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tv   Bloomberg Markets Balance of Power  Bloomberg  September 24, 2019 12:00pm-1:00pm EDT

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david westin. on the brief today, emma chandra in london on prime minister boris's sharper you -- sharp rebuke. in new york, the growing call for impeachment proceedings. it was 11 to zero. boris johnson came out and said he will abide by it. listen to what he had to say. >> obviously, this is a verdict we will respect. we respect the judicial process. i strongly disagree with what the justices have found. i do not think it is right. we will go ahead and -- parliament will come back. david: he is about to hop on an airplane to rush back to london. what comes next for boris johnson? >> that is the big question. to be told by the highest court in the land he had acted unlawfully, that he gave
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unlawful advice to the queen, that has led to calls from some opposition leaders including jeremy corbyn to resign. david: i'm so sorry. we now have playback from prime minister boris johnson. just moments ago. >> results are going to start to show in november. it looks to be that he is making great progress. it is an honor to have you with us discussing trade. we can quadruple trade with the u.k. we can do a big job. our trade representative is here. your trade representative is here. we will continue negotiations. we can have substantially more trade with the u.k. we will talk about other things. it is great to have you. >> thank you very much. it is great to be here. i certainly hope we can make a lot of progress.
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both onto get going that. always remembering the nhs is not for sale. everything else, there is a huge amount we can do. we can also talk about iran. some of the difficult issues where we share a common perspective. we want to dial things down but also make sure people in the gulf do not get the wrong idea about what they can get away with it that it's a complicated issue. >> will be talking about many things. we will start in just a minute. thank you very much, everybody. >> some of your critics are saying you should resign because you misled the queen with regard to shutting parliament down. i do you respond? own, let'sd earlier
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be absolutely clear. we respect the judiciary in our country. we respect the court. i disagree profoundly with what they had to say. i think it was entirely right to go ahead with a plan for a queen's speech. this is the longest time we have not had a queen's speech for 400 years. we have a dynamic domestic agenda we need to be getting on with. more police in the streets. investment in our national health service. we need to get on with that. .e need to get on with brexit that is the overwhelming view of the british people. they want to get this thing done by october 31. that is what we are going to do. >> that was a very nasty question from a great american reporter. >> was that an american reporter? that was not very nice, was it? i think he was asking the
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question that a lot of british reporters would have asked. >> now that we have that out of the way -- i know him well. he is not going anywhere. do not worry about him. onlooked progress was made making a deal? >> he is dealing very well. i have watched it very closely. i tend to watch friends closer than enemies. the enemies, you have to watch in a different way. it is a complicated subject. they took a vote. i was there. i happened to be there the day of the vote. i even made a production. it was a correct production. that was a long time ago. it takes a man like this to get it done. they have to get it done. otherwise, it would be a terrible thing to do. i do not see another vote. i think it is going -- i think he is going to get it done. >> what was your reaction when you heard that u.k. supreme court decision? >> i had no reaction. i just asked boris. to him, is another day in the
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office. >> tomorrow is another day in parliament. [laughter] were had of course -- we 047 with the supreme court. won theen, won -- we wall. were 0-7. off we the first time you -- the first time we won, you are shocked. since then, we have run the table. >> we are not counting our chickens. we are full of respect to the justices of our supreme court. fight whatg to risk the court had to say -- we are going to respect what the supreme court had to say. >> in other words, he has been very nice to the core. he has total respect for the court. >> on a separate subject, can you explain why aid to the ukraine was stop?
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>> i think that other countries should be paying. why is the united states the only one paying to the ukraine? not only with respect to ukraine but also other countries, why isn't germany? i just met with the chancellor. why isn't germany and france? why are we paying all the time? nobody has given more to ukraine. president obama used to send pillows and sheets. toend anti-tanks and weapons ukraine. we think it is very important. that payment was made. i wanted to gather countries. other country should also pay. it affects them more. that is a wall between russia and the u.k. they do not pay. why is it always the united states that is paying? i made that loud and clear. i told that to mick mulvaney. i told that to a lot of people. i told it to mike.
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i told it to steve. i keep asking -- i set it to wilbur ross. i keep asking the same question. why is it that the united states is always paying foreign countries and other foreign countries that frankly are much more affected -- they are not. i said, let's get other people to pay. everybody called me, can we play? there was never a quid pro quo. the letter was beautiful. it was a perfect letter. it was unlike joe biden. what he said was a horror. ask how his son made millions of dollars from ukraine. millions of dollars from china even though he had no expertise whatsoever. what he did was a problem. with us, there was no pressure applied. ok, folks. thank you very much. david: we have been watching and listening to president trump with prime minister boris johnson. that was taped a short time ago.
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there is an awful in that exchange with whether or not boris johnson will be stepping down and also about the payments ukraine. big issues on both sides of the like. emma chandra in london. aarti schenker with us. i will ask you, what happens next? it appears boris johnson is not inclined to resign. emma: he is not inclined to resign. that is surprising given the magnitude of the decision. the advice -- the ruling that the advice he gave to the queen was unlawful. parties in the u.k. have been calling for the resignation. boris johnson saying he will not resign and will continue to get on with brexit and taking the u.k. out of the european union. we heard he will be flying back to the u.k. early. cutting his trip to new york short. we understand he has to have a
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conference call with his cabinet before he gets on the plane. parliament will be reconvened tomorrow. we will get a better sense of where things go from there once the parliament -- once the prime minister is back from the u.k. and when parliament has been recalled. he was discussing with the president the possibility of a trade deal between the u.k. and the u.s. that cannot happen until brexit happens. david: there is a relationship there that goes back a well. president johnson -- president trump is invested in boris johnson. he doubled down. he is going to do what he can for his friend, boris. >> i feel that donald trump's relationship is no different than boris johnson's relationship with donald trump. it is not clear how personal that is. i think boris johnson is an astute politician. he will take advantage of the perception he is good friends with donald trump. once it is not to his advantage,
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he will divorce him immediately. meantime, boris johnson said he is going to get out but halloween. it is not appear he has a clear path. how are the markets reacting? emma: that is an interesting question. we saw this huge decision today from a constitutional perspective. in terms of the market reaction, you take a look at the pound. it did rise against the dollar. it briefly touched one spot 25. we were there a few days ago. a lot of people saying the move should have been bigger. thanks today went from -- saying it takes is no further or brex -- am a no deal .o deal brexit boris johnson again calling for a general election. speakingjeremy corbyn
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at the labour party conference saying he also wants a general election. he wants to do it when he knows a no deal brexit will be taken off the table. david: that's turned to the other part of the conversation. we would not expect to hear about payments to ukraine. it is interesting how he is trying to explain what have been. >> that is my understanding the first time donald trump has sought to explain why those payments to ukraine were delayed. it is throughout this controversy over that issue that no one could explain it. donald trump is putting out the narrative he wanted to make aid. allies pay for the that is the first time we have heard that. david: the ground seems to be shifting. nancy pelosi had been saying, let's not deal with impeachment. now, we have some moderates in
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some swing districts changing their position on the democrat side. >> that is significant. these are from districts that are very tough for the democrats to keep. for them to call for impeachment, which politically is viewed as poisonous to the democrats, is very significant. she is meeting with the chairman of her committees this afternoon at 4:00. we will get more insight into just whether or not impeachment is going to go forward. there is no question. momentum is building for that. david: thank you so much to our chief content officer. and to emma chandra. coming up, the odds of a no deal brexit after the supreme court really cared this is bloomberg -- after the supreme court ruling. this is bloomberg.
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david: this is balance of power on bloomberg television. the united kingdom's supreme court issued its ruling today. it was unanimous. >> the decision to advise her majesty to prorogue parliament was unlawful. >> i welcome the judgment this morning. >> it had the effect of frustrating or preventing the ability of parliament to carry out its constitutional functions without reasonable justification. >> i strongly disagree with what the justices have found. >> it demonstrates a contempt for democracy and an abuse of power by him. >> i do not think it is right. but we will go ahead and parliament will come back. >> today is not a win for any
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individual or cause. it is a win for parliamentary sovereignty. goujon --welcome riba reva goujon. there are a lot of uncertainties. does this increase or decrease the likelihood of a no deal brings it? reva: it adds to the brexit drama. i would not say the bombshell is a game changer. you are still dealing with fundamental constraints on the irish backstop. it takes the wind out of boris's strategy to get an 11th hour deal or a compromise on the irish backstop. the opposition was going to wait until october 17 to decide the next steps to see if boris johnson was going to request a delay from the e.u. that is still within the prime minister's right. we're still on the same timetable. that is when it turns to a
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no-confidence motion or a resignation by boris johnson himself where he can play martyr in an electoral campaign and say it is a people versus parliament issue. and we are going to have more prolonged uncertainty. the u.k. is probably going to avert the worst case scenario of a no deal brexit. david: boris johnson again came out and said he is going to take the u.k. out of the european union by october 30. is there a way for him to do that with a deal? didn't michel barnier offer a deal that would effectively have a border across the irish sea? reva: there are still a number of sticking points around the irish backstop. there is potential for a northern ireland only back step. that is not an issue on the e.u. side. the issue is on the london side, whether you can get a deal like that through parliament. boris johnson has to go to the
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council with parliament still trying to resist him. the options are not looking good for him. he faces defeat after defeat in parliament. if we were to see an extreme option, he could try to pro rogue parliament again. he is going to be preparing for an election. he has to show he did everything possible to make brexit happen. at the end, i think the legal constraints are going to prevent him from doing so. david:david: we heard president trump addressed the united nations general assembly today. he had strong words about iran. saying that he will not take the sanctions of. there was some hope that he will meet with ronnie. -- with prime minister ron he. 20a: it was exposed on june that the white house does not want a shooting war with iran. you have to remember iranian strategy. it is to escalate with a
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breaking point -- escalate to a breaking point with the white house in for sanctions relief and then use that to bargain for de-escalation. there is still more room for escalation. the saudi attack exposed the vulnerabilities of saudi arabia and its neighbors. saudi arabia now operating at reduced redundancy. further attacks could have a much more serious disruption to energy markets. iran is essentially holding the global economy hostage. we are back in a stalemate. aran knows how to break stalemate. if the u.s. tries to avoid military action, and option of another cyber attack against iran, that would still compel an iranian response. a could be another military attack. david: donald trump like to talk in terms of winning or losing. if i ran can have more tax and we cannot protect our allies,
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and if we are not willing to attack them, is iran winning? reva: in essence, they are playing a weak hand extremely well. that strategy is working. we still have this massive deterrence dilemma. the u.s. can get allies to provide naval escorts for its vessels in the strait of hormuz. it can bolster air defenses. but i ran -- but around -- iran still has the ability to carry out crippling attacks. iran still has options. david: thank you very much for joining us. more balance of power next. ance of power next.
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david: you're watching balance of power. time now for a check on the markets. return to abigail doolittle. >> we are seeing a bearish reversal.
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earlier, stocks have been higher. the dow and the s&p 500 down between two tens of 1% and for tens of 1%. underperforming. the tech heavy nasdaq and the small-cap russell 2000. that's take a look at a chart on the day of the nasdaq 100 futures. nasdaq 100 futures up where the half a percent. a point and have reversal to the downside. this as president trump was speaking at the u.n., criticizing china around trade and singling tech issues. let's take a look at some of the tech movers. netflix down three and a half percent. the price target was cut to 30%. stocks or the tech companies mentioned by president trump, micron down 1.2%. we also see tesla down 6% as tesla of china as having issues. perhaps tesla here trading lower
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in sympathy. one of the big stories in the downseveral days, oil is almost 2% as saudi arabia is assuring the world that supplies coming -- supplies are coming back on after the attack last week. over this time, we do have oil up 5.1%. close to $58 a barrel. this is a risk ask it. -- a risk asset. s&p 500 still stuck below 3000. investors looking for the next big directional queue. david: time now for the stock of the hour. today, we're looking at fiat chrysler, which is extending declines after one of the engineers were chart over diesel admissions problems. kailey leinz is here with more. >> these are the first allegations brought to the probe.
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an engineer charged with misleading the public and regulators about diesel admissions. this is entertain because it dovetails out of what we got out of europe. you had daimler being charged. and then volkswagen, the ceo and the chairman and former ceo all charged with market manipulation related to diesel. not a great day for these auto stocks. david: that scandal have been going on for sometime. it keeps on going. that was not the only bad news for fiat. >> it was a victory for the e.u., which is pursuing allegations regarding its tax arrangement in luxembourg. on the flipside, you had starbucks winning the case. the court saying that the e.u. did not have enough evidence. for both of the companies, it was not super financial material. only about $30 million. apple is facing a $14 billion
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tax bill. what the court did not do is say that the e.u. competition commission is overreaching by looking into the text deals. it is an antitrust body. the court essentially supports the right to do that. it is going to be interesting to see what happens with apple. much to kaileyo leinz. of next, president trump made tax codes the centerpiece for his economic growth plan. two years later, what effect did they have? we are going to talk with president obama's former economics advisor, jason furman. this is bloomberg.
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david: this is "balance of power" on bloomberg television. i am david westin. we have some news -- there will be remarks by vice president --
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former vice president joe biden in wilmington, delaware, and he will call for impeachment of president trump if president trump ignores the document request. the president had perhaps multiple conversations with the head of ukraine and raised questions about vice president biden's son and whether there should be an investigation by ukraine into vice president biden's son. there are increasingly called to have this revealed per the statute -- the director of the national intelligence should be turning into the intelligence community, and congress, has not done it yet. there are increasing called by democrats on the hill, putting pressure on nancy pelosi to proceed with impeachment. vice president biden with remarks to be delivered a short 2:30 eastern at time. he will be calling for impeachment of the president if he ignores the document request was a bloomberg will tape those remarks at 2:30 eastern time. the u.s. economy continues to
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send mixed signals with companies cutting back on capital investment. consumer is holding steady for the here to explain where he thinks the u.s. economy is headed for we welcome jason furman, chairman of the council of economic advisers under president obama and harvard kennedy school professor. from cambridge. trackbackraphs to before the tax cuts and after the tax cuts, whether there was growth or not. looking at your graphs, it looked indeterminate, not quite clear. jason: i looked at growth in the six quarters before the tax cuts and compared it to the six quarters after. the growth rate was basically the same in those two periods. what is important is investment growth slowed a tiny vessels of if you look underneath investment growth, equipment and software -- software and r&d
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increased a lot. equipment and structures slowed a lot. that was made up for by the big increase in government spending we have seen in the last year and a half. david: as an economist, are you puzzled by this? whether one thought that the fiscal stimulus was a good idea or bad idea, taking upwards of $1.5 trillion and injecting it into the economy would have an effect. you would see it. jason: yeah, look, there probably was some fiscal stimulus, and absent the law, growth would have fallen more than what it did there. what is notable is there's no evidence for the tax cuts creating much more of an incentive to invest. maybe a small one, maybe for certain types of investments, we will see that over the next five to 10 years. but nothing so large that it jumps out at you from the data, which is affected by so many different factors. david: there are economists that
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are concerned that there is some softening, certainly globally, and even in the united states. the question is will it lead from the business side-- bleed from the business i to the consumer side. we had numbers that were down on consumer confidence. jason: yeah, the thing i would look at most is what is happening with jobs, what is happening with wages. that has been quite good lately. that can continue to support consumer spending, as long as we are continuing to see the job growth and wage growth. that consumer reading for september, there was a lot of noise being made about trade, a lot of noise being made about the fed, that definitely weighed on consumer confidence. but until it translates into actual jobs and wages, i'm not sure how large an indifferent a negative it will be -- and enduring a negative it will be. david: are we fighting against the larger phenomenon?
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theut a graph of showing gdp from labor. the downward trend in the united states falls was a reasons -- i'm sure part of it is technology, other reasons. are we fighting against a larger trend? jason: a lot of what a truck like that tells you is something -- chart like that tells you something about inequality. i don't think that is due to some deep technological factor. i think that is due to things like allowing the minimum wage to decline, the weakening of unions over time. if we had a stronger labor market, workers in a stronger position to bargain, i think we could do a whole life better in terms of something like that labor share of income. david: that makes sense, but at the same thing, as we shift from a manufacturing economy to a services account, which we have been doing, and we see the , doesn't that i
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feed into the inequality you are talking about jason: it definitely does, but it depends on how you cope with it. we had a big shift from agriculture to manufacturing in the 1920's and 1930's. we responded to that by making freeschool universal and for everyone. we should be doing something like that -- not necessarily saying free college, but something to make college more available, make preschool more available. we need to be equipping people with skills to take advantage of technological shifts. then you wouldn't see the big adverse shift in labor income. david: as we look into the 2020 election-year, is anyone coming forward and putting an emphasis on education and training you are talking about? jason: you certainly hear various democratic candidates talking about college. some of the ideas are overly expensive and would have poor bang for the buck in terms of getting new people to attend college.
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but i certainly think a lot of what has been focused on about college and preschool -- i think those are the two big missing elements that we could improve on, the fact that the united states is 20th in the world, in the rich world, in the fraction of its students who go to preschool i think is terrible and we should do something about that. david: jason, always good to have you with us. jason furman of harvard kennedy school. he is a professor there. --ing up, president trump i'm sorry, president trump tells the u.n. general summary that he will not accept a bad do with china, but how did his speech go over with the business community? the executive vice president of the u.s. chamber of commerce, and this is bloomberg. ♪
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david: you are watching "balance of power." i'm david westin. reports that china has agreed to waive tariffs on soybeans from the united states raises hopes that there may be progress in the trade is good. president trump threw a wrench in that with his tough talk at the united nations. here with us is myron brilliant, head of international affairs at the chamber of commerce. good to have you in new york. are we making progress or probably not? myron: david, great to be back on. the president is ascending two messages. he says we need a big deal that deals with intellectual property and forth technology transfers and all the issues he and the team have been talking about the past year. he is also saying to president xi, we have a good relationship. we can get a deal done so long as you come to the table.
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we will have to see what happens .ith the talks in early october i expect the vice premier to be in washington around the october 10 timeframe. we will not no more until after that. there was clearly a message here. no small deal, let's focus on the comprehensive deal. david: where does this business community on this? president trump talks about the farmers, who have been reasonably patient with him, but patience runs out. myron: what the business community wants person foremost is certainty. we want certainty in the markets, certainly in trading relationships. china and the united states need to find a way to get to is that certainty for the that will not happen unless china makes an offer that is acceptable. at the same time the united states has to do something about the tariffs put in place. it hurts farmers, it hurts many factors, it hurts consumers. let's not lose sight of the fact that we have an opportunity and we are hopeful it will be passed later this fall.
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i think before thanksgiving we have a good shot. speaker pelosi had good consultation with lighthizer and president trump. there is positive news as well. david: talk about the usmca. it is a democratic house issue. they are the ones holding up. they say they want improvements and worker rights and things like that. why do the democrats want to give president trump a win before the 2020 election? myron: they have gotten some things from the administration on workers rights and environmental standards. these are things that mexico has moved on. if they want to get those wins, they have got to work with the administration and business community to see it pass. they have a vested interest in this being done. otherwise it is nafta. if they want the usmca together with all the new standards, they have one course of action, and that is to work with the administration and business community to see it done. david: by think giving?-- thanksgiving? myron: i think before
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thanksgiving we can get it pass, absolutely. david: are we going to get a deal with japan? myron: i think we will see progress this week. the president and prime minister abe will be together to sign an understanding. i don't think it will be an agreement. we want to see the threat of tariffs removed on the auto issue. more importantly, we want to see the bigger deal down the road. it is not a -- it is a good start, it is not enough. many areas were not covered in this agreement. we need to see the ministrations commit also to build a bigger deal in that relationship. david: great to have you here. myron brilliant, executive vice president of the united states chamber of commerce. coming up, big line from the global business for them. the ceo's of j.p. morgan chase, goldman sachs, and credit suisse are among those we're talking about. that is tomorrow. this is bloomberg. ♪
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david: this is "balance of power" on bloomberg television. i am david westin. we have gotten to know donald trump as commander-in-chief and america first booster in chief and tweeter in chief o. a new book says we have to understand him as plaintiff in chief. its author had a distinguished legal career in new york. we welcome him to bloomberg. >> thank you for having me, david. a portrait subtitle, " of donald trump and 3500 lawsuits," and as you point out in the book, maybe more than that. >> the american bar association says 4000. in a little more than half he was the plaintiff, plaintiff into them and the others he was on the receiving end. david: he must have won some for
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. some. yes from he won i don't go into every single lawsuit but i going to the types of losses. david: it goes all the way back. i did 1972 -- james: 1973, the race discrimination thing. david: he and his father got sued and he went around for a lawyer and he found one. james: in a bar, roy cohn. david: roy cohn was a prominent lawyer for a long time. james: the subject of the documentary film "where is my white coat,"-that- " where is my roy cohn," now in theaters. the first principle he learned was always counterattack. in the race determination case from where people so that you can settle and take a consent cohn's advice was let's beat handfuls of he
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counterclaim against the government for $100 million. it kept the government on its heels. always counterattack. the second principle is always undermine and try to smear your adversary. cohn had done that successfully , acquitted three times after being indicted in the southern district of near. the third is work the press. race discrimination case, the first thing they did was called a press conference. david: he said that no matter how bad it looks, declare victory. james: declare victory and go home no matter what happens. david: apply this to the present day. we have a situation with the communication -- we don't know what it was, we are not being told yet, between the president of the united states and the leader of ukraine, apparently had to do with investigating vice president biden's oson. philly president was talking about it even now with boris johnson. we just saw him talking about. james: he is obligated under the
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law to release the was a lower's -- the whistleblower's report. david: yes obligated under law but he hasn't done that. james: but the -- because the first thing roy cohn taught him was that the subpoena does not have to be complied with. just tear it up and see what happens and maybe litigate and maybe it will go away. deflect and deny and play for time, and that is what trump is doing. david: this president from have a roy cohn now? james: he said that because he was dissatisfied with jeff sessions, who had recused himself as attorney general because sessions wasn't firing mueller. there is no real -- one roy c ohn he has is bill barr. bill barr seems to give a legal exclamation that vindicates trump every time an issue arises. but there is no one quite so underhanded, so ethically
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incorrect, as roy cohn. he would always find a way out, and that is what attracted him to donald trump? david: as we take all of this, 3500 or more losses, anything wrong about it? james: it is wrong because he had a litigious personality. five times as many seats as all of the leading real estate people in america had mine.-- ha d combined, at least as many as the top five combined. it is abnormal, it is unusual. when the --one of the reasons he sued people at the drop of a hat. his chinese partner says he likes litigation for lunch. royever he was sued, a la cohn, he would claim for a billion dollars. courtsthe bar in the have certain rules and regulations to deter frivolous litigation.
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rule 11. james: it still exists. david: that you get sanctioned if you're being frivolous. has he been sanctioned? james: he is not personally been section. i suppose he would take the position that the president of the united states cannot be sanctioned. that is what is so strange about the current litigation with cy vance, where cy vance has a subpoena to the trump organization and the outside accountants, and trump suit for an injunction. on the face of it, it went for the federal court to do it -- on the face of it there is a statute in congress which goes back to the dawn of the republic, 2283, which says that a federal court will not interfere with state court proceedings. it is called the anti-injunction act. it ought to be dismissed out of hand. these lawyers brought the case and in my view they should be sanctioned. david: give some advice to somebody would be an adversary to president trump. you have been an advocate for
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many years was that you must have had lawyers were really litigious. how do you deal with that? what is the proper response? do you match them in kind? james: normally you try to fight the case on the merits. idea was to wait asymmetrical war, where you would try to undermine the adversary and call it a witch -- try tod to say punish the adversary in any way you can. that is what they did in the race dissemination case. they said that the justice department lawyers were acting like stormtroopers, which is really goes. --ridiculous. david: you actually are a republican, a modern looking. you are not a democratic-- moderate republican. you are not a democratic partisan. at the same time you say things that are not flattering about donald trump in this book. have you been sued? james: i hope so, because it will spur sales of the book.
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[laughter] james: that is what happened with michael wolff. mcmillan is my publisher. he has not given me any notice that he plans to see me, and i doubt that he will. every word in the book is carefully researched and documented. david: after you have been through this remarkable review of litigation of donald trump, what do you know today that you didn't know when you started out? james: i think what i didn't know is the tremendous influence that roy cohn had on him. i was able to corroborate that when i met with cindy adams, a close friend of both men. on election night 2016, when the result was known, he turned to cindy adams and said, "cindy, if roy were here, he never would have believed it now." cohn had been dead for 30 years. david: we're going to go right now to president trump and prime minister modi of india.
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[speaking former language]-- foreign language] david: ok, we are listening to prime minister modi of india. wanted to the abigail doolittle. the markets are moving.
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abigail: you are right about that, and before we talk about the selloff, breaking news -- we work ceo stepping down after pressure from the board. we have a somewhat frothy ipo market, and the fact that you have the ceo stepping down that is a little bit of pressure. other pressure started more so. david: he will remain chairman of the parent company. this is a report according to dow jones, breaking right now. there were talking about him having a nonexecutive role, so he would stay with the company. abigail: ok. as far as the selloff, it started more so in the 11:00 hour. president trump speaking at the u.n. between 10:00 and 11:00 and criticizing china around trade, of course. micron was brought up. we saw at that time a reversal. futures had been up half a
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percent, now the worst day in more than a month. this isn't really new. each day seems to be any playing ground. investors and traders when they are positive about trade and the next day they are negative. volatility makes sense because the s&p 500 is unable to get above the 3000 level. david: uncertainty feeling that trade. listening to president trump and those remarks, he went into detail about micron coming in and taking out a patent. it was clear my thought come from those remarks that the president is not backing down on the intellectual property issue. abigail: seems like he is not backing out at all. tom from bloomberg economics is making the point that the uncertainty factor the you are talking about is more of a weight on the global economy, and you would think that would play forward into the stock market and the actual tariffs, those remarks at the u.n. backs it up. something to keep in mind, we had this big bond rally and up until yesterday bonds had been higher and they are higher again
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today. basically a seven-day winning streak. the fact that you have stocks trying to make these all-time highs, some investors are going through the safety, treading water to some degree. again, volatility. david: thank you so much, abigail doolittle, for the report on the markets. eastern, we will hear from the incoming ecb president christine lagarde, who will reflect on her time as managing director of the imf is a sign of for the " balance of power" newsletter to get the latest on global markets every day. this is bloomberg. ♪
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lisa: i'm lisa abramowicz. welcome to "bloomberg money undercover," a show that provides valuable insights into alternative investments. we take you inside the world of private debt, equity, and real estate. let's get to the burning issues in private markets. a dramatic playing -- battle playing at it we work. plus, chaos at thomas cook. by hedge

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