united states. use of catch -- cash is the corporate rage. is a super bowl ad worth it? that is the $4 million question. this is "bloomberg surveillance ." we are live from world headquarters in new york third it is wednesday, january 29th. i'm tom keene, and joining me as all with scarlet fu and alix steel. >> turkey raising rates, increasing the overnight lending rate to wealth percent. it was an emergency meeting to help and the lira fall. resisting government pressure and reversing years of policy at stoking growth. it was a very impressive move out of turkey. 7:00 a.m., mortgage applications, two :00 p.m., fomc rate decision, the finale for ben bernanke. p.m.00 >> india raised rates as well.

taperthey decide to again, what kind of havoc can it read? >> a bloomberg exclusive, golden said meeting. >> the mullet, business up front and party in the back. after the bell, qualcomm, facebook, party on. party apparently, facebook. >> we will speak to cory johnson today on the unique characteristics of yahoo!'s earnings report yesterday. let's do a data check their it i want to get through this quickly because we've got an important chart. futures continue to advance. , theentral banks blank markets like it. on to the next green -- screen, litmus paper. there is the argentinian peso as they spend money to protect the point 00.t

it is cold in new york city this morning. 8.00. peso, argentina, two days ago, they -- 174 million to support the peso and they increased the amount to 800 million. emotional target for the market right now. locked in the newspaper this morning. we looked across the web. here is scarlet fu with the front page. >> all over the front pages obviously was the state of the union. i had of the big speech, the president said he would use his executive authority -- ahead of the big speech, the president said he would use his executive authority to raise the minimum wage for federal workers. talking about how he will go it alone without congress. a big theme in his speech. today he will be at a cost go in

maryland selling his plans. the other big seem was of course income inequality. here is the president from last night. >> today after four years of economic growth, corporate profits and stock prices have rarely been higher and those at the top have never done better. but average wages have barely budge. has deepened. upward mobility has stalled. the cold hard fact is that even in the midst of recovery, too many americans are working more than ever just to get by, let alonto get ahead. and too many still are not working at all. >> one of his prescriptions is the creation of a new treasury savings bond for workers -- you tell me what black a new acronym. protection.ipal how the government will be delivering on that.

>> i thought it was fascinating. what else do we have? >> we wanted to get some company news as well. shares of yahoo! down more than 3.5% in the premarket. the company forecast first-quarter sales that trailed estimates. marissa mayer clearly having some trouble steering yahoo! around. the display ad business, their bread-and-butter, keeps falling, and their stake in alibaba -- it has been a savior but sales are slowing down as well. quarter,51% quarter on still the sales of ebay and amazon combined. it is slowing but it is still giant norm is when you compare it to any company in the world. >> there was a party in davos that was a metaphor, eight miles away at a new hotel. it was trouble getting to it. you got there. it was the usual baloney. >> so hard. >> very harsh.

marissa look lovely. but they are struggling to find an identity, seriously. --eight miles away >> just too hard to get to. core came out with a note saying they are cautiously optimistic. the self-serve demand-side, which is relatively new, could be a positive, but it is just too new to say. yahoo! is still the most visited site on the internet. more than google. they just can't seem to monetize it. >> can't get marketers to pay up. the stock is falling in the premarket. reportedbank fourth-quarter loss on a big decline in investment banking, specifically fixed-income trading. we got hits from the company two weeks ago. bankers will certainly feel the pain because the news is that deutsche bank is cutting compensation for employees at the investment bank by 20 three percent.

>> this is really the theme we hear across the board. the compensation ratio, four year average, between 45%-46%, and from goldman, and it was 37% last year. it is an across-the-board issue, which raises the question where does the talent go to get money. >> talent is the most expensive part of the cost structure. >> are they cutting back on their hours? we will pay you, but we will give you vacay days. >> they are clearing the markets a little slower than the banks in the united states. carlos gutierrez, former commerce secretary and had a huge impact on the bush administration. kellogg inears at grand rapids, michigan. i still love seeing that. romance of another time and place. >> looking for the toys in the box. battle creek, near grand rapids, a magical place.

commerce, secretary have you ever put through an executive order, ramp policy through congress? >> we did not have to do that. some things we did, like the a, where wend noa have direct jurisdiction but not things that would have to go to congress. >> what would be the significance of the president going along question -- alone? >> i think the ideas get smaller. whatever he does alone i think would be a small idea because if it were big it would go through congress. i think ideas and initiatives are getting smaller and smaller. >> one big idea he is still working on his immigration reform. here is what he had to say. >> if we are serious about economic growth, it is time to heat the call of business leaders, -- he the call of business leaders, faith leaders, law enforcement, and fix our broken immigration system. when people come here to fulfill their dreams, study, contribute to our culture, they make our

country more attractive place for businesses to locate and create jobs for every body. so, let's get immigration reform done this year. >> john boehner and the republicans actually did applaud when the president urged for a fix of the immigration system. what is the path ahead for a bipartisan compromise? >> i think it is very close. this idea of citizenship is a red herring. it is not real. what we are looking at his, one side says 13 years for citizenship and the other side says we already have a pathway so you can't really define how much time it will take, just go with the process and get to the back of the line and don't cut in. >> of the details. >> but they are making it into -- republicans d't want citizenship. >> can i rip up the script? i thought it was rude to you and many other americans, your republican party is parsing -- explain it to me, scarlet come and not citizenship but have citizenship. >> here is the thing.

haveaid -- when folks get legalized, they should follow the process and they should not cut in. that has been the principal on both sides. the president is saying 13 years. that breaks the principal because who knows what will be in 13 years? that is the only difference. we only have a pathway to citizenship. we don't have a pathway to legalization. >> i sat in davos with a guy a lot like you who says he is a ceo. in america it has an asterisk next to it because he is a minority but when he goes to he is an -- davos american. >> i think we go through it every single generation. history takes over and eventually, you know, it wins, immigration wins and diversity wins. but we go through this every time. we don't learn from history. >> every generation, we don't learn from our history. carlos gutierrez with us. matthew dowd will join us intimate.

-- in a bit. >> at&t's battle with t-mobile may be taking its toll. the second largest u.s. wireless carrier rejects profit for this year will be at the lower end of estimates. at&t offering discounts to hold onto market share. t-mobile gained more than 2 million subscribers in the last mind months of 2013. the fda says aleve may carry a lower risk of cardiac risk. it has to do with painkillers known as nonsteroidal anti-inflammatory drugs. the fda has been evaluating studies since 2005 when it became an issue. jpmorgan has gotten several bids for its commodities unit and could get at least $2 billion in the sale, according to people with knowledge of the matter. blackstoneidders, and the quarry. jpmorgan could choose the winning bid sometime this week. >> a really big deal. banks offloading their commodity business. >> goldman sachs are going to

hold on -- >> morgan stanley is also -- >> there you go. >> are luis gutierrez and matthew dowd will join us as well as we continue to look at the economic politics in washington -- carlos gutierrez and matthew dowd. the cold across the south. austin, texas, 20 seven degrees. this is elizabeth city, north carolina. that is not stand, it is not a dune. stunning. "bloomberg surveillance." good morning. ♪

i am eager to work with all of you. america does not ban still and neither will i. whenever and wherever i can take the steps without legislation to expand opportunity for more

american families, that is what i am going to do. pageantry ofand the state of the union. i spoke to my colleague mark crumpton and we both agreed it is a goose bump moment when the president walks into the chamber for the state of the union. last night was very different -- the word must way out of fashion, saying it exactly four times. dowd on the recalibration of the obama presidency. he braved deep, snow we were dan washington, d.c. this morning to be with us. carlos gutierrez with us as well, former commerce secretary. secretary gutierrez moments ago talking about little ideas coming out of executive orders. does the obama presidency become a little presidency? >> well, if you look at this, this is the incredible shrinking presidency actually. this is the weakest position he

has ever been in going into one of these beaches. if -- these speeches. his approval numbers are in the low 40's and people do not trust them on the number one issue, the economy. and he does not seem to be able to get anything done with congress. what he is doing is all small all, all small things. singing the frank sinatra song, "my way," which is if people don't go along with my big ideas, it is fine, i would ditch them, and now i will roll to the smaller ideas and do it my own. what it says is, he can still do things as president but it is a much smaller presidency. the republican response fascinating. a congresswoman from washington state that essentially, to be honest, no one knows. she just had a baby. she comes out. working full-time. no leave for her. what should be her response and the republican party's response to the diminished presidency? >> it is interesting.

i thought she did very well. i don't think there was a lot of substantive what she said but her personal story is great and how she said it was great. she came across as a very appealable. i think the republicans will do a four corners stall. i think they believe that they don't need to come up with anything grand to be successful in these midterm elections. come to thathave conclusion. they have advantages going into this. they know the american public is in the place of change. they don't want the status quo. i think they say, if we don't make mistakes we will be able to win these elections. tom, what i think is likely to happen this year, the likelihood is very little in the legislative grants. >> cathy mcmorris rodgers of washington state -- >> who did the response. is what it, that was. executive action was the focus. what does that say about the

midterm elections? >> obviously these speeches given in these midterms, everybody is always looking forward to these things. the likelihood that the president's party loses seats is very high. if the president goes into his second midterm -- the second midterm of a second term and his approval ratings are in the 40's, they lose seats. i think what the president is trying to do is, one, show he can do action -- it is a two edged sword on the executive action model. one is that i can do stuff and i am strong, that is positive. but the other part is a finger in the eye of the republicans, saying i have given up on this bipartisanship idea. and it seems the only remaining bipartisan thing that he is actually seriously attempting to do is immigration reform, and whether or not that it's done -- he gets done will be all about the midterms. >> the other idea he has potential action on is immigration.

carlos gutierrez, former commerce secretary, you talk about how the president is limited to small ball but there are some big ideas he did bring up. what were you impressed by? >> two things. one is immigration reform, that i agree with. emphasis ons his natural gas. i never heard that. he usually has stayed away from fossil fuels. it was a little puzzling because he said natural gas, and we can refurbish every gas station and make it available for automobiles -- >> he really talked about the infrastructure buildup, trying to get the refueling stations. >> this would be a huge project. then he went on to criticize fossil fuels. about solarking again. >> no consistent messaging. >> i think he was trying to walk a fine line. i found it to be a centrist speech. i found myself agreeing with it. >> not offended -- >> he tried to find a center ground on a lot of things. >> matt, do you agree? was it relatively centrist? thatat it was was a speech

he had a delicate balance. he could not stand up and say the state of the union is strong and we are doing great, because he knows two thirds of the country thanks we are off on the wrong track. he could not say the economy is booming when the majority of the country has not seen any impact in a generation, no real impact. he had to basically say things are good, but we need to make these changes. things are going well, but we need to take a slightly different direction. today, in the end tomorrow, the next day, this speech is not going to matter as much as what he actually does in the next six months. i think the american public is tired of the oratory and the words and they are going to say, would you going to do, would you going to do? it is all about action. >> a few so much. so appreciate your morning appearance. matthew dowd, our chief political analyst. >> the action is coming here to

new york this weekend. coming up in the next hour, we talk about the super bowl with the owners of the new york jets and the new york giants, responsible for bringing it to the new york area. twitter question -- why do you watch the super bowl? halftime show, commercials, actual game? tweet us. it is football, alix. ♪

we can also convinced help americans return to the workforce faster by reforming unemployment insurance so it is more effect it in today's economy. but first, this congress needs to restore the unemployment insurance you just let expire

for 1.6 million people. >> john boehner, not happy behind the president at that shot at the republicans. a lot of different perspectives. .'m tom keene scarlet fu and alix steel are with us. we have a morning must see. >> it comes from goldman sachs's michael kelter in its quarterly restaurant survey. high, buty hit a where the spending came from really counts. those making under $90,000 are the ones actually spending more. you saw a huge jump in the fourth quarter for those making under $50,000. he said the idea that this thep, the middle class, payroll tax increase from 2013 has worked his way to the system and those people are spending more. what struck me is how different it was from what the president

said in the state of the union about inequality. >> and those over 90,000, stagnating. underwth is for those 90,000. >> the caviar becoming more expensive. the president needs to talk about those who are struggling, but at the same time he's got an economy that is doing better. why can't any president taking the relapse? the problem is when he speaks about that, there are some indicators to say the economy is doing well but the bad indicators are that the majority of people have not done well over the last 20 years. that is a problem. that is the conflict the president has not been able to thread the needle on. -- carlosgutierrez, gutierrez, would you make of that question mark is it possible the middle class is going better than we think? >> numbers show they are spending more money.

looking at 14, it is supposed to be a great middle-market year. but people are will -- worried about health care costs. the big unknowns. is it going to go up? >> goldman also says millenials are a huge driver of the economy. >> matt dowd, thank you so much from washington. >> apple, we will discuss that next. selling record numbers of to keepbut not enough investors happy. the former ceo of apple joins us. ♪

morning. you are looking at a live shot not at new york city, not of boston, but elizabeth city, north carolina, where it is snowing. it is clear that a little bit of snow in the south can do a ton of damage. what happened was, a storm that left two inches of snow in the deep south paralyzes the region. >> it paralyzes d.c closed 1000 car accident in atlanta. massive traffic jams and driver stopped on the road for hours. many spent the night in their cars. others ended up at home depot if they could make it. they opened two stores overnight for travelers in georgia and alabama. also stories of kids being stuck at school. >> we cannot complain about our

commute now. >> we just added on the next to couple minutes. >> stocks, bonds, currencies, comedies. futures flat, 10 year yield going nowhere. the euro going nowhere. nymex crude elevated. fede the quiet before the decision at 2:00 p.m. this afternoon. -- bloombergh to television and radio on the decision. apple sold in record numbers of iphones last quarter but the stock fell to a low so investors were not impressed. they missed estimates. 50 million iphone sales apparently not enough. apparently when investors pretty happy with the slump because carl icahn bought another half $1 billion worth of the shares. the question is how will apple look past the iphone and, with the next big thing, even as it faces calls to use its cash and return some of it to shareholders? me is former apple ceo

josh scully -- john sculley come in now with pivot. is carl icahn an agent of change for apple? >> i think apple is a much better shape than anyone gives it credit for. i was on this show last april when apple stock fell below $400 and i said, he pulled don't understand how strong this company is. then it went up to $550. i think it will go right back up again. the situation they have now, they are just beginning the rollout and china. only 16 cities in china with lte be 400 by theill end of the year. i think apple is being way overreacted to buy investors and it is a positive that carl icahn just went out and bought more stock. >> how does it get to the $500 rice level? does it move beyond focusing on a few key products and look

outside its comfort zone for acquisitions to beef up its product line? does it return cash to shareholders? will work its way back up again just on the performance of the business. tim cook said they will have big announcements this year. if i was going to bet on something, i would bet on mobile payments. mobile payments could turn out to be one of the hottest new areas and they have 600 million registered users that they could convert -- >> blue-chip quality executives running blue-chip impetus. pepsi, apple, kellogg. aboutg's, free cash flow, 1.1 billion. apple, free cash flow, take a guess -- i would've said 10, 12 -- apple, 31 billion. 1.1 billion at kellogg's versus 41 billion at apple. i am sorry, this is a cash juggernaut. is this just tim cook having trouble becoming like john -- carlos gutierrez or john

sculley? >> i think apple is not valued as a growth company, it is valued eight times cash. tim cook is being prepared -- compared to steve jobs. he never intended to be steve jobs. it is a company that has an incredible lawyer user base that generates cash and it is really misunderstood by investors. >> how often do they need a new innovation? in this market where everything is so fast, is a nine months, 18? >> this is something that is surprising, carlos, is steve jobs would have a new innovation about every six years and now everybody is saying, tim cook, you have to have something every two years. it is not realistic. >> should it be considered still a growth dock when you not only have a replacement cycle three years versus six or seven months, but you also have a slower rollout of some of the products, they are just not sexy anymore. is it gross? >> it is not really a growth stock and not valued as a growth stock --

it could be a growth stock again if they had a new breakout area, and my bet would be something like mobile payments because it is going to be so big. >> one of the distinctions was apple did not sell enough 5c's, the lower end phone. how does a premium brand expansive a broader customer base without diluting its brand and offending its core customer? >> i think thing 5c is a product that was mispriced and companies make mistakes. >> should it have been lower? >> old technology, old processor, only $100 less. 4u could trade in your iphone and you could get several hundred dollars for that. it was not well thought through as a price. >> should apple try again with that? >> i don't know. it is a level of detail i am not involved in. sorry, general mills with a call off and and not --

call option and not kellogg's. the idea, migrating to a quality, bonds your company. i would suggest, john sculley, that they would fight kicking and screaming across all of silicon valley to be responsible executives and return cash to shareholders. when do you see what carl icahn once occurring? -- wants occurring? >> i thought one thing apple could do -- and it would be totally contrary to the culture of the company -- $150 billion of cash, why not go out and buy ebay? ebay is a really well managed company. it would leverage into -- >> at this point, paypal -- about the money transactions where apple gives say whole new business -- this again? >> i think it is highly unlikely because it is not apple by the culture to make large

acquisitions but ebay, and my opinion, would be a great fit for apple. maybe they could get there another way and actually go build something like that, because they have a tremendous position in mobile which ebay does not have, and they have this huge install base of registered users. >> will they become a bank question mark >> they sort of are a bank. -- churning castel out cash the way they are. >> buybacks a waste of cash? >> i don't think it is a great strategy, no. really work for the semiconductors, either. >> should we go all day and have an executive seminar with carlos gutierrez and john sculley. somebody don't get -- needs to, or something where you can type on a phone. to you, explain this

mr. secretary. you are a fossil. here is the way it works. you and i on hopeless. those 10 years younger than us do this. kids are like this. >> my thumbs are too big. that you caniri talk into. >> do you have a blackberry? >> i have an iphone and a blackberry. >> duel citizenship. >> i have to admit, i have one of these. >> an exclusive. john sculley emma put it up again. sculley, put it up again. >> a blackberry. will be staying with us, former ceo of apple and we have carlos gutierrez, former commerce secretary. we all heard that an ad in the super bowl costs $4 million for 30 seconds. how the advertisers make sure they get the bang for big. and the twitter question, why do

you watch the super bowl? .weet us @bsurveillance >> maybe that ad. kate upton. ♪

new york and new jersey, and little bit of color on the empire state building, i would

suggest. good morning to all of you in seattle, the early, early morning as you watch new york city get ready for sunrise, seattle see walk -- seattle seahawks colors gracing the empire state building and the chrysler building over there as well. good morning from the corner of 59th street and lexington. i'm tom keene did with me, scarlet fu and alix steel. >> in ukraine, the resignation of the prime minister failed to stop useful protests. demonstrators are demanding ukraine's president also step down and elections be held. the crisis started two months ago after the president by the rejection of a deal to forge closer ties with europe. the house is expected to vote today on a farm bill that would make small cuts to the food stamp program. there would be little change in farm subsidies. senate republicans defeated a similar bill last summer, saying the food can't -- foodstamp cuts still don't go far enough. annual circus

known as super bowl media day. hundreds of reporters, camera crews and attention seekers met with the players of the broncos and the seahawks at an arena in new york, new jersey, and some of the questions actually had something to do with the ball -- innewark, new jersey -- ian newark, new jersey. 20 degrees feels warm. secret, scarlet fu knows way re about football than i do. here she is with the second best chart. >> super bowl commercials, who said there is no inflation? if you look at the rate of increase at a super bowl tv at the past decade, over -- up 70%. past and present of super bowl ad prices. once about a time in the 1980's, antimony dollars for 30 seconds, it crossed $1 million threshold

in the mid-1990's, now it is up to $4 million for 30 seconds. it is growth rate were to continue in the future, if you were to draw a line and extended, we just -- may just hit $10 million for 30 seconds by 2040. >> is it worth it? does it really make people buy your product? >> people think so and the companies think so because super bowl ad time has become much more expensive but also become so much more essential for the marketers, too, because viewers will tune in. thet of people watch of super bowl just the commercials and if you are a small company that has to get out on the map like soda stream -- is the only and you do, it will be tough to justify. if you do it on top of the campaign and it is extremely good, then maybe. but just to do one spot to get your name out there, you need some frequency. >> and it could tie up your entire annual advertising budget. is in town, sculley

former ceo of apple but also cofounded the data and crm company. you see the trajectory of the ad prices. is it worth it? >> there are very few big audience venues anymore because the world is fragmented into all different kinds of media. that is why people go to the super bowl for those big, thematic ads. but the future is really about how do you harness fragmentation of all the different ways people get messages and that is whatzeta interactive does. it is a way of being able to manage the entire customer lifecycle, from acquiring the customers to increasing relationship with customers and making more money for the customers you have. it is a different way of thinking about marketing than what i was going back in my apple days when i launched which lack -- when i launched -- >> first of all, i am depressed. 30 years ago, january 22, 1984, ridley scott who went on to

immense acclaim over an ad that changed all of media. i put it with the kennedy-nixon debate. a moment. you have to read about it and understand it, the impact and the effect of that. john sculley, how big of a home run was that for apple? >> i flew out for the day to silicon valley to go to the mac at 30 reunion, the same place we launched the mac 30 years ago. it was a big day because we brought for the first time in the high-tech world what we caught experience marketing. we never talked about the product. about expectation of something that would change the world. and that is what this commercial did. time, would cynical it lose the magic question the >> i think people are not wowed as much by technology anymore and the goal now is to make it invisible or fashionable. so we are starting to see much more focus on design.

apple was the first one to do that. you see everyone from sansone to everybody doing great design -- design. -- you see everyone from samsung to everybody doing design. goingrybody said this was to be about efficiency. we are working harder. put us onot going to planes, allowed us to do e-mail on planes, and we can't get away from it and technology is moving faster than we are. >> in your career, there is a human touch that still has to be. >> and that is missing. and who knows the impact did i grew up with a voicemail, so there was human touch to sing as well. you still have the meetings. and i think people like the human touch. when you have a sales meeting and you have a conference, you take advantage of it. although the frustrating part is you look at an audience and everybody is going to e-mail. it is overwhelming. and johntierrez sculley, 30 years, john, cents that ad.

it is six. >> s -- it isick. >> like stepping back in time. the original mac development team talking about how they created the product. remember, i did not create the product, steve jobs led the engineering team, but about 700 people showed up for this one even. it was not apple sponsored -- >> were you the only one with a blackberry phone? [laughter] was pulling the phone out, including me. >> talking about going back in time. da, luigi, how much are those brands actually worth? nintendo -- the company got u sales over the holiday. >> do this again. --i was super mario once for halloween actually. >>... "bloomberg surveillance" damon on your tablet, your

phone, and bloomberg.com. ♪

>> this is "bloomberg surveillance." i'm scarlet fu with tom keene and alix steel.

china's online retailer ali baba reporting his fourth straight quarterly profit. earnings were up 12% and the three months ending in september. yahoo!, of course, owns a fourth of the company. computer maker lenovo will be paying ibm a hundred venues will see if it fails to buy back the server unit. to pay a reverse breakup fee that is more than twice the typical size on a deal valued at $2.3 billion, meaning ibm could get 200 million. meanwhile, ibm and microsoft agreed to join facebook as a alliance to develop more efficient computers. the group is called the open computer project, aimed at finding better ways to manage and store data online. that is today's company news. you know what is still stuck in my head? do-do.o do >> marielle. -- mario.

up.nd then you have to jump overntendo hold -- sold 440 million copies of mario. part of the strength is it has 25-30 trans. donkey kong, zelda, mario and it really questions the competition. however, this enormous company and what it produced is running into problems here at >> if you look at the earnings report, looks like net income down 77% in the last quarter. only 2.4 million units in the last nine months. we have a and it is now gathering dust. cool -- nod to be part of the one .25 billion

dollars smartphone in the market so you simple user -- i play games on my ipaq. hard-core gamers go to the xbox and ps for because they have the faster games. it is not as interesting when it comes to that wii u, and that is the problem they are facing. , former ceo of apple and carlos gutierrez, former secretary of commerce. nightmare, cook icy -- tim cook's nightmare. has aon't think tim cook nightmare. i believe that the hardware is becoming commoditized. everybody's hardware. in fact, samsung actually has some terrific hardware, in many cases, at of apple. value is on the experience. apple is the master -- >> an excellent point, it is like apple. they have the own ecosystem. they create everything. they keep it in-house, they keep their heads down and they wait

for the product is done and perfect before they release it. is disappointment, though, you may not get a sexy new product. part of the issue with the wii u, the consuls were issued but the games have fallen behind. console sales fell. but they may -- they are very similar in ecosystem. >> the problem wii has is the world moves mobile and they are not on the standard mobile product >> but they have their own mobile product -- >> but who cares to go they are all on smartphone. wii double that of the console -- even shopping is going mobile, right? >> exactly. >> you wonder if today brands time, that they are not around. >> i think you are spot on, carlos, and i think that is why marketing is shifting to relationship marketing that has to connect the dots between every way that you could be in connection with people. otherwise, the brands do

disappear because there is too much competition. that is what we are trying to do with zeta interactive. >> did you guys enjoy going to the super bowl, or was it a chore? it is a corporate thing. corporate guys. >> they loved it. >> i would rather see it at home. really. and then afterwards, the traffic, and it is getting there. >> but being there was fun. >> for sure, exciting. >> i was seeing yesterday in the paper, the price of a super bowl ticket is going down each year. i would much rather watch it on a big screen, high death tv then said out there and be frozen. -- hi def tv. >> of this has been wonderful. your perspective on the state of the union, and thank you for your comments on apple's a 30th anniversary and the bid success. forex report quickly, turkey front and center, argentina as well. aiding the peso as the argentine

government tries to defend effort. turkey 's central bank raises rates to protect the lira. so much coming up on "bloomberg surveillance." two special guest on the super bowl. ♪

>> this is "bloomberg surveillance." >> he will go it alone in

intervention year -- in an election year. the president and the full faith and credit of the u.s. marissa mayer, she had a party in davos. what is yahoo!'s business plan? we speak to super bowl cohosts as the weather gods less the game in a cold new york. this is "bloomberg surveillance," wednesday, january 29. joining me, scarlet fu and alex steele -- and alix steel. our guest host, china economist thomas, author of "understanding china's economic indicators." brief.n with our morning >> turkey grazing rates -- turkey raising rates to 12%

after an emergency meeting. bank resistingal pressure and reversing policy that was aimed to stoke growth. >> i had a message about what is so important about this. you raise the rate, the economy slows. the turkish economy, the indian economy, the argentinian economy slowdown. what does that mean for u.s. exports? comes right back to jobs in america. >> especially come 2:00 p.m. when we get the f lindsey rae decision, how that might affect emerging markets -- the fomc rate decision, how that might affect emerging markets. mortgage applications fell .2%. mortgage rates trickling out. before the bell, dow chemical, a beat, $.65 a share. marathon petroleum, boeing.

after the bell, it is all going to be about facebook. also, but qualcomm facebook and mobile ads. >> company news, yahoo! shares are down more than 3.5% in the premarket. the company forecast first-quarter shares that -- sales that trail estimates. marissa mayer struggling to turn user growth into ad dollars. stake in ali baba is where the stock gets most of its value, sales there are slowing down to a 51% pace. aleve mights carry a lower risk than rivals. anti-inflammatory drugs. the fda has been evaluating this since 2005. at&t's battle with t-mobile could be taking a toll.

they forecast profit for this year at the low end of estimates. at&t offering discounts to hold onto market share. t-mobile gained more than 2 million subscribers in the last nine months of 2013. >> and you talk about the share buybacks and use of cash at apple computer. dow chemical, a lot of challenges for their ceo. they boosted dividend and go to a buyback of $4.5 billion. a theme we are seeing. a lot of changes at dow chemical, activism in corporate earnings. compare and contrast, the president said america 76 times last evening. the word world, 15 times, men beat women. "the washington post" with a great word graphic. congress is so last year. we welcome al hunt, parsed every moment last night. >> thank you.

women when the qualitative war. >> this is the republican and also within that, the republican response got high marks. versus previous republican responses. >> i would give it a c plus. rodgers'mcmorris defense, the venue is impossible. the president has given an address in a majestic setting, then you sit on a couch. narrowhe theme of a more presidency, is it a little obama administration or is a completely separate? >> it was not a great society or four freedoms speech, and at the dr speech. -- an f you do most of that in the first term. obama's agenda is reasonably limited, with the exception of

immigration. what he did last night was handle that very skillfully. most things that we might call small ball come executive action, where you can make a difference and have symbolism, not a huge difference. he really did, i thought, lay out what he would like to do. immigration is a big deal. that would be a major account, one paragraph. throw it inant to republicans' face, he wants to let them try to develop some kind of a compromise. >> within your reporting, what is the response of democratic rational -- democratic congressional leadership to a president who will work by executive order? >> particularly nancy pelosi and the house have no problem because they can't get anything done in the house anyway. iss executive action exaggerated. the things that can be done, he is not going to create a whole lot of new jobs, he will give a minimum wage to employees -- >> valley j -- valerie jarrett

says hundred thousand. >> max, any of them would have gotten it anyway. >> let's hear what he had to say about immigration. >> time to heed the call of business leaders, labor leaders, law enforcement, and fix our broken immigration system. when people come here to fulfill their dreams, to study, to contribute to our culture. they make our country a more attractive place for businesses to create jobs for everybody. let's get immigration reform done this year. >> congress cannot make any headway, candy the president do anything by executive order? >> he did something on the so-called dreamers, kids brought here by undocumented immigrants. things.ot do big he thinks republicans -- there is a chance that house republicans will come up with a bill this year. that is why he was not tossing down any kind of ultimatums or

any kind of sharp criticism last night. he wants to let that ross is work its way out, that is more important than executive action. getting ary clinton lot of press, including the cover of "the new york times" magazine cover. was that presidential candidate biden? >> i doubt it. i doubt he is going to run. i have clinton's press, heard of candidates who have run on a mantra of change and continuity, strength, peace, i rarely has seen where the mantra of inevitability was a successful one. >> joining us is bloomberg's china economist. do they watch? >> one of the big issues for china is the idea that the u.s. is in a period of terminal decline. and china is a resurgent force.

perhaps not when they see the state of the union, but when they see dysfunction in congress. >> the trade agreement, not being able to fast-track. >> the thing that grabs attention is the war over the budget, which hits china because china is the world's largest holder of u.s. debt. >> they can look at the washington redskins. i want to talk about one of your heroes, james macgregor burns, a great historian. "runninga book called alone," modern president since jfk running alone and away from their parties. as we see the president frustrated by congress, is a further lessening of party power. we have a president, a primary process which is an individual process and less so about the two parties. >> since he wrote that book many years ago, political polarization has just gone off the charts in this country.

it is not just running away from the parties. in those times, lyndon johnson could sit down with everett mckinley dirksen and they could talk about let's cut this deal and i will give you that bridge. that was the way the system worked. i did not"lincoln," cover lincoln. >> thanh mentioned how the chinese leadership -- tom mention how the chinese leadership is paying attention. i want to ask about foreign policy. >> was there any? >> usually second term presidents focus on foreign policy. is this president focus on foreign policy? -- there but there are is peril there. afghanistan, we don't know what will happen when we leave. certainly, if you look at china and japan and asia, there is a lot of peril. a success, if

this nuclear deal does not work out, what do we do? this is a war weary country. the middle east is thorny. he wants to turn his attention to foreign policy, there is no easy win. >> thank you so much. four hours of sleep? >> a little more than that. >> get the mail some coffee. >> al hunt. a lot more this weekend on "clinical capital -- this weekend on "political capital." >> coming up on "surveillance," yahoo!'s revenue problem. mercer mayer facing an uphill battle. -- mercer mayer facing an uphill battle. ♪

>> >> china and europe are not standing on the sidelines, neither should we. we know that the mission that goes all in on innovation will the global economy.n this is an edge america cannot surrender. president obama saying america had overtaken china as the world's top investment destination. a perfect reason to talk to tom orlik, based in beijing. that is china's

shadow banking sector, 69% of the economy. when these loans go belly up, the government has desk options, save them or let them fail. two options, save them or let them fail. >> lots of people in the market would like to see the government rescuing loans. people looking at the bigger picture think it would be quite healthy to start letting some bad investments fail. that would encourage lenders to make more rational lending decisions and start drawing a line under the reckless recreation we have seen. >> -- credit creation we have seen. >> why should we care? >> china is the second largest economy in the world. if the shadow banking system collapses, that will drag down the economy. with that, u.s. jobs. >> what is the role of law in china?

is there a loan mechanism to unwind all this challenge? >> one of the key issues for china is the soft infrastructure of law and accounting practices is not up to scratch. what that means is that when loans are in to turn back, there is a lack of clarity about who will carry the cost. under the table deals about whether the government does that theout, the bank or investors carry the cost. that uncertainty is becoming problematic. >> cory jackson -- cory johnson joining us. >> when i was on the short side, i was focused on china accounting. it has taken time for the sec to finally admit, after the problems, to say the accounting is not up to snuff for u.s. listed companies. for chinese companies listed in the u.s. like the accounting companies that have said they cannot do anything for six months. that could cause the listings in

the u.s.. is there a sense that there will be payback in china? >> the issue for these companies is that listing and china is really extremely problematic. you need a ms -- you need endless approvals from government regulators. >> time orlik and cory johnson. cory johnson on yahoo!, coming up. ♪

morning, everyone. "bloomberg surveillance," scarlet fu and alix steel with us. tom orlik, bloomberg economist from beijing. we will talk about that. meeting at1, fed 2:00 p.m.. bloomberg's coverage on that announcement. important top headlines, here is alix steel. >> the resignation of the ukrainian prime minister failed

to stop protests. -- protesters demanding that the prime minister also step down -- that he president also step down. where hundreds of people have followed ship returns to port -- have fallen sick returns to port in new jersey. more than 600 passengers and crew fell sick. yuck. two inches of snow in the deep south, they were close to 1000 car accident in atlanta. massive traffic jams left drivers stuck on the road, many spent nights on the road or home depot. >> the photos from atlanta were trafficy, ginormous jams. >> imagine being stuck in your car, not being able to leave. >> blizzard correspondent cory johnson.

you grew up where six feet of snow was normal. >> we shoveled some driveways. >> now, you freak out. see parts of the country dealing with a different kind of weather than they have had to deal with. atlanta spent over one million dollars upgrading their facilities and snowplows saying this will never happen again. it happened again. uy.said the san francisco g >> a municipal challenge. let's talk tech. yahoo! reported earnings after the bell, the verdict was a disappointment. marissa mayer struggling to maintain market share. questions over her ability to renewinground -- questions over her ability to turn it around. tom orlik with us as well. yahoo!'s display ad business keeps falling, is it too late?

have marketers stop spending because sales are falling, sales fall even more? >> if you look at the stock chart of yahoo!, greatly divorced from the revenue -- >> sure, because of alibaba. >> because of u.s. investor incitement -- excitement about the potential of alabama'ibaba'. growthsee a big piece of and yahoo!. yahoo! has spent over $1 billion -- $1.5 billion in acquisitions in the last three year, get revenues have failed to grow for four quarters. we saw a 2% decline in revenues year-over-year. the business slows down, they are spending over $1 billion to try to grow revenues. >> what about the purchases in asia? the investments in ali baba and yahoo! japan have paid off. tom, you live in beijing and you

use ali baba. a combination of ebay, amazon, paypal. is it impossible to avoid? ubiquitous, 70% of packages through chinese mail go through ali baba. one of the things that strikes me about the ali baba story is, we kind of have a schizophrenic view of china. on the one hand, we are worried about the collapse of the economy and the shadow banking system. here is this company that is accounting for the bulk of showing earnings, growth and really demonstrating that there is a vibrant tourneys consumer. >> there is a chinese angle. if you look at yahoos webpage, which i never do, it is a mass. cori, i am fascinated by the yahoo! image in silicon valley. the media is all marissa mayer this, yahoo! party in davos. in the coffee shops, what do people really think? a companyis seen as

that is part of the old guard of silicon valley. it is a place where a lot of people have worked over the last 20 years. i worked there for six weeks. >> do they last? >> i know you love coffee shops, the coffee at yahoo! is still free. announced that there would not be bonuses, but there would be free coffee. >> what is your prognosis for marissa mayer? tough job, warren buffett said that the reputation of the business is poor, the reputation of the manager is great. the reputation of the business survives. continuing to change from ceo to ceo has not helped. excitementws up, her and youth -- she has brought a lot of the focus to her, that could play against her. >> marissa mayer does not seem to have a lot of control over the share price, selection is

derived from ali baba. will the company always be affordable to ask to this -- to activist investors? was thettractive thing big pile of cash, the alley by the asset, and yahoo! japan. now that those are being , yahoo!d and split off is going to have to go on its own. 30% of the revenue is tied to microsoft. that is a real big anchor around their neck. quickly, john schooley was talking about ebay as an acquisition by apple. is that even feasible? i think apple seems to be going their own way, that does not seem something they are interested in. >> cory johnson on "bloomberg west." the headline, yahoo! was a disappointment. >> shares are down in premarket as well. coming up on "bloomberg

surveillance." superintendent of the new york department of financial services will be joining "in the loop" at 8:00 a.m. ♪

>> this is "bloomberg surveillance," i am scarlet fu. washington, d.c., do they have any snow? >> they are all asleep, they were up late. >> the snow hit north carolina -- >> there is some snow. >> they will be up at 10:00 a.m.

>> the city grinds to a halt whenever there is snow. bill ackman and our life. -- bill ackman and herbalife, taking another hit. the pershing analyst who did a lot of work on the short position has resigned. for more on what this means, stephanie ruhle joins us. >> i hate to say that i don't know if it means anything, i make a living out of reading the herbalife tea leaves. he is one of bill ackman's top guys. it was a shame standing beside him when he presented his first short. he is not coming out saying i do not believe in this trade. he is not going to work for carl icahn, he has made a lot of money working for bill ackman. he might just be taking a breather. there are not as investors --

there are not a lot of investors out there with thick skin like bill ackman. longer has an no naked short position on herbalife, he had to close out. position,adjusted his it is a smarter way to have the trade off. he has said i will take this trade till the end of the earth. he has not changed his view, he still says the analyst is one of the best he ever worked with. the analyst has not come out and said anything that he is changing his the honorable life. he is taking his money and going home. i would like to do that. >> also joining us is tom orlik. withig complaint herbalife, is it a paramedic scheme? -- is it a pyram schemeid? seen u.s. investors taking a negative view of

chinese companies. because of the lack of transparency, investors are not prepared to place a faith in them. >> another direct marketing company got hit recently because there was an editorial in a chinese paper about it being a pyramid scheme. >> when we saw the news, it hurt herbalife and it was a positive -- it was a positive for bill ackman. saying this is a pyramid scheme. it is a regulatory short in the hands of the government. what are they going to say? bill ackman stands alone, whether we are talking to and love, bill steer it's -- talking dan loeb, bill stiritz. i have never seen anyone willing to take traits to the end of the earth. >> we saw the canadian government, a senator. bill ackman does not seem alone

and regulators. >> things are finally starting to move in the right direction. does he have the patience, are his investors going to continue to ride this? herbalife big wins, is not his only trade. >> tom, when you look at what is going on in china, we mention how herbalife is under attack. what is the chinese government's position on direct marketing companies? with a viewed him certain amount of suspicion, as rival organization. almost like a type of political organization. >> a political threat? >> it sounds paranoid, but at the back of the mind of some people that is a potential issue. the bigger question is the political risk for foreign companies operating in china. over the last couple years we have seen everyone from yu

m! to apple come under attack from the press and regulators. now, so much of their earnings is coming from china, when that sort of things happen, it can be a problem. >> direct marketing companies might be creepy but they are not illegal. blackmun says look at the founders circle -- bill ackman says look at the founders circle. are the regulators going to say there is something illegal? >> was in that part of the problem that the senator raised? people lost money being part of the distribution. >> that is bill ackman's argument. >> stephanie ruhle of "market makers," thank you for joining us. coming up on "market makers," greg fleming, president of morgan stanley wealth management will be joining stephanie and erik at 10:00 a.m. fomc decision coming out this

afternoon. -- they arelightly bouncing around. 10 year yield at 2.76%. euro weaker versus the dollar. >> good morning, "bloomberg surveillance." all our interviews are digital and on bloomberg radio plus, also on bloomberg tv. i am tom keene. with me is scarlet fu and alix steel. orlikd be introducing tom with a thing over my mouth and china. >> we cannot hear you. >> the air in beijing is surprisingly good this winter. >> what is good? give us some perspective. winter, no one could breathe. this winter, we can breathe on some days. >> how wonderful. >> the idea here is that the

u.s. is importing a product from china, pollution. there is a study that shows pellucid from china has -- pollution from china has made its way to the west coast, contributes to smog in los angeles. china is rethinking its reliance on coal energy. everyone else in the world is feeling it. tom, when you look at what is going on in china, my question companies want to send people to china to take advantage of the growth. expats are not going because of the pollution. does china face the risk because it's local talent does not want to live in china? >> that is a risk. the aspiration of lots of young professional chinese and lots of chinese graduates is to come work in europe or the u.s. a large part of that is to do with the environment. it runs counter to what the government wants. the government has been running a policy of incentives to bring

chinese talent and foreign talent into china. because of the bad air and pollution, air seeing all this talent leaving. >> i was on a flight from shanghai to singapore, i had a discussion about windows everyone shift to singapore. -- when does everyone shift to singapore? >> and you have got enough money. >> is bank of america going to move to singapore? >> the market opportunity and china is still so great. if you have got to pay your staff more to be there, you do. growingid china wind up as fast as it wants to grow but curb pollution? a huge part is manufacturing, what is the fine line? >> this is one of the reasons why china's economy needs to rebalance. we have seen growth driven by heavy industry and manufacturing, energy intensive. the costs of that are becoming

clear. >> i am sure you have read "the pollution black," on in china. what will be the catalyst? they get out of coal into the other stuff? >> china is already moving into sustainable energy. >> are they getting out of coal? >> it is hard to do so, china is sitting on a massive amount of coal. the economy is demanding more and more energy. we're still looking at a huge, coal driven energy. >> tom orlik, breathe and that clear new york city air. this is a big deal, pollution. >> when i lived in hong kong, i would come back to new york and stand right behind a bus and be like this is so clean. i was breathing in bus fumes. >> do you do the thing on your

phone where you check pollution? noi think -- i have a see evil, hear no evil approach. >> ignorance is bliss. >> would you let scarlet's children grow up there? owni am letting my children go out there. >> it is not like you open your windows. >> we have massive air filtering. masks.where m-- you wear >> that has become a more common sight. >> tom orlik, visiting from beijing. coming up on "bloomberg surveillance." what are you doing this sunday, alix steel? >> sleeping. >> putting up with michael mckee's love for the denver broncos.

>> we will talk super bowl with the owners of the new york jets and the new york giants. they will do the super bowl shuffle for us right here on a open quote surveillance -- right here on bloomberg surveillance. ♪

>> this is "bloomberg

surveillance." we are joined by two very special guests, the super bowl is four days away. turned into has super bowl boulevard. for five dollars, you can sled down a slide and get autographs from players on broadway. bowl host committee chairman woodyohnson, owner of the new york jets. and jonathan tisch, owner of the new york giants. welcome. have you gone, did you go down the slide? >> it is being completed today, opens at 6:00. both of us will be there. >> are you going down the slide? >> we have a date to go down the slide with an elected official. it is going to be interesting, climbing all the way up there. i toboggans off the great wall of china. >> how cool will this be? >> pretty cool.

>> is this for out-of-town visitors or the hometown crowd? >> it is for everybody. 450,000 people coming into new york city, only 83,000 people will go to the game, including 5000 from the press. we have had to come up with things for them to do. super bowl. besuper bowl boulevard will outstanding. >> where are you with the vision you have brought? can you say success or do you have to wait until the game? >> we worry about the weather, that looks like it will be off the table. >> no polar vortex. clouds.grees and no we worry about security, transportation, other issues. we will assess monday morning when everyone is waking up after the trophy is walking around the stadium, then we will say

whether it worked. so far, we are four days out and we are in good shape. our ceo has done a great job. >> everyone is talking about this being a public transportation super bowl, people are being encouraged to take mass transit, parking will be in the neighborhood of $150. >> that is not exerted by new york standards. >> by new jersey. >> it is a level one security, like all super bowls after 9/11, we have lost about 60% of parking. we have about 13,000 only. >> no tailgating? >> no tailgating. a scandal going on, do you see the subliminal thing going on? the blue and green ties. if i am a broncos fan. look at this, if i am from

denver, how do you respond? >> they are clear with their allegiances. >> the combination -- >> i think peyton manning will be ok. >> i am sure he will be fine. >> we will come back and talk about the day of the super bowl. what an event for all of new york and new jersey. from lexington and 59 straight, -- from lexington and 59 straight, "bloomberg surveillance." ♪

>> good morning, "bloomberg surveillance." we are thrilled about this sunday. days away from the super bowl. jonathan tisch and woody johnson, they have pulled off one miracle. the perfect weather, 26 degrees, a minimal chance of rain. a competitive football game would help a little bit. chaos reigns. giant egos and incoming private jets. what is the biggest headache right now? >> ensuring that people get to the game safely and in a manner where they are pleased. we have lost half of our parking spaces. the firstling this

public transportation super bowl. there doing psa's, getting word out in seattle and in denver, you better have a plan on a bus, on a train to get to metlife stadium. >> graham central station, penn station? -- grand central station, penn station? >> there are a variety of points on how to get to the game. >> how do you get to the game? >> bus or train. >> bus to penn, over you go. >> one of our themes is inequality, the one percent will fly in. all the -- where will all the private jets land? >> wherever they can get in, the major airports. newark, kennedy, laguardia. >> we rented out the spot. being guys are used to around big-name football players.

who are you most excited to see play sunday? >> i think both quarterbacks, the old and the new. peyton manning, old style wise. versus russell wilson. he is only five feet 10 inches, a new style. defense should be very careful, he can run on you. >> i know nothing about football. i am up to speed, you have the quarterback versus the really good defense. i am interested in which kind of strategy is going to be more prevalent. a team that is more realm rounded and has a lot of depth or the $25 million quarterback? >> we will find out, it is one of the great matchups because you have a potent offense and a tight defense. >> and you have richard sherman. are you looking at him to make headlines? in the field is

the purview of the players. it is very hard to get to the super bowl. you start in august, training camp, you work through the season, injuries have to go your way, winning, losing -- >> where will we be in three years or 10 years? do you see a new york super bowl replicated in other new york city us? -- other northern cities? >> we have said new york every be in the cycle 10 years. outdoors is where we play football. games inhe best history have been played in income and whether. that is what you look for in football. >> to your point, we had to win otherote with 3/4 of the 30 teams pulling for new york-new jersey. some cold weather owners, some warm weather owners.

a lot of owners are looking at us and say why wouldn't it work in denver or pittsburgh? >> woody johnson and jonathan tisch, they brought the super bowl to new york city. tisch, you just reopened your palace on park avenue. are there enough beds? >> 396 new rooms. we were closed for 54 weeks. >> shameless plug. >> yet another thing. >> with betty liu tonight. >> we spent $100 million, the home of the power breakfast. we look for a busy couple days. ody, with the vibrancy of new york city. have you been surprised at the pickup in business in new york? oh, yeah, big deal. >> you meet as a result of the super bowl?

the super bowl is bringing a lot, somewhere between $500 million and $600 million. >> some economists have put that down a little bit. allou will get both sides, the news comes out that is on the strange side. you will get a legacy and marketing. for years to come, all the impressions of new york, people will want to say that looked like it was a fun place, let's go. >> let's broaden this, how will you get people in the seats 17 weeks out of the year? >> how are we going to get people in the seats? >> when you have a verizon streaming games on sunday and the espn app. >> that is a real challenge for anybody selling seats in stadiums. up withis to keep technology you have in the home. i think we will be able to. >> what does that look like?

>> bill gates talked about the idea of having these kinds of screens, very inexpensive, extremely flat, we can put them everywhere. one thing keeps your eyes up, video. videos will be more per svasiv e. >> i want to take you away from the super bowl. what is your to do list for the new york giants? >> tom coughlin has already started to bring in coaches. we have great players, we now have a new nucleus in terms of the men and women that will make decisions about the team. i will not even call it rebuilding, retooling. >> the new york jets? >> we have a new general manager from the seattle seahawks. almost no we had cash, we had to pay off everything. we have got a lot of picks and a lot of cash.

an players, particularly on offense, making it exciting. >> one area i want to touch on, commercial impact on the player safety debate on sports equip. fenwickate equity firm partners has had difficulty selling its business that includes the official helmet of the nfl. after the concussion lawsuits, do you think that industry is adapt quickly enough to changes we are seeing? >> we have done a lot with the roles in terms of permissible hits, trying to take the head out of the game. all the way down to peewee football, pop warner. techniques, we have done a lot of rule changes. there's only so much you can do with a helmet. >> should the equal industry be doing more? should that put expiration dates

on, it's like they do for hockey? >> the negotiations will continue. the commissioner has made the same priority, it is evolving. the nfl wants to keep players safe. >> bruno mars? >> halftime show. >> red hot chili peppers as well. >> i'm excited about that as well. >> bruno mars -- >> you wanted barry manilow, stop. >> he is from brooklyn. there is a link. billy joel and manilow. the superople watch bowl for the halftime show, beyoncé. that was our twitter question, why do you watch the super bowl? "to see what happens when the light goes off." asleep & ifall watched it."

huge day. "the commercials, they are the most talked about." do you watch the commercials? >> it is a little hard. there is a lot of chatter, it is hard to focus on the commercials. the commercials are big. there is something for everybody. the game is going to be spectacular, everybody will wonder about the weather. whether we can pull off in new jersey-new york. >> like landing on the middle, i congratulate you on your weather selection. can you imagine if this had been a couple weeks ago? >> woody johnson -- woody johnson, owner of the new york jets and jonathan tisch. at 9:00 p.m., betty liu and jonathan tisch on "titans at the table."

onoomberg surveillance" radio continues, "in the loop" is next. have a great morning. ♪

from bloomberg headquarters in new york, this is "in the loop." our special guest, been lofty, a

new york state superintended of financial services holding hearings on regulating the use of bitcoin. is one ofonymity bitcoin's biggest appeals. we will ask him about regulation and the cryptic currency. also on our agenda, nintendo. not all is well in super mario land. thanks to afits lousy holiday season. i does that mean the world's largest videogame maker? do they need customers back on mario and luigi's side? coast time, the latest rate decision, the last chance for chairman ben bernanke. curtly --osing forth quarter earnings. we will have