moments away from announcing a settlement with takata. elizabeth warned wants to make sure any trade deal doesn't weaken the dodd-frank bank regulations. we speak to her about her proposal. may --hile credits thatt -- critics may argue executives are underpaid, they make top dollars. good afternoon from bloomberg world headquarters in new york, i mark crumpton with scarlet fu. scarlet: we're looking at record highs for u.s. stocks, for the s&p dowell -- s&p 500 and the dow have been flirting with these marks. this is on the back of some confusing economic data.

housingssarily bad -- jumped 20%, that's good news. get the latest spate of data has been week. what does the federal reserve do next? let's look at the 10 year. treasuries have rallied after an ecb board member said they would speed up bond purchases. but they tumbled after the housing data and they remain lower. yields were higher, the 10 year at 2.26% right now. let's show you what happened in europe on the back of those remarks from the ecb director. the euro is weaker, when 1146. european stocks rallied, took while for u.s. stocks to get in the inspiration from those comments. crude oil prices are down 3.5% on the back of a stronger dollar. mark: let's take a look at the top stories. home construction united states stumbled at the start of the year, but is picking up steam now. housing starts a sword in april to their highest level in more than seven years. the 20% increase was the biggest

in 24 years. housing is being revived by a stronger job market and mortgage rates near record lows. scarlet: americans are spending more their current homes. home depot reported first-quarter profits -- the early arrival of warm weather apparently helped. spring is home depot's biggest revenue season. mark: walmart shares are trading lower. the world's largest retailer is being hurt by the strong u.s. dollar. the company is dealing with a broader shift in how consumer spends. the ceo says walmart is making big strides in e-commerce. >> we are investing to win the future of retail. i'm excited about the possibilities that are improved e-commerce give abilities will provide. progress ing rolling out a global technology platform to make e-commerce and mobile shopping easier for customers. walmart warns investors it

will spend a lot of money in the next couple of years, improving how it handles inventory. they will let customers pick up online orders and stores. apple will be making television sets anytime soon. in fact, the wall street journal is reporting apple suspended plans to do that more than a year ago. the company is instead working on a new apple tv set-top box and related online services. great britain's inflation rate falling below zero for the first time since 1950. falling crude and energy prices in the u.k. depress the cost of living. in the last 12 months, prices have fallen 1/10 of 1%. with inflation below the 2% target. the bank of england under a little pressured to raise its benchmark interest rates. leadersrman and french say it's time to pick up the pace on greece. the president of france and germany met in berlin today. the chancellor says it's a deal on bail on money that must be reached with greece by the end of the month. they say faster talks are needed to end the form of stalemate. last night, the greek finance minister said the two sides are

almost there. closehink we are very your of course, until the deal is done, no one ever knows when the deal will be done. of 24ld be a matter hours? >> let's say it's in a matter of about a week. creditors want to see more concrete action from greece, including a pension system overhaul. if they will release anymore bailout funds until that happens. scarlet: the world is spending more than $5 trillion a year to -- the international monetary fund says 80% of subsidies are the result of environment damage from burning fossil fuels. coal accounts for the biggest subsidies because no country imposes meaning for taxes on its consumption. mark: hillary clinton is going big on small business. the democratic president says

she will fight for small business owners. hillary clinton: i want to be a small business president. a president who does make it easier to start and run a small business again in america. it seems leslie gamble and more like an opportunity. we have to level the playing field for our small businesses. speaking at that same event, mrs. clinton weighed in on risky behavior on wall street and the dodd-frank regulations on big banks. we should beon: doing more to rein in risky behavior on wall street and too big to fail banks, not less. i fully support the regulations from dodd-frank on the big banks. common sense pass community banking reform right now. scarlet: it looks a the controversy over mrs. clinton's e-mails a secretary of state will spill over into the election year. the government is proposing releasing 55,000 pages of the democratic presidential

candidates e-mails in january. that's in response to a request by vice news. mark: brace yourself for a busy memorial day travel weekend. low gas prices and improving gas inket -- job market are courage and people to hit the road. 32 million people will travel police 50 miles from home over the holiday weekend. that's the most in 10 years, up almost 5% from last year. those are your top stories we're following at this hour. scarlet: coming up in the next half hour of "bloomberg market day." for thell daley is all transfers of a partnership. we break down his new york times op-ed that says the trade deal will help the middle class prosper. scarlet: critics say the heads of the world's biggest banks are paid too much, head of jpmorgan a morgan stanley's respective annual meetings. we take a deeper look at executive pay. and netflix is that another record high. attentionaying pay no

to traditional valuation metrics, focus on sis reiber growth. -- subscriber growth. summithe peterson fiscal is underway in washington, bringing together lawmakers and leading experts to explore economic and fiscal opportunity in the united states. betty liu is standing by with the president of the center for american progress. betty: that's right, mark. and also former advisers to hillary clinton, great to see you. and has been a really busy very progressive, productive day on trying to figure out what to do about the fiscal situation in the u.s.. prescriptt policy right now to get both sides of congress to work together is what? >> that the test set of issues. with interesting is how much agreement there is on dealing with the long term. i think a lot of groups and people both the left and the right are focused on additional

investment in the coming years, but long-term sustainability, reforming entitlement, more agreement on medicare and social security, but also, the spectrum on tax reform. betty: entitlements is the third rail in washington. how do we get the leaders to actually tackle those issues? >> i think the challenge on some entitlements versus others is the public. i think the public has brought concerns about radically altering security or other issues. but on things like medicare, we have seen some progress recently. organizations like mine, more identified with the progressive side have put ideas on the table. i think there's a real interest over the long term. i think the presidential debate will really focus on the tough choices we have ahead of us. betty: i think we have breaking news. mark: breaking news at this

hour, let's go to the u.s. department of transportation, that news on takata. 32.8a agreeing to declare million of declared mechanisms effective. that's go to the dot live. --takataunced that to, has agreed to declare these airbag inflator's are defective. it is recalling bees nationwide. takata has agreed to declare their airbag and leaders are defective. the admin's delve into the details in a moment. for now, i will say that these defects notifications greatly expand the scope of the recalls already underway. 'ssed on data from takata detail finally, they will roughly double the number of affected vehicles in the united states to nearly 34 million. i want to say a word of thanks to the administrator and the

entire team at. the work they've done on this issue. takata has agreed to enter into a consent order. it requires companies full cooperation with the agency going forward. they're launching a legal process that will allow us to bring together auto manufacturers whose vehicles are andcted, along with takata other parts of wires. that way they can organize the recall effort and get it done as quickly and effectively as possible. begun their own testing program which will make sure that the replacement airbag inflator's artifacts, safe. this is a monumental effort. there is no doubt about it. this recall involves 11 auto manufacturers. many different parts suppliers, and roughlyata,

double the number of vehicles built in the united states every year. it is fair to say this is probably the most complex consumer safety recall in u.s. history. do,ave a lot of work to especially with regard to why this happened in the first place. has still not identify the root cause of the defect, but we cannot let that delay our actions that we are taking today. lives are at stake. it is our job to protect them. that is why we're doing what we're doing today. let me say coming conclusion, one final thing. automakers and manufacturers have a safety responsibility they must live up to. there are no excuses. we use the authority we have to impose a daily fine on takata for failing to cooperate with our investigation. the goal of the end of the day is not to collect money.

it is to improve safety. and to protect lives. this is why we didn't let up in our efforts to hold takata accountable, to reach this point where more faulty airbags could be recalled. this is also why we have proposed in our reauthorization act, toe grow america not only raise the maximum fine we can impose from $35 million to $300 million, but to gain additional authority to help us force recalls. our proposal would also help us meet the challenge of quickly identifying and fixing auto defects through recalls by more than doubling the size of the office of safety defect investigations. because we know our work does not end here. we will continue working every day towards a safer auto industry. with that, i want to thank again the team and turn it over to the

administrator. >> thank you, secretary fox. airbags save lives. explained, aary safe airbag in every vehicle is everyone's expectation and our goal. today, we take a significant step towards meeting that expectation and goal. the question any vehicle owner will have is how does this affect me? we know that owners are worried about their safety and the safety of their families. first, millions of americans have vehicles already under recall. they may already have received a recall notice from the manufacturer. if they have, they should immediately call their local dealer to make arrangements for free repairs. millions more americans own vehicles covered by the new expanded recall.

mark: we obviously have a little bit of technical difficulties. recapping what we just heard, the u.s. transportation secretary anthony foxx saying has agreed to enter into a consent order with the national highway traffic and safety administration to recall -- the recall involving 11 manufacturers. that delaycannot let the action we are taking today. matt miller joins us. matt: i have been following this for half a year. one of the interest in takeaways here is that the fine is going to be raised to $300 million. i think that the only really important piece of news. previously, they have been hamstrung by limits set by congress. they were only allowed to find up to $35 million. of course, that's not a lot of money. $300 million is more significant.

that's actually bigger than the loss takata declared in 2013. 's partission on takata that the airbags are faulty may not seem very significant factoe takata had de admitted that already. but this may be more of a legal admission. there are many lawsuits filed , it may helpa those cases move forward in court. that could be the second important piece of news out of this. i think the most important piece that we haven't heard yet, that we probably won't here today is what is the solution going to be i was goingions -- to say americans, but globally, millions of drivers that need their airbags replaced, fixed, were placed and there an just enough supply in the market. such a massive

supplier, so many cars are affected. 31.5 million was the figure stated just now. it's difficult to replace that many airbags. supply,oesn't have the it said before was going to work with the dot to make that happen. but they haven't come up with a suggestion. --rlet: with breeding in let's bring in peter cook. million fine is not hugely significant for these companies. yet this is very symbolically important, because of what takata has omitted two. peter: what secretary fox is talking about is a legislative proposal that this administration has been pushing on capitol hill to raise the fine level it is capable of imposing on a company takata like takata to $300 million. the max they can assign is $35 million.

importantly, each individual instance of a recall, there is some flexibility there. it could be a stiffer penalty than $35 million, but we are not yet talking about $300 million. just to keep those dollar numbers and reference. but this is a very significant step. a cover the story from here on the hill, lots of lawmakers bringing pressure to try and resolve this. some of the questions again raised here about the replacement kits, they were having a hard time creating replacement kits for the limited recall of to this point. now they are expanding it to nearly 34 million cars. going to be hard to meet that demand. they are having a hard time already. one question will be will competitors be allowed to build or create these replacement kits? will takata wave some of their patent rights? throwinglearly takata in the town to some extent, seeing the writing on the wall. it's a big move by federal regulators.

historic one in terms of the department of transportation. >> they can't yet be fined 300 million dollars, but anthony foxx pushing for that makes me believe that they must have an agreement with to cotto. also the fact that a little look behind the curtain in washington reveals that the former secretary of the department of transportation, sam skinner, is actually working with takata in negotiations with the current secretary of the department of transportation, anthony foxx. not only anlisted washington heavyweight, but indeed the former dot secretary to work on their side. peter: not just one, but my recollection is they hired three. rodney slater and norman at up involved in some degree with the effort, both as advisors and negotiators with the government. they have opened up their

contacts here in washington, was they needed to do, because honestly, they were not getting any success in negotiating with the government. they needed friends in washington, because they were losing the fight. this is a resolution right now, at least a partial resolution. as you point out, the civil liabilities here may be the biggest problem for takata. scarlet: peter cook and matt miller here in new york. , sayinganother headline it could take some years to fix airbags. talk about 34 million vehicles affected and the difficulties they have had in getting the supply. have not only does takata to release patents for other suppliers to complete parts in their bag kits, but they may not work together. you've got to design a new airbag pieces and parts that will work in other producers supplies. that could take some time. scarlet: the curse of planetree

has its work cut out for it. that miller, thank you. -- matt miller, thank you. julie hyman, on the markets. julie: this has to do with twitter. google is introducing a new photo tool outside of google --s, it is said to allow images posted from facebook and thater, also google saying twitter's content will be included in google search results. that twitter content will be included within the google app and on the mobile web. what you see behind me are the twitter shares after these headlines came out. the shares were only up 1.2%. nonetheless, we did indeed see movement after these headlines started to come out. speaking of movement, take a look at the overall averages today. we are seeing them push up to record highs. for the dow and the s&p 500, both on an intraday basis, which the s&p touched earlier.

and a closing basis of this morning time. bank stocks have been leaving some of the gains we have been watching today. higher.s we ceo's move interestingly enough, there has been a reversal here. it had been for a while that we saw yields go up in the treasury market, bank stocks would go down. there seems to be a flip here, perhaps the perception that as we see the yield curve widening, that could be good for the net interest margin at these banks. wells fargo trading at record today, bank of america at its highest in three months. jpmorgan earlier touched an all-time high. on the flipside, take a look at some of the retail stocks. we have a more mixed picture there. talking about walmart and home depot earlier. urban outfitters is having its worst day in 3.5 years. it had a three-month low after its sales numbers missed estimates. dick's sporting goods, similar story.

tjx on the other hand, the operator of t.j. maxx and marshalls, its sales beat estimates. so mixed picture within the retail market. julie hyman with the latest on the markets. mark: let's take a look at the top stories crossing the terminal at this hour. the u.s. has charged six chinese citizens with stealing sensitive mobile phone technology. and giving it to the government. prosecutors say the suspects stole technology from two us-based companies. one suspect was arrested saturday in los angeles. western columbia, rescuers are searching for more bodies as the death toll from a flood and mudslide keeps rising. least 65 people were killed. officials say as many as 100 more could be missing. heavy rain cause an avalanche of rocks, trees, and debris that struck a small mountain town before dawn monday while people slept. in dublin, a first for the united kingdom's prince charles. earlier today, he offered and

historic handshake. the men spoke at a reception during prince charles official visit to ireland. it marks charles's first leader meeting, and it was the first time this leader ever met a member of the british world family. those of the latest top stories. scarlet: we've got a lot more coming up on "bloomberg market day." peter cook speaks with elizabeth born about her opposition to president obama's transpacific partnership. we will get to that and a lot more right here on bloomberg television. ♪

scarlet: how motivated is the white house to get the asian trade deal through congress?? a op-ed.y wrote

today, he says the transpacific partnership is significant. he writes there is no path to middle-class prosperity without tearing down barriers. gdp is expected to grow by $60 trillion, with almost 90% of that growth happening outside of the u.s.. depends onur success how much of that new wealth is spent on american products. he is coming out waving the flag for the white house. mark: timeout. -- i'm out. scarlet: peter cook will be here with elizabeth warren. anticipated interview. mark: much more on the takata story. scarlet: we will have more on "bloomberg market day." ♪

scarlet: welcome back to "bloomberg market day." with only 90 minutes to go in the trading day, let's get a

look at the sectors that are trading and trailing at the moment. other end of the spectrum you have got energy share performance, tracking the decline in oil prices off by 1.2% at the moment. we blamed the lower our -- lower prices on the stronger dollar? >> goldman sachs came out with another note saying that they see $45 oil by october partially because of the oversupply we haven't seeing and the recent rally that will ring back shell producers, hedging production and filling to drill and complete their wells that have not been put in yet, which will add production to the market at a time when we will see refiners actually go out of work in the fall. andwill have less supply le demand from refiners, creating more glut, retesting the lows that we have seen, a $45 call by october. scarlet: it's interesting to say

that, even though the fundamentals paint a bearish picture, if you look at where the money is going it tells you something else. etf's are a good indicator, you watch where the money goes and a lot of the money has been going into energy shares. there was a chart from the research group showing that nine out of the 10 s&p 500 sectors have seen outflows over the last 20 days. the only -- the only sector to defy that was energy, tracking $500 million in inflows. the diversions between the financial world of oil, speculative positioning is now as long as it was one oil was $100 per barrel, which makes no sense from the fundamentals. goldman says the global oil market could be oversupplied by as much as 2 billion barrels of oil per day, but that's not what we are seeing in the financials, which are saying that we are seeing inventory draws. there is a lot of discrepancy going around saying -- are we

seeing the right kind of build? are these ratings agencies really forecasting the right kind of stockpiles? or is the financial market telling us something that we don't know? are the buyers correct? youret: it depends on perspective, right? long-term versus short term in the extreme, the idea that some things are oversold. sure, with the currency trade off of oil, they say the issue is if something triggers a downdraft so much speculative money is in that that the correction could be that much bigger, overstating the fundamentals. alix steel will be back in the next 30 minutes to take us through the markets close, so in the meantime let's get you the top stories making news at this hour. encouraging signs for the u.s. housing market, home construction picking up steam after struggling during the highestmoving to their level in years, a 20% increase being the biggest in years, housing revived by a stronger

job market and mortgage rates near record lows. meanwhile, americans are spending more on their current homes. home depot reported first-quarter profits that eat analysts estimates. the early arrival of warm weather apparently helped, encouraging more people to work on the exteriors of -- exteriors of their homes. eps came in at $1.16 per share, one penny above wall street consensus. walmart shares are trading lower today following the first-quarter profit miss, the world's biggest retailer being hurt by the strong dollar with a broader shift in how consumers spend. but douglas macmillan says the company is making big strides in e-commerce. to win thenvesting future of retail and i am excited by the possibilities that our improved capabilities will provide, we are making progress on rolling out the global technology platform to make mobile shopping easier for customers. >> walmart is warning investors they will be spending a lot of money over the next couple of

years to improve how it handles inventory and customers will be picking up online orders and stores. it is going to be a busy memorial day travel weekend. low gas prices and an improving job market encouraging more people to hit the road. or bus. a train, plane, 37 point 2 million people will travel at least 50 miles from home over the holiday weekend, the most in 10 years, up almost 5% from the same time one year ago. kfc tries to update its image by bringing back the white suited. founder. that's right, we are talking about colonel sanders. he's actually been dead for three decades, so comedian darrell hammond, from snl -- or member him? will portray him in a new set of advertisements on television and social media. those are your latest top stories. coming up, massachusetts senator elizabeth moran gives us an exclusive interview after her proposed changes to the president's controversial trade deal. we will bring you all of that, next.

and we will hear from sir howard stringer, a man who side and david letterman, he has some juicy anecdotes ahead of the final goodbye letterman's giving to television, that and much more, coming up. the fight to pass a controversial trade deal heats up, steny hoyer, a democrat from marilyn spoke with bloomberg television about the outlook for the trade legislation. representative hoyer: one of the reasons that they voted overwhelmingly for the bush trade agreement, apparently they don't have 218 votes, which is why they are so concerned about getting democratic votes. democrats are very concerned about whether or not these agreements are, in fact, good for jobs, good for average working people or not. scarlet: he also explained what he thinks democrats will need to do to have the bill passed. representative hoyer: you've got

to make sure the country understands the positive fax of a trade bill. frankly i have voted for trade bills in the past, but i look at this one very closely to see if it is whether or not -- to see if it is in the best interest of our country and our economy and jobs for our people. that was steny hoyer, the house minority whip discussing his outlook on the trade bill. let's talk about netflix, whose stock is at yet another record high following a bullish call from pivotal research. analysts there say to look past traditional valuation metrics. subscriber growth is the key. let's bring in paul sweeney, who writes about metrics for bloomberg intelligence. what i found that was interesting about this note was that netflix was a takeout candidate for large internet partners. pivotal sites like amazon, google, or alibaba. is reed hastings putting netflix up for sale?

>> i don't think he is. what this story really has been is a momentum stock. not revenue momentum -- not revenue momentum or earnings momentum, but a subscriber revenue story. as long as they can keep adding them at a faster rate, the stock appeared to be pretty comfortable. scarlet: it is all about subscriber growth in asia, not the u.s., where it seems to have plateaued, but what that does in europe, china, and malaysia. >> they they have -- have done a good job in terms of the global rollout. they have established the economic model in the united states. it's very profitable here. then they started growing toernationally, now starting focus on asia, which could be a huge adjustable market for them. they have been relatively measured in their global expansion because they do lose money for the first 12 to 24 months as they move into these international markets, so they have to be measured with growth. scarlet: they lose that money

because of the cost of recording content? >> a they have a relic -- have a relatively fixed cost with programming. they have a good track record starting with canada and then into western europe eating these markets into profitability, so the more success that they have the more wall street will give them more support to go to other larger markets. so far this year it is up 83%. there has been a re-rating of met -- of netflix here over the last couple of months. >> if you were a bear on the stock over the last couple of years, you just got crushed. i think the story of that is that they are never going to earn their way or grow their way into covering these long-term programming liabilities, that that would be too big of a not to crack, but that has not been the case because they have in fact been able to grow their subscribers aggressively

globally and to an extent, are they a takeover target? close to $40 billion in market cap, not many could buy scarlet: them, but the names that were mentioned -- apple, google, they all have the cash. >> and they have an increased interest in entertainment media. including alibaba. they have made investments, content investments. they set up a shop in silicon valley to make sure that they get a first look at the cool technologies both in technology and e-commerce. so, it looks like all the players that have been mentioned clearly have a growing interest in content and i suspect they would prefer to do internet delivered content such as an over-the-top deliverer like netflix, but would they really want to make a big of an investment in online video? scarlet: i could totally see a chinese version of house of cards playing really well. >> exactly. paul sweeney,et:

joining me with the latest on netflix. one democratic senator had president obama on the defensive this week. moore andzabeth disrupting the president's trade legislation? she will be joining us next from washington. ♪

scarlet: welcome back to the bloomberg market day. i'm scarlet fu. that you back to the news crossing at this hour. the new england patriots owner says that his franchises excepting what was handed down by the nfl. he spoke at a meeting by other

nfl owners today. >> i don't want to continue the rhetoric that has gone on for the last four months. i am going to accept, reluctantly, what he has given to us. and not continue this dialogue and rhetoric. and we will not appeal. scarlet: the pats were fined $1 million and lost to draft picks. tom brady has appealed his four-game suspension. federal regulators are proposing that paypal pony up $25 million. the company is accused of illegally signing up customers for its online credit product using misleading advertisement -- isaac -- mishandling advertising. the judge would refound -- refund $50 million to customers and they would have to pay a $10 million fine. those are your latest top stories. senator elizabeth moran taking her public fight over the president's trade agenda to the

floor of the u.s. senate this week. the senator is standing by with our chief correspondent, peter, for exclusive interview. peter: thank you so much. i'm joined by senator elizabeth moran, the democrat from massachusetts to has gotten into a public dispute with the president over trade. point thatreach this you could be so far apart on this one issue? senator warren: i really don't understand. for me, this is really about issues around the problem with this trade agreement. one big part of it has been the lack of transparency in the whole process. that we are being asked to grease the skids to move these trade deals forward without showing what the trade deal is. you know, president bush even put out the scrub text, it's called, on the trade agreement and he had it out there for months before he asked for even partial fast-track authority. we just want some transparency around this. peter: so you are not satisfied

with the notion that this deal will be out there for 60 days in public, for you to look at it when the time comes? : the member,n that's only after the authority, meaning that we will have lost at our -- that point the ability to do any amendments and passing it will take only 51 votes instead of 60 votes. in other words, we are being asked to grease the skids for a deal that's basically done, but it is being held in secret until after. your president is calling it the most progressive deal in history. is it not? here's theren: problem. presidents, democrat and republican for over 20 years now on every trade deal negotiated have said -- basically the same thing. this is going to be a great deal for american workers. this is going to be a trade deal

that's going to work. for american families. and yet presidents, both democrat and republican, have seen turned around and refused to enforce the very provisions in the trade deals that they said were going to be so great. the consequence of that? american workers, one punch after another right to the gut. the president -- peter: the president says that this deal will be different and that your arguments do not stand up to fact and scrutiny. has the president crossed the line in his criticism of you? for me this is about the facts and what is best for this country. i am out here trying to fight over these very specific pieces. we talk about transparency. i've been talking about enforcement. i have talked about these special panels where big corporations can go and have corporate lawyers decide whether

or not they get judgments against taxpayers at home, with no resort to the court system. understand that it reached judgment and the u.s. and the u.s. is one every one of those. senator warren: for 50 years, these were in trade agreements that were not a big deal. over that 50 year span, we have 100 together in the whole world. they have taken off, peter. in 2012 alone there were more than 50 in one year. peter: but they don't involve the united states. senator warren: here is the risk, they have cut off canada from environmental regulations. they have backed off new zealand from anti-smoking regulations. these are attacks all around the globe. here's the deal, they are not about what you and i would think .bout in terms of trade tariffs, you know. they are about regulation.

they are about anti-smoking regulations. did you know that egypt got sued, are you ready for this, and one of these special arbitration panels for raising its minimum wage? for puttingued environmental regulations in place? the president of your party has language in this agreement that would protect from exactly those kinds of cases. this is theen: problem, if there is language to protect from those kinds of agreements, that language should be made public. because it's those panels that are outside the american court system that are run by corporate and work for the corporation some days and sit in judgment other days, they are the ones who can issue giant money judgments and force taxpayers, including american taxpayers, to pay on them.

i don't want to see those provisions and i want to be clear, that's something that -- bothes on both set sides of the political spectrum have had a problem with. we have had liberals and conservatives who have said -- this is a scary deal. the cato institute has said that this is a violation of american sovereignty. that we should not adopt it. know that president obama has disagreed with you publicly on this. reached a personal level? and you talk with us about this? this is someone you worked with to create the cf pd. are you troubled at all? senator warren: for me it is not personal. it is about protecting american workers, about protecting writea's ability to environmental regulations, to write regulations for the health and safety, food regulations for the american people. you know, look, this is basically what i have worked on all my life.

what has been happening to america's middle class. this trade deal is part of it, just the way the last trade deal and the one before that and the one before that was. so, i am in the middle of this for the same reasons i have been for my entire run of life. peter: someone else in the middle of this is hillary clinton. again today and iowa she refused to take a position, saying she wants to see a final agreement. should she take the stand? a very warren: that's interesting point, isn't it? right now as i understand it, hillary clinton is not prepared to see that -- not permitted to see the final version because this is all been held in secret. peter: so, you are ok with it? senator warren: no, i'm saying that this is a reason not to support the greasing of the make sure it passes with a lower vote threshold. i think that that is why it is so important not to pass a

grease the skids bill. senator warren: should she -- peter: should she step forward? senator warren: she has already said that she is opposed to the investor state dispute resolution that is the part of this we have been talking about, these arbitration panels that are not part of any court system for which there is no appeal. she is already saying she is opposed to that and i would like to see her be clearer on that. peter: but me ask you another question on this. if she is not to transpacific partnership at the end of the day, can you consider that and whether or not you will endorser? -- senator warren: i think you are asking me if this matters to me. the answers that it matters to millions of workers across the country, the billion to have to breathe the air entering the water, the millions who are going to eat food here in the united states.

so, yes, the trade deal matters to me. scarlet: -- peter: is it big enough to sway who you could back in this presidential campaign? senator warren: i'm just saying that it matters. peter: are you lobbying house members? senator warren: i'm out there talking about the same set of issues every chance that i get. that is what i will keep on doing. i've been introducing amendments so that we do not grease the skids past the fast track, so that we do not grease the skids so that anyone can take out. frank regulations. these are core things but it seems to me that the trade reformers who are strong behind it, they are here to protect us at home and make sure the trade deals are truly about trade, not aboutffs, undermining regulations that protect the economy and the safety of the american people. peter: i got one last question

for you. the last time you spoke of president obama, are you worried that this issue has harmed your relationship long-term? are you worried that it has exposed the real rift within the party? have said,ren: as i this is not personal for me. these are the issues i have fought to try to protect for pretty much all of my career, long before i handed us in this latest. -- in this place. but i think of these are powerful issues that affect the country and i think it's good to get them out there, put them in front of the american people. darn it, that's why i want more transparency on trade agreements. peter: you want them to e-mail you, send you a letter? senator warren: i wanted in public for the american people to see. let's have a full debate. before we vote to grease the skids. for the time,ou appreciate it very much. against the fast track and the transpacific partnership. sending it back to you guys in new york.

cook, thank you very much exclusive conversation there with senator warren, making clear her objections to the president's trade agreement. we will be back with more after this. ♪

loseet: coming up, reality -- looms. joseph stiglitz tells us that greece could be very serious for europe. don't miss that, next. ♪

>> this is "the bloomberg market day." airbags, 33 million vehicles are

defective. we will talk to senator blumenthal about one of the biggest recalls ever. >> u.s. data showing a surge in housing starts. is this strong enough to lift the world's largest economy? let's we will count to down to the closing bell and the latest results from -- >> we will count you down to the closing bell and the latest results from at seat -- betsy -- etsy. ♪ >> good afternoon. i'm alix steel, here with scarlet fu. u.s. stocks, s&p 500 and dow jones, touching new record highs in terms of the closing levels, but there you can see that we have come off the levels a little bit, energy stocks of it higher. let'st: let's -- alix: call a spade a spade,