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

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on the brief today, escalating civil unrest in hong kong that close the airport. jonathan gilbert on the market reaction to the argentinian president surprising defeat, and kevin cirilli on the unofficial start the presidential election at the iowa state fair. let's start yvonne, with you. thank you for all of your reporting throughout the day. tell us, are they still don't get the airport open at 6:00 a.m. local time? like things are starting to see a bit of a resumption to normal. i am looking at the screen behind me. a couple of flights have started to update their status and they are starting to leave. early morning tomorrow, tuesday in hong kong. some leaving as early as 1:30. some people that have been stuck waiting by the gate in the last couple hours or so.
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the crowd has died down a bit in the last couple of minutes. we saw up to 4000 people packed all around the arrival halls and departure all earlier this afternoon. we still not seen the police presence as of yet. a lot of questions, whether they would use force to clear out some of these crowds. dave did not -- they do not rule out that they would use tear gas. at this moment, it seems most people are starting to head home. we have been talking to some protesters who said he might come back tomorrow. potentially we could be seeing another hectic day. david: we have other sense of whether we will do this all again next weekend? it seems like every weekend something happens. yvonne: we are starting to hear more reports there will be another protest happening on the 18th of this weekend, so on sunday. it seems like both sides, whether it is the police, whether it is protesters have hardened their stance after what we saw with another violent
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clash that erupted over the weekend. using petrolsters bombs and even disrupting police headquarters as well as subway stations. police were firing tear gas inside the subway stations. we have seen both sides escalating. beijing also ratcheting up the rhetoric, saying these are serious crimes. protesters -- serious crimes protesters are committing and even saying they are seeing signs of terrorism. hong kong backtracking that, saying they are not calling it a terrorism event. this situation is still tense at the moment and we will see how things turn out tomorrow. david: many thanks for all of your great reporting. that is the yvonne man, bloomberg markets: asia anger. now to jonathan gilbert in argentina. bad has the market reaction
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been? jonathan: really bad. double digits for everything. bonds, equities, the peso was down. goes, theeso inflation soars. , whoficult end of the term is unlikely to be fernandez, who overcame him 50 percentage point in the primaries. is the market anticipation in terms of what his rival might do in terms of policy he became president? jonathan: this is a massive question. nobody knows what fernandez will do. he paces himself as a moderate candidate, but his running mate, who was a populist and left us while he was in power, and we do not know if he will go back to those ways. investors are pricing that in and thinking the worst and that is why we are seeing the
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double-digit losses in the securities. david: thank you to jonathan gilbert reporting from argentina. cirilli who kevin is here in new york with us today. what happened over the weekend? iowa state fair. kevin: it was an opportunity for folks in the crowded democratic presidential field to connect with the issues on their terms. i was struck by vice president joe biden. there was a lot made of the gaffes he made, but what i'm hearing from strategists is he was able to do his retail politicking, which in the caucus state are the type of things that could turn the voters. the polls have not showed him dipping despite the attacks on his campaign. david: one of the things i find the most interesting about iowa is it is grassroots. they are responding to what voters are wanting to talk about. what are the issues?
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chris: it is the economy -- it is the economy, it is agriculture. gun safety has been prominent on the left side. you look at someone like joe biden, and how yesterday on a able to tap into the grassroots in it is the economy, it is agriculture. iowa. look at senator elizabeth warren. she, according to the democratic strategists i've been talking with in washington, has positioned herself to have a surge in iowa and she is hinging herself on iowa to propel her through the long primary season. kamala harris has 30 staffers on the ground in iowa working for her campaign full-time. david: y senator warren appealing and i will. she is from the midwest, but she is a harvard law professor. why she appealing to people in iowa? kevin: she grew up in oklahoma, but she is making the same pitch bernie sanders made in michigan when he defeated hillary
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clinton. streak inist democratic politics can play well in the heartland if you have the right message to deliver. she is doing something interesting. the joe biden campaign says it is an issue of left ability. only joe biden can beat president trump. she is saying she can be a unifier to unify the sanders crowd and the joe biden crowd. i will say very quickly that a lot of the folks in iowa are like get the candidates out of here. the i was state fair does not start until the politicians leave. [laughter] david: you have to be sympathetic to that point of view. that is kevin cirilli, our chief washington correspondent. now let's find out what is going on the markets. abigial: a defensive day. declines in the three major averages. the dow down 1%. the s&p 500 and the nasdaq down a little bit less. two days of selling.
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lots of uncertainty around trade , what could be next for the bad and bringing yields -- take a look at the 10 year yield shedding nine basis points. last year was a time when yields were going higher and investors were worried. now it is the opposite as investors wonder why it is such a strong bid for bonds. what is out there beyond the for economic data out of europe and the trade uncertainty and what could be next for the fed. let's take a look at the s&p 500. it is not just the two days i mentioned. we had selling last week. two big of days and now two down days. be theoned this would third week down in a row. as we take a look at our next quarter, we are going to see these are the top laggards in the s&p 500. energy names trading down in sympathy with oil and banks trading up as yields are falling. not helping that financial -- the nor is it helping
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haven bid we could see into the terminal, the 10 year yield down nine basis points. that could be helping gold. this is an interesting chart. over the last year in white, we have brent crude in blue, and in yellow we have gold. over the last year this volatility pulled up 26%. oil and natural gas both down. investors seeking an alternative. speaking of commodities, let's take a look at a two-day chart of corn. we just had breaking news. a huge plunge, the worst a for investors seeking an alternative. corn, down 6.1%. going back to july of 2013 on a usda crop report. bad across the board. clearly core not doing well in that report. it will be interesting to see what the ramifications are. david: everything comes back to
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trade sooner or later. many thanks to abigail doolittle. coming up, it may be the dog days of summer, but the crowd democratic presidential candidates are spending the last days of august fighting for their political lives. our panel tells us how. that is next. this is bloomberg. ♪
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david: this is "balance of power" on bloomberg television. i'm david westin. we turn to mark crumpton for bloomberg first word news. mark: new rules unveiled today can make it harder for some people become american citizens. the measure could deny green cards to immigrants the's medicaid, food stamps, or housing vouchers. immigration officials will outweigh public assistance along
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with other factors such as education, household income come whether to decide grant legal status. in argentina, the peso plummeted after a shocking primary election defeat for the president. he lost by a landslide to opposition candidate alberto fernandez. if the result stands, he could lose the presidency outright. he is known for his business friendly policies. investors are concerned those policies could disappear with the new president. the trade dispute between south korea and japan is escalating. the south is removing japan from a list of nations that receive preferential trade treatment. the decision follows tokyo's decision to down growth souls 's trade status. it is reported jeffrey epstein's prison had serious irregularities. the attorney general promised to pursue justice for epstein's victims and said "we will get to
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the bottom of what happened and there will be accountability." global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. crumpton. this is bloomberg. ♪ democratic presidential candidates converged on the iowa state fair. usually a light of their retail politics and fried food, but this year it was not dominated by a cow sculpted from butter. the candidate's message focused on gun control and the president's rhetoric on race. >> we need reasonable gun safety laws in our country, including universal background checks and a renewal of the assault weapons ban. >> we are going to make change. we are to pass gun safety laws. >> people across the country want universal background checks. >> we have our present to his coddling white nationalists. white nationalism is a national security threat. we have to name it for what it is and we have to fight it.
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>> we welcome our political panel of the reverend joe watkins, a former aide to president george h. w. bush, and here in new york with me professor genies enough -- jennie zeno. we have a debate in houston. what do people need to do if you are democratic candidate to make it through that. the question is when will the winnowing start. >> for the next debate any to be at least 2% in both national polls and raise a certain amount of money from small donors in more than 20 states. these are top requirements. in order to raise one dollar from a small donor, a cost to $70 online. it is an odd system in which you have to raise big money to attract small donors. we are seeing a winnowing already. we have several candidates qualify like biden and buttigieg
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and warren and sanders, but some of the middle tier people have not qualified it. bill de blasio, christian gillibrand, and some others. if you qualify for the third debate, you're automatically in the fourth debate in september. joe, you are more involved in the republican side, but if you're trying to raise the money to make it through, howdy raise the money? -- how you raise the money? >> it has to do with your mailing list and your message, but your capacity to show you can win against donald trump. while policy is important to everybody, more than 70% of democrats would prefer a candidate that can be donald trump. when it comes to policy, policy takes a backseat to the capacity to win in november of 2020. what democrats have to figure out is how you own all the oxygen in that crowded field?
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donald did that in a crowded republican field in 2016. there were 16 other candidates. donald trump own all of the oxygen. every day the story was about him and what he was doing. no democrat has been able to figure that out. david: it feels like a lot of the stories about guns. we just heard the candidates talk about that. we have joe biden out with a new york times op-ed piece and he says the 1994 assault weapons and high-capacity magazines and work and if i'm elected president we will pass them again and this time they will be even stronger. we will parrot with a buyback program. is this a passing fancy? we have heard talk about this before and it does not amount to anything. you think this time it will stick all the way to the election in november 2020? jeanne: i think it depends on what happens in the election. if you can get something like what biden is talking about, and many democrats, a buyback common assault weapons ban, we need
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one, everybody knows one. look at what happened in the shooting in norway today. thank personally was killed, one person -- thank goodness only one person was killed. one person too many. europe has much tighter gun restrictions. the united states needs that, but with mitch mcconnell and the republicans in the senate, we are hard to imagine we get more in the senate. even the red flag laws are coming under scrutiny. the republicans will not support it and without the senate and the president -- david: it appears expanded background checks people are saying they would support. not so much the assault weapon ban. the red flag is still on the table. what you think the republicans would be willing to support? joe: i think jeannie is on target. republicans control the senate.
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mitch mcconnell will be careful about controlling the narrative going forward. pat toomey and others have been vocal about background checks and president trump has indicating a willingness to support some kind of expanded background checks, but we will have to see. when they reconvene, we will see what the hot issues are. this is a hot issue because the of the events that happened just more than a week ago in ohio and texas. in this environment, where different things are happening every week, we do not know when the senate reconvenes in the fall whether this will still be the top issue. david: we've talked about this before. you said the president said things that are objectionable but his basil stay with him. is it possible to go too far? over the weekend he tweeted something that was just a conspiracy theory from somebody online having to do with the epstein situation with the suicide. we now have anthony scaramucci, of former head
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communications for 11 of communications for 11 days, saying we should replace him at the head of the ticket. is there a point where republicans say enough is enough, we cannot tolerate, what he is thousand -- what he is espousing is too objectionable. jeanne: from an analytical -- joe: from a now lyrical standpoint it is unlikely the president will be replaced. there is no will inside the party. despite the things that have been set. has aanthony scaramucci point that the tweets have been off-base and not helpful to the cause, there is no movement afoot among republicans to do that. i do not see that happening. scaramucci got the treatment people get when they turn on the president. the president turned on him and tweeted about him and diminished him as somebody of consequence in his administration. you're not likely to see any movement from republicans and certainly from the president space despite some of the questionable tweets and some of
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the things that have not been helpful. you will not see movement from his base to replace him or not support him. .avid: joe is a smart guy that is not good news for republicans. people are probably going to vote on their pocketbook. right now their pocketbook is not looking that bad with president trump. jeanne: it is not looking that bad. the problems republicans have and this is a long-term problem. i agree with reverend joe. donald trump will be the nominee. it will be a tight election, but of the economy stays good, incumbents 80% of the time will win. that is a big if on the economy. let's not forget, their problems in the suburbs. their problem is serious with women. i would argue their problem extends beyond donald trump. donald trump is a known entity. republicans will tell you behind the scenes they are frightened for what comes after donald trump, whether in 2020 or 2024. then they ever attract female voters? can they attract suburbanites
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after all this? not to mention the changing demographics of the country, which are trends that may be donald trump can overcome, but very difficult for other candidates. david: first we have to get through 2020. [laughter] jeanne: i am jumping ahead. david: thank you both very much for being with us. arel ahead, cbs and viacom reportedly on the brink of announcing their merger. they are our stocks of the hour, they are next, and this is bloomberg. ♪
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david: you're watching "balance of power." i'm david westin. time for the stock of the hour.
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viacom is one of the worst performers in the s&p 500, falling 4% on reports the company is close to a deal with the merger with cbs. i am baffled because everyone thought this was the salvation for viacom. wire shareholders unhappy? kailey: what is being discussed is not final. 0.595 tonge ratio is 0.6 which is closer to what they were talking about and only value via, the market value of the stock, about $12 billion. dow jones saying the cbs shareholders will get a premium. viacom has drastically underperformed cbs since these companies split in 2006. that story is not changing. david: that is the point. they originally were together. sumner redstone decided to split them. at the time people thought five, would outperform cbs. to what extent is the exchange rate a question of viacom did not do that well?
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kailey: it did not. maybe cbs has something viacom did not -- really needs that lost 13 years ago. mtv,m has nickelodeon and but cbs has number one broadcast studio. it also gets into the cost savings which is a big effort viacom has been trying to implement. it could bring another $500 million in cost ratings annually. we know that the pay-tv environment is changing. it gives us more leverage to negotiate with the comcast or at&t as they are trying to lower costs. david: the main thing it has going for it is redstone wants them together. when we talk about scale, terribly important. even combined, cbs and viacom combined with disney, no comparison. they have some library with paramount, but nothing like the
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disney/fox library. david: does a combined one become more attractive -- kailey: does a combined one become more attractive for the talent and push up their profile? step that it gets them one toward being able to challenge the big boys like disney. the question is are we going to get the deal in the next couple of days, and second does it accomplish that. david: does 30 to be another merger or acquisition down the road. many thanks to kailey leinz on cbs and viacom. coming up, we know the russians tried to tamper with the 2016 election. what we need to do to keep them from doing it again in 2020? we talk to a senior advisor to the house finances committee. this is bloomberg. ♪ ♪
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designed to save you money. save up to $400 a year on your wireless bill. plus get $250 back when you buy an eligible phone. click, call or visit a store today. david: this is "balance of power" on bloomberg television. i'm david westin. bloomberg first word news, we go to mark crumpton. disruption yetst
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to hong kong's economy since disruptions began in june. airport authorities canceled are many flights a day after protesters jammed that terminals for a fourth day in a row. the airport plans to reopen tuesday after a weekend of violence in hong kong. police used to a gas and rubber bullets to break up demonstrations. germany is set to get rid of the so-called solidarity tax that helped finance reunification. the 5.5% income tax will be eliminated in 2021 for most of those paying it. there is growing pressure for increased stimulus. last year, the tax raised $21 million. in puerto rico, protests have eased and attention is shifting to policy. in one of her first moves, juan velazquez moved to suspend a hurricane contract for power.
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the governor did not explain why she was suspending the deal, saying only that transparency is a priority for her administration. the man accused in an attack on a mosque in norway ended up killing his teenage step sensor and appeared in court today looking bruised and scratched but smiling. officials say the 21-year-old man entered a mosque and an oslo suburb saturday and fired several shots. one person was injured. homee then rated the man's and found the body of his 17 euro stepsister. global news 24 hours a day, on-air, and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. david: thank you. president trump insist the russians did not come in anyway, affect the outcome of the 2016 election, but no one doubts they tried. but protects our intellectual process this time?
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success of says the the 2018 midterm elections shows the government is up to the task. >> do you have any doubt that the russians interfered with our last presidential election? >> none. and the one before that, and the one before that, and the one before that, and the one in 2018. people say we have to protect 2020. the good people who ran in 2018 cared about acting us. we did so effectively, and will do so again in 2020. jamil jaffercome from george mason university in washington. welcome back, good to have you here. you heard what secretary pompeo has said. do we need to worry about the russians anymore because we have fixed it for 2018, he says? jamil: certainly we did a good
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job in 2018 but that does not mean we fixed it. there is a lot of manipulation on social media, as well as the ongoing concern about vote manipulation. i am less concerned because the cause would be so high for any nation to do that, but making sure for sure that none of that is going on, and aggressively combating the stuff that happened in 2016, the covert operation that was undertaken by russia will be a part of the 2020 election. david: talk about the misinformation as it were. what can we do to stop or deter that? jamil: in a lot of ways, this is a partnership between the federal government and social media. both parties need to come together and create a collective defense system that focuses on cybersecurity, ensuring the states and providers are up to speed on what the threat looks like and are getting ahead of it on their own.
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the federal government cannot solve this problem on their own, nor should it. but it can leverage its knowledge, share that with the states, and get them up to speed for the 2020 election. david: what can facebook, twitter do to help with this problem? similarl, we had a problem in recruiting people for isis or islamic state, and we shut that down. why can't we do so this time? jamil: it is harder with electoral manipulation because you are dealing with things at the heart of free speech. you are not sure what is free speech and what is russian manipulation. we know the government had a lot of information prior to what was going on to the 2016 election. the government shares that with industry, and industry needs to take action. -- role tohas a play play, making sure that we are putting accurate information out there to the public. david: r.o.e. the media making
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it worse or better? be otherhe issue might is trying to undermine our confidence be in the democracy in our country. jamil: that is exactly right. both hillary clinton and donald campaign were affected by the undermining of democracy. there are a lot of people to blame. political leaders have not been unsolved from this also. at the end of the day, we have to recognize we are under attack by a foreign nation and we are almost succumbing to that by not bridging the public-private sector divide. david: you say the voting is not the biggest problem but we want to protect it. we have one tech expert running
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for president, mr. yang, and he says we should have blockchain taking care of it. he says the machines being used in most locales are almost as vulnerable to hacking as other technologies. americans should be able to vote via their mobile device using blockchain. does that sound right? jamil: we heard about this after the 2008 elections. now we are talking about going back to paper in some ways to have a check on the digital voting machines. message, he yang's is a smart guy, but i'm not her that is the best move. dhshead of cybersecurity at was at the hacker conventions last week. he said we have to focus on audit trail.ave an we cannot just rely on our
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digital sources to make sure that our elections are safe. pin this downto for somebody like me who is not a tech expert. can we go after the fact and re-create it, audit it with blockchain? jamil: it is possible. the ecosystem is not as robust as our classic voting systems, which we know better. blockchain systems can be secure, but there has been questions about ownership of the blockchain, and if you get a certain ownership, you could manipulate that. we have seen a lot of problems with blockchain wallets being hacked. it is definitely a secure system but i'm not sure that it is the one that you want to rely on today for our elections at the present time. david: appreciate you being here, jamil jaffer, of george mason university in washington.
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at thet a lifetime center of the intersection between wall street and government. now he has written a book to tell the story. solomon.e peter that is next. this is bloomberg. ♪
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david: you are watching "balance of power." i'm david westin. solomon spent a career at lehman brothers before creating his own independent investment bank. along the way, he served as deputy mayor to ed koch. he has written about his experiences and what they taught him in his new book "wasting time constructively." we welcome him today for today's conversation in chief. a fascinating book, it tells a
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history that i knew bits and pieces of, but not this comprehensively. one of the things you talk about is the 2008 financial crisis, what we learn from it, and whether it could happen again. you say we should not be too sanguine that we fixed it. are partnancial cycles of the system, but there is a problem in the growth of globalization and the diversification of securities, a complication of securities. in my book -- i said when i left lehman brothers in 1989, i didn't want my net worth or reputation based on people i barely knew trading securities i scarcely understood, in time zones i never visited. is consistent, whether it is jamie dimon, the head of wells fargo, goldman sachs. each of those leaders has to deal with what i've just said.
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david: which raises a profound question for me, particularly about securities i cannot understand. these things are complicated. i have talked to people like you and you say you don't even understand how they work. it is so complex now, even the people managing them and the government cannot even understand them. i cannot understand them. i am sure there are people who understand parts of them. that create some of the issues. scandal,nce, the libor one fellow understood how to fix it, and he got others to fix it with him. for what benefit, i don't know, it helped his bonus, but it is like fixing the weather. course, senior management cannot understand everything they are doing. people in have some your book that you are honest saying they were not up for the job, but others you say are very
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capable. jamie dimon. a very sophisticated man and he has the london whale. peter: they had a number of criteria, risk-weighted assets, they had four criteria at one point. the london whale change the parameters. times in the first four months of 2012 he kept changing the goal posts, reporting to senior management. they didn't catch it. david: you grew up in the 1950's, 1960's, and now we see in argentina the resounding defeat of president macri. we see what that has done to the markets today. is the financial market much more connected today that you effect -- into
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account what is happening with argentina and the peso, as opposed to when you were in new york? peter: we were very egocentric in effect -- into account what is happening the '. we were right about the united states, stopped worrying about europe, we were worried about russia. to hideto take tests under your desk in the event of a nuclear attack, which was extraordinary. but we didn't have the connectivity. and importantly, finance was not as important. nobody spent all their time worrying about finance. we didn't worry about markets abroad. americans invested in america. we didn't have all of these complications. david: one of the things that we are fixated on is the fed, what will it do to the interest rate? what it does really affects the markets profoundly. the fed is increasingly saying we have to pay attention to international affairs, international trade. in doing that,t
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are they too dependent on geopolitics? peter: i don't know the answer to that but the fed does some surprising thing. they lowered rates the other day. they are supposed to be in charge of full employment, low inflation. very low unemployment, low inflation, why would you lower rates? what is the purpose of that? is it because they got pressure from the president? international markets? no idea. but the fed is now responding to many more things than it used to. david: you were a successful investment banker at lehman, and then you went into government. said come in as my deputy mayor, when new york was not doing well. peter: we were bankrupt. david: why did you do it? peter: i always wanted to go into the government, even when i was at lehman brothers. bizarrely, i told my classmates that i would enter government at
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age 40, which i did. i have no idea how i could have predicted that. pete peterson encouraged me to do it, said that new york was in crisis, we were virtually bankrupt. he said it was a very important job and i should take it. i thought he wanted to get rid of me, but he really thought i should take it. it was great advice. david: we cannot talk about your career without talking about retail. it is in your family, your mother's father, and your father. you have done a lot of deals. is bricks and mortar retail dead? peter: of course not. retail and has these cycles. andalk about interventions disruptions in retailing. there is nothing more disruptive than the credit card. tot gave everyone a chance shop the other department store. that was the mid-50's. that began the whole trend
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toward specialty stores, proliferation of retail. look, amazon now is 6% of the market. online retailing, 16%, growing to 25. 75% of retail will be done in stores. predictably. i think even the online retailers -- look at the very successful online retailers, home depot, where they are not out of the store business. they have figured out how to combine their e-commerce business with their store business. clearly, we have too many stores, we have for a long time. i used to call at the waterfall. every store that you opened opens at a lower volume, costs more, and had a lower return on investment. david: what is the future of the department store? department stores have had a hard time. you go through the numbers about
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how many are left in the u.s. is there a future for the department store? peter: there is. thertment stores had 55% of market in early 1960's. again, that was based on credit. they were the purveyors of credit. to a much lower number, maybe five, 10%. there has been a steady decline in department stores. there will always be department stores but there will be many fewer of them, and it is a harder business to run. david: you came up in a different time. if you are coming up today, is there still the opportunity to do good in government? you not only work for mayor koch, but you are also at the treasury department under president carter. have people become so cynical about washington that that is not there? peter: first of all, there are other governments than washington. you should be worried about new
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york city, new york state. new york city you can actually do something about, so we should get it under control. there is always an opportunity. it is harder. the laws are harder, scrutiny is harder. it is hard to get on with your reputation. it is easier to get into government that it is to get on with your reputation. that is what you're talking about. that is too bad. keepings that what is good people from running for office, for mayor? peter: the guy whose name is on his building ran for mayor and did a great job. it is harder and harder to get them. it costs more. and the downside is greater. pounding.ant i will point out one thing. , theunder ed koch second-most reporters in the country were in city hall.
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the first were in the white house. but the new york times alone had nine reporters in city hall in 1978 when i got there. david: they don't anymore. many thanks to peter j. solomon, author of "wasting time constructively." from new york, this is bloomberg. ♪
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david: this is "balance of power" on bloomberg television. i'm david westin. data fromstein's apparent suicide has triggered a
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wave of speculation and substantial questions about what comes next. smith,ome now heather bloomberg news executive editor for legal news. the question i have to ask, what comes next? let's start with the criminal side. what is left, what is gone? the investigation is ongoing. epstein is nost longer. however, they charged and also with conspiracy, so that opens up a range of possibilities for others to be charged. basis to we have any know how much evidence they have on co-conspirators, or whether they needed him to nail the co-conspirators? heather: the prosecutor has been for women in asking to come forward, as well as any other witnesses. it is very possible that they already have evidence from those
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people that have come forward. he reiterated yesterday -- perhaps saturday -- in a statement after the death, that he would like more people to continue coming forward. perhaps with his death, more people will be willing to come forward, that the fear factor may have lessons. david: on the civil side, those women that have come forward -- and we have some horrific stories. assuming that can be proven, do they have redress against the state, can they go for money damages? heather: one of the challenges is figuring out the actual size of the estate, where his assets are located, and going about the process of how to get possession of them. because we are outside of the criminal phase of it, that would have to go through a civil director -- forfeiture proceeding. there is also a question of if
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he left a will, who would be the executor, and if there was a way to work with them. david: i read over the weekend, one of the lawyers for the plaintiff hundred and a letter to the trustee saying please preserve the assets. do we know who the executor is? heather: no. i certainly don't. david: do we have any sense that he had an estate that was worth that much? the government claims that, he said he was going to put him a lot. but the judge said he was skeptical about it. , in trying toally make a case for getting down, you would present a full accounting of your financial worth. the only presented a one-page summary saying it was too complicated to get into, that there were dangers to his privacy, and after the judge criticized that summary, that he could provide a full accounting of his assets, if you could get another chance at dale. david: we have a long way to go.
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heather, thank you for being with us. executive director for legal news, heather smith. sign up for the balance of power newsletter at bloomberg.com. get the latest on global politics in your inbox every single day. , the ceo, hans humes of greylock capital, will give his reaction to the shock elections in argentina. bloomberg users can interact with the charts shown on gtv . live from new york, this is bloomberg. ♪
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at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology...
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there is human ingenuity. ♪ ♪ every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. take your business beyond. mark: i'm mark crumpton with bloomberg first word news. . a new rule could stop immigrants
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from getting green cards even if they get government benefits. the regulation would probably fall hardest on legal immigrants who do menial labor on farms and in the service industry. bloomberg has learned the british government does not expect the european union to shift its position on brexit for at least a month. prime minister boris johnson is insisting the eu open with and dropl agreement the so-called irish backstop. by minister johnson has said the u.k. will leave the block on october 31 if necessary without a deal. u.s. attorney general william barr says the federal prison where jeffrey epstein died had "serious irregularities." speaking in new orleans today, the attorney general promised to pursue justice for epstein's victims. he said we will get to the bottom of what happened and there will be accountability. bill cosby's

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