>> live from pier three in san francisco, welcome to "bloomberg west" we cover innovation, technology and the future of is this. i'm cory johnson in for emily chang. stocks hitting a new record with the dow jones and s&p closing at all-time highs. the head of the european central bank is considering more stimulus measures to help as the equity markets across the board. home depot says 53 million e-mail addresses were taken in the recent data breach. the company is notifying affected customers and says the

files did not contain passwords to my credit card numbers or other sensitive information. third-partye a vendor name and password to enter the perimeter of home depot's network. access tod not get the sales devices. the amazon echo -- a voice controlled interactive speaker latecan do everything from music to give a weather forecast. it cost $199. customers have to request an invitation to get one. a bigbracing digital and way, launching a 24-hour news channel all stop it's also supplying sony programs for a web only service. >> we are obviously part of the digital age and there is digital revolution going on. cbs's primarily a content company and we are producing entertainment,n

news and sports and we want to make it accessible to everyone. cbs all access, offering its programming online for six dollars a month. another,media giant to the blockbusters keep coming from disney. in the fourth quarter, sales upe up 7% and net income was to 1.5 billion will stop " guardians of the galaxy helped the companyle and is still selling all of the frozen merchandise. themepark revenue up 20%, but profits of -- profits fell thanks to higher costs for sports programming. trish regan spoke with the disney chairman and ceo, bob iger. a phenomenonquite that has reverberated cross our businesses and also with our brand. when you make a movie that is

that good, when you make a movie that is the number one animated film of all time and it resonates in many different ways, not only in the united states, but all over the world, with theeverything company and it's a thrilling thing and something we are extremely proud of the top >> you guys are number one in ratings excluding sports. what's driving the viewership here? >> we have some strong returning shows. "scandal" is one of them. shows. added some strong that has helped abc a lot, the stability on the schedule. of what they have accomplished this season and we've seen other networks down

excludet year, when you the sports from the c three rating and we have held our own all stop we have new shows coming to the schedule that have not been put on yet and we feel good about them. >> can you give us a preview? >> there are a bunch of them. i'm not going to get into all of them now. too many other things to think about. >> let's talk about ad sales. ad sales have been somewhat weak. we have witnesses in digital and you see a lot of companies announcing internet tv services. to thens of going direct consumer with a disney channel offering in the u.s.? strong presence in digital platforms. way.has probably led the i don't think anyone who's done -- anyone has done

a better job by going digital then espn stop in terms of taking what is a channel currently offered as part of the multi-channeled on the lead going to the consumer in a singular fashion, we don't have current plans to do that all stop a lot has been written about the demise of the bundle, but if you take stock, you can conclude while there has an erosion, it's been relatively small. people are getting north of a hundred channels for about $65 a month and there's a lot more variety in that package and lot more quality. it still considered a pretty good value. what we can to do to strengthen that value because it creates value for us. on the other hand, we've led the way in many respects by taking our product to julie. there's a way to do that and not compete with yourself in a sense you can create different

offerings and different timing to market and basically completely different products and that what we are doing all stop in some cases, to enhance the value of the bundle or to strengthen our engagement with our customers. balance andd the the difficulty in terms of you've got these transmission trees that are very lucrative are you, so if you go fully digital, you are hitting the cable companies. it's a tight rope that you need to walk as you see this transition. what is it going to look like 10 or 15 years out? has beenoned so much written about the demise of the bundled cable system, but ultimately where will we be in a decade? >> i've been in the business 40 years and i've seen more change

in the last five then i saw in my first dirty five years. it is an extremely dynamic marketplace, driven by tremendous advances in digital and mobile technology in particular. there's more competition in the marketplace and in some places we are creating that competition for ourselves. but there are a lot more offerings for consumers. side, there's never been a better time for content creators or intellectual property owners in the sense that there are so many more places to take your product or distributed sony more ways. look at it, because i can't predict what it's going to look like in five years or 10 years, it's going to continue to we've seen more evolution in the nature of the multi-channeled bundle than evolution. there's no reason to do things that precipitated demise.

apart,nds up raking which we are not predicting, no company is going to be better positioned to take advantage than we are because people will buy disney, they will buy espn and who knows what we will create with star wars and marvel. have multiple opportunities to create products and reach the consumer directly and we are not concerned about that world either. it might be a lucrative environment for us to him we've got a multi channel bundle creating tremendous value for us and great value for the consumer. there's no reason to do anything thator to do anything damages it for the long term. bikes are hbo and cbs making a mistake? >> i don't want to sound critical. they are to very different

products. hbo is a strong brand with great products. if anyone has an ability to go direct, it is hbo. disney put it espn and in that category. experiment. an it remains to be seen if they will end up with a better business than the one they have cbs is a completely ifferent thing will stop can't assess what they have in mind or what they are doing, but i'm not suggesting we are critical of it. we will take a wait and see approach. >> that was tom eiger. hot button issue for immigration and president obama's promised to take executive action on reforms of necessary. how does this impact the tech industry and its demands for

high skilled workers? ♪

>> i'm cory johnson and this is "bloomberg west." today, we are looking out one of the most pressing issues in technology -- immigration reform. racking upepublicans huge wins in the election, president obama is, think action on immigration by executive order if necessary. there's the expansion of the visa program granted to skilled foreign workers will stop it's currently cap at the $5,000 year. i spoke with the new executive director of ford u.s., an advocacy group backed by mark zuckerberg and many others set up to advance reform and other issues. i asked what he thought about the president doing this on his

own if he must. >> we are really proud of the work worse and hoping to get a senate bill done with broad bipartisan support, we think it is absolutely critical that there is a legislative solution. the permanent solution sony people need. are things the president can do in the meantime that are meaningful but temporary. he said he's going to do those things and he said he would do it before the end of the year. >> you've got your feet on the ground and there's a bill that passed the senate that could come out and house but speaker boehner won't allow a vote. david axelrod said the president should promise not to go by executive order. do you think that approach has any chance in the current congress? >> i think this beaker made it clear he's not going to put that bill on the floor. we think it's disappointing that

the house could not get a bill done the we are encouraged by broad support around the country. three in four americans would .ike to see there are steps that the president can take through his legal authority and then it is our job to lay the foundation for the permanent legislative solution. whether that's in the next couple of months or a year from now, we want it soon. act, day congress doesn't its entrepreneurs who have to leave the country and create jobs elsewhere. there is an urgent need to act, so we want to see as much as we can right now. like there is an urgent need to act because no one is acting. what do you want the president to do before the year is out? we think he can do more by doing more than one thing. we think there are things he can

do to help emily's being separated. we think there are things he can do to help companies by clearing the green card back log. we want to see all that stuff. we are for a comprehensive legislative solution. >> let's unpack that. comprehensive always sounds good, but comprehensive is the problem in congress right now. there are republicans who would like to expand and help the skilled workers come here and there are people already here that are not allowed to be citizens. finding that together in one bill seems to be the political you accept top do the approach of unpacking that and going for piecemeal reform? i would say there's a lot of problems in d.c. and i think

actually an approach where you do these things together -- it's borne out in the conversations we have had in washington and you see the polling. when you put these things together, it is a compromise and people want people to compromise. we are focused on you have this incredibly broad coalition and that's how this thing becomes so popular. whether that was last year when the senate did one big bill or when the house was talking about doing three or four bills in short succession, we are agnostic on that. the reason immigration reform is going to be successful is that it is when on so many issues. onwhy is h-1b so important the technological issues?

the things that you hear so much is when people are out there trying to create jobs, finding talent is important. this is a program creating a lot of jobs not just from people coming here but native warned americans. we think that's absolutely critical. this country has always had this amazing advantage. we accept the best and the itghtest will stop we think can be expanded to do a better job. that is absolutely critical. >> i have no idea what the answer is. why is this issue so important to technology people more than other industries? >> i think it's a couple of things. at a moral level, there is this idea that our country should be a meritocracy. it's a country where the best and brightest can come here and a very act of immigration is

entrepreneurial. 40% of the fortune 500 companies were founded immigrants or the children of immigrants. americanl level, at an level and economic level, it hits home to 70 people. had 300,000 different people take action in support of immigration reform. i think it speaks to the energy you are talking about. it's a peculiar or exaggerated point of view. thank you very much. is technology homeland security is using to protect the borders, drones and radar systems, that's next on "bloomberg west." ♪

>> welcome back. technology is playing a new vital role in the u.s. customs and border protection. drones, radar and heat sensors are all part of the operations to curb illegal immigration. matt miller went to the border to check it out will stop >> military style drones,

surveillance towers, night vision goggles. miles alongrly 2000 the us-mexico border is an enormous task combining infrastructure, and now technology. >> this is where the predator comes in handy. we've got these truck mounted cameras that do the same thing. >> it is homeland security's virtual border protection full groups being tracked in real-time across the open desert in southern arizona, remote and rugged terrain full top >> this is a group of smugglers the camera had tracked and the border patrol came out here. >> how long have you guys been in the desert? >> 120 footill stop

towers outfitted with sensors that allow border patrol agent to detect and record the movements of smugglers. radar and cameras are mounted to detect, track and identify those crossing the border will stop the towers monitor the area lined with massive tenses. >> these fences like this, it can range from 18 to 26 the. -- 18 to 26 feet. you could have seconds or minutes to make that apprehension. that's in addition to the fences, it allows an agent time eta isond will stop >> then wirelessly routed to the central control room. >> we've got radar that will tell us if the craft is in the air. quality long-range day

cameras that have thermal imager's. costs $19mera here million. >> and eyes are in the sky as predator drone's fly 18,000 feet above the border. >> our drones here fly strictly along the border. they can stay in the air for a long time. >> at the end of the day, does the technology work and is it worth the huge price? >> are we supporting them or are they supporting us? cost effective. >> that is hard to gauge because we don't know we don't know. we don't know how many folks get away. >> president obama is promising

bold action. we will talk to a texas congressman with an important role on this issue, next. ♪

>> you are watching "bloomberg west" where we focus on innovation, technology, and the future of this is. president obama is promising aggressive action for immigration reform but republicans are not in favor of the idea. house speaker john boehner said the president would earn himself with immigration reform. i sat down with lamar smith. he's then and out smoking -- outspoken critic of the president. >> i think it is disappointing that the president is threatening congress and the american people with these executive orders.

according to opinion polls, three quarters of the american people think the president should not rewrite immigration laws by himself. he should work with congress to come up with a good erotic. these kind of threats if congress doesn't do something, the president has said he does not have the authority to do that. he's told groups he has met with that i cannot issue these executive orders because it's contrary to my oath of office. i hope you will go back and read what he said. >> are you going to defund those programs or are you going to keep them from going to affect? aheadthe president pushes and gives amnesty to millions of people and work permit to people who will obviously compete with unemployed and underemployed americans, there will be a price to be paid. we might try to defund what he does. there may be a lawsuit or

actions we can take otherwise. is wrinklywing to do poison the barrel and make it hard to work with him on other issues, particularly immigration. if you want to accomplish anything, he'll have to work with congress and not just issued executive orders. >> there's a bill that will come for a vote in the house. the president says he's got the vote right now. would you vote for that bill if it comes before you? bill fromate amnesty earlier this congress cannot be sent to the house because it is unconstitutional. it unconstitutional to include revenue increase measures in their legislation. the reason harry reid has not sent it to the houses because he knows we cannot take it up will stop it is massive amnesty and does not secure the borders.

it says if the border is a your, there will be a study made. we can't have that kind of putting off secure borders which is just going to encourage war people to come into the country illegally. we need to secure the border first. under5% of the border is full control and that's why we have hundreds of thousands people coming across the border illegally every year under this administration. secure the border first and we can talk about his measures. >> would granting amnesty hurt the american workforce? >> if the president rewrite the laws i himself which i believe is unconstitutional and contrary to his oath of office, it's going to hurt unemployed americans and underemployed americans. when you have that many more people getting work permits, it's going to depress their

wages and it's going to cost jobs. is irrefutable and i'm surprised and disappointed the president is not going to put the american worker first.first. >> i don't know the context, but this was about the dream act that allows children who graduated from high schools and were worn overseas or people served -- people who served in the military some sort of conditional citizenship who are good, moral citizens. you called this a nightmare for the american people. what you mean by that? >> the so-called dream act is a nightmare for a couple of reasons will stop it basically gives amnesty to anyone in the country who is 30 years old who claim they came in when they were younger. the we quiz them before judiciary committee, they said there's no way to double check to try to avoid the fraudulent documents everyone would use. it is an open invitation to massive fraud and an open

invitation to people to say they came when they were younger and get amnesty. everyone in this category is , competingk permits with workers and driving down there wages. this kind of legislation should not be done in isolation and we should not be doing any kind of bill like this. it's just going to encourage more people to come into the country illegally. >> that was congressman lamar smith. if immigration reform is not passed, could u.s. lose the next big thing in technology? we will discuss that him and asked. -- discussed that, next. ♪

>> this is "bloomberg west." i'm cory johnson. hundreds of thousands of young people come to the u.s. to get education and then go back to india and china.

next -- guest says the says the real loser is the united they think calls those students hostages to the political process. he's a fellow at stanford law school and joins me now. ago, john 15 years doerr saying why don't we take every stanford graduate and stably green card to their diplomas and keep them here to help them and then new companies? fax we need to be creating jobs and boosting the economy. we are boosting the economies of other countries. remember four years ago, you and i talked about the man who would back to india because he could not get a visa and his company now is worth more than groupon. he started the groupon of india at his company is worth more and groupon and we were talking about whether he should buy groupon or not will stop >> and that is a business that could have it here.

one of the issues we have been comprehensiveis immigration reform can't seem to get through congress but democrats don't want to let go of the enticement of the visa a lot of republicans might be willing to go along with. is it the right political solution? they put a poison pill in their the republicans couldn't agreed to. if they had just said let's do the dream act, the republicans would agree to that of stop if they said we've got 10 million people and we are not going to sort them out, let them pay taxes, let them go home and visit their relatives, if they could come up with some sort of legalized immigration reform, a

would go for that will stop holding skilled immigrants hostage is what created the problem. offpe democrats are backing -- they don't hold the skilled immigrants hostages and we can finally get skilled immigration reform. thehappy for a change about victory for the republicans. you tell me about the typical visa holder or applicant. where is that person coming from question mark >> is a mixed diet. he had the anti-immigrant groups protesting against it. they had some valid points. used to bring bright people to silicon valley, the engineers and doctors and the amazing evil to start companies. it is a mixed bag. we end up ringing and bright young people from all over the world who are at the beginning of their careers or about to

peak in their careers who bring energy and knowledge with them. they contribute to american success. it is people from all over the world. from every country you can think of. they are here to build value and grow. that's why they come to america, because it is the land of opportunity. >> we just heard lamar smith who said the h-1b visas cost the jobs of americans that would otherwise go to americans. is that true, or do they create jobs? what myth is ignorant will stop he takes the examples of a few corrupt companies who have sneaked in under the system and who are abusing the privilege will stop yes, there is abuse think he even knows were silicon valley is. if he came here and met the company's here and met the entrepreneurs, he would realize that maybe i am wrong.

maybe there is now you in these skilled immigrants will stop he is ignorant will stop that is how simple it is. expandd and expansion those abuses? a view could elaborate as to what those abuses are. >> the problem here is not the h-1b visa. the real problem is the number of green cards. i blame the technology companies for focusing on the visas and not green cards. we have people stuck in limbo waiting for green cards. here is what the problem is will stop while they wait for a green card, they cannot change jobs. they could take 10 or 20 years to get a green card. the companies are fat and happy because normally the program would last for two or three years. they are stuck in the same dreaded professions that when

they started their careers and they are taken hostage by the companies. getting a visa is good but we should focus on the green cards first. on the h-1b, we should favor silicon valley startups. we should favor technology companies over the i.t. shops and service companies have higher these people and then we needem out will stop more skilled immigrants will stop >> take a minute to focus on this. that do justpanies that -- an outsourcing is this with a lot of work in india and they get a lot of these pieces for those workers. talk to me about why that is a bad day. >> it not a bad ring. most of them are good companies and there's very little abuse.

the problem is the sleazy body people, theyng in pay a low resume and salary and take advantage of them. anti-immigrante roots harbaugh and that is what for the the uses immigration agenda. >> a leaky bucket like immigration will have a lot of variance. >> every government program has holes. we don't argue about stopping medicare. we don't say we want to abolish taxes or do something stupid of stop every program has abuse, but that doesn't mean we cut off america's life blood. immigrants made this country what it is. they worke here and harder and think smarter and

compete. they try to close the door and say it was fine when we came here, we don't want anymore. new immigrants do is take the natives work harder. they say you're not entitled to your job. anyone is entitled to their job. this is what makes america great, this constant innovation and competition. the is why america is greatest country in the world. but it is a story as old as immigration itself. thank you for your time. coming up, aaron sorkin on his first interactions with steve jobs as he takes on a challenging project of writing the jobs myopic, next on "bloomberg west." ♪

>> welcome back to "bloomberg west." i'm cory johnson. he's written some of the most famous lines in american history will stop he's also behind "the west wing was quote and "the social network." now the steve

jobs biopic is going to be a real thing. emily chang talked to him about that. here's a sneak peak. >> there have been so many books written about the jobs, there's been another movie about steve jobs with ashton kutcher. why do you think there's more of a story to tell? >> i think you could do 10 more movies about the jobs. if you line that 10 writers and said write a movie about steve 10 differentld get movies. >> did you ever meet steve jobs? >> i talked to him on the phone several times. where i saiderview everything i've ever written, i've written on a mat. he called me to thank me for saying that and asked me if he could send me -- they were coming out with a new lap top. he said let me send you this thing and play around with it and tell me what you think. me, itond time he called

was to invite me to the bay area to pixar. he wanted to know if i was interested in writing a pixar movie. the third time he called me was to ask him -- you ask me to help him write his commencement address at denver. >> you wrote that? >> i fixed a couple of typos. >> i was there that day. my sister was graduating will stopit was beautiful all >> i don't want to suggest for a moment that any of those thoughts were my hot. jobs andbrain of steve i put the music to it. >> how hard a character is that you write and how much pressure is it? i'm not putting any pressure on you. feel whene pressure i i'm writing anything. sauce on toplittle

of pressure because he's a person so many people have so many strong feelings about all stop -- feelings about. i've spent a lot of time with the people and the characters like steve wozniak. scully, the ceo of apple and became infamous, depending on how you look at it for firing steve jobs from apple. he's a wonderful man and a great character. movie, jobs has on flicks with all of them that get dramatized and irked out -- and worked out in a very claustrophobic environment. >> you might have to wait for the movie but you don't have to

tonight."studio 1.0" the bwest byte -- one number that tells us a whole lot. our chief washington correspondent, peter cook joins us from the russell rotunda in washington. i hope is as immigration related. isthe bwest byte today 85,000. that's the current h-1b be set cap in this country. a big effort here on capitol hill outside of washington to raise that number and real questions in washington about whether that's even going to be possible. >> it is a big issue out here too. john boehner just spoke a few minutes ago and the president said he's pushing for immigration reform, hell or high water. anything about the prospect of a new immigration deal coming up a smirk >> interesting comments from john boehner. the immigration issue was front

and center. he was asked about immigration reform and i want to move on this. he gave a strict warning to the president that if the president on his own, those executive orders, it's really going to muck things up. listen to john boehner's warning to the president. >> i believe if the president asks on -- if the president acts on his own, he's going to poison the well. if you play with matches, you're going to earn yourself all stop he's going to burn himself if he continues to go down this path. the american people made it clear on election day. they want to get things done and they don't want the president acting on a unilateral basis. he does that, any cooperation next year would he in trouble. >> there is a battle brewing here and it is coming soon. get the latest headlines all the time on your

phone, tablet, on bloomberg.com and on your radio. we will see you tomorrow on "bloomberg west." ♪