inches of rain. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i'm mark crumpton. this is bloomberg. david: coming up, how are
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america's banks reacting to the prospect of cryptocurrencies taking over? you can catch the hearing on on libra at live the bloomberg. this is bloomberg. ♪
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david: this has been the week for a bank earnings with five down and only morgan stanley yet to go. regional banks are weighing in as well. welcome now robert nichols, the american bank association ceo, joining us from an annual gathering in minneapolis. thank you for joining us. >> happy to be here. david: we've been talking about
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the overall state of the sector. let's talk what we've been watching, the hearings over facebook's libra. a lot of concerns being raised about who would regulate it, would it displace the u.s. dollar and take away from the fed's ability to regulate monetary policy. asked questions being domestically and internationally are the appropriate questions. rules,ns around mlbsa questions around security and consumer protection. these are the appropriate questions that should be asked. the comments from mnuchin and powell are the appropriate comments at this moment. people have questions and they deserve to be answered. i would also note that banks have been investing in innovation, particularly in payments for a long time.
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there is a real-time payments solution that has been deployed in the marketplace by the clearinghouse. that is a private sector bank option that people should think about and consider. the hearings today are very appropriate. people have questions. the social networks are important in our economy, certainly, but whether they should have a role in the payment sector, that is a big question. the hearings and scrutiny and oversight you are seeing is absolutely appropriate at this moment in time. david: let's turn to the overall health of the sector. week seen earnings this for the big banks. consumer sentiment seems to be strong. commercialr hand, activity hasn't been that strong. what is your take? >> my take is slightly
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different. obviously, we are aware of the headwinds in the global economy, the prospects of trade and tariff issues. the underlying u.s. economy is strong. i think the bank earnings picture is a solid one. there's a healthy earnings outlook as far as i can tell. the banks are highly capitalized. they are investing in innovation, they've been cleaning up their balance sheets. this is a good earnings picture. i think it's a good earnings picture. you will see additional earnings in the days and weeks ahead. one of the things that's really important about the u.s. banking sector, there is banks of all sizes. there is banks and large global banks -- bears community banks -- there's community banks and large global banks.
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we need to invest in technology so we can serve the clients and communities of tomorrow. it's a healthy earnings picture. i look forward to the next several weeks as additional banks demonstrate their financial state of play. david: is the fed helping the banks are hurting the banks? now, itaccommodation -- appears there will be rate cuts. look at europe. it has really hurt the banks over there. >> the rate environment is an important determinant. the banks are preparing. they are always looking to the future. there's been a healthy discussion about the prospects for the rate environment going forward. the banks are preparing for that. different aspects of the economy perform differently when rates are higher or lower. banks are ready for the moves the fed may make going forward.
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economistsup of bank has been looking at this closely and sees a solid economy going forward. we are always mindful of the headwinds. banks are all about mitigation of risks. there is dialogue around the rate environment and some of these other things that can impact the economy going forward. dialogue aboutde what's going to happen in 2020 from the election standpoint. david: thank you for joining us from minneapolis. nichols, the american bank association ceo. this is bloomberg. ♪
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david: john paul stevens died yesterday at the age of 99. for 35 of those years, he served as a supreme court justice,
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making him the third longest serving justice ever to step on the court. he was nominated by president ford in 1975 and wrote over 1000 opinions before he retired in 2010. welcome bloomberg supreme court reporter, greg stohr, from washington. let's talk about his role on the court, despite just being there a long time, what was his influence? >> by the time he left the court, he was the leader of the liberal wing. he was the senior justice among the more liberal justices. he wrote some of the biggest dissents of the last decade or from the ruling that made george w. bush president in 2000. he was somebody who will vault over the course of time. -- who evolved over the course of time. affirmative action, he moved
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to the left over time. david: which was not the way he thought of himself. he was nominated by richard nixon and gerald ford. courtd i didn't move, the moved to the right. is there some truth to what he says? >> the court did move to the right. that's part of the reason he ended up on the wing of the court that he did. he was a republican. he had republican roots, he worked in congress as a republican. a moderate republican, but that was his approach when he started. as time went on and more republican presidents got to appoint people, he ended up being to the left on the court. robertshief justice said he brought a blend of
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kindness, humility and wisdom. i saw that. he was an important force there for decency. >> he sure was. in the arguments, he would always interject in the most polite way possible. lots of people disagreed with him on things, but you will not find somebody who didn't say he was one of the nicest people they'd ever met. david: thanks to greg stohr reporting from washington. justice john paul stevens dead at the age of 99. ♪
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scarlet: i'm scarlet fu. iq."is "bloomberg etf in the thick of earnings, jeremy sure of wisdom tree offers his take on how investors can capitalize on solid corporate profits. campus.wars headed to fees instead of pricey investments like hedge funds.

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